Canada has always punched above its weight in economic and political influence. Despite a modest population and a slow and steady economy, Canada continues to boast the 10th largest economy in the world, valued at $1.6 trillion.
Our unique position offers challenges but many opportunities: deeply integrated into the world’s largest economy, we’re open for business with all of them.
Here’s how we stack up against the Top 4:
Several years ago, Canadians were uniquely positioned to benefit from a depressed United States real estate market. Low prices coupled with a strong CAD (Canadian dollar) presented some terrific buying opportunities.
In 2016, our plunging loonie (around $0.71 USD) coupled with a recovering U.S. housing market yet again uniquely positioned Canadian sellers of U.S. property to benefit from both capital appreciation and a favourable exchange rate. Even after accounting for the tax consequences of huge gains, sellers were left with significant returns.
Now that our dollar seems to be on the rise, the margin of gain might decrease compared to last year and it is important for potential Canadian sellers of U.S. property to understand the income tax consequences of a sale. Following are major key concepts with summarized explanations:
New and innovative products are designed every day to improve quality of life, especially for the aging. Most of these emerging technologies are smartphone apps. Here are two latest innovations we hope you never need:
Aipoly is a great example of recent breakthroughs in smartphone technology. The app uses the smartphone’s camera to identify what the user is looking at. For anyone struggling with vision loss or decline, it provides greater independence. And it is impressively easy to install and use.
The risks associated with Sudden Wealth Syndrome (Part 1: the risks) are well documented and threaten the more than $750 billion in inheritance Canadians expect to receive over the next decade.
There are two critical steps families should take to improve the odds of preserving the family fortune:
Kids with financial savvy have better chances of becoming fiscally responsible adults. There is a wealth of information available on how to teach kids about money with minor variations. The common factor: start mentoring while children are young, habits can form as early as age 4; and no matter what a parent teaches, it’s parents’ own fiscal behaviour that will impact a child’s learning.