Archive for January 2020
RRSPs Are Not A Scam: A Guide For The Anti-RRSP Crowd
“I don’t invest in my RRSP anymore because I’ll have to pay tax on the withdrawals.” This type of thinking around RRSPs has become increasingly common since the TFSA was introduced in 2009. The anti-RRSP crowd must come from one of two schools of thought: They believe their tax rate will be higher in the…
Read MoreWeekend Reading: High Interest Savings War Edition
Savers rejoice! We’re in the midst of a high interest savings war. The battle for your business isn’t being fought by the big banks, but by upstart FinTech companies looking to build up deposits. Indeed, the big five have mostly ignored the high interest savings account market. Why bother, when they’re hauling in record profits…
Read MoreWeekend Reading: Are We Due For A Correction Edition
2019 was a terrific year for stock market returns. This bull market has gone on for so long now that investors can’t help but wonder, are we due for a correction this year or in the near future? It’s a question I get a lot from my clients these days, especially the soon-to-be-retired and the…
Read MoreMy Mortgage Gambit: How (And Why) I Loaned Myself A Mortgage From My LIRA
This is a reader story from Kevin in Toronto, who, after getting laid off, took an unconventional approach with his locked-in retirement account (LIRA) – paying off his mortgage and then setting up a LIRA mortgage. What are the pros and cons of loaning yourself a mortgage from your RRSP or LIRA? Read on for…
Read MoreWeekend Reading: Worst Financial Planning Fears Edition
What are your worst financial planning fears? Some answers may include longevity risk (outliving your money), sequence of returns risk (the impact that negative stock market returns has on your withdrawal strategy), or poor investment performance (earning a lower rate of return than you expected). A recent discussion on Twitter teased out more answers from…
Read MoreHe Bet The Farm On Weed Stocks And Won. Then Watched It Burn To The Ground
The following story is from Nick, whose investing journey began when he bet the farm (and won) on weed stocks, then watched in horror as that same barn burned to the ground several months later. You can follow his portfolio and journey for redemption at LateCycle.com – or on Twitter (@latecycle_nick). It’s one o’clock in the…
Read MoreEQ Bank: Your New High-Interest No-Fee Banking Solution
What makes the EQ Bank Savings Plus Account so great? It starts with an amazing 1.70% everyday interest rate, plus zero everyday banking fees and cheap international money transfers. Read about the rest of the perks in this EQ Bank review: Over the last decade or more Canadian banking customers have had to accept two…
Read MoreBest Credit Card Travel Insurance For Seniors
About once a month, I’ll get an e-mail from a reader asking about the best credit card travel insurance for seniors. It’s a great question since having travel medical insurance is a must whenever you leave your home province. But figuring out which card is the best can be a bit tricky. You need to…
Read MoreWeekend Reading: 2020 Financial Goals Edition
Happy New Year and welcome back to the blog! With an unforgettable 2019 now in the rearview mirror we look ahead to 2020 and what’s to come. Goal setting is such a powerful motivator for me. This year, as I move to full-time blogger, freelancer, and fee-only advisor, it’s even more critical to map out…
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