2020 Tax-free savings account limits established
The federal government has offered Canadians an extremely attractive tax-free investment option. A Tax-Free-Savings Account (TFSA) is a way to grow your savings without paying tax on any contributions, interest earned, dividends, or capital gains. Many don’t take advantage of this opportunity. I suggest you take some time to see if this investment strategy would […]
Pay yourself first- a sound principle
Sometimes in the wonderful world of finance, a simple concept seems to resonate. Pay yourself first is a sound financial principle particularly in our age of never-ending expenses. Consider the saving patterns of a young family. Financial challenges include mortgage payments or rent, household living expenses, the cost of an automobile, and commuting to work. […]
Tips on your personal credit rating
Your credit rating is extremely important. Every time you attempt to borrow money the lender will check your credit rating to determine if they should approve the loan. This includes applying for a mortgage, credit card, car financing, or any other debt. Because so many consumers use credit cards for their financial transactions, a large […]
Financial planning helps achieve lifetime goals
Financial planning should be celebrated as a useful process to help you achieve your lifetime goals. Behavioral economics shows us that if a person isn’t working toward something specific, they are more likely to over-spend on more immediate rewards, putting their future goals at risk. With a financial plan, you can formally review these goals, […]
Financial Stress of the Sandwich Generation
Providing financial support to children as well as aging parents is expensive, leaving many sandwich generation Canadians feeling the pressure. In the spring of 2019 Leger conducted The Sandwich Generation Survey that helps us understand this financial challenge. One in four Canadians in the sandwich generation expect to put their own financial goals on hold […]
Tennis win shows the benefits of planning
We can all learn a lesson from the teenage tennis superstar who captured the women’s singles title at the U.S. Open in early September. No other Canadian had ever won a singles championship in one of the four major tennis tournaments. Not a man nor a woman. Bianca Andreescu is a first for Canada. This […]
The importance of money conversations
Do you find it difficult to talk about money? If so, you are not alone. Research by Wells Fargo found that 44 per cent of Americans consider personal finance the most challenging topic to discuss. That seems strange when there are so many other difficult subjects such as politics and religion. Financial issues are essential […]
Financial planning helps achieve lifetime goals
Financial planning should be celebrated as a useful process to help you achieve your lifetime goals. Behavioral economics shows us that if a person isn’t working toward something specific, they are more likely to over-spend on more immediate rewards, putting their future goals at risk. With a financial plan, you can formally review these goals, […]
When investing, you need to do the math
The first rule of investing is to do the math. Put simply, when you save your money and make investments, what you’re doing is constructing a simple puzzle. Each part of the puzzle fits together. The same is true for your long-term saving and investing efforts. Everything should fit together to achieve your financial objectives. […]
The Importance of Asset Allocation
One of the most important things about investing is deciding on asset allocation. Asset allocation is the decision of how to diversify your investment portfolio. The main options are stocks and bonds. The importance of asset allocation started back in 1986 with a scholarly article titled Determinants of the Portfolio Performance, published in the Financial […]