Weekend Reading: We Are Here For You Edition
My inbox has been flooded with emails from companies telling me “we are here for you” during these difficult times. Banks, credit card companies, airlines, restaurants, Galen Weston Jr., that retailer you bought a shirt from three years ago. They’re all here for you. What does it mean? For some, it’s public relations and a…
Read MoreHow To Apply For EI: Employment Insurance and EI Sickness Benefits
The COVID-19 pandemic has wreaked havoc upon the global economy. Efforts to contain the virus, such as public closures, social distancing, and self-isolation will mean that hundreds of thousands of Canadians will be laid off from their jobs. Many more have self-isolated and will lose the ability to earn an income. This article will explain…
Read MoreMy Pension Decision: Deferred Pension or Commuted Value
There are few personal finance decisions more difficult or complex than the choice between taking a deferred pension in retirement or a lump sum (commuted) value today. It’s a choice many Canadians face each year if they leave a job with a defined benefit pension plan. (If you have a defined contribution pension plan, there’s…
Read MoreWeekend Reading: Stock Market Roller Coaster Edition
Last week felt like a year. It began Monday with one of the largest one-day stock market declines in history (S&P500 -7.6%) before Thursday said, “hold my beer”, and stocks fell an incredible -9.51% that day. Then markets rallied on Friday with one of the largest one-day gains in history (S&P500 +9.29%) to cap-off a…
Read MoreMoney Bag: Tax-Free RRIF Withdrawals, and In-Kind vs In-Cash Transfers
Today I’m answering reader mail for a feature I call the Money Bag. I’ll answer questions and address comments from readers on a wide range of money topics, myths, and perceptions about money. No question is off limits, so hit me up in the comments section or send me an email about all the money things…
Read MoreWeekend Reading: Emergency Rate Cut Edition
The Bank of Canada cut its key interest rate by 0.50 percent on Wednesday in a response to a global economic threat caused by the COVID-19 outbreak. The decision followed the U.S. Federal Reserve’s emergency rate cut on Tuesday. It’s the first interest rate cut in four years. Here’s what it means for Canadians: Interest…
Read MoreWeekend Reading: Coronavirus, Markets, and Travel Edition
Let’s talk about last week. Unless you were living under a rock, which in hindsight might not have been a bad idea, you couldn’t help but notice that North American stock markets suffered their worst week of losses since the financial crisis. Global economic fears triggered by the outbreak of coronavirus disease (COVID-19) caused the…
Read MoreShould You Pay Off Your Partner’s Debt?
One of the first issues that couples face in a serious relationship is how to handle their finances. Dividing up the household bills is one thing, but what happens when one partner brings other financial baggage – such as credit card or student loan debt – into the equation? In marriage, what’s yours is technically…
Read MoreWeekend Reading: Mortgage Stress Test Edition
For several years the federal government has tightened mortgage rules with the goal of slowing down rising home prices in booming markets like Toronto and Vancouver, and ensuring home owners weren’t getting in over their heads by taking on too much debt. The mortgage stress test, first introduced in 2016 and then expanded in 2018,…
Read MoreEarn up to $150 an Hour as the CFO of your Personal Finances
This is a guest post by Steven Arnott, a fellow reader and author of The Snowman’s Guide to Personal Finance: A simple approach to managing your money. You can find more of Steven’s work at snowmansguide.com or by following him on Twitter (@snowmans_guide). This article provides step by step instructions to earn between $60 to…
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