Posts by Robb Engen
Weekend Reading: Problems With Trailer Fees Edition
The Canadian Securities Administration wants to reform the mutual fund fee structure in Canada and earlier this year awarded two studies to review whether commission-based compensation changes the nature of advice and influences mutual fund sales. The first report was prepared by the Brondesbury Group made it clear that commission-based advice creates problems that need to be…
Read MoreHow To Set Up An RESP
My wife and I made it a priority to set up an RESP for our daughter just a few weeks after she was born. As new parents with little free time we weren’t sure where to go and what type of account to set up. To complicate matters, we were bombarded with pamphlets and brochures promoting group…
Read MoreWhen To Take CPP: Early, Late or Somewhere In-Between
One of the biggest decisions as you edge closer to retirement is when to take CPP. The standard age to take your Canada Pension Plan benefits is when you turn 65; but you can take a reduced CPP retirement pension as early as 60, or you can get an increased benefit by delaying CPP up to…
Read More5 Ways To Take Control Of Your Money
There’s an ‘a ha’ moment for many people when they decide to get serious about their finances. It may come after years of drowning in debt or after reaching a milestone like marriage or having children. If now is your moment, here are five ways to take control of your money: Get going: Step one…
Read MoreHow First-Time Home Buyers Are Getting Into The Market
No generation has had a tougher time getting into the housing market than Generation Y. Indeed, the deck is stacked against Millennials, many of whom are burdened with crushing student debt loads, grim job prospects, and limited wage growth in a stagnant economy. Furthermore, the federal government cracked down on 40-and-35-year amortization mortgages, mostly to…
Read MoreWeekend Reading: Happy Thanksgiving Edition
This week Tangerine unveiled details of its long-awaited first credit card; the Tangerine Money-back card. Expected to launch in early 2016, this no-fee MasterCard will offer 2 percent cash back in two spending categories of your choice, and the option to have your cash-back deposited into a Tangerine Savings Account to unlock an additional 2 percent category.…
Read MoreA Conversation About Gen Y Money
The plight of Gen Y is a hot topic around the personal finance blogosphere these days, and for good reason. Millennials continue to face strong headwinds from an economy that has been stuck in neutral since the global financial crisis of 2008. Meanwhile, the cost of higher education is soaring and new graduates are entering a…
Read MoreThe Worst Financial Advice Ever Given To Millennials
It’s okay to spend money on life’s indulgences once in a while. If a daily latte or weekly visit to the spa floats your boat, I say go for it. When you design your budget around the things that are important to you – while cutting out the things that aren’t – then your splurging actually…
Read MoreWeekend Reading: Succession Planning Edition
Earlier this week, Million Dollar Journey blogger Frugal Trader wrote a letter to his wife explaining how their finances work in case he passes away and she needs to succeed him as the household CFO. It’s an interesting topic, and one that former Boomer & Echo correspondent Sandi Martin covered here last year. Although his wife has little-to-no…
Read MoreWealthsimple: An Easy, Yet Sophisticated Way To Invest
This article is a review of the Wealthsimple robo-advisor platform and includes positive testimony from a real-life Wealthsimple investor. I started investing at 19 without really understanding what I was doing. A bank advisor set me up with a portfolio of mutual funds, and for several years I paid a handsome fee for what amounted…
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