How to go about securing the best Retirement Plan in Canada.
Latest News
How to maximize your last-minute RRSP contribution + MORE Jan 26th
Mark your calendars: the deadline for Registered Retirement Savings Plan (RRSP) contributions for the 2020 tax year is March 1, 2021. But before you rush to deposit your money in a GIC or high-interest RRSP savings account at a local bank and call it a win, you should know there are other options th.... More »
Is now the time for retirees to sell stocks and buy GICs? + MORE Aug 2nd
Ask MoneySense
My husband is retired and concerned that his money that is invested in his RRSP and TFSA is fluctuating too much. He is retired and is wondering if his funds should be in a GIC account as it’s paying 4% and not losing principal. He’s concerned in this volatile market.—Rodeen
.... More »
Stock news for investors: Dollarama, Transat and Roots release earnings Jun 13th
Here’s a round-up of news for Canadian investors this week.
Dollarama
Transat
Roots
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 2.00% interest, t.... More »
Should you loan money to someone who is house rich and cash poor? May 18th
My daughter is 60, divorced, owns a house, perhaps $800,000 house value. She has a small mortgage and no savings of any kind. She lives on a line of credit and a credit card. Her only income is about $300 to $400 monthly CPP.
She is wondering how best to manage. Should she sell now and rent for a.... More »
Here’s what’s changed — and what hasn’t — in a pandemic RRSP season + MORE Jan 19th
If you’ve been earning a good salary from a secure job, investing your savings in a tax-advantaged RRSP is a good idea. But if your income has suffered or your job security is uncertain, keeping what money you have saved in a TFSA is a better bet..... More »
“Why do I need a financial plan?”
– moneysense.ca
Q. I am in my early 50s, have a steady job, I’m not a big spender, and I make RRSP contributions. Why would I need a financial plan? I don’t see how it could help me.
–Tom
A. To answer your question (and it’s a good one!), let’s think about why people get a plan, the benefits of having a plan and how you can get the most out of one.
Planning is about mastering change, and there are generally two types of plans: reactive and proactive.
Reactive plans occur when there has been a change in a person’s life and they need a solution, such as a change of jobs, divorce, when transitioning to retirement, commuting a pension, etc.
Proactive planning is about thinking about life and seeing what is possible. You’re looking ahead at how to maintain and enhance your lifestyle over your lifetime without the fear of ever running out of money, no matter what. Proactive planning is almost always a work in progress, because life happens, and people’s needs and wants change. The important thing is to have a planning model you can access at any time to help you make important financial and lifestyle decisions…
–Tom
A. To answer your question (and it’s a good one!), let’s think about why people get a plan, the benefits of having a plan and how you can get the most out of one.
Planning is about mastering change, and there are generally two types of plans: reactive and proactive.
Reactive plans occur when there has been a change in a person’s life and they need a solution, such as a change of jobs, divorce, when transitioning to retirement, commuting a pension, etc.
Proactive planning is about thinking about life and seeing what is possible. You’re looking ahead at how to maintain and enhance your lifestyle over your lifetime without the fear of ever running out of money, no matter what. Proactive planning is almost always a work in progress, because life happens, and people’s needs and wants change. The important thing is to have a planning model you can access at any time to help you make important financial and lifestyle decisions…
Using The Wealth Formula to boost investment success
– moneysense.ca
For many Canadians, learning investment basics can lead to smarter choices and, ultimately, a better retirement. A good starting point is understanding the fundamental elements that determine investment success or failure. These elements can be summed up in a simple equation I call “The Wealth Formula.”Six powerful forces will determine the sum of your future wealth: three “Wealth Builders” and three “Wealth Killers.” Their impact will pull you and your money in different directions—often at the same time—working either to grow or shrink your wealth. Small variations in any one of these opposing forces can have an enormous influence on your ultimate results.
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Wealth Builders
Amount
All else being equal, the more money you save and invest, the more you end up with…right? Of course. Saving and investing more today, and regularly over time, means more wealth, perhaps significantly more wealth, in the future. But while that may be obvious, it isn’t easy…
