How to go about securing the best savings strategy in Canada.
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In Your Corner: My house is my retirement plan. Am I doomed? + MORE Aug 29th
Owning a home is a great investment but we all should have other investments socked away for retirement — ideally inside a Registered Retirement Savings Plan (RRSP), says this week’s expert..... More »
What is a mortgage? Nov 14th
Mortgage negotiations can be overwhelming, especially for first-timers. If you’re wondering about mortgages—how they work, what types of mortgages exist, who can apply and how to get approved—you’ve come to the right place.
Mortgage: the simple definition
In its simplest fo.... More »
Why I’m optimistic about the markets in 2025–tariffs or no + MORE Dec 24th
Will he or won’t he? Ever since former president and president-elect Donald J. Trump threatened to impose 25% tariffs on all goods entering the U.S. from Canada and Mexico and 10% tariffs on China, that’s been the question on everyone’s mind. Is this a negotiating tactic? I think so. But even .... More »
The best high-interest savings accounts in Canada for 2025 Jul 9th
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What it takes to retire at 45 + MORE Feb 8th
Q: I’m 27 years old with a relatively healthy income of around $125,000. I’m aiming to get on the early retirement track with any luck and retire around the age of 45.
I’ve been aggressively in the investing game for a few years now and have been putting money into my RRSP, which now has a bal.... More »
Financial advice for a second marriage
– moneysense.ca
Q: I am a 50-year-old divorced male. After dating for 3 years, I am about to propose to a lovely lady (48-years-old). She is very financially independent. With my lack of retirement savings (long story involving a divorce settlement and a business venture that did not work out), I plan on working as long as I physically can. I need some sage advice on how we might organize our finances when married that is fair to both parties.—JohnA: Money can be a difficult enough topic in a first marriage, let alone a second one. Many surveys show that money is the primary fight inducer for couples and when you’re combining your finances later in life, it’s that much more important to talk about money with your partner and with professionals.
First and foremost, John, I think you should speak with your lovely lady about money. You both seem to know some of the details of each other’s finances and I think an initial, high level discussion is a good starting point–even if the end result is that you guys both agree that you don’t really know how you should handle things financially…
Watch for traps on high interest savings deals: Roseman
– thestar.com
Banks lure you with high rates on savings. But the fine-print conditions and transfer fees can offset the benefits of such deals.Auto Loans Debt: A Risk to Canada?
– ratesupermarket.ca
When it comes to shopping for a car, most people don’t buy on price – they buy the payment.
But a new study says most drivers can’t really afford to buy a set of wheels – even the gently used vehicles most financial guides recommend – to begin with.
American comparison site iSeeCars.com analyzed 25 million used cars sold in the 50 largest metropolitan areas in the U.S. and concluded most of those purchases would leave the average household over-extended.
Things are likely worse on this side of the border since comparisons between Canada and U.S. prices regularly show that Canadians pay significantly more than Americans for their vehicles.
Too Much Car, Too Little Income
As a baseline, the study used the ‘20/4/10’ rubric, which calls for used car buyers to put down 20 per cent, take out a loan for no longer than four years and spend no more 10 per cent (15 per cent if you add in maintenance and car insurance) of their monthly income on a car payment.
Using that formula, it’s clear that many car buyers are juggling payments that are higher than they can really handle, and for a term far longer than ideal, to get behind the wheel…
Watch for traps on high interest savings deals: Roseman
– thestar.com
Banks lure you with high rates on savings. But the fine-print conditions and transfer fees can offset the benefits of such deals.
