Be smart, shop around and make sure you’re aware of the total fees you pay and what you're getting for them
Some fees for investments are hidden, some are visible. But there’s always some type of fee or cost involved in investing. Some people will disagree with my broad use of the word fee, but I believe that any money paid out, regardless of how it’s paid, is a fee. Every business sets out to make…
Households with an average income of $50,000 worry twice as much (2.25 hours) a day than households with an average income of more than $100,000
There’s no question that Canadians these days are worrying a lot more about their personal finances, according to new surveys from Scotiabank. The surveys indicate 65 per cent of Canadians with debt struggle to save or invest money while paying down debt and 67 per cent said they find the amount of information about investing overwhelming.…
The second biggest worry for buyers is whether they can afford the mortgage payment, say more than half of Canadians
A new survey says 56 per cent of Canadians see qualifying for a mortgage as a barrier to homeownership. This is up six points from a year ago. The report by Zillow also found that this concern rises to 64 per cent for consumers who recently purchased a home, likely linked to the mortgage regulation…
Welcome to the predatory online scamming world. Fraudulent emails, often containing links or attachments, are dangerous. If it seems too good to be true, it is
Beware the phishing hook. Phishing describes an attempt to get you to unknowingly disclose personal information such as credit card details, banking information, usernames and passwords. The party trying to gather your information will try to hook you by sending you an email and asking you to click on a link. The email will look…
Living within your means can be fun
Have you ever thought that paring your budget meant giving up on travelling to places you haven’t been to before? Gritted your teeth and grimaced as you sat down to pare fun from your cost of living? Worried that if employers, colleagues, or potential clients see you scrimping at conferences, they will question your professionalism?…
Top financial concerns are the rising cost of goods, the low Canadian dollar , low wages and household debt, according to CIBC survey
Canadians have had their fill of debt. For the 10th straight year, Canadians have told a CIBC poll that getting out of debt is their top financial priority. Numerous surveys and statistics over the past year have demonstrated how far into personal debt many Canadians have fallen. Now, those economic concerns are weighing on their…
Using debt in your financial planning is a good strategy, but exercise caution and discuss all the risks and rewards with your accountant and planner first
Debt is often a four-letter word – but, when used correctly, it can be a real benefit to your financial planning. Most of us use debt when we buy a home, a second property, automobiles and other large purchases. We simply don’t have enough cash available to do otherwise. Many people are very comfortable using…
Whether tough times force your hand or you just want to start January without a credit card bill, you can still enjoy a glittering, happy holiday season
What if I told you that ‘cutting corners’ can transform Christmas from a hectic, stressful money drain into a joyous, energizing experience? I understand if you are skeptical, but let me show you how it is possible to save money at the same time you enjoy a sumptuous, all the trimmings holiday season. The secret…
Keep in mind that, despite new disclosure rules to increase transparency, the fee shown on your investment report may not be the total fee you paid your adviser
When comparing your investment returns to that of others or those you see published, selection and timing are two critical issues. Make sure you’re comparing apples to apples: that you’re weighing similar investments. Each investor has their own risk tolerance and objectives. What’s right for your friend, neighbour or family member may not be right for…
It depends. As with all financial planning questions, no one answer fits every situation
“Did I need to take the insurance the bank sold me when I got my mortgage? Do I need mortgage insurance at all?” C.P. wrote and asked. I’m often asked this and the answer is usually the same: That depends. As with all financial planning questions, no one answer fits every situation. The simple answer in…
'There is a financial wellness crisis, and it's affecting Canadians of all demographics' -- Manulife
Household debt is growing so large, it may be cracking Canada's financial foundation. A Manulife Financial Corporation survey found that two-in-five Canadians do not expect to escape debt in their lifetime and the spending-to-income ratio is trending negatively in Canada. The Manulife Bank Debt Survey found: 94 per cent of Canadians say the average household…
Many people take a long time to launch on adult life because they've never been taught to spend less than they make
“The first responsibility of adulthood is paying your own bills,” according to Jamaica Finance Minister Peter Phillips. That country has worked hard to wean itself of dependency on the International Monetary Fund (IMF) and is in a position to stand on its own feet economically. Paying your bills is a definition of adulthood that applies…
Can you afford to hold off and increase your payments later? Will you need more CPP and OAS later in life? And how long do you expect to live?
Most people know they can start collecting their Canada Pension Plan (CPP) at age 60, even though they’ll get smaller monthly payments than if they waited until 65. Many people just want the money now and don’t care about any added benefits to delaying CPP and Old Age Security (OAS). The standard CPP and OAS…
When it comes to financial health, Quebec is the healthiest province and Alberta lags behind, said the report.
By Troy Media The TD Financial Health Index finds that four in 10 Canadians are financially struggling, with Albertans lagging when it comes to financial health. The index by the TD Bank Group is a national benchmarking survey providing a portrait of Canadians’ financial well-being and how they’re managing their personal finances. The study, released…
Over the past four decades, average real annual disposable income per capita rose 40% faster in the U.S. than in Canada, says a CIBC report
By Troy Media Real disposable income per capita in Canada is currently $13,000 higher than it was in 1980. But in the United States, it’s US$25,000 higher, says a report released on Monday by CIBC. Over the past four decades, average real annual disposable income per capita in Canada has risen by 1.3 per cent,…