Our lofty goal to build a $1 million portfolio + MORE Jan 18th

TSX getting you down? There are always sound investment alternatives.
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3 Ways You Can Start Earning Passive Income Dec 9th

Passive income is the dream of all investors. Truly passive income can be tricky to create, but with a strong growth strategy, anyone can build a passive income stream into their cash flow. Strictly speaking, in order to make money you must input time, energy, or capital into an investment opportuni.... More »

What the heck is a TFSA? Jun 4th

One of the side-effects of working for a personal finance magazine is that my buds good-naturedly ask me for advice. I always oblige, albeit sheepishly, without letting on that I’m still learning, too (which I freely admit here).For instance, the other day I was having lunch with some friends whe.... More »
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Best online banks and credit unions in Canada for 2024 + MORE Mar 20th

Where can you get the best digital banking experience in Canada? We set out to find out in this inaugural review of the best online banks and credit unions in Canada. To come up with the ranking, MoneySense partnered with Surviscor, a leading Canadian research and consulting firm specializing in fin.... More »

When does it make sense to sell real estate in a larger city and buy in a smaller one? Jun 1st

Q. I am currently living in Saint John, NB, and renting ($1,450 a month + Internet—very expensive for this little town). I also own a condo in Burlington, Ont., worth about $500,000, which I have been renting out for the past two years. With income taxes factored in, the rent just covers carrying .... More »
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Making sense of the markets this week: August 10 Aug 7th

Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors. Should investors say goodbye to the 60/40 balanced portfolio? For so many years, investors have fallen back on the classic portfolio split: 60% stocks for growth and 40% bonds.... More »
Canadian bank’s Bahamian wealth management subsidiary acquitted for alleged role in scheme involving billionaire art dealer Guy Wildenstein

Continue Reading On theglobeandmail.com »

TORONTO _ The loonie was up nearly three-quarters of a U.S. cent following a Wall Street Journal report that says President-elect Donald Trump thinks the U.S. dollar is “too strong.”
As North American stock markets were opening this morning, the Canadian dollar was worth nearly 76.67 cents US _ up seven-tenths of a cent from Monday.
The value of the U.S. dollar is important for Canada and other trading partners of the United States.
Trump’s comments about the U.S. dollar were published late Monday in a story on the Journal’s website about the president-elect’s criticism of a Republican alternative to his proposal for import tariffs.
Trump said he thought the U.S. dollar was already too strong because China _ which has the world’s second-biggest economy after the United States _ holds down its currency.
“Our companies can’t compete with them now because our currency is too strong. And it’s killing us,” he told the Journal.
A commentary Tuesday by Scotiabank’s foreign exchange team said it wasn’t clear whether Trump was saying the U…

Continue Reading On canadianbusiness.com »

EDMONTON _ An assessment of the total financial impact of last spring’s Fort McMurray wildfire is pegging the direct and indirect costs of the blaze at $9.5 billion.
The figure includes the expense of replacing buildings and infrastructure as well as lost income, profits and royalties in the oilsands and forestry industries, said MacEwan University economist Rafat Alam.
It also includes early estimates on indirect costs such as environmental damage, lost timber and physical and mental-health treatment.
The estimate will go even higher, Alam said Tuesday.
“It’s not fully done yet. More data kept coming and I’m sure it will keep coming in.”
Alam said it can take up to 10 years to get a complete picture of everything that happened and what it cost.
His figure dwarfs the $3.7 billion insurance companies have estimated they will pay out.
The blaze destroyed 1,800 single-family homes and numerous other structures and forced more than 80,000 people to leave.
The fire began in a remote forested area southwest of the city on May 1 during a spell of unusually hot and dry spring weather…

Continue Reading On canadianbusiness.com »

DETROIT _ General Motors plans to invest $1 billion in U.S. factories and add thousands of new white-collar jobs, measures that have been in the works for years but were announced Tuesday after criticism from President-elect Donald Trump.
In all, the Detroit automaker said it will create or keep 7,000 jobs in the next few years, including about 2,000 at factories. Another 5,000 new positions will be created at its auto financing arm and to develop advanced technology, electric and autonomous vehicles and information technology.
Trump has demanded the auto industry build more cars in the U.S. GM said these latest actions have been in the works since well before the election, although spokesman Patrick Morrissey acknowledged it’s a good time to announce new jobs in the U.S. Trump will be sworn in as the nation’s 45th president Friday.
“There’s no question there is an emphasis on job creation in the U.S. right now,” he said. “This is good timing for us to share what we are doing…

Continue Reading On canadianbusiness.com »

Our lofty goal to build a $1 million portfolioSave, invest, prosper with My Own Advisor.
I don’t really care how often you read or hear that “a million ain’t what it used to be”.  While true, one million dollars is still a huge chunk of change.

…And we’re working our way towards that amount.  Slowly.  Month by month and year by year.  Why?  That’s what we figure we need to semi-retire.
How?  By when?
Read on.

TFSAs provide tax-free investing power

Although Tax Free Savings Accounts (TFSAs) have been around for less than 10 years, they are a great wealth building tool if used properly.  Think about it:  tax free money.  Do you really want your money just kept in cash savings?  I suggest you make your money work for you.  I won’t go into the details, you can read up on the TFSA here.  This account can be much more than a savings account. 
Example:  a 30-year-old working professional who starts investing their $5,500 (this year’s annual contribution limit) and continues maxing out their account contributions for the next 40 years could retire with a $1-million in the TFSA alone!
We work hard to maximize contributions to our TFSAs every year…

Continue Reading On myownadvisor.ca »

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