Archive for January 2013
What Is Your Financial Future?
Why can’t you expect financial prosperity after 40 years of working? If you’re concerned about your financial future, you’re not alone. Nearly half of baby boomers fear that their retirement will result in poverty. As company pensions disappear, many boomers must rely on their RRSPs to generate retirement income but they’re uncertain how long their…
Read MoreTax Considerations For Single Income Households
Stay at home parents may do a lot of work but unfortunately it’s not a labour cost that gets reported on a tax return. For families with a single income, tax time can seem a little one sided, but both spouses or common-law partners still need to file their own tax return in order to…
Read MoreHow Mobile Technology Can Improve Your Health
We’ve all read articles about gadgets that are supposed to help you get fit and improve your health. The real question is which ones are hype and which ones really work. There are wireless scales, performance monitoring devices that clip onto your sun glasses, smartphone apps and wearable sensors that monitor your sleep. A study…
Read MoreSwitching Careers Midlife: Is It Worth It?
“Why don’t you go back to school so you can get a good job.” This from my doting 90-year-old father who is delusionally thinking his “little girl” is still in her twenties instead of a fifty-something grandmother – plus he still likes to tell me how to run my life. Although I’m a proponent of…
Read MoreChilton, Lang And O’Leary On Mutual Fund Costs
I came across an interesting video on CBC News featuring David Chilton, Amanda Lang and Kevin O’Leary. They were discussing the high costs of Canadian mutual funds, as well as some of the pitfalls to avoid when using ETFs. It’s just over a year old, but well worth a look. Highest Mutual Fund Costs It…
Read MoreUsing Your Nest Egg Early May Cost You
A Statistics Canada study indicates that more Canadians are cashing in their RRSP savings long before they reach retirement. The money tucked away in your Retirement Savings Plan can be a tempting source of cash. But think twice before withdrawing money from your retirement nest egg. The amount you withdraw is considered income for that…
Read MoreForget The Resort! Why You Should Travel For The Experience This Winter
Winter is now officially here and many Canadians are thinking about a trip to a sunny Caribbean destination to escape the ice, slush and snow. Destinations like Cuba, Mexico, Jamaica, the Dominican Republic and many more are eagerly awaiting their snowbird clientele. Many of us will opt for an all inclusive resort where the food…
Read MoreTalking To Your Elderly Parents About Money
In most jurisdictions in Canada (Alberta and British Columbia are exceptions), adult children are legally liable for caring for their parents. Generally, adult children are liable to pay parental support if their parent supported them financially when they were minors. The support provided by the parent (or step-parent) during childhood does not have to have…
Read MoreWhy Our Debt To Income Ratio Is Misleading
Much has been said about the current state of Canadian household debt. The latest numbers from Statistics Canada revealed our debt-to-income ratio is now a record 164.6%. But what does this number really mean? In simple terms, you add up everything you owe – your mortgage, line of credit, car loan, credit cards and student…
Read MoreA Monthly Financial Planning Checklist
Getting organized is a key step in applying discipline to your financial and investment planning. Here is a checklist that shows suggested financial planning activities for the next year. January A good time to meet with your financial advisor to review and rebalance your investment portfolio. Calculate your net worth for a financial snapshot of…
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