The Peak

All Ask Peak Money stories

Do I need to report money made off social media?

Dear Peak Money,

I started a YouTube channel during the pandemic—primarily out of boredom. Surprisingly, I amassed a small but loyal audience and made a few thousand dollars from ads. Do I need to claim this as income? If so, how? I’ve only ever had jobs where I got T-4s.

Sincerely,

Young and on YouTube

Are we making the right maternity leave money moves?

Dear Peak Money,

We’re expecting our first child in September.

Do I really need to pay for renter’s insurance?

When I met up for coffee with my roomies to review our budgets and expenses, they both had a line for tenant insurance. I had never heard of it before and read online it isn’t mandatory, so do I really need it?

My sister doesn’t understand tax write-offs

Dear Peak Money,

My teenage sister started a small business doing picnic basket catering. She makes a lot on each basket but only gets a few orders. She's probably bringing in about $1,000 a month. But she's been buying many expensive things lately, and when I ask her why she tells me it's a "write-off." For example, she bought a pair of $500 shoes for a "promotional photoshoot" and thinks they will be "free" after she files her taxes—I don't think she understands how tax write-offs work.

Ask Janine Rogan, an award-winning Chartered Professional Accountant

I am happy to help my son and his family, but not to my detriment—is there a better option to help get him into his first home?

Ask Janine Rogan, an award-winning Chartered Professional Accountant

Is it advantageous to throw as much money at our mortgage as possible while we have a low-interest rate in a high-interest environment?

Should I stop donating at the register?

Going over my monthly spending for February, I noticed that I was about $30 over my grocery budget. When I looked over my receipts, I realized I had “donated” a dollar or two every time I checked out.

Ask Janine Rogan, an award-winning Chartered Professional Accountant

What type of financial advisor is right for me?

I'm looking for a professional to guide me through setting up some investments and planning for retirement—I've been managing my portfolio, but I'd like a second opinion about my strategy so far. Should I work with an advice-only financial planner or a fee-based investment advisor? What's the difference?