Be Mine, Bank Account + MORE Feb 17th

What’s that sound? It’s the rush of significant others snapping up roses, reservations, and other sweet treats to celebrate this Hallmark of holidays. But whether you’re paying big bucks – or eschewing Valentine’s Day altogether – the reality is relationships do cost money.
This week, we’re all about finding harmony between your sweetie and your savings. Read on for the full story.
The Cost of Love in Canada: $50,339.21
The results are in from our third annual Cost of Love study – and they’re up 11.4% from last year! Shelling out for a year of dating, popping the question and the big day now rival the cost of the average home down payment. But there’s no need to break up with your bank account. Read on for our top tips on affording the Cost of Love.
Read Penelope’s Blog | The Cost of Love in Canada
Do You Need to Have the Money Talk?
It’s no secret that financial disagreements are the leading cause of divorce – in fact, according to a BMO poll, money mismanagement is worse than cheating on your spouse!
Open communication about financial goals is the best way to avoid becoming another divorce statistic…

This family finds themselves juggling personal and workplace RRSPs (Photograph by Matt Ramage)
Q: My husband and I participate in workplace RRSP top-up programs, and we have an RRSP loan to maximize my husband’s RRSP contribution. We’re not sure if this is a good plan, especially considering we’re nowhere near maxing out our annual mortgage contributions or TFSAs.”—Vanessa McCubbing Saskatoon, Sask.
A: Group retirement plans tend to have matching contributions from employers. Investment options are usually good, primarily due to fees being lower than what you’d pay on retail investments. So this is where your primary focus should likely be.
I wouldn’t be worried about your TFSAs if you have RRSP room. RRSPs are likely a better choice than TFSAs for most people, unless you’re in a low tax bracket, close to retirement or may need some of your savings in the short term.
I’m on the fence about the TFSA versus mortgage debate. Studies have shown that the vast majority of TFSA investments in Canada are in savings accounts and GICs…

Greece’s €240-billion ($342 billion CAD) bailout loan expires at the end of February. These are loans the country has taken over the course of several years in an effort to keep its economy afloat. The money was borrowed from the Eurozone and the International Monetary Fund (IMF).  Now, Greece’s newly elected government is trying to strike a deal that would extend its loan without any new austerity measures. In fact, new Prime Minister Alexis Tsipras wants to reinstate 70 per cent of the services that were taken away when the bailout money was awarded. This is leading many to question Greece’s membership in the European Union (EU) and how it continues to be drag on the Euro currency. Some are suggesting it’s time for Greece to leave the EU – but what would that mean to the rest of the world, and to Canada?
What’s at Stake?
Greece represents a very small part of the world economy – less than 1 per cent. But its exit would be a huge blow to the EU, which is the largest economy in the world, even larger than the U…

The Canada Revenue Agency’s Home Buyers’ Plan (HBP) allows first-time home buyers to borrow up to $25,000 from their RRSP savings to help pay for their first home purchase. It was also a tactic used by MoneyWise writer Rubina when purchasing her current home. Read on for her story.
Want to learn more about the HBP? Click here>
When my husband and I bought our first home together in 2009, we wanted to make sure we had a 20 per cent down payment in order to avoid Canada mortgage and housing corporation (CMHC) insurance. It also made us feel better knowing we were starting home ownership with a substantial amount of equity in our home. The house we fell in love with was over our budget, so that meant scrambling to find the extra money to put down. We turned to the Home Buyers’ Plan, which allows you to use your already-saved registered retirement savings plans (RRSP) money to fund the purchase of a house. Since this was my husband’s first home purchase, we decided at the time to take $15,000 out of my husband’s RRSP that we would then add to our down payment…