Posts by Boomer
Managing RRIF Withdrawals: Part I
As we know, the amount invested in an RRSP directly reduces your taxable income so you get a tax deduction today. The money invested then grows on a tax-deferred basis until it is withdrawn. When you withdraw money from the plan, it is treated as regular income and taxed for that year. The common theory…
Read MoreUnlocking Funds From a LIRA Due to Financial Hardship
I’ve long been an advocate of joining your company pension plan, if one is available. But the days are long gone when an employee started at one company and remained there for up to forty years (or more) before being pensioned off. Today it’s not unusual to have many different places of employment. Some studies…
Read MoreRetiring After Self-Employment: A Boomer & Echo Financial Makeover
After running a successful business, the O’Sullivan’s want to gradually scale down their involvement before selling, and spend their winters in Arizona. Is this couple on track to meet their retirement goals? Family Profile Jerry (55) and Monica (53) O’Sullivan are self-employed. They live in Sarnia, Ontario. They own a home worth $700,000 with a…
Read MoreComparing Your Net Worth
Do you ever wonder what others are doing with their finances and where they stand? My usual, rather pessimistic, thought is that I’m not doing nearly as well as my peers. I came across this calculator on CNN Money that gave a median net worth comparison for income and age. My income is pretty low…
Read MoreWould You Benefit From Working With A Financial Advisor?
January is typically the time to make resolutions for the coming year. They most often involve some type of self-improvement – lose weight, get more organized, get a handle on your finances. Yet the reality is that by the end of the month almost 90% have already bailed on their resolutions. Most often it’s because…
Read MoreHow To Get Started With An Index Portfolio
“I’m interested in investing but I don’t really understand how to get started. Could you please explain how to begin investing in index funds?” The work involved in learning about investing may seem overwhelming when you have no idea how to begin. The following is a primer on how to get started investing with an…
Read MoreExpiry Dates: How Long Do Products Last?
Some time ago, the manufacturer of Polysporin held a contest to see who had the oldest tube of this antibacterial cream. I thought I had a sure thing with my 25-year-old tube, but I guess I was wrong because I didn’t win. Related: 10 useless kitchen gadgets We all pay attention to expiration dates when…
Read MoreManaging Proceeds From Rental Property Sale: A Boomer & Echo Financial Makeover
After the birth of their daughter, the Mitchell’s financial priorities have changed. How can this couple use the sale proceeds from their rental property to kick-start their new financial goals? Family Profile Frank and Tara Mitchell are enjoying a busy family life with 2 ½ year old Lucas and 7 month old baby Mia. Frank…
Read MoreThe Ins and Outs of ETFs
The first Canadian ETF was created in 1989 and called the TIP-35, which tracked the TSE 35. Since then, the ETF market has expanded considerably. Currently, according to BlackRock, there are over 3,000 different ETFs available globally. ETFs started out as a way for investors to tap into the returns of major stock markets using a…
Read MoreTop Financial Stories And Events Of 2014
2014 had some attention-grabbing financial stories that are no doubt being featured in most business news year-end recaps. Here are some random events that I found of interest. 1. Burger King gobbles up Tim Hortons Canadian’s beloved Tim Hortons chain agreed to a merger with Burger King creating the world’s third largest fast-food company –…
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