Do you have a financial plan or an investment plan?

A financial plan is a six-step financial planning process that starts with having an initial meeting with your prospective planner

Do you have a financial plan or an investment plan?Many people don’t understand the difference between a financial plan and an investment plan, and often assume that they’re one and the same. They’re not. An investment plan is focused solely on your investments and the return on those investments, which is important. But that’s only part of the story. What happens to your investment plan…

Canadian consumers aren’t in a spending mood

Canadian consumers aren’t in a spending moodCanadian consumer spending growth has been muted of late despite strong fundamentals in the form of healthy labour markets and low borrowing costs, says a new report by TD Economics. The report by senior economist Brian DePratto, Whither Spending? The Drivers of Lacklustre Canadian Spending, says three key domestic factors are to blame: policy-induced softness…

Reports show worrisome state of personal finances in Canada

Edward Jones and BDO both say Canadians face increasing roadblocks to achieving their financial goals

Reports show worrisome state of personal finances in CanadaTwo reports released Monday continue to show the troubling state of personal finances in Canada. Edward Jones released a new poll that revealed Canadians are banking on an inheritance to help them, as an overwhelming majority struggle to meet their financial goals. The data shows that 83 per cent of Canadians have not achieved their…

Protect your business from the unexpected realities of life

Seek professional help if your financial plan doesn't protect you from the four Ds: death, divorce, disability and disaster

Protect your business from the unexpected realities of lifeYour financial plan should provide you with as much protection as possible from the four Ds: death, divorce, disability and disaster. While you can’t totally protect yourself from any of these events, you should at least have a good plan in place in case something does happen. Death is the only D that can’t be avoided,…

A clear-eyed look at the first-time home buyers aid program

Robert McLister, managing editor of Rates.ca, talks about the pitfalls of the government program and why fewer Canadians are likely to take part than anticipated

A clear-eyed look at the first-time home buyers aid programRobert McLister is managing editor at Rates.ca. What is Rates.ca? McLister: Rates.ca compares insurance, mortgages and credit cards from dozens of companies across Canada. By juxtaposing numerous providers, it's easier for consumers to quickly compare terms and find the best prices. How does the new down payment assistance program for first-time homebuyers work? McLister: The…

Lifting day-to-day financial stress off employees

Darcy Tuer talks about how ZayZoon is motivated by social impact to allow workers to access their earned wages any time

Lifting day-to-day financial stress off employeesDarcy Tuer is CEO of ZayZoon. He started the company with co-founder Tate Hackert. What is ZayZoon and what does it do? Tuer: ZayZoon is a socially responsible, financial technology and employee wellness company. We partner and integrate with payroll companies to provide employees with the ability to access their earned wages any time rather…

Canadians $1.77 in debt for every dollar of disposable income

The "good news" is that debt is growing at a slower pace

Canadians $1.77 in debt for every dollar of disposable incomeHousehold credit market debt as a proportion of household disposable income fell to 177.1 per cent in the second quarter of this year, the third consecutive quarterly decline, as income grew slightly faster than debt, according to a report released Friday by Statistics Canada. “In other words, there was $1.77 in credit market debt for…

High net-worth Canadians focusing on preserving their wealth

The reasons for that include market uncertainty, geopolitical turmoil and home-grown tax changes

High net-worth Canadians focusing on preserving their wealthHigh net-worth Canadians are shifting their focus from generating wealth to preserving what they have, with 82 per cent saying it's more important than ever to 'future-proof' their wealth, says a new study released Wednesday by RBC Wealth Management. The reasons for that include market uncertainty, geopolitical turmoil and home-grown tax changes. "While investment and…

Workplace financial stress costs economy $16B a year: survey

Workplace financial stress costs economy $16B a year: surveyFinancial stress in the workplace is costing the Canadian economy close to $16 billion a year in lost productivity –and that’s a very conservative estimate, says a survey released on Wednesday by the Canadian Payroll Association. The association's 2019 National Payroll Week Survey of Employed Canadians found that 43 per cent of workers are so…
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