Showing Tag: " saving" (Show all posts)

How to participate in the Home Buyers' Plan

Posted by Jackelyn Ford on Friday, January 14, 2022,

The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. The HBP allows you to pay back the withdrawn funds within a 15-year period.

You can withdraw funds from more tha...

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CNBC: 10 bad money habits to break to build wealth in 2018

Posted by Jackelyn Ford on Tuesday, January 23, 2018,
Kathleen Elkins | December 29, 2017

If you want to get rich in 2018, try taking advice from those who have already done it. There are certain wealth-building habits that successful people swear by. And it's just as important to avoid toxic behaviors that can derail your finances.

If you're looking to make major financial strides in 2018, start by ditching these costly habits.

1. Making late payments

There's more to late pa...

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BNN: What you should know before making a TFSA contribution

Posted by Jackelyn Ford on Monday, November 14, 2016,

Dale Jackson | November 14, 2016

Canadians love their tax free savings accounts. And why not? The TFSA allows you to hold just about any kind of investment and you are never taxed on the gains.

Since the TFSA was first introduced in 2008, more than 12 million accounts have been opened totaling more than $120 billion in assets. Some people contribute what they can, some contribute the maximum and s...

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BNN: How a tsunami of inheritances could ease Canada’s housing market pain

Posted by Jackelyn Ford on Friday, June 17, 2016,
Greg Bonnell | June 6, 2016

A record wave of inheritance will transfer billions in wealth over the next decade, taking some of the sting out of the real estate market for young Canadians, CIBC’s deputy chief economist said Monday.

In his report “The Looming Bequest Boom – What Should We Expect?”, Benjamin Tal argues more than $750 billion will be transferred to Canadians between the ...

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Globe & Mail: I want to retire in 10 years

Posted by Jackelyn Ford on Tuesday, March 22, 2016,
Mary Gooderham | June 30, 2015

Many investors find it hard to think ahead to the day when they will leave work and their steady paycheque. In the final decade before retirement, however, reality often sets in, focusing their attention and often bringing them to financial professionals.

For an advisor facing a client who expresses a desire to retire in 10 years, it’s time to help peopl...

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Morningstar: Budgeting for baby

Posted by Jackelyn Ford on Monday, July 6, 2015,
Gail Bebee |July 2, 2014

Welcoming a new baby into the family is a fundamental facet of the human experience. Beyond the celebration of this wondrous and life-altering event lie many practical consequences. Your new bundle of joy is a human being that will require nurturing for the next 20 years or more.

That nurturing comes with a hefty price tag. A 2013 Fraser Institute report pegged the annual cost to raise...

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Globe & Mail: RRSP bashers - Here’s how the math really works

Posted by Jackelyn Ford on Wednesday, June 24, 2015,

John Heinzl |February 21, 2014

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CBC: Cancer survivors' income falls $5K a year

Posted by Jackelyn Ford on Monday, June 8, 2015,
CBC News | September 30, 2014

Cancer survivors see a $5,000 drop in income, on average, a year after their diagnosis, according to a new report by Statistics Canada.

Tuesday's report linked census, cancer registry and vital statistics databases with personal income tax records to evaluate the effects of cancer on employment status and earnings.

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NY Times: The Best Investment Strategy

Posted by Jackelyn Ford on Wednesday, December 3, 2014,
Carl Richards | March 3, 2014

We’re still making the same old mistake of buying investments when prices are high and selling them once their prices have fallen.

I had hoped things had changed, I really did. But 
Morningstar’s latest Investor Returns data says otherwise. More than 10 years after I first started thinking about this data, the behavior gap still exists. ...
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Moneysense: Catch up to unused RRSP contribution room

Posted by Jackelyn Ford on Monday, August 18, 2014,
Stefania Di Verdi | April 23, 2013

By now many Canadians have received their government issued tax refund cheques in the mail, the eager beavers have anyway. The rest have until April 30 to file their 2013 income tax return without fear of penalty.
The prospect of getting money back is just too good for this eager beaver so I file early every year. I case you’re wondering, I won’t be blowing my tax refund on a shoppin...

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BNN: Canadians in top 1% earn 7 times national median

Posted by Jackelyn Ford on Tuesday, March 4, 2014,
Bill Curry | September 11, 2013

Canadians in the top one percent are paid more than $191,000 a year according to the National Household Survey, which takes a closer look at how governments take from the rich and give to the poor.

The make-up of the one percent club is overwhelmingly male, most-likely over the age of 45 and tends to work in management jobs. Canada's top earners are also more likely to m...

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BNN: 29% of households living paycheque to paycheque

Posted by Jackelyn Ford on Wednesday, May 29, 2013,
Bertrand Marotte | May 22, 2013

One-third of Canadian households over the past year never or almost never had enough money left over after paying essential expenses, says a new report.

A survey conducted for the Certified General Accountants Association of Canada indicates that 29 percent - or three in 10 - households found it difficult to sock away any money once key bills were paid.

The poll also shows t...

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Financial Post: Canadian debt still high but there is some good news to bank

Posted by Jackelyn Ford on Sunday, September 18, 2011, Lam | June 20, 2011

So the latest household accounts data released Monday surprised exactly no one showing Canadian debt-to-income ratios at a new record high of 147.3% in the first quarter of 2011, but here are a few good things (and one not so good) to take away from the Statistics Canada report.

Canadians are slowing down their borrowing

Growth in the most common consu...

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Globe&Mail: Getting a big tax refund just means you've overpaid

Posted by Jackelyn Ford on Wednesday, May 25, 2011,

Thursday, December 16, 2010 |TIM CESTNICK

I should have studied psychology in university. It might have been helpful in understanding people - especially my wife. I will pay $50 for a $30 item that I really need, but she'll pay $30 for a $50 item she doesn't need, just because it's on sale. Where I have exactly seven items in the bathroom that belong to me (toothbrush, toothpaste, dental floss, razor, shav...

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BNN: Debt reduction versus RRSP contributions

Posted by Jackelyn Ford on Tuesday, March 1, 2011,
Dale Jackson, staff for The Globe and Mail | February 4, 2011

Canadians are another RRSP season older – and deeper in debt.

In 2010 we owed $1.48 for every dollar we earned, up from $1.45 the year before. According to the Ottawa-based Vanier Institute of the Family we’ve climbed high on the debt mountain: In 1990, the figure was 90 cents.

What’s worse, these figures tell only part of the deb...

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Canadians think a retirement of their dreams is out of reach

Posted by Jackelyn Ford on Friday, April 30, 2010,

News from Canada NewsWire
TORONTO, Jan. 18 /CNW/ - Nearly all Canadians (90 per cent) feel they will have enough income to cover their necessities in retirement but only one-in-four Canadians (25 per cent) feel they will have enough money to fulfill their retirement dreams, according to the 20th Annual RBC RRSP Poll.

The poll found that most retired Canadians (75 per cent) didn't know how much they spent in their fir...

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Globe&Mail: Canadians need to save more

Posted by Jackelyn Ford on Thursday, March 18, 2010,

Janet McFarland, The Globe and Mail  - March 18, 2010
Canadians need to save between 10 percent and 21 percent of their pretax incomes each year - if they save consistently for 35 years - to have comfortable retirement incomes, according to a new report by former Bank of Canada governor David Dodge.

The report says many Canadians are unaware of the high savings levels they need for their retirement years, and may believe they are saving adequately when they are not.

The report, co-author...

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About These Articles

Jackelyn Ford These articles have been chosen because they provide a macro view of the financial world. This wide scope of articles can then be applied to aid your own personal financial situation. E.O.E.