Commuting Expenses, FTX Crypto Celebrities, and the One Percent Change: Must-Read Business and Investment Stories

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dated: 2022-11-20 14:19:29 .

The cost of commuting is forcing some Ontarians who moved outside the GTA during the pandemic to rethink where they live as employers call workers back to the office. LARS HAGBERG/THE CANADIAN PRESS The Canadian Press

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Are long commutes worth it?

As telecommuting has increased during the pandemic, real estate markets in the Greater Toronto Area have become increasingly popular for out-of-region real estate buyers. But when workers are called back to the office — even for just a few days a week — those who have moved out of the city find their commutes longer and more expensive. As Salmaan Farooqui reports, a woman who bought a house in Belleville now spends $600 a month commuting to her finance job in Toronto three times a week. Another respondent felt that commuting from Cambridge to Toronto was putting too much strain on his personal life and would now like to move to the Halton or Peel areas. As corporate decisions change about telecommuting, more people may want to return to the city.

Tom Brady cries FTX Crypto Tears

A week after the collapse of FTX Ltd., the second largest crypto exchange in the world, the carnage continues. Of course, it was disastrous for founder Sam Bankman-Fried, who probably lost billions of dollars, and for many investors, but FTX also built an impressive portfolio of partners and ambassadors, many of whom are paid through shares in the company, reports Matilda Augustin. Many sponsorships and partnerships are now up in the air, and several celebrities who promoted FTX are now being sued along with Mr. Bankman-Fried for $11 billion in damages. Among the names that were FTX partners? Seven-time Super Bowl champion Tom Brady, NBA star Stephen Curry, shark tank Investor Kevin O’Leary and the Ontario Teachers’ Pension Plan.

Women: We are richer than you think!

The latest high-income figures released this week by Statistics Canada show that women now make up a record share of the country’s top earners, accounting for 25.4 percent of the top 1 percent of taxpayers in 2020, Decoder Week’s Jason Kirby observes with constant an increase of one percent of the female population over the last four decades, with the provinces with the lowest and highest shares.

Rising interest rates are also hurting the Bank of Canada

The Bank of Canada will make its final 2022 interest rate announcement in early December, but before that it will report its first financial loss in its 87-year history. As Mark Rendell reports, it’s a development that risks further damaging the central bank’s reputation and leading to greater political scrutiny of its government bond purchases during the COVID-19 pandemic. In recent months, the bank’s aggressive push to raise interest rates has created a mismatch in its balance sheet, and it now pays a higher rate on its liabilities – mainly Bay Street bank deposits with the central bank – than it does on earned assets. That translates into net interest losses, which are expected to show up in the bank’s third-quarter financial reports later this month. The BoC expects total losses of between $5 billion and $6 billion over the next few years and should return to positive net interest income sometime in 2024 or 2025.

Higher TFSA limits and lower taxes are coming

If you’re looking for a silver lining to the higher cost of living, it’s that inflation means higher benefits and lower taxes for many. The annual tax-free savings account contribution limit is set to increase from $6,000 in 2022 to $6,500 in 2023, meaning Canadians can save an extra $500 a year and invest in their TFSAs to earn a tax-free return. And with the government recalculating income thresholds for welfare and taxes based on unusually high inflation, Canadians can look forward to a few more big changes in 2023 that will benefit their wallets. Erica Alini reports how these adjustments will affect taxpayers this spring.

How to claim home office expenses for tax purposes

Speaking of taxes, if you’ve worked from home in the past year, you might want to consider claiming office expenses on your income tax. What counts as a working day at home? Every day you worked full-time or part-time counts. However, you cannot include days off (weekends or public holidays), vacation days, sick days or other absences. So what are the rules for claiming home office expenses in 2022? Tim Cestnick outlines two approaches and steps you must take before the end of the year to ensure tax savings wherever possible.

Sign up for the MoneySmart Bootcamp: If you want to improve your financial situation, The Globe’s MoneySmart Bootcamp newsletter course is for you. Written by personal finance reporter Erica Alini, this new five-part course will improve your personal finance skills, including budgeting, borrowing and investing. Subscribe to MoneySmart Bootcamp and receive emails every week to demonstrate different financial strengths. Lessons arrive in your inbox on Wednesday afternoon.

Now that you’re all up to speed, prepare for the week ahead with Globe’s investment calendar.

Source: www.theglobeandmail.com

Commuting Expenses, FTX Crypto Celebrities, and the One Percent Change: Must-Read Business and Investment Stories

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