Giving children an allowance can help instill positive money habits, financial experts say.
When it comes to money and kids there is one fundamental lesson most of us fail to teach our children, and that is how to make money grow which, in turn, creates wealth.
A 2015 survey conducted by Chartered Professional Accountants Canada uncovered similar results: “At the total level, female members have a median total compensation of $99,000 versus $120,000 among their male counterparts.”
Experts say that encouraging children to follow the stocks of established companies that make products they like is a great way to develop an interest in the stock market. It could spark a lifetime appetite for smart investing.
Canadians of high net worth – generally defined as having at least $1-million in investable assets – want to ensure the money they’re passing on to their children isn’t frittered away.
Robin Taub, personal finance expert at TurboTax joins BNN for Talking Tax with tips for freelancers and the self-employed and those who make a living off apps like UBER and AirBnB.
It’s bad enough to discover that your business is facing a hefty tax bill. But what if you can’t pay?