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Roth 401K and Roth IRA accounts may seem similar, if one does not take income limits into consideration. To declare a distribution to be qualified, IRA account should have completed the five year of enclosure period and the person should be aged 59.5 or above. There are differences when one considers rules applicable for penalty in case of unqualified distribution, but concept of saving with after tax money is again common in these two accounts. This investment growth is also tax free when Roth IRA and Roth 401K are considered. The differences can be compared by visiting roth-ira.org.

There is required minimum distribution rule to be folowed for Roth 401K which is not so in Roth IRA type of account. Full article…

When my clients want to make substantial outright bequests, I encourage them to switch from an outright bequest to a trust with the beneficiary as the trustee.  The trust provides the beneficiary with creditor protection, divorce protection, and estate and inheritance tax protection.  Occasionally, I hear questions from my clients or their advisors concerning whether the trust will be included in the beneficiary/trustee’s estate for estate tax purposes.

The beneficiary can be a trustee of a trust for his or her benefit if distributions to the beneficiary are limited to an ascertainable standard, as defined by the IRS. The IRS definition of ascertainable standard is defined as health, education, maintenance, or support. If the purposes for which the beneficiary/trustee can make distributions are limited to these categories, the trust will not be included in the beneficiary’s estate upon the beneficiary’s death.

Occasionally, someone uses a slightly different standard and the IRS will attack the standard. In Esta

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Over the past few months I have been writing on a series of articles that aims to deliver an account overview of the various student accounts banks have to offer.

In the past, I have covered the TD Canada Trust Student Account, the RBC Student Account and most recently the CIBC Advantage for Students Account.

Today I plan on covering the Scotiabank Student Banking Advantage Plan, which offers a few features that no other banks have.

To start things off, I have compiled what Scotiabank has to offer students in the table below:

AccountStudent Banking Advantage
Plan Monthly Fees$1.25/ month
(fees waived if you keep a $2,000 minimum daily balance) Transactions*
Unlimited Sending INTERAC e-Transfer$1.00 per transaction Non-(bank) ABM withdrawals-$1.50 each within Canada
-$3.00 each inside the U.S. Full article…

Ottawa, Ontario –

Bank of Canada Governor Mark Carney has been named Chairman of the Financial Stability Board (FSB). The FSB is an international agency dedicated to building a more resilient and efficient global financial system. It coordinates the work of national financial authorities and international standard-setting bodies, and develops and promotes the implementation of effective regulatory, supervisory and other financial sector policies.

The appointment, for a term of three years, was confirmed by G-20 Leaders at their summit in Cannes, France. “I am honoured to assume this new role,” said Governor Carney. “My appointment reflects the strong reputation of Canada’s financial system and the leading role that Canada has played in helping to develop many of the most important international financial reforms.”

Mr. Carney will remain Governor of the Bank of Canada during his chairmanship of the FSB. He succee

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Below is a chart of a recent Tax Court case.  The Tax Court described in detail the structure of typical private equity fund, with a 2% fee and a 20% profits interest being received by the fund managers.  A PDF version of the chart can be found at Dagres.

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Star Credit Union provides attractive interest rates for their money market account account. The credit union will require you to deposit a minimum of $2,500 to open an account. You must also maintain an average daily balance of $2,500 or more to earn their best money market rates. These money market deal has the following current interest rates:

• $2,500 to $25,000        0.75% APY
• $25,001 and above       1.01% APY

As per federal regulations, you are limited to make up to 6 transfers or withdrawals by means of automatic transaction, check, pre-authorized transaciton, or telephone every statement cycle. In case you exceed the limit, you will need to pay a very minimal fee whenever you make a transaction.

This best money market account allows you to monitor you account through online banking. Pay your bills anytime without having the hassle to go to the bank. You can even check your monthly statement by simply subscribing to electronic bank statement. Please

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Now might be just the time to ask for a raise. If you think that you should be paid more, you can get a little bump in salary, just for asking. But you have to ask right. If you don’t pay attention to what’s going on around you, and if you aren’t already showing that you are valuable enough to warrant a raise, you will be shut down. Here some things to keep in mind as you ask for a raise:

Can You Show that You Deserve a Raise?

The first thing you need to do is show that you deserve a raise. Back up your request for a raise with hard evidence. If you are doing good work, have benefitted the company, or have already moved beyond the original scope of your responsibilities, it will be easier to convince your boss (and your boss’s boss) that you deserve a raise. Gather evidence to support your case.

Pay Attention to the Timing

Marching in and asking for a raise when your boss is having a bad day is usually a bad idea. Instead

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