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How to build good credit as a newcomer in Canada

Locating new schools and communities are just a few of the challenges new Canadians face when they immigrate here. For many, establishing a credit history so they can purchase a home, car or even secure a mobile phone plan and insurance is a top — albeit confusing — priority. “A good credit rating is essential […]

New requirements for those who have foreign income

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Many immigrants often retain foreign properties and streams of income from their countries of origin, which can cause questions around taxation now that they are residents of Canada. The federal government recently introduced some new measures to ensure Canadians with foreign income pay the right amount of tax here in Canada. Gail Shea, minister of […]

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Immigrants should build TFSAs while waiting for RRSP eligibility

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Shortly after she moved to Toronto from Hong Kong 20 years ago, May Fung learned about a fifth season in Canada, one that didn’t appear anywhere on her calendar: RRSP season. “When I found out about the tax rates in Canada – which were very high compared to what I was accustomed to in my […]

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Look before you leap – Tax issues of owning a U.S. property

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When Canadians think about another long Canadian winter, the anticipation of an annual sojourn to the sunny south is especially appealing. For many, purchasing a second residence in the United States is an attractive alternative. However, significant tax planning, financial planning and estate planning implications accompany the purchase of foreign property. It’s important to do […]

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