All about Canadian investments. Learn the ins and outs and get the latest news.
Latest News
Sobeys/FreshCo parent company, Empire reports earnings + MORE Sep 13th
Empire Co. Ltd. is planning for sunnier economic times on the horizon, as the parent company of Sobeys says it’s continuing to see the sales gap between its discount and full-service stores narrow.
The company’s growing FreshCo discount banner has been a “home run” for Empire, said pres.... More »
The best credit cards in Canada for 2023 Nov 14th
Spend
The best credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
Find my perfect card*
.... More »
Does good financial advice have a shelf life? Jul 10th
I have come to believe that one of the clearest signs of progress is our willingness to ask questions. Not necessarily the big, life-changing ones, but the quieter questions that make us stop and wonder whether the way things were is really the way they should still be. Every question we ask becomes.... More »
Canada's main stock index just endured worst day of 2019 Mar 23rd
Weak manufacturing data from Europe and then in the United States had investors nervous on both sides of the Atlantic..... More »
They lack tech glamour. They’ve lagged the market. But blue-chip dividend stocks but can be smart buys + MORE Aug 31st
Columnist David Aston points out the opportunities that can, if you’re smart, eschew the risk from the most volatile sectors..... More »
Don’t spend, invest—and other secrets from millionaires
– moneysense.ca
SPEEDREADER
Book: Secrets Self-Made Millionaires Teach Their Kids
Author: Steve Siebold
Publisher: London House
Price: $17.97 (Paperback) $7.80 (Kindle)
Link: https://www.amazon.com/Secrets-Self-Made-Millionaires-Teach-Their-ebook/dp/B078RP8J17
WHO IT’S FOR: Parents interested in sharing some key financial wisdom with their children and grandchildren, but also for those interested in seeing what’s inside the minds of self-made millionaires.
MORE SPECIFICALLY: Any parent, grandparent or teacher who wants to empower their children with money and life advice.
DOES IT BUST ANY MYTHS? Yes, that parents who haven’t been financially successful can’t teach their kids about money. They can with the help of this book.
WHAT’S THE COMMONSENSE CONCLUSION? Money is important but so is hard work and keeping good values.
INTERESTING FACT. The book is based on 34 years of interviews by tennis-player-turned-professional-speaker Steve Siebold with self-made millionaires and how they raise and educate their kids for financial success and everything that surrounds them…
What is best way dump my advisor and mutual funds?
– moneysense.ca
Q. I started investing with a financial advisor 10 years ago and have $200,000 in RRSPs and TFSAs. I now have more time to manage my money, so I want to get rid of my advisor and my mutual funds (which all have MERs over 2%) and move everything into a self-directed account. Can I make this transfer easily?
— David N.
A. Transferring your accounts to an online brokerage is relatively straightforward. But if you decide to work with one of the big-bank brokerages, I suggest making an appointment and visiting a branch in person to open your new accounts. While many of the steps can be done online, it’s usually easier and less error-prone to do this at a branch. Bring your photo ID, a void cheque, and recent statements from the accounts you have with your advisor.
Related:The most popular online brokerage for DIY investors
When you fill out the forms to open your new accounts, you can complete the transfer requests at the same time. You’ll be asked whether you want to transfer your mutual funds “in kind” (without selling them) or “in cash” (selling them first and then transferring the proceeds)…
GICs have a hidden commission
– moneysense.ca
ShutterstockQ. After buying two GICs, I received a statement showing $575 in commissions paid to my broker by a third party. I thought GICs were free of commissions. Any light you could shed on these fees would be greatly appreciated.
— Tom
A. There are few universal truths in investing, Tom, but one is that nothing is free. Fees on financial products can be transparent or hidden, but they are always in there somewhere. In the case of GICs, the commissions are so well hidden that very few investors even know they exist.
If you buy a GIC through an agent—whether an online brokerage, a GIC broker, or a financial advisor—the issuer of the GIC pays a commission to that agent. The amount is typically 0.25% of the face value of the GIC multiplied by the number of years to maturity.
Related: Is it safe to have $600,000 invested in GICs?
Here’s an example. Let’s say you work with a financial advisor and she decides to purchase a five-year GIC in your account for $25,000. The advisor has a list of banks, credit unions and trust companies offering GICs, and she learns that XYZ Bank currently offers the best interest rates…
