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Financial advice for the graduating class of 2016
A short grad course in investing for the future New grads fresh out of university may have received some cash gifts from proud parents and relatives. Some may be tempted to blow it on partying and living the high life. Others may seek the excitement and potential...
Is it time to sell stocks in the wake of Brexit?
Acting on the media frenzy is a big mistake Should I sell my stocks and ETFs now? Is a major financial crash (like 2008) in the works? Not necessarily. First of all, don’t panic! Remember that markets are creatures of herd mentality, and are driven largely by...
When it makes sense to join the group
The many benefits of employer-sponsored Group RRSPs If you’re a recent graduate and you’ve landed a job, your employer may offer you a Group RRSP as one of the employment benefits. Should you sign up? It’s a good question, since you are probably still far away from...
Mortgage refinancing costs could slash any rate savings
Beware the fees and penalties! Sometimes it makes sense to refinance a mortgage – and it’s tempting if your rate is higher than prevailing rates – but mostly it doesn’t. It would make sense only if you have a longer-term mortgage at an interest rate considerably...
Navigate the life insurance maze!
Term life or universal life – and the difference it makes If you’re shopping around for life insurance for the first time, it’s easy to become pretty confused pretty fast. Here’s a primer on the difference between term life insurance and universal life. As the name...
What should he do with a large salary?
Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. Money Makeover takes a Ryan is 27 and single. He lives at home with his parents, but unlike most people of his generation, Ryan earns $175,000 a year as a sales...
Don’t extend credit to the CRA!
Why your tax refund may be a planning mistake When you get a tax refund, it would be nice to think the government is “giving” you something. But that’s not the case. A large tax refund simply means you’ve paid too much tax through the year. You’re just getting your...
Supporting adult children could drain your nestegg
The financial consequences of “failure to launch” The family dynamics of the Baby Boom generation have evolved, and more parents of the Baby Boom generation are supporting young adults in what psychologists call “emerging adulthood” – the age between the end of...
A little pre-nuptial financial advice
Have the ‘money talk’ before you tie the knot Young couples getting ready to tie the knot this spring and summer typically have a lot to talk about – guest lists, invitations, venues, honeymoon, and all the details that go into planning a wedding. Money often isn’t...
Build a winning relationship with your advisor
What all financial advisors should deliver When our financial affairs achieve a critical mass, we’re often advised to “talk to a financial planner” or “consult a financial advisor.” But what we’re not told is what to expect when establishing a relationship with...
An important tutorial on RESPs
It’s a terrific tax shelter, but you have to know the rules If you’re considering opening a Registered Education Savings Plan (RESP) to help fund rising college costs, you might find the rules a bit complicated and information that seems to come from several...
Last-minute tax credits and deductions to remember
Lucrative, but often overlooked, tax breaks There are in fact some 70 personal tax deductions and credits available. Not all apply to everyone. And many are often overlooked, even if they do apply. Note that a “tax deduction” reduces your taxable income for the...