Finance Minister, Joe Oliver introduced the government’s 2015 Federal Budget yesterday. The big takeaway is that there will be tax breaks for everyone. Yay! 😀 The proposed budget is expected to get passed as the Tories hold a majority government. It’s nice to finally see some welcomed changes in fiscal policy to address the economy rather than rely on… Read More »
A new study by the University of Pennsylvania’s Wharton School found that adults in many countries make money decisions with surprisingly little financial knowledge. Researchers asked people in 18 countries THREE simple financial literacy questions about interest rates, inflation and investing. When Americans over 50 years old were asked these 3 questions, only 50% could answer the first two questions correctly. Furthermore, just 33% knew the correct answer to… Read More »
How do you handle change? Some people put it in parking meters. But everybody copes with it differently. Change can appear in many ways but it is always inevitable. You have memories and life experiences today that you didn’t have 20 years ago. Your appearance has probably changed quite a bit too. Even the matter of which you are made… Read More »
Retirement Number and The Rule of 300 The common question that comes up when people think about retirement is how much money do you need to retire comfortably? This is sometimes known as the retirement number. It’s a dollar figure that essentially represents financial freedom. 🙂 It’s important to realize that there isn’t a precise answer to this question because the… Read More »
Many parents make the common mistake of leaving their children with way too much inheritance all at once. Many children will spend their inheritance unwisely because they haven’t learned how to handle such a large windfall. What parents should do instead is pass down the inheritance gradually throughout the later years of their lives to minimize taxation, and… Read More »
RRSPs can be used to lower our overall tax burden. Continued from How to Use the RRSP: Part 1 Another use for an RRSP is to treat it as a jobless fund. I don’t have an emergency fund in the traditional sense, but if for whatever reason I stopped working, didn’t qualify for E.I. benefits, and ran out of TFSA… Read More »