How to retire with $1 million

Reach that magic number even if you start at 40

It’s sometimes said that you need at least a $1 million retirement fund to maintain the kind of lifestyle you want after age 65. But starting at, say, age 40, can that even be done? The good news is that it is possible to build a million-dollar retirement fund. But there five important principles you have to follow. READ MORE

Have GICs become an investment choice to consider?

The lure of rising rates and market-linked returns

Current 5-year GIC rates are being advertised as high as 3.50%. Given that most savings accounts offer much less than 1.00%, some investors have been wondering whether it’s time to move funds into GICs as part of their risk-free allocation. Others go a step further and are considering GICs linked to a market index that, according to the marketing sheets, offer much more than 3.50%. Have GICs become a good investment choice now? READ MORE

How to bring order to your personal financial chaos

Decide what you really, really want

Around this time of year, many people are beset by doubts and anxieties about their financial situation – especially after the no-holds-barred holiday spending season. But don’t despair – there’s a way to bring order to your personal financial chaos that doesn’t involve tedious budget lists and penny-pinching. It starts with a look at your financial picture from the top down. READ MORE

School’s in session: time to break open the RESP

How RESPs pay out for post-secondary expenses

If you have kids going off to college or university this fall, you’ll be tapping into any savings you’ve made through a Registered Education Savings Plan (RESP). But those payments aren’t treated like a bank account. There are plenty of rules about how they’re administered. READ MORE

The ABCs of RESPs


How to use RESPs to save for post-secondary schooling

May and June bring thoughts of summer vacations, the end of the school year, and graduations. For many students, post-secondary education is only a few years away. And their parents are often worried they won’t be able to afford to send their kids to university. Unless they start planning now, they could be right. Here’s why. READ MORE

Are your savings safe?


What Canada Deposit Insurance covers…and what it doesn’t

Are your savings safe? Given the recent run on deposits experienced by troubled Home Capital Group Inc., many people with large amounts of cash stashed in savings accounts, term deposits, and guaranteed investment certificates (GICs) at other Canadian financial institutions have become concerned about the security of their deposits. What’s covered by deposit insurance if your financial institution gets into trouble? READ MORE

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 different government departments. To help you get a handle on this powerful tax shelter, here’s a crash course in basic RESP rules and regulations you’ll need to know. READ MORE

How a savings account eats up your money

Low, low rates mean you automatically lose

Are you sitting on a large chunk of cash in a high-interest bank account? Maybe you thought it would be “safe” because you’re nervous about stocks and bonds. Plus, there’s deposit insurance, and it’s liquid. Well, you’re right on two counts – it’s liquid, and the deposit is insured to a certain extent. But the bank’s definition of “high interest” and yours probably differ by several percentage points. And as for “safe,” that could be a matter of definition, too. So here’s a look at how savings accounts erode wealth, and some other options you might have. READ MORE

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