Archive for April 2018
Should You Use An Online Mortgage Broker?
When I wrote about my mortgage renewal strategy last week a reader asked if it was a good idea to visit a rate comparison website and simply select the lender with the lowest rate. No doubt if you frequent these sites you’ll have noticed the lowest mortgage rates tend to come from online mortgage brokers…
Read MoreWeekend Reading: Financial Literacy Progress Edition
Financial literacy leader Jane Rooney released a two-year progress report on the advancements in financial literacy research in Canada. The National Strategy was created to mobilize and engage public, private and non-profit sectors to strengthen the financial literacy of Canadians and empower them to manage money and debt wisely; plan and save for the future; and…
Read MoreDownsizing Retirees: Should You Own Or Rent?
There’s been a lot written about the advantages of renting rather than owning a home for young people as they try to find the right balance between their financial situations and their housing needs. These days many older homeowners are struggling with this decision too. Empty nesters are thinking, “Our 5-bedroom house is too large…
Read MoreHow To Save On Meat And Produce
Meat and produce take up a big chunk of our grocery bill. According to Statistics Canada, Canadians spend nearly 20 percent of their food budget on red meat and chicken. Fruits and vegetables take up almost 24 percent of the grocery list. Here’s how to save money on meat and produce: Cut down on meat…
Read MoreMy Mortgage Renewal Strategy
Our mortgage comes up for renewal on September 1st. When we bought our home in 2011 I went with a five-year discounted variable rate mortgage at prime minus 0.80 percent. Such a steep discount wasn’t available when it was time to renew in 2016, so I chose a 2-year fixed rate mortgage at 2.19 percent.…
Read MoreWeekend Reading: Aeroplan Woes Edition
My wife and I are saving for a big trip next year – our dream vacation to Ireland. While we’re light on trip details right now I’m busy thinking about the best way to get us there. One option is to use Aeroplan miles. We have approximately 160,000 Aeroplan miles right now and we could…
Read MoreSimpleTax vs. TurboTax: Free Tax Software Comparison
Canadian taxpayers have until April 30th to submit their personal taxes for the previous year. Despite that deadline fast approaching many wait until the last minute to prepare and file their taxes. The good news for do-it-yourself tax filers is that basic tax preparation software can be free and rather intuitive to use. While some…
Read MoreStriking A Balance Between Risk And Reward
I read this story about a couple planning their wedding – let’s call them Carl and Vanessa. Vanessa wanted the ceremony to be held in a park next to a lake, but it would be several kilometres from town. The problem, practical Carl said, was there were no buildings in the vicinity should the weather…
Read MoreWhat Self-Employed Canadians Need To Know When Filing Their Taxes
In today’s economic reality, young workers often have to settle for short-term contracts while earning less than they desire. Many turn to freelancing – the gig economy – or full-fledged self-employment to pay the bills. Having business income, or multiple streams of income, can present a challenge come tax-time. Here’s what self-employed Canadians need to…
Read MoreWeekend Reading: Investor Buyer Beware Edition
Online brokerages are strictly prohibited from providing advice, yet many still offer mutual funds that come with trailer fees – which are in place to charge for ongoing advice. See the dilemma? DIY clients who purchase these mutual funds are being charged for advice they cannot and will not receive. Recently, a proposed class action…
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