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Latest News
When to break up with your financial advisor + MORE Nov 4th
TORONTO – When Deborah Ison decided to break up with her financial advisor last year, investment performance had nothing do with her decision.
The 45-year-old human resources project manager from Burlington, Ont., was in the midst of a divorce and went to her advisor with pressing questions about .... More »
How to calculate the taxable amount for a cashed-in whole life insurance policy + MORE Apr 19th
Ask MoneySense
I cashed in my whole life insurance policy last year and received a T5 suggesting I have to pay tax on the full amount of my cash value. Is this correct? The cash surrender value was $27,000, I paid $28,000 in premiums, and they told me my pure cost of net insurance was $30,000, whate.... More »
After inheriting a RRIF account, how to know what you owe the taxman Mar 10th
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 »
Stock news for investors: Canadian Natural boosts quarterly dividend after massive Q4 profit Mar 7th
Here’s a round-up of news for Canadian investors this week.
Canadian Natural Resources
Pet Valu
George Weston
Canada Packers
Featured RRSP Accounts
featured
EQ Bank
Build yo.... More »
TFSA vs RRSP: How to decide between the two + MORE Mar 30th
One of the most common questions out there is whether to invest in a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA). Both will help you save, and save on taxes, but each works in a different way. Understanding how these accounts work will help you decide which is best.... More »
Screwed!
– moneysense.ca
“Our retirement dreams are in tatters.” The line jumps out from an email to MoneySense from a reader we’ll call Ellen Thornton. The Thorntons’ retirement portfolio once stood at $2.2 million, but as of early 2014 it had plummeted about 90% to just $225,000. Their advisor—who works with the wealth management arm of one of the Big Five banks—told the couple that $2 million wasn’t enough to retire on and encouraged them to pile on risk in pursuit of higher returns. When Ellen’s husband, Barry, complained, Ellen says he was belittled by the advisor. Barry was so shaken by the experience that during his tirade he suffered a pulmonary attack. The Thorntons filed a complaint with the bank’s ombudsman, but they don’t expect to recover their losses. “They prefer to spend a fortune on lawyers rather than putting things right for clients,” Ellen wrote. “Yes, I am scared, but I have to fight this. Crying as I type.”The Thorntons’ story is not as rare as it might sound: Far too many investors have, in some form or another, been screwed by their advisors…
