It’s the first tax season since the CRA revamped its services. Here’s what to expect

The Canada Revenue Agency says taxpayers should have an easier time this tax season, a year after it faced criticism for long wait times and, in some cases, bad advice from representatives.

The agency has revamped its operations, undertaking a government-ordered service improvement plan focused on addressing call centre delays, which wrapped up in December. Since then, it's streamlined its websites, hired more call centre workers and rejigged standards for accuracy.

"We recognize that our service has been challenging in the past," said Melanie Serjak, assistant commissioner of the assessment benefits and service branch at the Canada Revenue Agency. 

"We've made many efforts to improve that service and we've been completely focused on improving how Canadians interact with us."

Side hustle starting to drain you? When to throw in the towel on your side business

Spending endless hours building something you're passionate about takes perseverance, but sometimes, it doesn't turn out how you expected. Experts say taking an analytical approach can help determine if it's time to throw in the towel. 

Old-school financial advice that no longer applies to modern day life

As younger Canadians continue to face high housing costs, slowing wage growth and other challenges, age-old financial adages have become outdated, forcing a rethink of what smart money management looks like today.

Gifts, lotto winnings, bursaries: How to know when your money might not be taxable

It could have been a lucky night at the blackjack table that netted you a surprise stack of cash last year.

Or perhaps a more sombre life event like the passing of a relative left you with unexpected money in your hands, having been bequeathed to you in their will.

With an April 30 tax-filing deadline fast approaching, you might now be starting to wonder: How much am I going to owe from all that?

The answer, tax specialists say, is probably nothing.

Breaking up is hard to do. It’s even harder if you don’t have the money to move out

Living under the same roof with your former partner after a breakup is a tricky situation.

It's a tough spot some cash-strapped Canadians have found themselves in: not being able to leave the shared apartment because they don't have enough money for a new place.

Experts say they need to weigh factors such as safety and emotional capacity against staying in the shared home while they plan and save up money for an exit.

The move has to be thought through in stages, said Chantel Chapman, founder of Trauma of Money, a certification program that teaches professionals a trauma-sensitive approach to money.

Less than half of non-retired Canadians have workplace pension plan: report

A new report says less than half of non-retirees in Canada have a workplace pension plan.

IG Wealth Management's annual retirement study said a generational shift is re-shaping how Canadians approach retirement as 48 per cent of non-retirees have a workplace pension plan, whether it be a defined-benefit or defined-contribution plan.

"The decline of defined benefit and contribution pension plans has fundamentally shifted the burden of retirement planning on to individuals in recent years," Christine Van Cauwenberghe, head of financial planning at IG Wealth Management, said in a news release.

Employers began phasing out defined benefit pension plans about 30 years ago, the release said, leaving more Canadians without the same level of guaranteed income than previous generations.

Many believe saving for retirement is harder than it was for their parents: BMO

TORONTO - Many young Canadians believe they will have a harder time than their parents saving up for their golden years, according to a new survey. 

A report by BMO published on Monday showed 73 per cent of millennials surveyed believe retirement planning will be more difficult than it was for their parents, followed by generation X at 67 per cent, generation Z at 61 per cent and boomers at 60 per cent.

Meanwhile, 77 per cent believe retirement will be harder for the generation after them, the retirement report found.

Boomers seemed to be most concerned about the retirement prospects for future generations, at 82 per cent, while gen Z were the least concerned, at 67 per cent. 

Sump pumps, flood maps: How to assess climate risks when house shopping

TORONTO - When Kathryn Bakos was house hunting a few years ago, her checklist included some things that might not come first in mind for a dream home.

“I did not want a reverse-sloped driveway,” she explained in an interview.

“My husband said, well, what happens if we find our perfect home? I said, it’s not our perfect home if it has a reverse slope.”

Such driveways direct water toward the home, an issue Bakos is well aware of after researching how increasingly common catastrophic floods hurt home values.

Think you can’t negotiate many of life’s daily expenses? Think again, experts say

There are discounts out there that you aren’t getting, because you aren’t asking.

In an era of corporate retailers and online shopping, it might feel as if negotiation between seller and buyer has receded into the past. But that’s wrong, said Shai Dubey, lecturer at Queen's University's Smith School of Business. 

Dubey tells his students there’s only one thing in life that is non-negotiable.

“Death,” he said. “You can negotiate taxes. You just have to move to places that don’t have taxes.”

Save loved ones money and heartache by prepaying for funeral expenses

You won't be around to see this kind of investment pay off. 

But experts say paying for your own funeral in advance can save loved ones money and heartache. 

"There's a lot of expense associated with dying and a lot of time associated with dying — not for the dying person, but for the family that's left behind," said Mallory McGrath, whose firm Viive Planning helps clients navigate old age and death. 

When there's not a plan in place, one of the more fraught decisions among surviving family is whether to go for burial or the less expensive cremation option, McGrath said. Either way, they're looking at costs in the thousands or tens of thousands. 

Starting small: How young investors can begin building wealth with just $500

For many young Canadians, the barrier to entry for investing feels impossibly high. Between student loans, rising rent, and the cost of living, scraping together a starter fund can seem daunting.

Yet, as little as $500 to $1,000 is sufficient enough to begin building the habits that create long-term wealth.

When you have a limited budget, every dollar has to work harder. The margin for error is slimmer, and the overwhelming number of financial products, from ETFs to individual stocks, can lead to analysis paralysis.

Experts say there is no bulletproof way to stock pick in the early stages. Instead, focus on structure, simplicity, and consistency.