Posts by Boomer
From The Boomer & Echo Mailbag: Renovating For Resale
From the questions we are receiving, it seems that some of our readers are on the move. They want to get the best bang for their buck when selling their residences. Q. Which home improvements have the highest return on resale value? Q. We are in the process of selling our “starter” house and moving…
Read MoreFinancial Planning For Couples: Planning Your New Financial Life Together
Your loving give me a thrill, But your loving don’t pay my bills “Money (That’s What I Want)” – The Beatles Financial planning for one person can be complicated enough. When you get into a long-term relationship with someone else and combine your households, you join your financial lives as well. Just because your beloved…
Read MoreWithdrawing From Your Retirement Nest Egg
You’ve been saving all your working life and now that you have entered your retirement phase, it’s time to start drawing from your savings. In some circumstances there will be people who will be able to live off their dividends and interest alone. Most retirees, however, will have to start spending the money they have…
Read MoreThe Ins and Outs of Income Trusts
Canadian income trusts were a beneficial alternative corporate structure for companies due to their lower tax liabilities. They are known as “flow-through” vehicles because taxation was avoided by paying out all earnings, less expenses, as dividends directly to unitholders. Income trusts first became popular investments in the early 2000’s when interest rates declined. The main…
Read MoreYou and Money – What Does It Mean?
When my husband and I celebrated our first Christmas in our new home, we bought the perfect Christmas tree and set it up in front of the window. There it sat, bare of ornaments for several days. We were each waiting for the other to begin. You see, when I was growing up my Dad…
Read MoreA Salute To Your Local Library: Save Money With A Library Membership
I recently spoke with a relative who I know is quite an avid reader like me, and I was surprised to hear she has never gone to her local library. Me: “Doesn’t it get expensive to buy all those books?” She: “I get them on sale or from the used book store.” Me: “Still…..” One…
Read MoreFinancial Management By The Decade – The 70’s
Your 70’s is the decade in which you’ll find yourself slowing down somewhat and you may want to simplify your lifestyle. This means your spending will likely slow down too. Convert your RRSP You’ve worked hard to build your RRSP. Now it’s time to take your money out. By the end of the year you turn…
Read MoreFrom The Boomer & Echo Mailbag: Your Tax Questions Answered
It’s tax time and we’re answering your burning tax-related questions, such as deductions for locked-in retirement, pension income, and medical expenses, filing your taxes before receiving all of your slips, and declaring income generated from a hobby business. Here we go: Q. The money in my locked-in retirement income fund (LRIF) came from an employer…
Read MoreManaging Multiple Financial Goals
Looking at your finances and trying to figure out how to deal with multiple goals can be frustrating. We want it all – who doesn’t? But for most of us it’s not that easy. Which goals do you save towards first, second, and so on? How do you prioritize retirement savings, children’s education, a new…
Read MoreAre You Cut Out To Be A Landlord?
Buying an investment property is a popular option for many Canadians looking for different ways to invest their money. Rental properties can provide you with steady monthly income and could appreciate in value over the years. But are you cut out to be a landlord? Finding the right property Finding the right property as an…
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