2024 Stock Market Could be Volatile
US political uncertainty plus two wars could result in a volatile stock market this year, writes Peter Watson. There are many reasons why 2024 could have a very volatile stock market. Stock market volatility can be caused because investors are nervous. And there are several things this year that can make us nervous. The wildcard […]
TFSA Contribution Limit Increases to $7,000 in 2024
Tax-Free Savings Account contribution limit increase in 2024, writes Peter Watson. As of 2024 the annual contribution of a Tax-Free Savings Account has increased to $7,000. To be eligible to contribute a person must be 18 or older and have a social insurance number. The TFSA was introduced in 2009 and the maximum contribution limit […]
Your Personal Financial New Year’s Resolution
Find the mistakes you are making with your personal finances, writes Peter Watson. I have a suggestion for your new year’s resolution. But first a story. When my children were young, before they took an examination at school, I would ask them an important question: What are the chances you will get a perfect score? […]
Longevity is a Financial Risk
Running out of money during retirement is a possibility, writes Peter Watson. Planning your finances for later years often focuses on reaching retirement: work hard for decades for your golden years. Most attention is on earning an income and paying the bills. Managing ongoing living expenses is important. But it is only a start. Reaching […]
Does food bank usage mean that our financial system is broken?
The demand for food banks has increased sharply and that underlies the significant financial challenges many Canadians face, writes Peter Watson. More families find it difficult to make ends meet. It seems everything is more expensive. Homeownership costs have risen largely because of the increase in the cost of borrowing and therefore mortgage payments are […]
Fewer Investors Use a Financial Advisor
Investors purchasing mutual funds use an investment advisor almost two thirds of the time. When purchasing ETFs, only one third use an investment advisor, writes Peter Watson. This information is from the Investment Funds Institute of Canada’s annual investor survey that was recently released. Why are so few investors using the services of a […]
Mortgage Payments Are Becoming Challenging
The most significant challenge for some over the next few years is making their mortgage payments, writes Peter Watson. Many have already experienced the effect of higher interest rates. The lucky ones have locked in a specific mortgage rate that has not come due, but that day is coming. There are several realities to homeownership. […]
Why paying off your mortgage is a smart move
It’s time to pay off your mortgage, writes Peter Watson. For many years historic low interest rates encouraged people to borrow. Those days have passed. Depending on your mortgage details, your interest rate has already increased or likely will soon. Paying off your mortgage is a good idea, especially before you retire. During retirement your […]
Financial procrastination affects how we manage our personal finances
Today, let’s talk about financial procrastination, writes Peter Watson. It is not a matter of scolding yourself when human characteristics interfere with the way you operate. Accept the fact that people do things a certain way. If you choose, try and develop personal strategies that can lead to better results. As you read this article, […]
Does Working During Retirement Interest You?
Your plan during retirement could be to get a job, writes Peter Watson. The conventional retirement age has been 65 for many decades. However, things have changed. Life expectancy has increased, therefore the number of years spent in retirement could be much longer than in the past. Continuing to work has many advantages. If you’re […]