RRSP or TFSA? Sorting out an investor’s dilemma

If you build up the money in your TFSA while you’re working, you can draw from it tax-free any time

RRSP or TFSA? Sorting out an investor’s dilemmaK.M. wrote to ask if she should stop making registered retirement savings plan (RRSP) contributions and instead focus on her tax-free savings account (TFSA). With a little personal information from K.M., we decided it would be best for her to focus on her TFSA. Here’s why: K.M. works in a job she’s likely to leave…

The secret to enjoying a Christmas that’s easy on your wallet

Whether tough times force your hand or you just want to start January without a credit card bill, you can still enjoy a glittering, happy holiday season

The secret to enjoying a Christmas that’s easy on your walletWhat if I told you that ‘cutting corners’ can transform Christmas from a hectic, stressful money drain into a joyous, energizing experience? I understand if you are skeptical, but let me show you how it is possible to save money at the same time you enjoy a sumptuous, all the trimmings holiday season. The secret…

Canadian economy will stall in 2020

The next two years will probably bring feeble increases in GDP, in line with 2019’s uninspiring performance. Job creation is likely to decelerate

Canadian economy will stall in 2020As the clock winds down on 2019, it’s time to ponder what the coming year may have in store for the Canadian economy. To provide some context, 2019 hasn’t been a great year for the economy, with inflation-adjusted gross domestic product (GDP) expanding by around 1.6 per cent. This was less than growth in both…

Understanding and comparing investment returns

Keep in mind that, despite new disclosure rules to increase transparency, the fee shown on your investment report may not be the total fee you paid your adviser

Understanding and comparing investment returnsWhen comparing your investment returns to that of others or those you see published, selection and timing are two critical issues. Make sure you’re comparing apples to apples: that you’re weighing similar investments. Each investor has their own risk tolerance and objectives. What’s right for your friend, neighbour or family member may not be right for…

Do you need mortgage insurance?

It depends. As with all financial planning questions, no one answer fits every situation

Do you need mortgage insurance?“Did I need to take the insurance the bank sold me when I got my mortgage? Do I need mortgage insurance at all?” C.P. wrote and asked. I’m often asked this and the answer is usually the same: That depends. As with all financial planning questions, no one answer fits every situation. The simple answer in…

Two in five Canadians expect lifelong debt

'There is a financial wellness crisis, and it's affecting Canadians of all demographics' -- Manulife

Two in five Canadians expect lifelong debtHousehold debt is growing so large, it may be cracking Canada's financial foundation.  A Manulife Financial Corporation survey found that two-in-five Canadians do not expect to escape debt in their lifetime and the spending-to-income ratio is trending negatively in Canada. The Manulife Bank Debt Survey found: 94 per cent of Canadians say the average household…

How to be an adult, one sound financial decision at a time

Many people take a long time to launch on adult life because they've never been taught to spend less than they make

How to be an adult, one sound financial decision at a time“The first responsibility of adulthood is paying your own bills,” according to Jamaica Finance Minister Peter Phillips. That country has worked hard to wean itself of dependency on the International Monetary Fund (IMF) and is in a position to stand on its own feet economically. Paying your bills is a definition of adulthood that applies…

Secured Credit Card: Why to Have It in Canada?

Secured Credit Card: Why to Have It in Canada?When you arrive to Canada with the aim to settle there, you need to take care of many problems: housing, job, educational institutions for yourself or your children, and even language courses, if your English needs improving. Your finances should also be on the agenda. As a new comer to Canada, you need to choose…

Should you defer collecting CPP and OAS?

Can you afford to hold off and increase your payments later? Will you need more CPP and OAS later in life? And how long do you expect to live?

Should you defer collecting CPP and OAS?Most people know they can start collecting their Canada Pension Plan (CPP) at age 60, even though they’ll get smaller monthly payments than if they waited until 65. Many people just want the money now and don’t care about any added benefits to delaying CPP and Old Age Security (OAS). The standard CPP and OAS…

Four in 10 Canadians struggling financially: TD

When it comes to financial health, Quebec is the healthiest province and Alberta lags behind, said the report.

Four in 10 Canadians struggling financially: TDBy Troy Media The TD Financial Health Index finds that four in 10 Canadians are financially struggling, with Albertans lagging when it comes to financial health. The index by the TD Bank Group is a national benchmarking survey providing a portrait of Canadians’ financial well-being and how they’re managing their personal finances. The study, released…