RESP Account: Getting Started
We set up an RESP for our daughter just a few weeks after she was born. Being new parents with little free time, we just opened the most straightforward RESP account that was available – an RESP GIC Account under a family plan. This account was easy to open and set-up our monthly contributions. The RESP…
Read MoreThe Best Time To Start Saving Is Now
Natalie and Jessica want to save for their retirement. Natalie began setting aside $100 a month when she was 23. She continued doing so until she turned 31 and then stopped. In nine years she invested $10,800. Jessica didn’t start saving until she turned 31. That year, she invested $100 a month and she plans…
Read MoreOnline Fraud Campaign Helps Protect Investors
We strive to provide you with useful information on how to be a savvy investor. When it comes to investment fraud, the more you know about what to look for and be wary of, the better prepared you will be if you get approached with an investment opportunity. BlueHedge: Online Fraud Campaign The Canadian Securities…
Read MoreFund Facts About Mutual Funds
The Canadian Securities Administrators now (as of July 2011) require all Mutual Fund companies to provide a new disclosure document for mutual fund investors. These documents are called Fund Facts and they replace the simplified prospectus (although these are still available upon request if you want additional information). Investors were previously provided with a simplified…
Read MoreIs Manulife One Worth A Look?
If you’ve ever seen the “What’s your number?” commercial, you might be curious about the Manulife One account and how it works. The Manulife One account combines your debt, savings and income into one easy to use chequing account. Similar to a traditional home equity line of credit, Manulife One provides you with a secured…
Read MoreSmart Tax Planning Strategies
No one likes paying taxes. Tax evasion is illegal but you have the right to reduce the taxes you pay to the least amount possible. You want to pay attention to your financial affairs during your working years to be the most tax effective. The key components of smart tax planning are the three “D”s…
Read MoreMillionaire Teacher Book Review And Giveaway
Andrew Hallam became a debt free millionaire in his 30’s. He’s not a corporate CEO, doctor or lawyer. He works as a high school English teacher – in Singapore, no less – without the comfort of a traditional defined benefit pension plan enjoyed by teachers here in Canada. Hallam wrote Millionaire Teacher for two reasons.…
Read MoreBorrowing To Invest
Borrowing money for investment purposes offers the ability to gain financial leverage. Leveraging when used prudently can dramatically magnify your goals, adding some muscle to your portfolio more quickly. You are familiar with the concept of leveraging if you have ever: Borrowed to make a contribution to your RRSP Bought securities on margin from your…
Read MoreRRSP Portfolio Update 2012
It’s been a while since I’ve given an update on my RRSP portfolio. I made RRSP contributions for 10 years when I worked in the private sector (taking advantage of employer matching contributions), but I changed careers in late 2009 and moved to the public sector. Now that a significant portion of my salary goes…
Read MoreTop Cash Back Credit Cards In Canada
Using a cash back credit card can be a great way to earn rewards for your day-to-day spending. Just make sure you have the discipline pay off your balance in full each month, or the interest charges will more than offset your cash back rewards. With a young family at home, collecting travel rewards isn’t a priority, so…
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