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...
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...
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...
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...
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...
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...
…but don’t let a divorce put you in the poorhouse It’s an unfortunate fact that large numbers of first marriages end in divorce, with subsequent financial difficulties for both partners. What can couples do to avoid the financial stresses in the event of a divorce...
All about risk and robo-advisors Novice investors looking for better returns than low-interest savings accounts have an embarrassment of riches when it comes to investment choices – ETFs, mutual funds, stocks, and bonds. But where do you begin? Here are a few tips...
How to stop con artists in their tracks If you’ve been receiving messages by phone, email, or text message from someone claiming to be from the Canada Revenue Agency, saying that you have overdue taxes and that legal action will be taken unless you pay immediately,...
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...
Learn the basics of financing before plunging in – no math degree required Young couples shopping for their first home are faced with the bewildering new language of the real estate market – mortgages alone often seem to require a degree in higher mathematics. It’s...
The good news is it’s not an either-or decision Many investors are torn between contributing to an RRSP and putting funds into a TFSA. Is one plan better than the other? In fact, both vehicles are excellent tax shelters, but each serves a different purpose. Here’s...