“Welcome to the PlanEasy blog! We make personal finance easy.

Thanks for visiting.”

 

– Owen

Catch-Up On Your RESP Contributions and Free Government Grants

Catch-Up On Your RESP Contributions and Free Government Grants

When you first have children, there is a lot going on. Sleep deprivation, diapers, crying, screaming, feeding, more diapers, cribs, car seats, more crying. It’s overwhelming. So it’s entirely understandable that making RESP contributions for your child is the last thing on your mind.

Even for someone like me, who’s a bit of a personal finance geek, opening an RESP and making contributions was the least of my concerns. For at least 12 months I put off opening an RESP.

Putting off opening an RESP for a little while is ok. But put it off too long and you may miss some free money from the government.

Here’s what you need to know about opening an RESP, making RESP contributions and catching up on the free money from the government.

read more
Canada Child Benefit: The Hidden Tax Rate

Canada Child Benefit: The Hidden Tax Rate

Children are expensive. There are the obvious expenses like day care, clothing, food and diapers. Then there are the not so obvious expenses like owning a larger home or a larger car.

For low and moderate income earners, there is a special benefit called the Canada Child Benefit (CCB) that can help offset some of these expenses.

The benefit starts at a maximum of $6,500/year for each child under 6 and $5,400/year for each child between 6 and 17.

These amounts get reduced as soon as a family’s taxable income passes $30,000. For someone with two children under 6 the benefit disappears entirely once the family income crosses $207,000.

Because the child benefit gets clawed back for each incremental dollar in taxable income. It works essentially the same as a tax rate. Except its effect is slightly hidden.

read more
Guess How Many Of Us Feel Financial Stress?

Guess How Many Of Us Feel Financial Stress?

A lot. That’s how many.

Last year 64% of millennials said that they feel stressed about their finances!*

Financial stress impacts us more than any other stress factor. More than our family, more than our health, more than our job, we stress about money the most.
This isn’t too surprising.

Money is at the center of everything we do. Without money, we can’t survive. In the past, it was possible to get by without money. You could barter, trade, do it yourself. But in the 21st century that’s not realistic. Are you going to build your own smart phone? Everyone needs money.

Because everyone needs money everyone is at risk of feeling financial stress. But it doesn’t have to be that way. Here are five ways to reduce your financial stress.

read more
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Owen Winkelmolen

Financial planner, personal finance geek and founder of PlanEasy.

“Welcome to the PlanEasy blog! We make personal finance easy.

Thanks for visiting.”

 

– Owen

Join our online community!

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Catch-Up On Your RESP Contributions and Free Government Grants

Catch-Up On Your RESP Contributions and Free Government Grants

When you first have children, there is a lot going on. Sleep deprivation, diapers, crying, screaming, feeding, more diapers, cribs, car seats, more crying. It’s overwhelming. So it’s entirely understandable that making RESP contributions for your child is the last thing on your mind.

Even for someone like me, who’s a bit of a personal finance geek, opening an RESP and making contributions was the least of my concerns. For at least 12 months I put off opening an RESP.

Putting off opening an RESP for a little while is ok. But put it off too long and you may miss some free money from the government.

Here’s what you need to know about opening an RESP, making RESP contributions and catching up on the free money from the government.

read more
Canada Child Benefit: The Hidden Tax Rate

Canada Child Benefit: The Hidden Tax Rate

Children are expensive. There are the obvious expenses like day care, clothing, food and diapers. Then there are the not so obvious expenses like owning a larger home or a larger car.

For low and moderate income earners, there is a special benefit called the Canada Child Benefit (CCB) that can help offset some of these expenses.

The benefit starts at a maximum of $6,500/year for each child under 6 and $5,400/year for each child between 6 and 17.

These amounts get reduced as soon as a family’s taxable income passes $30,000. For someone with two children under 6 the benefit disappears entirely once the family income crosses $207,000.

Because the child benefit gets clawed back for each incremental dollar in taxable income. It works essentially the same as a tax rate. Except its effect is slightly hidden.

read more
Guess How Many Of Us Feel Financial Stress?

Guess How Many Of Us Feel Financial Stress?

A lot. That’s how many.

Last year 64% of millennials said that they feel stressed about their finances!*

Financial stress impacts us more than any other stress factor. More than our family, more than our health, more than our job, we stress about money the most.
This isn’t too surprising.

Money is at the center of everything we do. Without money, we can’t survive. In the past, it was possible to get by without money. You could barter, trade, do it yourself. But in the 21st century that’s not realistic. Are you going to build your own smart phone? Everyone needs money.

Because everyone needs money everyone is at risk of feeling financial stress. But it doesn’t have to be that way. Here are five ways to reduce your financial stress.

read more
Page 10 of 13...89101112...

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