Not sure how to make a savings plan? Read on…
Latest News
Gas Prices Are High. Would a Federal Tax Break Make a Difference at the Pump? Jul 3rd
With U.S. president Joe Biden calling on Congress to pause federal taxes on gas and diesel for three months to help Americans, some Canadians are wondering if a similar initiative may offer a temporary reprieve from high prices north of the border.
As of May, gas prices in Canada are up 48 .... More »
What is an emergency fund and how to build one + MORE Apr 11th
Table of contents
What is an emergency fund?
Why do I need an emergency fund?
How much should I keep in an emergency fund?
What qualifies as an emergency?
What doesn’t qualify as an emergency?
How to build an emergency fund
Set a monthly budget and find out how much you can set aside
Choos.... More »
RRSP withdrawals in your 40s + MORE Oct 5th
Q: I’m a federal government employee and was thinking about take some time and using my RRSPs to live on during that time (1 year). My bank said I could turn my RRSPs into a RRIF and withdraw monthly from that for income. I’m only 40. Is this possible? I’ve read online that you m.... More »
What is an ETF? + MORE Jul 11th
If you want to think about it in really simple terms, an ETF is like a meal kit. How’s that? Well, if you’re someone who enjoys good food, but doesn’t necessarily consider yourself a good cook, you might pick up a meal kit, because it contains all of the pre-selected elements you need to prepa.... More »
Rake In The Savings! + MORE Oct 7th
In the blink of an eye, October has arrived – and with it, the start of holiday spending season. But before shelling out for a turkey and prepping for winter presents, why not take the time to get set up for savings?
Today’s mega low interest rates may take a bite out of the most diligent s.... More »
Why You Should Care About A Government Surplus
– ratesupermarket.ca
Two weeks ago, Ottawa revealed that progress for reducing Canada’s annual national deficit was ahead of schedule – by $7 billion, to be exact. This was further confirmed in Tuesday’s budget update by a confident Finance Minister Jim Flaherty, who also indicated that the government is on track for balancing the budget by 2015 and achieving a surplus.
What Does A Surplus Mean For Canadians?
Why should the average Canadian care whether the government is carrying a surplus? It comes down to our nation’s vulnerability to debt, and its ability to operate during tough financial times.
Like the U.S., Canada carries a huge sum of national debt, dating all the way back to our nation’s conception. The deficit, on the other hand, refers to the debt accrued during a year-long period in order to run the country. Accomplishing a surplus means the government has effectively managed the budget for the year, and has not needed to take more debt out in order to operate.
It’s important to note that the government is in the same boat as consumers when it comes to borrowing – interest must be paid on any loans they take out…
Monday Makeover looks at a recent graduate with $60,000 in student debt. She has a modest income and needs help repaying her loans more quickly.The truth about bond prices
– moneysense.ca
Q: I have 95% of my bond investments in an ETF with a low yield. Instead of investing such a large amount in a bond fund, should I search for individual bonds offering higher returns?
—Jim Semple, Regina
A: You’ve probably seen those obnoxious ads offering “factory direct” pricing. They promise great savings on furniture or flooring by cutting out the middleman. Unfortunately you can’t go direct to the factory when it comes to bonds. “Individual investors are at a disadvantage in buying bonds because unlike stocks, bonds trade from dealers’ inventories,” says Terry Shaunessy, president of Shaunessy Investment Counsel. “Pricing is not transparent. Retail buyers usually pay a big premium—1% or more—over the wholesale or institutional market.” If you want to increase your yield, you could go with a corporate bond ETF or allocate some of your fixed-income portfolio to a preferred-share ETF. Both options involve a bit more risk, but offer the prospect of extra reward…
—Jim Semple, Regina
A: You’ve probably seen those obnoxious ads offering “factory direct” pricing. They promise great savings on furniture or flooring by cutting out the middleman. Unfortunately you can’t go direct to the factory when it comes to bonds. “Individual investors are at a disadvantage in buying bonds because unlike stocks, bonds trade from dealers’ inventories,” says Terry Shaunessy, president of Shaunessy Investment Counsel. “Pricing is not transparent. Retail buyers usually pay a big premium—1% or more—over the wholesale or institutional market.” If you want to increase your yield, you could go with a corporate bond ETF or allocate some of your fixed-income portfolio to a preferred-share ETF. Both options involve a bit more risk, but offer the prospect of extra reward…
RCMP allege American man tried to defraud TD Bank of $2.5 million
– canadianbusiness.com
TORONTO – Police say an American already facing charges for allegedly impersonating a Canadian deputy minister is now facing more charges for allegedly trying to defraud TD Bank of $2.5 million.
RCMP have laid eight fraud and forgery charges against Howard Leventhal, 57, of Long Grove, Ill.
The authorities allege Leventhal tried to get a $2.5-million line of credit from TD Bank in Toronto in July.
The RCMP allege Leventhal tried to secure the line of credit against seven fraudulent accounts receivables he said were owed by Health Canada to his company Neovision.
Prosecutors in the U.S. alleged earlier this year that Leventhal scammed Paragon Financial Group for US$800,000 by claiming it could collect money he said Health Canada owed to his company.
Authorities allege Leventhal assumed the identities of Health Canada representatives, including that of deputy health minister Glenda Yeates, who retired recently, as part of that alleged scheme.
According to the complaint filed in Federal Court in Brooklyn, N…
RCMP have laid eight fraud and forgery charges against Howard Leventhal, 57, of Long Grove, Ill.
The authorities allege Leventhal tried to get a $2.5-million line of credit from TD Bank in Toronto in July.
The RCMP allege Leventhal tried to secure the line of credit against seven fraudulent accounts receivables he said were owed by Health Canada to his company Neovision.
Prosecutors in the U.S. alleged earlier this year that Leventhal scammed Paragon Financial Group for US$800,000 by claiming it could collect money he said Health Canada owed to his company.
Authorities allege Leventhal assumed the identities of Health Canada representatives, including that of deputy health minister Glenda Yeates, who retired recently, as part of that alleged scheme.
According to the complaint filed in Federal Court in Brooklyn, N…
A taxpayer group says Canada’s employment insurance system is broken and needs to be replaced.
