Halloween teaches us valuable financial lessons like budgeting candy, but it’s not all gum drops and lollipops. A retailmenot.ca survey found that Canadians spent $1 billion on Halloween in 2015. In fact, the Halloween industry is so large that it can support retailers who are only open for the season.

 

According to Global News, the average Canadian spends $52 per person on costumes.T he cost of costumes rarely reflects the quality. So why shell out so much money? Save yourself from the frightening cost of a costume by dressing up as an iconic movie or TV character in plain clothes. Don’t let the cost of Halloween costumes scare you away this year.

 

4 Cheap Halloween Costume Ideas from Your Closet

 

For men:

 

Marty McFly from Back to the Future

You will need white sneakers, a jean jacket, blue jeans, a white buttoned shirt, an orange vest and a red t-shirt.

Quote: “Wait a minute, Doc. A… Are you’re telling me you built a time machine… Out of a DeLorean?”

 

Ace Ventura from Ace Ventura: Pet Detective

You will need to style your hair up and back in the iconic Ace Ventura style, a pair of black converse or boots, red striped pants or something similar, a floral pattern shirt, a white tank top and an ID card reading “Ace Venture Pet Detective”.

Quote: “That was close one ladies and gentlemen, of course in every contest, there must be, a loser. Lew-Who, Za-Her.”

 

For women:

 

Wednesday Addams from The Addams Family

You will need dark black mascara, a white collared blouse, a black long sleeve shirt, white stockings, a pair of black shoes and your hair in pigtail braids.

Quote: “I’ll stop wearing black when they make a darker colour”

 

Sandy Olsson from Grease

You will need red lipstick, a tight pair of black pants (preferably leather), a black shirt that shows off your shoulders and red high heels.

 Hang a leather jacket over your shoulder and do your hair to match Sandy’s to really sell this costume.

Quote: “Tell me about it, stud.”

 

Bonus: You can have a lot of fun dressing up as yourself in high school. Find an embarrassing photo of yourself and replicate the look.

A DIY costume will show off your creativity and make you the life of the party. Consider a costume from your closet before spending money at a retailer. The key to a great Halloween costume is making it fun, so memorize some movie quotes, dress up as your favorite character this year and save your money.

 

Keep an eye on your mailbox – it’s tax slip time

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It’s the time of the year when you may start receiving tax slips related to your 2016 investments. Some slips may look familiar, others may not. Here’s a quick description of some of the more common slips and what you’ll need to do with them.

 

If you held mutual funds in a non-registered account, and the mutual funds paid a distribution in 2016, you’ll receive a T3 slip (or a Relevé 16 in Quebec). This slip will tell you how much income (interest, dividend or capital gains) you’ll need to report on your tax return for the mutual fund listed on the slip.

 

You may also receive a T5 slip, or a Relevé 3 in Quebec. This is similar to a T3, but it tells you how much income you received during the year from mutual fund corporations (as opposed to mutual fund trusts), or from any stock dividends you received.  You’ll need to report these amounts on your return also.

It’s important to note that if you held a non-registered account and received a mutual fund distribution, or dividends from a stock, you will receive a tax slip – even if that income was reinvested and not paid to you in cash.

 

Finally, if you sold any securities such as stocks or bonds in 2016, you will receive a T5008 slip. This will report any taxable gains or losses you realized when you sold those investments.

 

Before you file your tax return this year, make sure you’ve received all the slips that have been issued to you. You might also be receiving some that I haven’t mentioned above – for example, if you’re currently living outside of Canada. At the end of the day, if you’re not sure which slips you should be expecting, get in touch with me and I’ll help point you in the right direction.