Not sure how to make a savings plan? Read on…
Latest News
A TFSA plan to help fund retirement—without losing any sleep May 10th
RANDALL BAKER
Age: 65
Location: Winnipeg
Occupation: Worked in manufacturing and safety deficiencies but now retired
TFSA total: $29,632
RANDALL’S TFSA HOLDINGS
iShares Canadian financial monthly ETF (FIE.TO) $29,632
TOTAL: $29,632
Randall Baker .... More »
Can we retire with $6,500 a month? Aug 17th
Randy and Sandra Luke
Up until last year, Sandra and Randy Luke were focused on paying off their mortgage. With that goal behind them, they’re ready for their next challenge: to retire in 10 years. But can they save enough to build a portfolio capable of delivering a monthly net income of $6.... More »
Ayana Forward, financial advisor + MORE Feb 18th
Meet Ayana Forward
Ayana Forward is a Certified Financial Planner based in Ottawa, Ont. She owns Retirement in View, a fee only financial planning firm that specializes in helping clients within one to five years of retirement navigate the financial and lifestyle aspects of transitioning out of t.... More »
Cheap Whole Foods prices won’t trigger price wars + MORE Aug 31st
TORONTO — Cheaper avocados at Whole Foods might get fans of the organic grocery chain salivating over savings, but retail analysts say it probably won’t launch price wars at Canadian supermarkets.
Amazon took ownership of Whole Foods Monday and immediately decided to cut the cost of some of.... More »
The scoop: What Canadian investors need to know now + MORE Sep 19th
For those who like surprises, the stock markets have not disappointed in 2020. The S&P 500 surged to new heights despite the economy-clenching COVID-19 pandemic powering around the globe, and individual investors’ participation in trading reached a 10-year high during the first half of this ye.... More »
Phoenix pay system highlights need for emergency fund
– moneysense.ca
In an effort to replace people with machines, the federal government recently unveiled the Phoenix pay system to pay civil servants. It was first conceived in 2009 and intended to save an estimated $70 million each year. The problem is it doesn’t work.Now thousands of federal employees aren’t being paid properly. Estimates are pegged at over 25% of the government’s 300,000 employees, in fact. Most of the problems relate to shortfalls on supplementary pay like overtime work, but many new employees and students aren’t getting paid at all.
What a great lesson to summer students working their first job! Despite what they thought, it doesn’t pay to work for the government.
Ask a Planner: Leave your question for Jason Heath »
Given that BMO’s most recent Annual Rainy Day Survey found that less than half of Canadians have more than $10,000 saved in an emergency fund, this situation serves as a stark reminder to the rest of us how important it is to have a contingency plan. I mean, if the federal government can get behind on payroll, what about the rest of us who work for small, medium and large private employers?
I personally struggle with the thought of Canadians sitting on cash earning next to nothing versus investing or paying down debt, but ideally one should strive to have some combination of cash, near cash or low-interest rate credit (like a secured line of credit) available in the event of the unforeseen…
Legislation that took effect this month makes lending rates for payday loans in Alberta the lowest in the country, the provincial government says.
