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Adult kids moving home amid pandemic unrest? Embrace it — but set your financial boundaries first + MORE Nov 9th
Discussing the details up front — including rent, food and child care — will save money, confusion and resentment down the road..... More »
What to expect from Mark Carney’s fiscal update amid high deficits and rising risks - Toronto Star Apr 26th
What to expect from Mark Carney’s fiscal update amid high deficits and rising risks Toronto StarCarney faces pressure to show results in spring fiscal update: former PBO Global NewsLiberals must show results in spring economic update: former PBO Winnipeg SunCarney .... More »
Fox and Disney shareholders approve deal for entertainment assets + MORE Jul 27th
Twenty-First Century Fox Inc. and Walt Disney Co. said on Friday their shareholders voted to approve Disney's $71 billion US purchase of Fox's film and television assets..... More »
Students, there’s help for you too during COVID-19. Here’s how to access it + MORE Apr 27th
From government financial support to the expanded summer jobs program, here are four smart money moves to help you weather the storm..... More »
The best GIC rates in Canada for 2025 + MORE Dec 8th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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10 ways to save more and pay down your debt
– moneysense.ca
1. Set a goal
If you’re serious about saving you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving for retirement, having a very specific goal will help you stay motivated and on track.
2. Track your dollars
The best way to get on track to saving is to spend less than you earn. Tracking your spending—either through a daily journal or an app—can help you do this.
3. Trim spending
Consider trimming expenses. Once you know how much you’re spending monthly, you can decide what areas you’d like to cut back on so you can meet your savings goal.
4. Kill two birds with one stone
For those with low to moderate incomes, paying off debt—including the mortgage—is the best tax-planning you can do. That’s because you don’t pay taxes on the capital gains on your home and there’s no tax on the return you get for getting out of debt.
5. Automate it!
Set up an automatic transfer of funds to a savings to a savings account (or TFSA or RRSP) so that a set amount—say 10% of your gross monthly income that comes off your paycheque automatically…
Wedding guests need to watch their spending too
– thestar.com
Your kids don’t have to take a financial hit to watch their friends get married. Here’s how to cut costs.Foreign, institutional investors holding fire
– theglobeandmail.com
While the flow of money into North American commercial real estate has slowed, investors are sitting on cash hoards that eventually will be deployed
Hudson’s Bay Co. says shareholders representing almost two-thirds of its outstanding common shares have confirmed their support for the company’s deal with Rhone Capital.
The best time to start CPP —if you don’t know when you will die
– moneysense.ca
The last time we looked at the question of when to commence receipt of the Canada Pension Plan (CPP), we made the case for delaying as long as possible – ideally until 70 – while drawing down RRSP assets in your 60s when you’re in a lower tax bracket. (The piece is here.)
That’s a valid strategy for many but it does make a few assumptions, including that you have a large enough RRSP to withdraw from, have good alternative sources of income in the meantime, and that you’re not confident that the markets will deliver good returns if you were in a position to invest your CPP were it taken earlier.
But the biggest assumption is that you’ll live to enjoy those higher payouts once they commence. If your life expectancy is for some reason lower than average, all bets are off and you may be better off taking CPP between 60 and 65.
Jason Heath, of Toronto-based fee-only planners Objective Financial Partners, leans to advising clients to defer CPP/OAS to 70 for those whose life expectancy is average or longer than average…
