How to go about securing the best policy for your insurance in Canada.
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Fire insurance claims: When to tell your home insurance provider + MORE Sep 12th
“You don’t have to file a home insurance claim if you have a house fire,” is not something you would expect to hear from insurance experts. But in the wake of the increasing fire-related fatality numbers from the Ontario Fire Marshal, we couldn’t help but ask.
First, the numbers. Between Jan.... More »
What’s my RRSP contribution limit? Feb 12th
If you’re like many Canadians, you’re hoping you’ve paid enough tax in 2018 and may even be looking forward to a hefty tax refund. You can help ensure that happens by knowing the details of your Registered Retirement Savings Plan (RRSP), what sets them apart, your cont.... More »
More Spastic Speculation Over the Bank of Canada + MORE Mar 19th
To say it has been an eventful year thus far for market and interest rate watchers would be an understatement. Pundits have been blindsided not once, but twice by the Bank of Canada on the direction for our national cost of borrowing… and it’s only March.
To recap: the long-held expectation tha.... More »
How much does life insurance cost in Canada? + MORE Mar 24th
Life insurance is often touted as the financial safety net we all need, but what if it’s an added expense you’re not sure you can afford? If that’s your thinking, you’re far from alone—a 2019 study showed that most Canadians are underinsured, with 49% having never purchased life insurance.... More »
65% of Canadians are Wrong About Their Flood Insurance Coverage Mar 3rd
On July 8, 2013, as much as five inches of rain fell on parts of the City of Toronto in just a few hours – more than what typically falls in an entire month. The news was filled with dramatic images of roads turned into rivers, and a GO Train stranded in the low-laying Don Valley. But for so.... More »
How’s my TFSA asset allocation?
– moneysense.ca
Q: My goal is to maximize returns and grow my TFSA over the long term, not necessarily only for retirement, but also as a reserve fund. I have all Canadian ETFs in it to avoid any tax complications as I believe holding anything but Canadian ETFs in a TFSA leads to tax issues.This is my current allocation:
ZDV.TO 15.3%
ZRE.TO 9.8%
XIU.TO 15.3%
XRE.TO 9.8%
XDV.TO 15.1%
VAB.TO 19.2%
VCN.TO 15.4%
Please lend your expertise and advise if I’m on the right path with this allocation or if it requires tweaking. I’m open to taking risk and would label myself a moderate to liberal risk taker.—Harpaul
A: You’ve asked some good questions. Let’s start with asset allocation and your question about whether it’s appropriate. I’m going to give you one of my favourite answers, “it depends.”
First off, I’m leery about 35-year-olds having TFSAs. More often than not, I think they shouldn’t have them. When I diagnose most 35-year-olds’ finances, they tend to suffer from conditions like RRSP room, debt, kids who are going to go to university, a lack of proper insurance coverage, no wills or powers of attorney and so on…
