November 28, 2023 As we approach year-end, it’s a great time to assess your expenses with the goal of setting yourself up to be financially stronger. New year, fresh start. When expenses are under control and you’re in a position to build wealth instead of spiraling deeper into debt, it helps you work toward reaching your short-term and longer-term financial goals. So, how can you resolve to manage expenses at year-end? Here are a few tips to get you on your way. Create a wealth plan. If you...

November 21, 2023   Do-it-yourself (DIY) investing is nothing new, but in recent years it has grown in popularity thanks to the proliferation of self-styled experts on the internet, particularly YouTube and social media channels such as TikTok. The idea is that personal finance and investing really aren’t that complicated, and that you’ll save money on advisor fees if you go it alone. The truth is that only a very small number of people – people who live and breathe investing and personal...

November 14, 2023 It would be too dangerous to get behind the wheel of a car without knowing the rules of the road or even where the gas and brake pedals are. Yet that’s the way many Canadians “steer” their personal finances, with no real understanding of how money works or how to get it to work for them. Adding to the challenge is that they often don’t recognize their blind spots. An IPSOS poll of over a thousand adult Canadians asked them 15 questions to gauge their financial literacy....

October 31, 2023 If you’re approaching retirement, it can be both exciting and stressful. Sure, after years of juggling a full workload along with family and other obligations, having the freedom to set your own schedule is enticing. However, given the recent spike in inflation and subsequent high interest rates, the basic cost of living has jumped significantly. Money isn’t going nearly as far as it used to, and you might be wondering if you’ve actually saved enough to enjoy your retirement...

October 23, 2023 When thinking about family gatherings, you might focus on special occasions like holiday meals, birthday parties and anniversary celebrations. These are all good reasons to bring generations together, but there’s another gathering that’s equally important: the family financial meeting. Granted, discussing your health care needs and estate plans can be difficult and uncomfortable, but it benefits the entire family when everyone’s on the same page regarding your intentions....

October 16, 2023 Central banks in Canada and the U.S. have raised interest rates very aggressively over the last year to fight soaring inflation, putting a significant amount of strain on borrowers. But high interest rates have a silver lining: they give savers and savvy investors a great opportunity to boost their return potential. Here are six ways you can take advantage of high interest rates: Bank stocks. Banks usually generate more profit as the spread increases between the interest they...

Higher education provides many benefits to students, such as building a career foundation, expanding social skills and learning responsibility. However, this education can come at a steep cost. The price tag will depend largely on whether or not your child attends a nearby school. If your child is still years away from post-secondary education, you’ll need to budget for inflation as well. Major expensesWith proper planning and budgeting, many families can manage an investment in the child’s...

Three years ago this was not a thing.  You could not buy a company that was preparing to sell marijuana(mj) for recreational use. Now there are mj farms, dispensaries, accessories manufacturing and bi-product formulations being crafted for beverages and consumables. There is a complete new understanding of botanicals, oils, and dietary science being explored to further develop markets within this industry that in total are expected to dwarf beer and wine sales in the coming years. I have...

We are all aware of families who have children and adults with disabilities, but most of us are unaware of programs designed to financially assist those individuals as they age beyond their earning years.  Most individuals with disabilities may have careers but most won’t have earnings that would allow them to retire with a pension.  The Registered Disability Savings Plan RDSP would provide that option and would assist to bridge the gap to a more modest income.  This program is under-utilized...

We have entered the tax filing period for personal income tax.  If you read our last two articles you would have considered tax loss selling in 2016 and maybe even made some charitable donations to take advantage of graduated tax credits while preparing your 2016 tax return.  Our to do list for 2017 includes creating a net worth statement as a baseline, much the same as your doctor recording blood pressure and cholesterol readings that future readings can be compared to.   Your Net worth...