How To Financially Plan For An Unplanned Baby

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I had a positive pregnancy test in hand only 4 days after I had moved into a new one-bedroom apartment. I hadn’t even bought living room furniture for my new place yet, let alone unpacked. I sat in my bathroom trying to wrap my head around those two pink lines, then promptly went to my computer and canceled all the speaking events and conferences I had planned to attend in the summer. The weeks and months that followed that first day that I entered motherhood were marked by some of the most heartbreaking, agonizing, and terrifying moments of my life. I’m still going through it, though the shock has at least worn off. 50% of pregnancies are unplanned If you’re already rolling your eyes at my “accident”, please stop. I, too, used to nod with fake empathy whenever a pregnant woman insisted her chosen method of birth control failed — […]

Judging the Enactus Regional Exposition

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Earlier this month, I had the privilege of judging at the Enactus Regional Exposition in Western Canada. Alyssa from Mixed Up Money and I were invited to be part of the judging panel for the Capital One Financial Education Challenge, in which student groups from post-secondary education institutions across Canada present projects they created that use financial literacy to improve the livelihoods of people in their community. About Enactus Enactus is a community of student, academic, and business leaders that are committed to making the world a better place through entrepreneurship. They focus on empowering students to take entrepreneurial action to improve the lives of those around them. Enactus currently operates in 36 countries at over 1,700 post-secondary institutions. They host a series of regional, national and global competitions, which provide teams an opportunity to showcase the impact of their outreach projects. About the Capital One Financial Education Challenge The 2017 […]

Tax Tips for Freelancers and Entrepreneurs

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I’ve had to claim income from Money After Graduation since 2011. Initially, I worked as a sole proprietor and claimed my freelance and blog income as “other income” when I filed my personal income taxes. In 2015, I incorporated my company and put myself on my payroll, which meant now I issued myself a formal T4 for tax time. While I let an accountant handle my business income taxes, I still choose to file my personal income taxes myself. I love being self-employed and in charge of my income, but I will admit, it takes even more discipline and attention to detail to manage my business finances on top of my personal finances. However, over the years I’ve found the systems and strategies that help keep me organized and avoid any extra stress at tax time. Here are some of the ways I handle my business finances: Dedicate a specific […]

Your Mental Health & Money

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Money can be stressful, particularly if there’s not enough of it. Everything from debt to investment losses to not having enough saved for retirement can cause feelings of stress and anxiety that have a drastic, negative affect on your mental health. The bigger your financial distress, the bigger its impact on your mental well-being. Depression and debt Coming as a surprise to absolutely no one, depression and debt can be strongly linked. Short-term debts like overdue bills, credit cards, and living in overdraft are most strongly associated with depressive symptoms. If you’re anxious about being able to pay your electric bill or have gotten to the point where you’re not even opening your credit card or loan statements, you already know how anxious the words “balance owing” can make a person. Worrying about money makes your money worries worse One of the worst aspects of dealing with financial stress, is […]

How Divorce Affects Your Income Taxes

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My soon-to-be-ex-husband and I split in mid-2016. When most people hear the word “divorce,” they can’t help but think of the associated negative financial consequences, but many forget the tax implications. Even I didn’t consider them until I sat down to file my taxes and learned that even though we’d been living “separate and apart” for more than half a year, his income would still have a big impact on my income tax filing. If you’re recently separated or divorced, it’s important to understand how this affects your taxes. Below are some tips to help make filing your income taxes go as smoothly as possible in the wake of the breakdown of your marriage. Change your marital status with Canada Revenue Agency In the eyes of the CRA, once you’re married, you’ll never file taxes as “single” ever again. You’re forever separated or divorced. Semantics aside, it’s important to notify […]