It’s not too late, provided you follow five basic rules Q – My husband and I are in our mid-40s, with two teenage children. We now own our home free and clear. Because we’ve been diligent about paying off our mortgage, with bi-weekly payments and annual...
Higher TFSA contribution limit is a real game changer The revised contribution limit for Tax-Free Savings Accounts (TFSA) really is a game changer. With the annual contribution limit raised to $10,000 from the previous $5,500, the TFSA is now a truly serious...
Remember, good advice doesn’t cost, it pays Many people seeking financial advice are not sure what a good financial plan should do or how to determine whether an advisor is bringing value for the money she’s charging. Why not just go to the bank and have a free...
Why you might need both on the road to recovery Many people often confuse disability insurance and long-term care insurance. In fact, these are not the same thing, and you should not assume that if you have a disability plan through your employer, you are also...
To contribute or not to contribute? That’s the question Registered Retirement Savings Plans (RRSPs) are effective investment vehicles for deferring tax. But should you contribute to a Tax-Free Savings Account (TFSA) instead because of the completely tax-free growth...
Yes, there’s still time to make an RRSP contribution Every year around this time, I’m asked what the deadline for RRSP contributions is and what would be the best investment for that contribution by people who have left their RRSP contribution to the last minute or...
Practical strategies for debt relief If there’s any one item that will suck the life right out of your bank account, shred your budget, and seriously damage your long-term savings goals, it’s debt. And the worst kind of debt is credit card debt. With annual rates...
What you need to know for RRSP success Should you contribute to a Registered Retirement Savings Plans (RRSPs)? With Tax-Free Savings Accounts (TFSAs) becoming more popular, there’s a fierce debate among the experts on the relative merits of each type of account....
Don’t set impossible financial goals The New Year is a great time for making resolutions and for taking control of your finances. Easy to say, but not so easy to do! When you resolve something vague like, “I promise to spend less in 2015,” that’s a resolution that...
The remedy for financial overindulgence Every year around this time, I’m asked how to overcome the seasonal spending disorder that grips a large part of the population. But there is a remedy, and it doesn’t involve laborious budgets and daily penny-counting....
Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. In this recent post, Robyn recommends that a high-income 70-year-old retiree curt the risk in her investment portfolio and realign her income stream to make it more...
How to find out whether a planner is a good match “Financial planners” seem to be around every corner these days. And no wonder. As Baby Boomers retire and Gen-Xers approach middle age, the demand for trustworthy financial advice has never been greater. Yet many...