Weekend Reading – Tax Savings Edition

In case you missed it, earlier the government announced some tax cuts to help working families. You can read more about it here. Here are the details:

  • Increasing the Universal Child Care Benefit (UCCB) to $160 per month for children under 6 and introducing a new UCCB benefit of $60 per month for kids ages 6-17.
  • Income splitting in the form of a non-refundable federal tax credit up to a maximum of $2,000 in savings. This will benefit families that have a combined income of approximately $75,000.
  • Increasing the child-care expenses deduction by $1,000. This will benefit anyone who pays child-care costs in order to work/attend school. Previous amounts were $7,000 (kids under 7), $4,000 (kids ages 7-16) and $10,000 (kids eligible for the disability tax credit).
  • Doubling the children’s fitness tax credit to $150 per child and turning it into a refundable credit – which means even parents who don’t have the income to take advantage of the credit will still benefit.

Are we saving enough for retirement? According to this survey, some of need to save more in order to live the retirement we want.

Related: Retirement Income – You May Need Less Than You Think

The price of a typical cable/phone/internet package has gone up quite a bit in the past few years. Are they really that good of a deal? Not when they include hefty cancellation charges like this one woman experienced.

Related: How I Saved $684 on Cable & Internet

Have you ever considered borrowing money to invest? Personally I think it’s a concept that works for a few but not for most. Here are some things to consider from Boomer & Echo.

Over at My Own Advisor, Mark discusses some ways to deal with volatile markets. I try to take a long term view and use short term drops in the market as an opportunity to buy stocks that have temporarily gone down. It takes guts to buy when it seems like everyone else is selling, but I think it can pay off in the long term. How do you handle market volatility?

Related: Surviving a Market Meltdown

Life is full of financial lessons, and we have all made some money mistakes. At Canadian Budget Binder, Chris describes a purchase he made that was a financial mistake (and tips on how to escape a financial mistake). What money mistakes have you made recently?

Related: 3 Money Mistakes We Made in 2013

When people start out in the workforce, it’s a good idea to set aside some money for the future; an emergency savings fund, paying off any debt and starting a Tax Fre Savings Account. At Money We Have, Barry discusses some TFSA questions from new graduates.

Related: Hidden Advantages of the TFSA

If you’ve ever wondered what an impressive net worth statement looks like, check out this post by Asset Grinder with a net worth over $2M.

Ever considered trading options? A good start would be this guide on how to be a successful options trader from Kapitalust.

No one knows when the next big stock market crash will be, but Canajun Finances discusses the next big crash. October 29th is the anniversary of the first major stock market crash, and no one knows when the next one will be.

Have you started your Christmas shopping yet? Jessica has, and she saved big! Read more about it here.

Anyone who has had the joy (?) of moving homes knows how much the costs can start to add up. Tawcan has some tips on how to keep moving costs down.

Review: Spud.ca

With work getting busier for the both of us lately we’ve found we have less time to relax – especially on weekends. For the past few years we’ve had a fairly steady routine on weekends when it comes to getting groceries for the upcoming week – take a quick inventory of what food is left,Continue Reading