Posts by Robb Engen
Weekend Reading: Funding A Good Life Edition
Over the holidays I made a spending and savings plan for the new year. I reviewed our previous year’s finances and incorporated our new financial goals for the year. My wife and I discussed our “rich life” vision – what we want to do more of, what we what to do less of, what new…
Read MoreRRSP Over Contribution Limit And Carry Forward Rules
Your current year’s RRSP contribution limit is 18% of your previous year’s earned income, to a maximum of $31,560 (2024) plus any unused contribution room carried forward from previous years. There’s some confusion around the RRSP over contribution limit and RRSP carry forward rules. This post explains both of these rules. RRSP Over Contribution Limit…
Read MoreInvestment Returns for 2023
Stock markets rebounded in a big way last year after a taking it on the chin in 2022. It was technology stocks once again leading the way – with the NASDAQ gaining 52.28% (XQQ) in 2023. The vaunted S&P 500 also posted an impressive 24.39% gain in 2023 after falling nearly 20% in 2022 (XSP).…
Read MoreNet Worth Update: 2023 Year-End Review
This year turned out to be a great one, both financially and for our lifestyle. We got everything we wanted out of our new house. We love having a dedicated office space and a home gym. Our kids can easily walk to school. Our dog even has a huge field in which to run around…
Read MoreWeekend Reading: All Time Highs Edition
Last year was one of the worst ever for a 60/40 balanced portfolio. Stocks and bonds were both down double digits and investors were understandably nervous about an impending recession. I can’t tell you how many conversations I had with clients who wanted to abandon their perfectly sensible portfolios in favour of GICs paying 4-5%.…
Read MoreWeekend Reading: Updated Financial Goals Edition
The future is always uncertain, but at this time last year my crystal ball was as murky as ever. We were in the middle of building a new house and still needed to sell our existing home. Stocks and bonds were down double digits, and interest rates were still on the rise. Investors were piling…
Read MoreRetirement Assumptions: Will They Make An Ass Out Of You Or Me?
Financial planners need to use assumptions about the future to paint a realistic picture for their clients. Since we don’t have a crystal ball, most rely on the projection and assumption guidelines put forward annually by FP Canada. These assumptions include estimates about inflation, investment returns, life expectancy, wage growth, borrowing costs, etc. Note that…
Read MoreWeekend Reading: 2024 TFSA Limit, OAS Clawback, and More
The federal government uses the inflation data for the 12-month period between October 1 to September 30 to determine a number of figures for the following calendar year. September’s inflation rate was announced earlier this month, so we now have the entire data set needed to calculate the indexing rate for 2024, which gives us…
Read MoreWeekend Reading: More RESP Clean Up Edition
A few months ago I wrote about some changes I plan to make to our kids’ RESP portfolio. We’ve used TD’s e-Series funds for this account, but will switch to an ETF portfolio using Justin Bender’s excellent RESP strategy. Along with this portfolio reboot, I’ll also change how we fund the account (annually versus monthly).…
Read MoreWhen Life Insurance Is Sold, Not Bought
They say life insurance is a product that’s sold, not bought. This decades-old maxim was shamefully brought to light when the Financial Services Regulatory Authority of Ontario (FSRA) looked into troubling sales practices in the life insurance industry. Troubling, indeed. FSRA examined life insurance agents at three firms – World Financial Group, Greatway Financial Inc.,…
Read More