Archive for March 2020
How I’m Managing My Finances Amid The COVID-19 Crisis
Here’s how I’m managing my finances amid the COVID-19 crisis, including how my financial goals have changed and how I’m managing my investments and debt.
Read MoreWeekend Reading: Dead Cat Bounce Edition
A dead cat bounce is a temporary resurgence in stock prices after a substantial fall. The phrase originated on Wall Street, derived from the idea that “even a dead cat will bounce if it falls from a great height.” That’s what investors saw last week as stock markets rallied for three days before slumping again…
Read MoreHigh Interest Savings Account vs. GIC
Cash is king during times of economic trouble. Working families need emergency savings to pay the bills in case of job loss or a reduction in wages. Retirees or near retirees need a cash cushion to avoid selling stocks at a loss. But should you park your cash in a high interest savings account or…
Read MoreWeekend Reading: We Are Here For You Edition
My inbox has been flooded with emails from companies telling me “we are here for you” during these difficult times. Banks, credit card companies, airlines, restaurants, Galen Weston Jr., that retailer you bought a shirt from three years ago. They’re all here for you. What does it mean? For some, it’s public relations and a…
Read MoreHow To Apply For EI: Employment Insurance and EI Sickness Benefits
The COVID-19 pandemic has wreaked havoc upon the global economy. Efforts to contain the virus, such as public closures, social distancing, and self-isolation will mean that hundreds of thousands of Canadians will be laid off from their jobs. Many more have self-isolated and will lose the ability to earn an income. This article will explain…
Read MoreMy Pension Decision: Deferred Pension or Commuted Value
There are few personal finance decisions more difficult or complex than the choice between taking a deferred pension in retirement or a lump sum (commuted) value today. It’s a choice many Canadians face each year if they leave a job with a defined benefit pension plan. (If you have a defined contribution pension plan, there’s…
Read MoreWeekend Reading: Stock Market Roller Coaster Edition
Last week felt like a year. It began Monday with one of the largest one-day stock market declines in history (S&P500 -7.6%) before Thursday said, “hold my beer”, and stocks fell an incredible -9.51% that day. Then markets rallied on Friday with one of the largest one-day gains in history (S&P500 +9.29%) to cap-off a…
Read MoreMoney Bag: Tax-Free RRIF Withdrawals, and In-Kind vs In-Cash Transfers
Today I’m answering reader mail for a feature I call the Money Bag. I’ll answer questions and address comments from readers on a wide range of money topics, myths, and perceptions about money. No question is off limits, so hit me up in the comments section or send me an email about all the money things…
Read MoreWeekend Reading: Emergency Rate Cut Edition
The Bank of Canada cut its key interest rate by 0.50 percent on Wednesday in a response to a global economic threat caused by the COVID-19 outbreak. The decision followed the U.S. Federal Reserve’s emergency rate cut on Tuesday. It’s the first interest rate cut in four years. Here’s what it means for Canadians: Interest…
Read More