How to go about securing the best savings strategy in Canada.
Q: I’m 81, single, female, with around $265,000 in a RRIF (invested in two different financial institutions, both mutual funds). My withdrawal is about $12,000 a year. How can I minimize tax payable (by my beneficiaries) at death? — Lydia A: The tax savings and deferral from contributing t.... More »
If 2019 is the year you promised to stop your bad spending habits in their tracks and ensure your savings go untouched, then maybe the old proverb “failing to plan is planning to fail” hits home for you. But what about the things that don’t make it into the plan? You know, those expenses tha.... More »
With the March 1 RRSP deadline just a few weeks away, many savers are no doubt asking themselves whether they should be putting money into this stalwart retirement account or if they should be investing in the decade-old tax-free savings account, or their Registered Education Savings Plan (RESP), in.... More »
It goes without saying that finding the right credit card could save you hundreds if not thousands of dollars a year. Whether you’re looking for lower fees, higher net reward points or simply valuable perks like travel medical insurance or rental car savings, every dollar counts. If you use your c.... More »
The Financial Umbilical Cord: 48% of Canadian Parents Still Supporting Children in 30s + MORE Mar 15th
A recent poll from RBC shed light on an interesting dilemma that many Canadians are facing: trying to save for retirement while financially supporting adult children. The poll found almost all parents (96%) with children between the ages of 18 to 35 said they have financially supported their adult .... More »
Growing up, I thought I always had a knack for being financially responsible. My parents constantly lectured me about the importance of spending within my means and saving from a young age, so I would be careful not to spend too much while out with friends, and would throw a few dollars in my savings account here and there.
But as I got older and more expenses kept popping up – phone bills, car payments and maintenance, and insurance, to name a few – the more I realized there is a lot I don’t know about managing money. Moreover, 2018 was a rollercoaster of a year; a lot happened in my life and my bank account was definitely affected.
Sound familiar? If you’re a young adult, you probably understand that turning point when life starts coming at you – fast. And sometimes these growing pains can take a toll on your wallet, that is, until you learn your financial lesson.
Here are three important financial lessons I learned in 2018:
Lesson #1: Your emotions can really mess up your finances
Perhaps one of the most important lessons I learned in 2018 is how emotions can lead to impulse decisions…