Personal Savings getting you down? There are always smart ways to increase your savings.
Latest News
Planning for an inheritance + MORE Dec 14th
My mother passed away three days after her 66th birthday, leaving me with an inheritance I never expected.
Until two years ago, I assumed she would live into her 80s. But she had a terminal illness that progressed significantly in the final months of her life. Her care costs were minimal. We had gre.... More »
Stock news for investors: Iamgold expands, Teck advances merger talks, and Wealthsimple hits $100B milestone + MORE Oct 29th
Here’s a round-up of news for Canadian investors this week.
Iamgold
Teck Resources
Mullen Group
Wealthsimple
West Fraser Timber
Featured RRSP Accounts
featured
EQ Bank
Bu.... More »
Fans Score with MasterCard Hockey Partnership + MORE Oct 28th
Perk up Leafs fans, there’s a guaranteed win in your future – though it won’t be on the ice.
MasterCard and Maple Leaf Sports and Entertainment recently signed a five-year contract to hook up Leafs and Raptor’s fans with sweet sporty spoils.
“Sports fandom is about the creation of mem.... More »
Which free software should you use to file your income tax return? + MORE Apr 19th
TurboTax or SimpleTax—which program should you consider to file your taxes online?.... More »
Capital gains tax strategies change under new tax rules + MORE Oct 26th
For most Canadians, the new requirement to report the sale of a principal residence will be nothing more than a compliance exercise—but one shadowed by the threat of unrestricted audits and sizeable penalties. To help you negotiate through the new reporting rules, please see the 8 question.... More »
A Better Poverty Fighter Than Raising the Minimum Wage
– online.wsj.com
Expanding the Earned Income Tax Credit for childless adults would put money in pockets without hurting jobs.Do You Feel the Love From Your Lender?
– ratesupermarket.ca
Could your bank be doing better? That’s the golden question this week, as we explore bank loyalty in Canada. One survey finds Canadians value personal customer service and convenience the most, while another blogger shares his experience of leaving his bank for better savings. Would you do the same? Read on for the full story.
Is YOUR Bank a Customer Service Winner?
What makes for a satisfied Canadian banking customer? According to The Canadian Retail Banking Customer Satisfaction Study, no-fee banking tops the list. The survey, now in its ninth year, was released this week by JD Power and Associates. In it, customers were asked to rank their level of satisfaction with their lender. The winner? No-fee giant Tangerine was top scorer with 836 out of 1000, with PC Financial in second at 782.
Read Rubina’s Blog | Is YOUR Bank a Customer Service Winner?
Book Review: Well-Heeled: The Smart Girl’s Guide to Getting Rich
Calling all money-conscious mavens – looking to really get a leg up on your finances? Lesley-Anne Scorgie’s latest money-smarts tome is full of savvy tips for smart frugal living, investing and saving…
Is YOUR Bank a Customer Service Winner?
What makes for a satisfied Canadian banking customer? According to The Canadian Retail Banking Customer Satisfaction Study, no-fee banking tops the list. The survey, now in its ninth year, was released this week by JD Power and Associates. In it, customers were asked to rank their level of satisfaction with their lender. The winner? No-fee giant Tangerine was top scorer with 836 out of 1000, with PC Financial in second at 782.
Read Rubina’s Blog | Is YOUR Bank a Customer Service Winner?
Book Review: Well-Heeled: The Smart Girl’s Guide to Getting Rich
Calling all money-conscious mavens – looking to really get a leg up on your finances? Lesley-Anne Scorgie’s latest money-smarts tome is full of savvy tips for smart frugal living, investing and saving…
How to avoid Ponzi and pyramid schemes
– moneysense.ca
MONTREAL – Time has yet to heal the painful financial and emotional wounds inflicted on a victim of one of Canada’s most notorious Ponzi fraudsters.
“It’s five years ago now that it happened to us with Earl Jones and we’re still feeling the effects,” says Joey Davis, whose 84-year-old mother, Margaret, lost $200,000 of her retirement nest egg.
The Montreal man behind a $50-million scam that cost many people their life savings was recently released from prison after serving one-third of his 11-year sentence for defrauding 158 investors.
Davis said it was devastating for his mother to lose 90 per cent of her life’s savings, almost throwing her into “a survival mode of existence.”
Like many others, she also endured the shock of having her trust broken by someone who had provided financial advice to her for 27 years.
“Of all the devastation affected I think, surprisingly, the money is the least shocking,” he said in an interview.
Davis said such fraudulent schemes are more widespread than people think…
“It’s five years ago now that it happened to us with Earl Jones and we’re still feeling the effects,” says Joey Davis, whose 84-year-old mother, Margaret, lost $200,000 of her retirement nest egg.
The Montreal man behind a $50-million scam that cost many people their life savings was recently released from prison after serving one-third of his 11-year sentence for defrauding 158 investors.
Davis said it was devastating for his mother to lose 90 per cent of her life’s savings, almost throwing her into “a survival mode of existence.”
Like many others, she also endured the shock of having her trust broken by someone who had provided financial advice to her for 27 years.
“Of all the devastation affected I think, surprisingly, the money is the least shocking,” he said in an interview.
Davis said such fraudulent schemes are more widespread than people think…
Canadians’ net worth up 8%
– moneysense.ca
TORONTO – Canadians’ fortunes appear to be in good shape, with their net worth up nearly eight per cent on higher real estate and investment values.
That’s according to data from Environics Analytics, which found that the average net worth per household last year grew by 7.7 per cent to $442,130.
Consumer debt was flat and real estate performed more predictably compared with recent years — increasing six per cent over 2012.
That suggests that although many Canadians still face higher-than-normal unemployment, they are bouncing back strongly from the 2008 economic downturn, Environics said.
Nationwide, the new data indicate that stock portfolios are growing, savings are on the rise and mortgage debt has ticked up only modestly.
The report includes 121 financial and investment statistics from a variety of sources, including the Bank of Canada and Statistics Canada.
That’s according to data from Environics Analytics, which found that the average net worth per household last year grew by 7.7 per cent to $442,130.
Consumer debt was flat and real estate performed more predictably compared with recent years — increasing six per cent over 2012.
That suggests that although many Canadians still face higher-than-normal unemployment, they are bouncing back strongly from the 2008 economic downturn, Environics said.
Nationwide, the new data indicate that stock portfolios are growing, savings are on the rise and mortgage debt has ticked up only modestly.
The report includes 121 financial and investment statistics from a variety of sources, including the Bank of Canada and Statistics Canada.
READ: The stress-free guide to retiring rich »
The post Canadians’ net worth up 8% appeared first on MoneySense.
OTTAWA – A tricky rule keeps tripping up thousands of Canadians who make withdrawals from their tax-free savings accounts, and replace the money too early.
Some 54,700 taxpayers got warning packages from the Canada Revenue Agency earlier this year about the problem affecting the 2013 taxation year, and were told they face a penalty.
The number has been dropping steadily from a peak of 103,000 in 2010, but still represents a persistent misunderstanding of TFSA rules even as the agency and financial institutions step up education measures.
The regulations say that account holders can put back the amounts they withdraw from a TFSA only in a later calendar year. Doing so in the same calendar year exposes them to a tax hit for overcontributions, even though they’re only replacing the withdrawn funds.
By the end of 2013, some 10.7 million Canadians had opened a TFSA, a savings vehicle introduced by the Conservative government in 2009 that allows money to grow inside tax-free with no income-tax hit on withdrawal…
Some 54,700 taxpayers got warning packages from the Canada Revenue Agency earlier this year about the problem affecting the 2013 taxation year, and were told they face a penalty.
The number has been dropping steadily from a peak of 103,000 in 2010, but still represents a persistent misunderstanding of TFSA rules even as the agency and financial institutions step up education measures.
The regulations say that account holders can put back the amounts they withdraw from a TFSA only in a later calendar year. Doing so in the same calendar year exposes them to a tax hit for overcontributions, even though they’re only replacing the withdrawn funds.
By the end of 2013, some 10.7 million Canadians had opened a TFSA, a savings vehicle introduced by the Conservative government in 2009 that allows money to grow inside tax-free with no income-tax hit on withdrawal…
