TFSA Contribution Limit And Overview
The federal government kept the annual TFSA contribution limit at $7,000 for 2025 – the same limit we had in 2024. It’s still good news for Canadian savers and investors, who as of January 1, 2025, will have a cumulative lifetime TFSA contribution limit of $102,000. The Tax Free Savings Account (TFSA) was introduced in…
Read MoreNet Worth Update: 2024 Year-End Review
Welcome to the end of the year and another net worth update. 2024 has been a banner year for both professional and financial growth. On the business side, we saw revenues increase by an incredible 35%. More and more of you reach out for unbiased financial advice each year, and my wife and I absolutely…
Read MoreYour Ultimate Guide to RRIFs: Strategies, Pitfalls, and the Secret Sauce to Retirement Income
A Registered Retirement Income Fund (RRIF) is like an RRSP’s responsible older sibling. Once you hit retirement, the RRIF takes over where the RRSP leaves off – turning your savings into retirement income. Indeed, if RRSPs are the workhorse of your savings years, RRIFs are your retirement MVP. They take all that tax-deferred money you’ve…
Read MoreWeekend Reading: Credit Card Rewards Edition
I used to be a hardcore credit card rewards junkie and wrote frequently on the subject (I even had a separate blog dedicated to it!). I considered it a game, and tried to win big each year by signing up for multiple cards with massive welcome bonuses, while optimizing rewards with specific cards for everyday…
Read MoreWeekend Reading: VEQT and Chill Edition
One question I’m often asked about my investment approach is when it makes sense to switch my portfolio from 100% global equities (represented by Vanguard’s All Equity ETF – VEQT) to something less risky that includes bonds and/or cash. In other words, does it make sense to switch from VEQT to VGRO to possibly VBAL…
Read MoreWeekend Reading: When To Hire A Financial Advisor Edition
A few months ago I made an offhand remark in a weekend reading update that caught the attention of several readers: “You might be surprised to hear that if something happened to me, my wife has been instructed to hand everything over to PWL Capital. That’s how much I believe in the good work that…
Read More2024 Financial Goals Check-up
I’ve been blogging for nearly 15 years and one reason I keep things going here (admittedly more infrequently than I’d like) is that I thoroughly enjoy looking back at old articles, especially when it comes to financial goals. In fact, one of my favourite posts of all time is a 2019 net worth update when…
Read MoreWeekend Reading: U.S. Election and Your Portfolio Edition
I’ve fielded a dozen emails from clients and readers about the U.S. election and how it might impact their portfolios. The short answer: Who knows? A longer answer: The stock market probably doesn’t care as much about the election as you think it does. Besides, there has been an election every four years for the…
Read MoreWeekend Reading: TFSA Snowball Edition
I’ve been toying with a savings concept that I’m tentatively calling the TFSA snowball. It’s a play on Dave Ramsay’s “debt snowball” method (his one positive contribution to society) where borrowers pay off their smallest loan balance first, then roll those freed-up payments into the next smallest balance. Rinse and repeat until debt free. Related:…
Read MoreHow To Crush Your RRSP Contributions Next Year
*Updated for October 2024* Many high income earners struggle to max out their RRSP deduction limit each year and as a result have loads of unused RRSP contribution room from prior years. While we can debate about whether it’s appropriate for middle and low income earners to contribute to an RRSP or a TFSA, the…
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