What to do when banks give questionable financial advice to seniors + MORE Feb 12th

How to go about securing the best return for your investment in Canada.
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After inheriting a RRIF account, how to know what you owe the taxman Mar 5th

Q: I’m wondering if there is a simple way to calculate the tax liability to named RRIF beneficiaries upon death of the account holder?  My wife’s mother passed away in October 2018. My wife was one of 3 named beneficiaries of a RRIF worth $265,000, and her share was $117,000 (44%). There are no.... More »

Average house price in Canada falls 5.5% to $455K compared to a year ago + MORE Feb 15th

The average price of a Canadian home has fallen by 5.5 per cent to $455,000 over the past 12 months, the Canadian Real Estate Association said Friday..... More »

China pledges to expand financial market opening as U.S. trade delegation arrives Mar 28th

China will sharply expand market access for foreign banks and securities and insurance companies, especially in its financial services sector, Premier Li Keqiang says, as senior U.S. officials arrived in Beijing for more trade talks..... More »

How much do children cost? The 'mommy tax' for women lasts at least 5 years, Royal Bank says + MORE Apr 1st

Having children comes at a "significant" cost for a woman's career, according to a recent report from the Royal Bank of Canada, which says women lose earnings for up to five years after giving birth..... More »

TransAlta stock rises after U.S. activist investor group demands change + MORE Mar 18th

Shares in power utility TransAlta Corp. rose by more than five per cent Monday after a U.S. investment partnership revealed it has acquired a 10 per cent stake and will be demanding board representation..... More »
The court-appointed monitor overseeing the search for the $260 million owed to clients of the QuadrigaCX cryptocurrency exchange says it recently found more than $900,000 in digital assets — only to see more than half of it escape its grasp.

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Q: Do you have any advice for an 80-year old? I have $180k invested in GIC and mutual funds. I am having problems with the bank to produce a financial statement of actual costs. They will give trailing fees but say actual MER costs are unavailable.
So, I am looking to change my investments.
At my age, probably too late, but would like to try something a little different.
Suggestions would be appreciated.
– Mel
A: I’m sorry to hear you’re getting the runaround, Mel. Canadians place a lot of trust in their financial advisors, and unfortunately in some cases those advisors give inaccurate advice. Furthermore, when you’re dealing with frontline employees at the bank, there can be outright knowledge deficiencies which may be unintentional but can also be frustrating.
Ask a Planner: Leave your question for Jason Heath »
I think investing should always start with your risk tolerance. Some 80-year old’s have a higher tolerance for risk than someone half their age, so age should not necessarily be the primary determinant of risk tolerance…

Continue Reading On moneysense.ca »


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