Archive for January 2012
Is Our Old Age Security Program Sustainable?
On January 27, 2012 Prime Minister Stephen Harper announced that changes would be made to the Old Age Security program. It appears the government is planning to gradually change the OAS system so that the age of eligibility is raised to 67 from age 65. Opposition Liberals and NDP say such a move would financially…
Read MoreBest Way To Finance Your Very Small Side Business
People launch their own business for a variety of reasons. Everyone likes to have a few more shekels in their pockets of course but there are plenty of other motivations. Having your own business, no matter how big or small allows you to be creative in a way few other activities can. Finally, being in…
Read MoreHow Much Do We Spend On Our Pets?
Pets play a major role in the lives of Canadians. In fact the pet industry has topped $8.9 billion a year. Not counting all the rabbits, parakeets and geckos out there, more than half of Canadian households (53%) own a cat or a dog with 13% owning both. Pets Are Considered Family Members An Ipsos…
Read MoreHow CARP Benefits Aging Canadians
What is CARP? Yes, I know it’s a fish but CARP also stands for Canadian Association of Retired Persons. It is a national advocacy organization that serves the needs of Canadians age 50 and over. According to CARP’s website, their mandate is to enhance the quality of life for all Canadians as we age, and advocate…
Read MoreUsing Tax Free Savings Accounts In Retirement
Tax Free Savings Accounts are excellent savings vehicles for Canadians. They can be used for short term savings goals, or as part of a longer term retirement strategy. Canadians start building contribution room in their Tax Free Savings Accounts once they turn 18. Money can be withdrawn from a TFSA at any time, with no…
Read MoreDo You Have A Locked In RRSP?
Locked In Retirement Accounts (LIRAs) were created to transfer vested pension funds that you take with you if you leave your employer prior to retirement, such as when you change jobs. The commuted value of the pension is transferred to a locked-in plan and must remain locked-in to be available when you retire to provide…
Read MoreBe An Owner, Not A Moaner
Nothing gets customers riled up like the announcement of a fee increase. Banks and utilities often draw the ire of customers, and for good reason. Canadians have been getting nickel-and-dimed by the big banks and utility companies for years Scotiabank and CIBC will increase fees on personal bank accounts beginning March 1st and April 1st,…
Read MoreSpotting The Crooks
Be careful of claims of guaranteed above average returns with no risk. Look at some of the red flags that can indicate a fraudulent scheme.
Read MoreShopping For Mortgage Rates: Fixed Vs. Variable
We had a really big decision to make before we moved into our new house last summer. Do we choose a fixed or a variable mortgage rate? The answer varies for everyone depending on their financial situation and tolerance for risk. According to the popular 2007 study by Moshe Milevsky, variable mortgage rates have saved…
Read MoreIs An RRSP Loan Necessary?
If you simply don’t have the money to come up with an RRSP contribution you may think that getting an RRSP loan is the only solution.
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