Home economics: As the loonie soars, greenback stocks could give you more bang for your buck

Soaring loonie lends international influence to Canadian-heavy portfolios

With the Canadian dollar hitting three-year highs around 80 cents US over the past week, now may be the time to expand your portfolio’s international reach. With high oil prices supporting the loonie, this could give investors who have a lot of Canadian stocks in their portfolio a chance to diversify. Personal finance columnist Dale Jackson said that shifting part of your portfolio into stocks that trade in US dollars is not only good for diversification, but it can also give your RRSP a boost or to your TFSA.

CRA error in some tax slips lists refunded CERB as taxable

Many CERB recipients who were not eligible to collect the benefit notice that their repayments are taxed. The Canada Revenue Agency has confirmed that some Canadians received incorrect tax slips showing parts of the refunded benefit as taxable income, according to a report by The Canadian Press. CERB recipients who repaid before December 31 should not have to pay tax on those amounts on 2020 tax returns.

Increase in online fraud activity during the pandemic

Cybercrime is on the rise during the COVID-19 pandemic as Canadians spend more time and money online due to lockdowns. Nearly a quarter of all Canadians said they had been targeted by scammers more often since the start of the pandemic in a poll by RBC. “Romance scams” ​​have become the leading type of fraud affecting Canadians, costing them $18.5 million in 2020, according to the Canadian Anti-Fraud Centre.

Does age have an impact on how you view debt?

A poll by Bromwich+Smith found that age largely informs people’s opinions of why others go into debt. Six in 10 survey respondents over the age of 55 believe Canadians get into debt because of bad financial habits, while younger Canadians believe it has to do with a lack of financial literacy. Bromwich + Smith said in a statement that the most common reason people borrow money is because they are faced with unforeseen circumstances such as illness, death in the family, divorce or loss. employment.

Delinquencies rise amid ‘pockets of financial stress’: Equifax

According to Equifax Canada, Canadian consumer debt levels rose 4.1% year over year due to rising mortgages and rising house prices. Despite the increase, Equifax found that non-mortgage consumer debt declined over this period. However, as relief programs put in place due to the COVID-19 pandemic begin to shut down, signs of early delinquency are beginning to appear. As CTV’s chief financial commentator Pattie Lovett-Reid noted, “The numbers suggest the pandemic hasn’t so much reduced delinquencies as it has postponed them.

New package that simplifies claiming work-from-home expenses

The federal government has added an easier way for Canadians to claim work-from-home costs in addition to the itemized method typically used before the pandemic. The new temporary package allows those who have worked 200 days to claim $400 and does not require proof of receipt. Some tax experts say that while the flat rate may be easier, the detailed method may yield better results since returns are not capped.


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