How to go about securing the best return for your investment in Canada.
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How to plan for retirement in five or 10 years Dec 8th
I am a divorced empty nester and a registered nurse, who is trying to figure out how to plan the next five to 10 years, before my retirement. Currently I am a 55-year-old female, and I will have a pension from my workplace. Unfortunately due to life circumstances, I did not start my company pen.... More »
Making sense of the markets this week: August 6, 2023 Aug 4th
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Amazon primes the profit pump
Big tech finished earnings season with a bang on Thursday as Amazon absolutely crushed earnings expec.... More »
Married with money: How to combine finances with your partner + MORE Dec 21st
If you’re in a relationship, the topic of money will eventually come up. Since the pandemic started, couples have spent more time talking about money, according to a 2021 RBC poll. Almost half—47%—identified finances as one of the biggest stressors in their relationship. One U.S. study found t.... More »
What expenses can you deduct for a second property in Canada? + MORE Sep 14th
If someone owns a second property, what can they deduct? Can they deduct the cost of purchasing or renovations?—Nicole
The types of expenses you can deduct for a second property
There are several expenses that can be deducted from a second property, particularly if it is designated as an inv.... More »
MoneySense Toolkit: The mortgage refinance calculator Mar 31st
Depending on your circumstances, refinancing your mortgage can be a smart financial choice. However, while refinancing can lead to substantial savings, it can also come with steep costs. That’s when a mortgage refinance calculator can come in. It gives you a quick breakdown of the financial pr.... More »
How to be a better investor
– moneysense.ca
For both beginner and experienced investors, focusing on a few basic guidelines can make the difference between good results and great ones. Whether you’re investing in a taxable account or a tax-sheltered account like a registered retirement savings plan (RRSP), doubling down on the basics can help you make better-informed decisions and reach your financial goals faster.
Set clear targets
Instead of vague aspirations like “save more in 2022” or “grow my RRSP,” set specific goals you can quantify and track over time. Once you have a goal, you can break it down into the steps needed to get you where you want to be. If you’d like to max out your tax-free savings account (TFSA) this year, for example, what do you need to put in monthly or weekly to reach $6,000—and could you automate your deposits to help ensure it happens?
Online calculators can help you decide on what’s realistic for you. Explore different contribution rates, return assumptions and time horizons…
