How to go about securing the best policy for your insurance in Canada.
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What COVID-19 Has Taught Us About Insurance & Preparedness + MORE Aug 15th
During these unprecedented times, we know that many of you may be feeling stressed, overwhelmed, and maybe even a little paranoid about the future. We also understand that due to COVID-19, your worldview may have changed when it comes to the stability of your job, health, and home.
While Baker &.... More »
Ages 13 to 17: Teaching teens to budget Aug 24th
It happens so fast you could miss it. But in their teens, kids need to start moving from thinking about money in small amounts (weekly) to larger amounts (monthly). “They should start getting more money for longer periods of time, but now they also need to start taking personal responsibility for .... More »
American Express Cobalt review + MORE Dec 15th
If you know you want an American Express credit card, you’ve probably been referred to the Cobalt credit card. The Cobalt combines high earn rates for everyday purchases with a great insurance package and the ability to put points towards travel for high value. In this American Express Cobalt revi.... More »
“Do I need to tell my insurance company about a house fire or flood that I fix myself?” Sep 28th
You had a fire or flood in your home. Now you’re thinking about trying to fix the damage without telling your insurance company so that your rates don’t go up.
In my experience, most homeowners have this moment after a loss event. It’s fine to think about it—but I would say, don’t think to.... More »
TFSA contribution room calculator Aug 12th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
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Tax-free savings account is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like&nb.... More »
The GIC Laddering Strategy: Reach for Returns with Safety
– ratesupermarket.ca
When you save for retirement through investing, you have two main goals: to grow your money but also to protect what you put in from being wiped out.
So, for most people, it makes sense to put a portion of their money into fixed-income products that keep their principal safe and provide a steady stream of income, usually through interest.
One type of fixed-income product is a Guaranteed Investment Certificate (GIC).
One downside is that regular GICs carry a penalty if the owner wants to “cash” them before the date they reach maturity. A strategy to consider is to “ladder” several GICs.
What is a GIC?
A GIC is an investment that has a set term, and you get repaid with interest for your trouble while protecting your principal (as long as the institution doesn’t default and is a member of the Canada Deposit Insurance Corporation).
You can get GICs with terms ranging from one month up to 10 years. Usually, the longer the term, the higher the interest rate.
A GIC can be held in several types of savings plans, such as registered accounts like an RRSP or TFSA…
