Getting set for RESP withdrawals

Time to pay the post-secondary piper

Around about this time of year, the great Canadian university hunt gets into full swing. Universities make the rounds at high schools and fairs, looking to entice students to their schools. Students and parents make the rounds, check the programs, visit the universities, and make their applications. In the fall, the kids go off to college. And the tuition bills come in. That’s when it’s time to start making withdrawals from Registered Education Savings Plans (if you had the foresight to set them up, say, 15 years ago!) The rules for RESP withdrawals are fairly simple, but there are a few wrinkles to be aware of. READ MORE

How to get tax-free money in 2020

These plans will help you create tax-free dollars

If your New Year’s financial resolutions have already evaporated, despite your best intentions, you might try just one more: create tax-free dollars. There’s no special magic involved here. Nor is there any particularly daunting effort needed. The money is just sitting there waiting for you to take it. Here’s how. READ MORE

New year, new you!

Yes, you can spruce up your personal finances for 2020

The beginning of the New Year is often a time to turn a new financial leaf: make a budget; pay down debt; save more. That’s all commendable, but these good intentions are mostly forgotten by, say, mid-February. A better idea is to take stock of your entire financial situation. Review what’s important and prioritize the items you need to take action on. Here’s a guide to help you get started. READ MORE

Quick tips to remedy seasonal spending disorder

How to put your money on a leash

A kind of money madness seizes people at this time of year. The expectation of ever-larger-better-bigger-pricier gifts is aided and abetted by retailers offering deals, promotions, and sales on all manner of shiny baubles and trinkets. Credit card companies have spent the fall season offering to raise your credit limit to make it easy to spend like a billionaire – without actually being one. It all seems like a fairy tale, until the bills come in. Then it’s right back to that Cinderella feeling. Is there a way out of this seasonal spending disorder? Here are a few tips. READ MORE

Year-end money management strategies

These tax and investment tips could save you a bundle

Year-end is fast approaching, and with the holiday season getting into full swing, you probably won’t want to think about investments and taxes. Still, there are a few tax and investment moves you could make before Dec. 31 that could save you a few bucks in tax come next April. So here’s my annual list of favorite year-end tax and investment tips. READ MORE

Planning for the single life

Robyn Thompson is featured on CHCH TV’s “Morning Live” with six key financial planning essentials for women who are going through a divorce.

Paving the way to early retirement

Robyn Thompson is featured in The Globe and Mail’s “Financial Facelift” series by Diane Maley. This time, high earners Toby and Cheryl wonder how to achieve their goals of a luxury lifestyle now while providing for their kids’ education and targeting an early retirement. Read Robyn Thompson’s advice on how this power couple can achieve their short- and long-term goals with a tax-efficient re-set of their scattershot finances and investments into an integrated financial plan.

The seven sins of financial planning

How to stay on the virtuous path

At this time of the year, when Black Friday madness looms, and financial responsibility seems to evaporate for many people, it’s helpful to revisit what I consider to be the most common financial and planning errors most people make. Over the years, I’ve boiled it down to the seven deadly sins of financial planning. I first produced this list in my blog a few years ago. But it continues to be a popular item, so I thought I’d run it again as a refresher on how to stay financial virtuous and scale back the many temptations and excesses of the holiday shopping whirlwind. Here’s my list, then, and some suggestions for how to avoid those deadly financial sins. READ MORE

Budgeting for wealth

Little changes can make a big difference

As this is Financial Literacy month, and the theme is “Take Charge of Your Finances!”, I want to talk about the very foundation of financial literacy, the building block of successful financial management: the budget. I can sense eyes glazing over right now, but before you click away to another more interesting page or a funny cat video, let me talk about lattés instead. READ MORE

Should you buy hard assets now?

Precious metals, gems a risky way to hedge risk

The headlines are hard to miss. There’s the seemingly endless tariff war between China and the U.S. Then there’s the truly endless sabre rattling in the Middle East, most recently between Turkey and the Kurds in Northern Syria. How about the tit-for-tat oil tanker attacks and hijackings between Saudi Arabia and Iran? Brexit anyone? Efforts by Democrats to impeach U.S. President Donald Trump. Mass rioting in Hong Kong, Chile, Bolivia. Separatist sentiments rising in Canada following the election of a weak minority Liberal government. For some investors, it’s all a bit much, and many are asking if market risk has cranked up to new highs. Is now the time to switch at least some of your funds to so-called portable hard assets, like gold and gemstones, which tend to keep their value in times of turmoil? READ MORE

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