Let’s talk about risk
In simple terms, risk is about the likelihood of something bad happening. Consider the risk on your house. You might have a fire that causes significant or total loss in the value of your house. That could be very expensive. If you have a mortgage, one of the conditions is that you are required to […]
Canadians less likely to trust sharing personal data
Canadians do not trust sharing their personal data. We are among the least trusting in the world. In my opinion, that is an excellent characteristic to have. Too many people are not diligent enough in protecting their personal data, which can often result in crimes committed against them. Call it “modern-day theft”. KPMG is a […]
RRSP or TFSA Contribution?
Contributing to a Registered Retirement Savings Plan (RRSP) can be good, but the same can be said of a Tax-Free Savings Account (TFSA). How to choose between the two depends on your circumstances. RRSP contributions are tax deductible so the higher your tax bracket the more beneficial it is to make a contribution. If your […]
Tips to protect yourself from cybercrime
Last week I covered Data Privacy Day, held annually on January 28. In summary, criminals want to steal your personal identity and use that information to steal your financial assets. Today, I’ll share some tips on how to prevent becoming a victim of cybercrime. The best way is to be proactive. Anticipate how a criminal […]
Data Privacy Day on January 28
Data Privacy Day is held every year on January 28. This is the day that many countries around the world focus on how technology is impacting our privacy rights and the importance of protecting our personal information. Learning more about the modern-day risks of having our financial assets stolen electronically is in everyone’s best interest. […]
Both financial planning and investing are important
Today we are going to take a high-level look at being financially successful. First, let’s define financial success as having the ability to achieve your most important lifetime financial goals. For many Canadians that includes assisting their children with post-secondary education and planning for a financially secure retirement. Along the way there are other objectives […]
Understanding tax free savings accounts can be profitable
Understanding how best to use a Tax Free Savings Account (TFSA) could prove to be very profitable. Let’s start with the news. The annual contribution limit has increased for 2019 to $6,000, up from $5,500 for the previous three years. Contributions to a TFSA are not income tax deductible like those to a RRSP. However, […]
New Year is a good time to tackle your debt
It’s that time of year again to make New Year’s resolutions. For many, one resolution should focus on debt. Managing debt is the single most important financial issue many Canadians face. It’s hard to break bad habits. Every year the majority of people who make New Year’s resolutions fail to achieve them. If you’ve struggled […]
A Christmas gift that could last a lifetime
The warmth and generosity that sparks this season can be summed up in the English proverb, “Christmas comes but once a year.” This is a special time of year that is often full of family traditions. Why do we do what we always do at this time of year? Often the answer is because it […]
DIY investors charged fees for advice not received
There is trouble brewing on how the investment industry collects mutual fund fees from some individual investors. Approximately $25 billion of mutual funds are owned by do-it-yourself (DIY) investors. These are investors who have decided to forgo professional financial advice and make their own investment decisions. Many do this to avoid paying fees to a […]