GTA Wealth News

Canada-US Back Tax: Canada-United States Enhanced Tax Information Exchange Agreement Implementation Act

In recent news, two Canadian women are suing the Attorney General of Canada in Federal court claiming that the Canada-United States Enhanced Tax Information Exchange Agreement Implementation Act is a violation of their fundamental rights and freedoms.

The two women, Virginia Hills and Gwendolyn Deegan, are considered 'US Persons' under American law; Virginia and Gwendolyn claim that the Canadian government unconstitutionally shared their private banking information with the US Internal Revenue Service.

Mortgage Insurance: All Insurance is not Created Equally

With mortgage insurance from banks, if you die suddenly, banks can deny claims years later because of incorrect answers to health questions. A recent article in the Toronto Star discussed the pitfalls of mortgage life insurance that is offered by banks when an individual is approved for a mortgage.

Tax Free Savings Account (TFSA)

A TFSA (Tax Free Savings Account) is a great way for Canadians to help save money for their financial goals in life. Introduced in 2009 by the Canadian government, the TFSA allows Canadians to invest their money while exempting their investment earnings from taxation.

No Taper? No Problem

When the US Federal Reserve gave indications in the summer that it would begin scaling back on its $85 billion/month bond-buying program - known as quantitative easing (QE), financial markets were quick to react. Market watchers were confident that if the economic recovery in the US continued to show signs of improvement, the Fed’s tapering decision would be a certainty come Fall. In reaction, bond yields started rising: the 10 year Treasury bond rose 110 basis points from April until September.


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