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Local Finance and Accounting News Imperial Oil Ltd. announced Thursday that it plans to shop its refinery in Dartmouth, N.S., and related supply agreements to prospective buyers in the coming months. Family Finance: Moving back to Toronto from Guatemala for retirement might mean a reduced standard of living, but then again, they might just live longer The one thing Canadians won’t be retiring anytime soon is their mortgage debt, according to a new BMO survey, which shows 51% of Canadian homeowners plan to carry their mortgage into their retirement years In debt-settlement programs, the client is often left holding the bag for a debt far greater than the original amount, and out of pocket thousands of dollars in fees, writes Brenda Shanahan Jason Heath: 'It might just be that online banking, automatic debits and mobile payments have detached us from our money and turned us into zombies who give it away too easily' The decision to spend or save, splurge or hoard money really comes down to a consumer's confidence about the future or their fear of it Family Finance: A new car and thousands of dollars a year from their parents help this family afford to keep mom at home with the kids Dividends from non-Canadian companies are treated as foreign income and are taxed at full marginal rates American educators and policymakers are looking for new solutions to a mountain of student debt that has reached the $1 trillion mark. Some are getting payment holidays, others have their debt forgiven Garry Marr: While a new survey suggests 58% of Canadians don't have a signed will, there are signs that the housing boom and the wealth it has generated has encouraged more people to put their plans in writing Comment: Ontario taxpayers received a painful dose of honesty from the Ontario Teachers’ Pension Plan President and CEO who admitted the funding formula is broken and that revolutionary changes are needed North American students graduating in 2012 face debt loads significantly higher than their parents did and are more likely than ever to rely on their parents’ financial support If you’re thinking about buying a cottage or U.S. recreational property, think through all the financial and lifestyle issues before taking the leap It may seem like getting a tax refund is like winning a lottery but it really is just your own money that has been loaned to the government, writes Garry Marr A couple due to be married soon are also preparing to retire. With her large income and his small one, doubts arise over their ability to maintain a high standard of living in retirement Fabio Campanella: While I do believe the fee-based method can lead to a more objective relationship between the advisor and the client there are still several drawbacks to the fee-based approach Yes, you've heard it before but if a deal sounds too good to be true.... it probably is. Ted Rechtshaffen looks at some common shortcuts to losing your money Linda Stern: Pay off the house before you retire. That's the conventional wisdom. But is it right? Maybe not. It may even make more sense to keep that mortgage as long as you possibly can Parents have just as tough a time talking money with their kids as they do teaching them about sex, to the point where they lie about or avoid money topics on a regular basis, a new study finds When you consider that you could be spending 20 years or more in retirement, chances are high that you will encounter several ups and downs in the market, and so it’s important to weigh your risk exposure relative to your need for secure income Some really bad advice: This couple has already lost more than $100,000 on a bad investment and is facing a continuing decline, but the payments on their loan aren't going anywhere 'The question is not how we get people to save more money so they keep on retiring the way they do but more of how can we get peoples’ minds around staying in the workforce,' says actuary Fred Vettese Time is running out for millions of Canadians that still haven’t filed their 2011 tax return, statistics suggest that almost half wait until the last week Financial institutions are feeling the pressure of keeping up with armies of hackers who steal personal information, swipe card numbers and load those accounts with false charges Canadians' long party at the debt punchbowl is winding down, says Scotia economists, and higher interest rates could slow the housing market and economy more than policy makers expect With just days to go before the April 30 tax deadline, we have some really last minute tips for procrastinators Send us your debt stories and our experts will help search for a way back to financial security Hidden fees are a major irritation for investors. If your adviser didn’t provide you with a detailed breakdown of the fees you are paying, ask for it now Spider-Man needs to think about caring for his elderly aunt, Iron Man needs to get serious about getting charitable and it might be time for Mole Man to put something away for a rainy day, writes Garry Marr How much tax, if any, should we pay on capital gains? The question has received renewed attention recently, with U.S. discussions about whether taxes should be raised on the wealthiest 1% Family Finance: These Toronto condo dwellers spend $650 a month for their pets. Luckily the rest of their lives are rather frugal The central bank sounded the alarm on growing household debt on Wednesday, raising concerns in particular about the growing tendency of Canadians to take out lines of credit using home equity It's tough to spend less and it's no fun to budget. So saving without cutting spending becomes an appealing way to pad your pockets. Here's how to do it Having a proliferation of rental properties being held by everyday people is cause for concern. People not that far removed from retirement are more than a half-million dollars in debt from mortgages and HELOCs You can’t always control the markets, but you can control how you work with taxes, government incentive programs, and smart planning When credit lines are used for household appliances, vacations, new cars and dinners on the town, the advantages quickly disappear If you plan to file your 2011 return electronically this tax season, a recent tax case decided last month could come in handy Past tax returns, refund information and more can be found online at Canada Revenue agency’s website. Never lose a tax return again Garry Marr: All you have to do is walk into a bank branch, grab some pamphlets and you will see an array of offers that could get you into even more debt trouble Even under widely envied public sector pension plans, there are winners and losers, says a new study from the CD Howe Institute in a seldom-seen insiders' perspective Join Our Mailing List First Name : Email Address : Stay informed! Sign up for the Accountants.to newsletter and receive publications on the accounting and financial industry.

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