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What is CDIC insurance, how it works and what’s covered Oct 30th
Toilet paper isn’t the only thing Canadians were hoarding early in the pandemic. Headlines were buzzing that the Bank of Canada was running short of $50 bills too. Whether you were stuffing cash in your mattress or in the bottom of your sock drawer, the truth is your savings are safer at a financi.... More »
Kia Soul review: The best used small SUV + MORE Apr 29th
Fun, efficient and practical, the Kia Soul is a worthy addition to my list of the 10 best used cars in Canada.
Compare personalized quotes from Canada's top car insurance providers.All in under 5 minutes with ratehub.ca. Let's get started.*Get free quotesYou will be leaving MoneySense. Just close .... More »
When should you sell a used car? + MORE Mar 29th
Even before that unmistakable new-car smell disappears, a new car has become a depreciating asset—it’s no longer worth what you paid for it, and it will keep losing value over time. Huge downer, right? While you can’t avoid car depreciation, you can reduce how much value your new ride loses. Y.... More »
Great-West Life websites hit with outage after IT upgrade Jun 28th
Various Great-West Life websites have been offline for several days following what the company calls a routine IT upgrade, but the benefits and insurance giant says it has not been the victim of a hack, and customers are able to file claims as normal..... More »
Hosting a Student: How to make it a Rewarding and Safe Experience + MORE Jul 21st
Whether it’s for a few weeks during the summer or a couple of semesters, hosting a student can be a once-in-a-lifetime experience. When you invite a exchange student to stay with you, you become an ambassador for our country and open the door to a whole new world view for everyone involved.
There.... More »
A comfortable retirement is closer than you think
– moneysense.ca
If you live like a typical Canadian then you might not have to save as much as you think for retirement.
Before determining how much Canadians need to save, it’s important to get a handle on how much they spend. A visit to Statistics Canada reveals that the average Canadian household spent $79,012 in 2013. (The most recent annual data available.) Of that amount $58,592 was devoted to consumption and $13,891 went to income taxes. The rest was spent on insurance, pensions, gifts, charity, and alimony.
In a spot of good news, most retirees can happily live on much less than they did when they were working. After all, most don’t pay nearly as much in tax and, amongst other things, they generally spend less than the average ($12,041 per year) on transportation.
Looking at different situations, the average one-person household spent $44,709 in 2013 with $34,135 devoted to consumption and $6,700 to income taxes.
On the other hand, couples with children spent an average of $112,057, consumed $81,636 worth of goods and services, and paid $21,483 in income taxes in 2013…
Before determining how much Canadians need to save, it’s important to get a handle on how much they spend. A visit to Statistics Canada reveals that the average Canadian household spent $79,012 in 2013. (The most recent annual data available.) Of that amount $58,592 was devoted to consumption and $13,891 went to income taxes. The rest was spent on insurance, pensions, gifts, charity, and alimony.
In a spot of good news, most retirees can happily live on much less than they did when they were working. After all, most don’t pay nearly as much in tax and, amongst other things, they generally spend less than the average ($12,041 per year) on transportation.
Looking at different situations, the average one-person household spent $44,709 in 2013 with $34,135 devoted to consumption and $6,700 to income taxes.
On the other hand, couples with children spent an average of $112,057, consumed $81,636 worth of goods and services, and paid $21,483 in income taxes in 2013…
Having a baby? Update your financial plan
– moneysense.ca
(Illustration by Ryan Inzana)For most people, travelling to a destination wedding in Paris would be a cause for celebration. But for new parents Marie and Alain Martin of Hamilton, Ont., the experience was quite the opposite. In fact, it was terrifying. Last spring, while en route to France, the couple found themselves gripped by panic at the persistent thought of their transatlantic flight suddenly plunging into the deep, frigid waters 45,000 feet below. Neither are nervous flyers. Instead, the two 30-year-olds were thinking of their 16-month-old daughter Emily at home in Canada.
“We had to leave her behind with our parents,” recalls Marie. “During the plane ride, all we did was worry about what would happen to her if something happened to the two of us. Those were scary moments because we realized we didn’t have our finances, wills and insurance in order.”
And since returning home safely, those feelings of financial insecurity have only continued to intensify. “We used to be able to save $30,000 a year or more before Emily was born,” says Alain…
