Ask MoneySense Do costs associated with real estate in the U.S., such as realtor costs, qualify as a deduction for Canadian capital gains tax? —Bob Canadian capital gains tax on a U.S. property Canadian residents are taxable on their worldwide income. So, when a Canadian owns or sells an asset in another country, there are generally tax implications. It sounds like you sold or are planning to sell a property in the U.S., Bob. To cut to the chase, selling costs, like a realtor commission, would be deductible on your Canadian tax return. This assumes the property is taxable, which is typicall ..read more

Choosing a mortgage broker or a bank for your home loan will likely influence which mortgage you end up with. On top of that, there are pluses and minuses to both, as we detail in the table below. Before we dive into which may best suit your financial situation, let’s look at the differences between mortgage brokers and banks. You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote* I'm buying a homeI'm renewing/refinancing You will be leaving MoneySense. Just close the tab to return. Mortgage brokers and banks: What’s t ..read more

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. RBC and National Bank continue to lead the pack Canadian banks continue to prepare for worst-case scenarios with increased credit loss provisions. Canadian bank earnings highlights Here’s how Canadian banks performed in the three months ending April 30, 2024: BMO Financial Group (BMO/TSX): Adjusted earnings per share of $2.59 (versus $2.77 estimated by analysts) and revenues of $7.97 billion (versus $8.06 billion esti ..read more

Royal Bank of Canada says it’s rewarding shareholders as its second-quarter profit rose from last year and it successfully closed its HSBC Canada acquisition. The bank said Thursday it will now pay a quarterly dividend of $1.42 per share, an increase of four cents. It also said it plans to buy back up to 30 million of its shares.  The moves came as RBC said it earned $3.95 billion or $2.74 per diluted share for the quarter ended April 30, up from $3.68 billion or $2.60 per diluted share a year earlier, helped in part by record capital markets revenue. Canada’s best dividend stocks READ NO ..read more

When Dianne Debarros and Tom Stitzel headed to a Toronto Blue Jays game last month, the couple figured dining at the Rogers Centre would not be cheap. With foot-long hotdogs roughly $13 and 515-ml premium draft beers nearing $15, the Sarnia, Ont., duo behind the @coupon.couple account started searching for ways to save. One of their pals had two words: Dugout Deals. The aptly-named concession stand by sections 240 and 537 sells ballpark favourites for a fraction of the price. Before tax, “value” hotdogs, popcorn and 16-ounce soft drinks go for $3.49 each, while a 12-oz. Bud Light is $5.79, the ..read more

Earning credit card rewards points is one of the best things about using a card, and paying for something with points can be incredibly satisfying. You can have that feeling more often when you’re strategic about collecting rewards. Here are five points-generating credit card habits you’ll want to get into right away. 1. Unlock the earning potential of your everyday spending Everyone has expenses. The trick is to figure out how to earn rewards on the purchases you’re already making. Your best bet is to pick a card that offers boosted earn rates in the categories you spend the most in. For many ..read more

Credit cards are a part of everyday life. They’re a convenient and safe way to pay for your purchases, and they often come with perks and benefits. Plus, when you use a credit card responsibly, you can build up your credit score, which can help you access loans, mortgages or other types of credit—and get preferred terms and rates. However, if you’re a newcomer to Canada or new to credit, you won’t have a Canadian credit history. Using a credit card responsibly is one of the easiest and faster ways to start. What is a credit score? A credit score is a three-digit number, usually between 300 and ..read more

More than two-thirds of Canadians don’t use cash for their everyday purchases. There are many reasons for not carrying bills and coins. Electronic payments are convenient, fast, secure—and they often include extras or perks. Given how much we rely on electronic payments, it’s important to have a credit card that meets your daily needs and rewards your everyday spending. Here’s how to make sure you’ve made the right choice. Find the right match Selecting the right credit card isn’t exactly like dating, but it’s not totally different either. We all know there are plenty of fish in the sea, but t ..read more

If you love to travel, you probably already know that the right credit card can take you far while also offering valuable perks and benefits. Now imagine a card that benefits you at home, too. Meet the National Bank World Elite Mastercard, a credit card that offers great perks and rewards, whether you’re collecting points on your everyday spending at home or living it up while you’re away. Competition is fierce when it comes to rewards credit cards, which is great news for you. It means you can be choosy and make sure you get the features and benefits that fit your lifestyle. Let’s take a clos ..read more

If you’ve experienced sticker shock in the grocery aisles recently, you’re not alone. Feeding yourself and your family has become increasingly expensive over the past several years, with the cost of groceries and eating in restaurants spiking since the start of the COVID-19 pandemic. (Want a lively discussion at the next family get-together? Just mention the price of eggs and butter.) And while the overall rate of inflation has decreased recently, food prices are still well above what they were only four years ago, according to Statistics Canada’s most recent update of the Consumer Price Index ..read more