Weekend Reading: What’s In A Name Edition
CBC Go Public is like a dog with a bone when it comes to going after Canada’s big banks. First it exposed the high pressure sales culture that has made its way down to the front-line – prompting bank tellers to open up about the aggressive tactics used to dupe customers into taking out new products or…
Read MoreGrowing Your Wealth: Managing Investment Fees
Effective January 1, 2017, new rules compel investment firms and advisors to clearly outline the costs of any funds held by their clients. Previously, many investment fees were hidden within incomprehensible prospectuses and financial reports that most investors rarely read. How do the various fees you pay on your investments – whether you do it…
Read MoreWhy I Don’t Invest In A Taxable (Non-Registered) Account
Rumours of an increased capital gains tax were put to rest last week when the Liberals unveiled their second federal budget with no mention of a change to the inclusion rate. The scuttlebutt around capital gains, however, got me thinking about investing in a taxable or non-registered account. There are several scenarios where investing in…
Read MoreWeekend Reading: Federal Budget Edition
It was much ado about nothing when the Liberals announced its second federal budget this week. Despite rumours of tax hikes and increases to the capital gains inclusion rate, the budget delivered none of that, and instead offered what amounts to long-range pledges to improve innovation, skills training and gender equality. For the record, Finance…
Read MoreTaking Out A Second Mortgage: A Cautionary Tale
Let me share a cautionary tale about taking out a second mortgage. I got into a lot of financial trouble in my early twenties. Even though I bought my first home on my own at 23, my finances were a mess and I was stuck in a big-time credit card debt trap. My only saviour…
Read MoreDon’t Allow Debt To Derail Your Retirement Plans
Many people approaching retirement may be delaying those plans due to their debt loads. Boomers are not known for thrifty living. They have earned the title of the “most indebted generation.” According to a Statistics Canada 2012 Survey of Financial Security, 70% of people aged 55 to 64 are carrying some debt. One-third still have…
Read MoreHow A ‘First 60 Days’ Assessment Saves Us Taxes Year Round
I filed my taxes last week and expect to see a $2,500 refund hit my account some time in the next few days. While normally a big tax refund is cause for celebration, I won’t be treating this one as a windfall. That’s because it turned out my wife owed around the same amount when…
Read MoreWeekend Reading: Moonlight Run Edition
Today marks the 30th anniversary of one of the biggest running events in southern Alberta – the Moonlight Run – and I’m excited to say that I’ll be competing in the event for the first time along with my wife, who is an avid runner. I don’t have any aspirations of winning my age category…
Read MoreBanks Behaving Badly
The media has been all abuzz lately about the Big-5 Banks and the shady practices they are using to dupe unsuspecting customers. I was approached twice by CBC for an interview which I declined both times. The reason? First of all, the mere thought of appearing on live national TV gives me a full-blown panic…
Read MoreBanking On A High Pressure Sales Culture
Canada’s big five banks continue to post record profits and the pressure to achieve ever-increasing sales targets has filtered its way down to the front line. Three TD Bank tellers went to CBC Go Public and explained how the bank’s high-pressure sales culture has them relentlessly pushing new products on unsuspecting customers. Suggestive selling, cross…
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