My Mortgage Renewal Strategy
Our mortgage comes up for renewal on September 1st. When we bought our home in 2011 I went with a five-year discounted variable rate mortgage at prime minus 0.80 percent. Such a steep discount wasn’t available when it was time to renew in 2016, so I chose a 2-year fixed rate mortgage at 2.19 percent.…
Read MoreWeekend Reading: Aeroplan Woes Edition
My wife and I are saving for a big trip next year – our dream vacation to Ireland. While we’re light on trip details right now I’m busy thinking about the best way to get us there. One option is to use Aeroplan miles. We have approximately 160,000 Aeroplan miles right now and we could…
Read MoreSimpleTax vs. TurboTax: Free Tax Software Comparison
Canadian taxpayers have until April 30th to submit their personal taxes for the previous year. Despite that deadline fast approaching many wait until the last minute to prepare and file their taxes. The good news for do-it-yourself tax filers is that basic tax preparation software can be free and rather intuitive to use. While some…
Read MoreStriking A Balance Between Risk And Reward
I read this story about a couple planning their wedding – let’s call them Carl and Vanessa. Vanessa wanted the ceremony to be held in a park next to a lake, but it would be several kilometres from town. The problem, practical Carl said, was there were no buildings in the vicinity should the weather…
Read MoreWhat Self-Employed Canadians Need To Know When Filing Their Taxes
In today’s economic reality, young workers often have to settle for short-term contracts while earning less than they desire. Many turn to freelancing – the gig economy – or full-fledged self-employment to pay the bills. Having business income, or multiple streams of income, can present a challenge come tax-time. Here’s what self-employed Canadians need to…
Read MoreWeekend Reading: Investor Buyer Beware Edition
Online brokerages are strictly prohibited from providing advice, yet many still offer mutual funds that come with trailer fees – which are in place to charge for ongoing advice. See the dilemma? DIY clients who purchase these mutual funds are being charged for advice they cannot and will not receive. Recently, a proposed class action…
Read MoreDo You Wait Until The Last Minute To File Your Taxes?
Did you file your taxes yet? You’re not alone. More than one-quarter of Canadians — 28 per cent — find the tax-filing process stressful, confusing and even intimidating, according to a TD survey. Most Canadian income tax returns (and balances owing) are due by midnight April 30, 2018. I’m a terrible procrastinator and I tend…
Read MoreBuild Flexibility Into Your Retirement Plan
Prospective retirees want a simple formula for making their retirement plan. There are hundreds of calculators that will crank out numbers showing how many years until you can retire, how much you need to save, and how long your money will last. It’s a good place to start, but don’t stake your entire future on…
Read MoreInvesting In Retirement: How Much Money Should You Keep In Stocks?
Much is written about investing during your working years, but surprisingly little about investing in retirement. How much money should you keep in stocks after retirement? One rule of thumb says the percentage of equities in your portfolio should equal 100 or 110 minus your age, meaning someone turning 70 would have just 30 to…
Read MoreWeekend Reading: Until Markets Settle Down Edition
I guess it’s only human nature to get skittish whenever markets fall. Those feelings are exasperated for investors who have yet to experience a true bear market (2000, 2008). This year has been particularly difficult for neophyte investors who haven’t yet learned the patience and discipline of a long-term investor. For example, on any given…
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