Not sure how to make a savings plan? Read on…
Latest News
How to draw money out of your corporation in retirement Nov 7th
Incorporated business owners can sometimes be unsure of how best to decumulate, drawing from their corporate savings along with their other investments and pensions. Corporate savings do provide complexity as well as opportunity.
From paying yourself a salary to drawing income
Business owners .... More »
How to invest as a teenager in Canada + MORE Mar 13th
If you’re starting to save the money you’ve received from birthdays, holidays and part-time jobs, you may be wondering how you can invest your savings. An important life lesson for any young person is the habit of saving—so, investing for some teenagers can be the next step.
In Canada.... More »
Bank of Canada Raises Overnight Rate to 1.75%; Cites New Trade Policy and Growing Economy Oct 25th
Bank of Canada Governor Stephen Poloz at a press conference following an interest rate announcement in April.
After months of speculation, indeed, the Bank of Canada decided to raise its benchmark interest rate by 25 basis points this morning. This quarter-point hike brings the target for the ov.... More »
You opened an RESP—now what? Nov 27th
As many Canadian parents and grandparents know, a registered education savings plan (RESP) is a powerful savings tool. Although you can create a college or university fund for your child in other ways, such as a bank account or a tax-free savings account (TFSA), they don’t offer the same valuable .... More »
TFSAs & RRIFs: What’s the difference between beneficiaries, successor holders and successor annuitants? + MORE Jan 23rd
A MoneySense reader writes:
I’m writing to ask about beneficiaries, successor holders and successor annuitants for TFSAs and RRIFs. What is the difference between these, and how do you choose the right one for each account?
FPAC responds:
When you have a registered account, su.... More »
Lacey Hamilton hopes to attend the 2018 Winter Olympics in Pyeongchang, South Korea to cheer on the Canadian athletes. To save for the trip, the 22-year-old Mississauga resident drops spare change and $5 bills into a 0.9-litre mason jar that she empties into a savings account when it becomes full.
How to Improve Your Credit Score – Post-Holiday Edition
– ratesupermarket.ca
This monthly series by personal finance specialist Amanda Reaume focuses on how to improve something that many people overlook: your credit score. These posts will give you tips and tricks to improve your chances of getting approved for better rates when you apply for credit – leading to better student loans, car loans and even mortgages.
In January, people tend to cut back on certain expenses as they rehabilitate their credit and make up for overspending during the holidays. Less shopping, less restaurant visits, less entertaining… The effects that overspending have on lifestyle are usually pretty apparent.
But what many may not realize is how a bad credit choice can have a huge, long-term impact on your credit score. Some of these choices may seem harmless upfront, but they’ll ultimately make it harder to qualify for a low interest rate when you borrow money, whether it be for a car, your tuition or even a house.
If your credit cards are getting a workout this month, here are some common credit mistakes you may have made and some suggestions on how to fix them…
Can I afford a vacation?
– moneysense.ca
Although travel doesn’t have to be expensive, it’s definitely worth asking yourself; can I afford a vacation? Sometimes it’s a pretty straightforward answer, but in many situations, it’s not that simple since we all have individual priorities. Maybe money is tight, or perhaps saving for retirement might be a better idea; then again we shouldn’t ignore the emotional benefits of taking a vacation.
I totally recommend that people take vacations. The experience alone is worth it, but I also think it’s worth travelling whenever you can since we’ll never know what will happen in the future. That being said, travel does cost money so you definitely need to consider a few things before you book that trip.
The only things that matter
Outstanding consumer debt – Can I afford a vacation? Not if you have any outstanding consumer debt. The interest rate on credit cards averages 20%, while unsecured and auto loans can approach double digits too. These kinds of debts are absolutely crippling…
