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Five Quick Tax Tips: How to Get the Most Out of Your Return

It’s almost time to tackle your income taxes again but before you race for that refund, here are five quick tips that might help you make this year’s a real winner.

Don’t Forget the Kids

Family is filled with endless amounts of fun and financial responsibility, but the Child Care Expense Deduction could help come tax time. If you pay an individual, daycare centre, camp, or educational institution to care for your children (ages 16 and under) while you work, go to school, or conduct grant funded research, pay attention to line 214 on your return; you may be able to claim that expense.

Earn While You Learn

You might have enough homework already, but taking some time to study the Tuition Tax Credit may be worthwhile to a savvy scholar such as yourself. If your tuition fees were covered by you and not paid (or reimbursed) by parents, employers, certain job training programs, or a federal program to help athletes, you can claim all amounts over $100. Sorry smarty pants, other costs associated with schooling including textbooks, lodging, meals, and that new laptop, are not eligible.

Claim Your Commute

Whether you get to work using public transit or your own set of wheels, there may be a deduction to make the ride a little smoother. If you drive your own vehicle and you’re often required to work away from your employer’s place of business, and don’t receive a vehicle allowance, you may be able to claim fuel, insurance, maintenance, leasing costs, and more! No car? Your transit pass might be eligible as an expense on Line 364. Just be sure to keep those receipts, record keeping is key.

Keep it Professional

Hard work can really pay off when it’s time to file. Professional fees such as union dues, required board memberships, and necessary liability or malpractice insurance, even licensing and examination fees, can be claimed on lines 212 and 323. Freelancers, rest easy, you’re only taxed on your net income; several operating expenses such as property taxes, utilities, and food and entertainment may be deductible too.

Contribute to Your Future

Investing in segregated funds, such as RBC’s Guaranteed Investment Funds, could help make your income tax return look a whole lot sweeter. Segregated funds can be held in a variety of ways, including an RRSP, which allows you to deduct your annual contribution from your gross income and keep any income and growth earned deferred from taxation until withdrawal.

Interested in Learning More About Segregated Funds? Contact an RBC Insurance Advisor.

Segregated funds can only be purchased through a life insurance advisor.

When it comes to completing your tax return, slow and steady may be just the right speed. Just don’t be late.

 

RBC Retirement Investment Solutions

Whether you’re building up your nest egg or ready to turn your hard-earned savings into retirement income, our solutions can help you make the most of your money. Have an RBC Insurance Advisor call you to learn more.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

Any amount that is allocated to a segregated fund is invested at the risk of the contract holder and may increase or decrease in value. RBC Guaranteed Investment Funds are individual variable annuity contracts and are referred to as segregated funds. RBC Life Insurance Company is the sole issuer and guarantor of the guarantee provisions contained in these contracts. The underlying mutual funds and portfolios available in these contracts are managed by RBC Global Asset Management Inc. When clients deposit money in an RBC Guaranteed Investment Funds contract, they are not buying units of the mutual fund or portfolio managed by RBC Global Asset Management Inc. and therefore do not possess any of the rights and privileges of the unitholders of such funds. Details of the applicable Contract are contained in the RBC GIF Information Folder and Contract at www.rbcinsurance.com/gif.

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Having your home broken into when left unattended (and undefended!) from a few hours to several days, is a sure way to take the joy out of wonderful holiday memories. Thankfully, there are both tech-savvy and old-school ways to keep your home secure without spending a fortune. Try a few — or all — of these suggestions to help keep your home safe and sound.

To Post or Not to Post

While it may be tempting to share your photos on social media while you’re watching the sunset over an ocean or eating lunch at a café in Paris, before you do make sure your network is secure and that you know and trust all of your followers. Or, just wait until you get back; you don’t want to “advertise” that your house is empty.

Smart Home Help

Sales of smart home security accessories have exploded in recent years, for the simple reason that they make securing your home just that – smart. There are lots of different gadgets, from smart locks that allow you to control who enters and exits your home, video doorbells that let you see who’s knocking, to garage door apps that allow you to control and monitor your garage door access. If you’ll have Wi-Fi where you’re going, consider making a small investment in smart home security for big security benefits.

Well-Timed Lights

You may think you need to invest in the newest technology on the market to keep your home safe and sound, but old-school options like timed lights and motion sensors can scare away potential home invaders. They’re easy-to-install and don’t require internet, so whether you are on a budget or headed on a last minute getaway, both should remain on your radar when it comes to protecting your property.

Enlist Neighbourhood Assistance

Use your neighbour network to help shovel your driveway/walkway and take in mail during your holiday travels. Nothing says ‘unattended house’ like untouched snow and an over-stuffed mailbox.

Hide Prominent Packaging

By throwing out the packaging for your brand new Sonos system or PS4 all at once, you may be inadvertently advertising all the fancy new electronics in your house. Keep boxes and packaging away from curious eyes by breaking down boxes so they fit in the recycling bin or keeping packaging inside until you’re home.

Out of Eyesight Valuables

Despite your best efforts, there’s no sure-fire way to prevent a break-in. If the worst does end up happening, don’t make it easy for would-be thieves. Hide your valuables in unlikely places that are difficult to uncover. Avoid common hiding spots like the freezer, your sock drawer, pillowcase or under the mattress. You could even consider storing your valuables in a safe deposit box temporarily.

Spare Key Smarts

As a good neighbour, you sometimes give baking products in a pinch or lend the odd tennis racquet. As a result, people might know where you leave your spare key. While being a generous neighbour is great for your social circle, it’s not as great when it comes to home security. If you haven’t upgraded to a smart lock, don’t leave a key outside in its usual place, or anywhere for that matter, when you leave town. If you need a spare outside your house, consider leaving it with a trusted neighbour or nearby family member.

Find solace in knowing that your home has coverage with home insurance. Speak to an RBC Insurance Advisor to help answer any questions you may have.

Great Rates and Expert Advice on Home Insurance

Get a free online quote* for coverage to protect you, your property, and your belongings from the unexpected.

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*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

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How many preventable fire hazards are hiding in your home? If you’ve heard of a house fire caused by a careless mistake or thoughtless act, you may have thought, “That’s awful — but it could never happen to me.” The truth is, there are many potential causes of house fires that homeowners often overlook.

Here are eleven sneaky fire hazards that may be hiding in your home:

1. Unattended Candles

Never leave a burning candle unattended — snuff it out before leaving the room, or take it with you.

2. Abandoned Styling Devices

Never leave hair-styling devices (like curling irons or flat irons) sitting on a dresser, table or counter without disconnecting them. Turn your hot hair-styling tool off and unplug them after use.

3. Cloth or Scarves Near a Heat Source

Clothing, scarves, curtains or other material too close to a light, lamp, radiator, stovetop or other heat source could ignite and start a house fire. Check each room to ensure no flammable items are near potential heat sources.

4. Aging Space Heaters

Space heaters, especially older ones, can overheat, or ignite nearby flammable material to start a fire. Avoid using older space heaters, read the operating instructions, make sure there’s ample space around the heater, and don’t leave it unattended when it’s on.

5. Dirty Chimneys or Flues

An accumulation of soot and creosote may be all that’s needed to a start a chimney fire, which can easily grow into a house fire. Clean your chimney at least once a year before using your wood stove or wood-burning fire place.

6. Dryer Lint in your Laundry Duct

According to the Red Cross, dryer fires are the cause of 90% of appliance fires. Clear lint from your laundry exhaust pipe, vents and lint trap regularly.

7. Forgotten Pots and Pans

In Ontario alone, 18% of house/structure fires started as cooking fires. Make it a habit to turn off your stovetop or hotplate before leaving the room, even if it’s just for a few minutes.

8. Burning Cigarettes

Between 2012 and 2016, cigarettes caused 7% of structure fires. If a smoker falls asleep with a lit cigarette in their hand, it can fall to the floor, and catch on bedclothes or other flammable materials.

9. Overloaded Electrical Outlets

Too many electrical devices plugged into one outlet can overload it and lead to an electrical fire. Choose an electrical multi outlet tap that plugs into existing wall outlets, or have an electrician install more outlets.

10. Rodent Nests Near Electrical Wires

Pesky rodents can be a danger if they build nests — made of dried grass and other flammable material — near heat sources, or anywhere sparks may occur. Keep your home rodent-free using traps, or with assistance from your local exterminator.

11. Christmas Trees

During the holiday season, whether you opt for a real tree or an artificial one, it’s necessary to take safety precautions. Make sure your tree is not close to open fires or heaters. Be aware that electrical failures or malfunctions can spark and ignite a tree. Do not overload electrical sockets with Christmas tree lights. And if you have a real tree be sure to keep it watered so that your tree does not dry and become brittle.

Be prepared for a house fire by ensuring your home is equipped with fire extinguishers and working smoke detectors. And don’t forget, home insurance may help protect your family from the financial damage of a house fire.

Make sure you have the right level of coverage for your home. Call 1-877-749-7224 to speak with an RBC Licensed Insurance advisor.

Great Rates and Expert Advice on Home Insurance

Get a free online quote* for coverage to protect you, your property, and your belongings from the unexpected.

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*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

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Winter can be one of the hardest times of the year to stay active. Not only does the cold slow down some would-be winter warriors, but the early darkness and potential slip-and-fall ice hazards may also keep you from maintaining healthy exercise. Luckily, with a few adjustments, you can ease your favorite outdoor exercise like running or power walking into the winter season.

Here are five tips on how to stay safe while being active this winter.

1. Step Safely

Whether you stay active in the cold months by walking or running, the right shoes could make the difference between stepping smartly or a serious slip. There are even slip-on shoe spike accessories that easily attach to a variety of footwear for added protection against falls on icy sidewalks or trails. For example, these Yaktrax are a good option. Also be sure to take your time walking or running on uneven/poorly shoveled sidewalks as it can easily lead to a fall and possibly a twisted ankle.

2. Hot and Not-so-heavy

Once you’ve got the best footwear for your winter activity, make sure you’re properly prepared in warm but moisture-wicking outdoor gear. Heavy or thick clothing doesn’t necessarily keep you warmer. Technological advances in the construction of fabrics mean there’s remarkably breathable yet lightweight clothing available for the winter months. Your best bet is to hit an outdoor or athletic specialty store that can help you select the right outfit for your outdoor adventure.

3. Safety First

Ensure your loved ones know where you are. If you have a set route then share that with a loved one before you leave. Google maps has Location Sharing that lets you share where you are with anyone until you turn it off. Also consider getting safety tags that attach to footwear that give your name, address and emergency contact in case a bad fall leaves you incapacitated.

4. A Bright Idea

Another important accessory during the winter months is lighting. Get special lights if you’re doing your activity late at night or early in the morning; there are many options that are easy to attach and leave your hands free, like this Running Night Light from Amazon. Reflective gear can also be helpful, but is not nearly as much of an attention-getter as a bright light, especially when it’s very dark out.

5. Be Weather Wise

Follow weather reports and if there is a severe cold/frostbite alert, stay indoors.

Whether you’re a runner, walker or just want to stay active try incorporating these tips into your outdoor winter workouts. Don’t let winter get in the way of your health.

Help protect your lifestyle and your income with health insurance. Speak to an advisor at 1-866-262-7920.

 

RBC Disability Insurance

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*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

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Interested to see how Life Insurance can protect your family? Or would you rather talk to someone? Call us at 1-800-769-2568 or find an advisor near you.

Need a little help keeping track of all the things you need to do in the next nine months? We’ll help you get it with this easy-to-use checklist for expecting parents.

First Trimester

The first trimester is the time to start getting prepared for not only your pregnancy, but your new life as a parent!

Choose a Maternity Healthcare Provider

Talk to friends and relatives, ask your doctor for a recommendation or search online.

Know Your Options

Start thinking about your maternity leave plans. Who will take the time off? Will you split it 50/50? It’s good to have an idea before you talk to your employer.

Get Excited!

Figure out how you want to tell your friends and family, start coming up with names and planning the nursery!

Second Trimester

The second trimester is a great time to start tackling some of the most important pregnancy to-dos.

Ask Around For Hand-Me-Downs

Shopping for your baby can be expensive, and they outgrow things in a matter of weeks. Ask the experienced parents in your life if you can have the items they no longer use.

Be Good To Yourself

Get a prenatal massage, use up your benefits at work and take plenty of quiet time for yourself while you still can.

Sign Up For Baby Classes

Don’t wait until the last moment to figure out which baby class is right for you, ask friends and family, and especially your doula, midwife or doctor about local classes.

Third Trimester

There’s a lot to do in the final three months, so just remember to relax, focus on what you can control, and start getting ready for the big day.

Start Planning The Birth

Who will be in the delivery room? What about a doula or home birth? Talk to your partner and start deciding what you want to make the big day a little easier.

Spend Time With Your Partner

While nothing can compare to being a new parent, it’s also exhausting and all-consuming, so take some time now to enjoy each other’s company.

Review Your Long-Term Finances

You’ll need to update your will for the baby to ascribe guardianship, as well as make sure that your insurance coverage and savings take into account your little one.

Over the next 9 months and beyond, you’ll experience amazing changes and make many important choices. Hopefully this handy checklist helps to organize things a little. Congratulations on your pregnancy!

 

RBC Life Insurance

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*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

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While millennials are coming up with new solutions to increasing housing prices, insurance plans are maintaining the pace with creative plans that cover different types of living situations. Just because you don’t own a home doesn’t mean you don’t need to be protected. Below we lay out modern scenarios many millennials might find themselves in where home, condo or tenant insurance would have been a big help.

You have fire or water damage in the condo you own or rent:

Most people think fire is the number one cause of home insurance claims, but, surprisingly, it’s actually water damage. Your home or condo insurance can cover your belongings, so you don’t have to buy everything brand new out of your own pocket. Take a moment to think about what you’d have to replace if the worst happened and you lost everything. Really think about the cost of your clothes, furniture, appliances, cosmetics, and electronics. Those items alone can get expensive quite quickly, but you also have to consider the mundane things like sheets, towels, and dishes. Even if you did happen to have $10,000 lying around, this is probably not the way you’d like to spend it.

You need to live somewhere while your home is getting repaired or worse, have to move:

Picture this: the worst has happened, and you need to stay in a hotel for a couple weeks while your home is being repaired. Home insurance will cover your hotel costs. In fact, the absolute worst case, if you need to hire movers to move items into a new condo or home, the right insurance policy can make sure you’re covered for that as well.

You lose valuables on a trip:

We all have some version of a travelling story that involves leaving a laptop1 behind on a flight or having a camera stolen right out from under our nose. Losing expensive hardware is a valid fear for many while travelling and something that can cast a terrible shadow over an otherwise wonderful trip. It doesn’t have to be this way. A little-known fact about home, condo or tenant insurance is that it extends beyond just covering items in your home – it can cover items that you lose on a trip. It might be better to pay a $500 deductible2 for an insurance claim rather than pay $5,000 for a brand-new camera. You can go a step further and specifically list items like your camera, laptop, or GoPro so that if something happens on a trip you would pay a lower deductible, but this comes with a price tag.

Even though millennial living situations might be vastly different than the previous generation, it doesn’t mean that millennials don’t need to be insured. RBC Insurance has options to cover your living arrangements. You can make an appointment with an advisor who will give you personalized advice based on your unique living situation – there is no cost for advice and no obligation to buy.

Learn more about home insurance options or speak with an RBC Insurance advisor to make sure you’re covered and can focus on what you love to do.

We also have options tailored to all millennial facets of life. Check out how we can help cover you for protecting your income and your loved ones.

Property and auto insurance for individuals and families is underwritten by Aviva General Insurance Company.
1) Insurance excludes the cost of data reproduction on computers.
2) Deductible: the amount of money you pay in an insurance claim before the insurance coverage pays for you.

Great Rates and Expert Advice on Home Insurance

Get a free online quote* for coverage to protect you, your property, and your belongings from the unexpected.

Learn More

*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

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Whether you’re buying wine as an investment or for your own enjoyment, you’ll want to ensure you’re storing them in order to avoid spoiling them. The temperature, humidity, light, and vibrations in your wine cellar can all affect a wine’s quality.

Filmed at the Wine Academy in Toronto, Franco Stalteri, founder of Charlie’s Burgers and The CB Wine Program, shares how to safeguard your wine by maturing it in an optimal environment.

Want to learn how to insure your wine and other unique valuables?

Contact one of our RBC Private Insurance™ Advisors today at 1-800-769-2517.

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We make it easy to find expert advice, money-saving tips, and a range of insurance options for every moment of life.

*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

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