One Year Later: How Has the Luxury Tax Impacted Canadians?

man with a luxury car and plane

In September 2022, the imposition of a luxury tax sparked significant interest and concern amongst Canadians. This new tax policy raised questions about its potential impact on Canadian consumers and the overall economy.

In this article, we cover the effects of the luxury tax on Canadians and explore its implications for individuals, businesses, and the broader economy over the past year. By examining both the positive and negative consequences, we aim to provide a comprehensive understanding of how the luxury tax has influenced the lives of Canadians.

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Five Useful Investment Terms You Should Know

financial literacy written in red on a dark yellow sticky note

Investing is putting your money to work in assets other than a savings account that have the potential to provide you with a greater rate of return than you would receive from holding your money as cash.

Most people have a general knowledge of basic investment terms including types of investments (stocks, bonds, GICs, etc.,) and common media topics such as inflation, interest rates, recession, and mortgage rates. However, when you are about to commit your assets to an investment portfolio, it’s useful to expand your investment knowledge beyond the basics. In this article, we examine five terms that you should understand when investing.

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Interest Rates Explained

bar chart increase - interest rates increasing

Interest rates are a significant part of your financial life. In its simplest terms – interest is the price you pay to borrow money. At some point, most of us will find ourselves paying interest on a student loan, car loan, mortgage, or credit card. When you borrow money, you will have to pay back the amount you borrowed plus a percentage of the amount borrowed which is the interest.

Unfortunately, we have little control over the interest rates available to us as they are largely a product of economic factors such as money supply, the inflation rate, and the Bank of Canada’s monetary policy.

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3 Budgeting Mistakes You Should Avoid

Budgeting is an important aspect of financial management. It involves planning and tracking your income and expenses, so you can make sure that you are living within your means. However, even with the best intentions, it’s easy to make mistakes that can derail your budgeting efforts and lead to financial problems down the line.

In this article, we will discuss three of the most common budgeting mistakes and how you can avoid them. By learning from these mistakes and taking proactive steps towards effective budgeting, you can achieve your financial goals and live a more comfortable life.

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Know the Difference: Active Income vs. Passive Income

active income vs. passive income

Active income and passive income are two different types of income that can have a major impact on your financial well-being. Active income is income you generate through activities such as working, running a business, or providing services. Passive income is income generated by something that you own or have invested in such as savings accounts, real estate, stocks, or rights to something you have created.

This article will discuss the differences between active and passive income sources and how understanding them can help you make better financial decisions.

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