Estate Planning Options For Your TFSA
Tax Free Savings Accounts have become a popular saving and investment vehicle for many Canadians. They have also potentially become a significant portion of retirement savings. When TFSAs were first introduced I thought they were pretty straightforward. However, we still get lots of questions, and Gordon Pape wrote an entire book about them (The Ultimate…
Read MoreSimply Making The Most Out Of Summer Spending
Let’s talk about summer spending. For us, summer is the most expensive season and one that can get out of control quite easily without a sensible spending plan to guide us. In addition to our summer vacation, there are day-trips to the mountains, summer camps for the kids, lawn care, backyard barbeques, plus the odd…
Read MoreWeekend Reading: Debt Binge Edition
Not a week goes by without hearing how Canadians are struggling with household debt. We’re taking on too much mortgage debt, using our homes as ATMs via home equity lines of credit, we’re financing brand new vehicles, and we’re not paying off our credit card balances in full each month. A new report from the Financial Consumer…
Read MoreRetirement Planning Basics
“Will I have enough savings for my retirement years?” This question is asked a lot. There’s no one “retirement number.” It depends on multiple factors including age of retirement, where you’ll live, your health, lifestyle, whether you have a company pension plan and how much you will receive from government benefits. Many people become concerned…
Read MoreWorking With The Right Financial Advisor
When I was growing up, my dad used to do his own car maintenance – changing the oil, spark plugs and air filter, and flushing the radiator. He taught my brother how to do these chores so he could save money. Now vehicles have become a lot more complicated and not many people do their…
Read MoreBanning Commissions Won’t Lead To An Advice Gap Because Small Investors Already Get Screwed
The investment fund industry would have you believe that banning embedded commissions – or trailer fees – on mutual funds will create an advice gap. The thought being that a commission ban will cause thousands of financial advisors to flee the industry and leave small investors, those with portfolios under $100,000, without access to quality financial advice.…
Read MoreGauging Investment Knowledge: Is It Time To Fire Yourself, Or Your Advisor?
It has become increasingly important for individuals to become financially knowledgeable and to be able to plan and manage their financial assets, and especially, to be able to save and invest for their retirement years. Complicating matters is the shear volume of financial information accessible to retail investors, and the large number of investment options…
Read MoreHave We Reached Peak Stock Market?
The stock market has been full-on raging bull since March 2009. Indeed, the S&P 500 bottomed-out at 682 in the depths of the great financial crash, but has since climbed to a record 2,415 as of this writing. Those who started their investing journey in the past eight years have only known markets to rise, but prices…
Read MoreWeekend Reading: Calgary Marathon Edition
I’ve been slowly upping my running game and this weekend my wife and I head up to Calgary to race in the Scotiabank Calgary Marathon. I’m still a step behind my wife, who is a more seasoned runner, so I’m entered in the 10 kilometre race while my wife attempts her first half-marathon. I’m aiming…
Read MoreFrom The Boomer & Echo Mailbag: Why Is My Employer Switching Our Defined Benefit Plan To A Defined Contribution Plan?
Q. I have received notice that my employer is switching my Defined Benefit Pension Plan to a Defined Contribution Plan. What are the implications to my future retirement? You are not alone. More and more companies are replacing defined benefit plans with defined contribution plans. This is primarily due to the rising expenses and long-term…
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