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The holiday season is a great time to give, but that doesn’t mean indiscriminate and excessive spending on gifts. Sure, when someone you care about needs or really wants something, it’s hard to resist buying it for them. If it’s within your financial means, why not? However, it can be helpful to think about giving gifts in broader terms to maximize the impact. If we commit to spending wisely and with intention over the holidays, we can make a meaningful difference in someone’

Higher education provides many benefits to students, such as building a career foundation, expanding social skills and learning responsibility. However, this education can come at a steep cost. The price tag will depend largely on whether or not your child attends a nearby school. If your child is still years away from post-secondary education, you’ll need to budget for inflation as well. Major expenses With proper planning and budgeting, many families can manage an investmen

If you’re approaching retirement, it can be both exciting and stressful. Sure, after years of juggling a full workload along with family and other obligations, having the freedom to set your own schedule is enticing. However, given the recent spike in inflation and subsequent high interest rates, the basic cost of living has jumped significantly. Money isn’t going nearly as far as it used to, and you might be wondering if you’ve actually saved enough to enjoy your retirement

Do-it-yourself (DIY) investing is nothing new, but in recent years it has grown in popularity thanks to the proliferation of self-styled experts on the internet, particularly YouTube and social media channels such as TikTok. The idea is that personal finance and investing really aren’t that complicated, and that you’ll save money on advisor fees if you go it alone. The truth is that only a very small number of people – people who live and breathe investing and personal financ

It’s no secret the housing market in Canada has been overheating for years. As real estate prices continue to soar, many prospective first-time homebuyers are feeling squeezed out of the market. While there are no instant fixes for the challenges created by insufficient affordable housing, the Canadian government introduced a measure in its 2022 Federal Budget that aims to help first-timers save money to purchase a home. The government is working with financial institutions o

When you hear the term “estate planning,” what comes to mind? Do you think of the ultra wealthy trying to determine how to divide their massive fortune among their children? Sure, that’s one example, but in the everyday world, estate planning is for anyone with assets of any kind or amount who is looking to pass those assets along to the next generation or other beneficiaries. Many people don’t realize that an estate plan not only facilitates the distribution of assets accord

Since 1957, the Registered Retirement Savings Plan (RRSP) has helped millions of Canadians save for the future in a tax-efficient way. When combined with workplace pension plans and government benefits like the Canada Pension Plan and Old Age Security, the RRSP can be a valuable source of cash flow in retirement. March 1, 2023 is the deadline to make RRSP contributions for the 2022 tax year. Keep that date in mind as you read about the benefits of an RRSP, so you don’t miss o

There’s been a lot of talk lately about a recession, which economists define as two consecutive quarters of negative economic growth (as measured by a country’s gross domestic product). How did we get to a point where a recession this year is more likely than not? In a bid to rescue the economy from the damage done by the pandemic, central banks turned to ultra-low interest rates and governments used a variety of fiscal stimulus measures to kick-start growth. While this strat

Whether it’s related to pop culture, fashion, food or other areas of life, influencers are everywhere. They dominate social media with their splashy posts, photos and videos. Followed by thousands or even millions of people, successful influencers thrive by expressing their views and doling out advice. But what about the world of finance? Influencers in this realm are called “finfluencers,” and they promote investments in particular companies or espouse a certain approach to

With November being Financial Literacy Month, it’s a good time to understand how to protect yourself from financial fraud. Technology has made it easier to perform financial transactions, but it has also increased the potential for fraud. While seniors may be particularly vulnerable (more about that later), everyone is susceptible and everyone should know how to protect themselves. What’s financial fraud? It takes on different forms, but at the heart of it, financial fraud in

As parents, we are always looking for opportunities to share longstanding lessons with our children so they can become increasingly independent in safe and healthy ways. We tell them to look both ways when they cross the road, never talk to strangers and of course, always eat their vegetables. But when it comes to money management – an essential lifelong skill – many young adults find that they have been ill-equipped to manage their finances on their own. Whether your childre

These days, the topic of inflation is everywhere in the news. Prices are rising and the cost of living has increased considerably. While some inflation is manageable, high inflation can impede economic growth. To help control excessive consumer spending, many central banks have been raising interest rates. In theory, this should calm inflationary pressures before the economy overheats. For borrowers, high rates are never ideal as they’ll have to pay more to the lender. Think

If you’re like most investors, emotions tend to creep into your investing decisions. When markets are strong and your investments are rising in value, you may become overconfident and less careful, investing money in the next “sure thing” without thoroughly researching the potential risks involved. On the other hand, when markets decline and your investments start losing value, your initial response might be to panic and sell before you lose even more money. It’s human nature

While winter weather in Canada has its challenges, a relaxing summer vacation may be the pot of gold at the end of the frozen rainbow. With today’s rising fuel costs and high inflation, it might seem like you’ll actually need a pot of gold to pay for your vacation, but that doesn’t have to be the case. With some pre-planning, your long-awaited reprieve can be fun and relaxing without having to break the bank. 5 tips for your vacation budget Create a vacation spending plan. Ev

In your working years, you make an effort to build wealth so you can meet your goals, such as buying a car, owning a home, putting children through school, etc. You also try to save enough money for retirement, and may use tax-effective registered accounts like a Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA) to help you get there. Creating wealth is known as the “accumulation phase” and much of your life is spent in this important financial stag

Winter weather can be harsh, but many Canadians endure the snow, ice and bone-chilling temperatures by casting their thoughts ahead to summer and the warm, carefree days awaiting them at the cottage. Maybe you grew up going to the family cottage or spent time with friends at their summertime getaway. Perhaps you never had the vacation property experience but find the idea appealing. Whatever the case, as an adult you may have the opportunity to purchase a vacation property, b

As the name suggests, a Registered Retirement Savings Plan (RRSP) is designed to help you save for retirement – and who doesn’t want to have the money they need to enjoy life after they finish working? However, many Canadians don’t have an RRSP or do not contribute regularly. Some people may lack the financial ability to contribute every year, while for others, it’s a matter of not fully appreciating the key benefits of RRSPs. For the latter group, here are five great reasons

November is Financial Literacy Month. And while many people think of financial literacy in the context of understanding financial concepts, it also means putting your learning into action, such as being prepared for emergencies and meeting goals like building long-term wealth. Everyone recognizes that saving for retirement is important, given that most people have considerably less income when retired and will rely on savings to fund their basic needs and desired lifestyle. H

November is Financial Literacy Month – a great reminder to brush up on our financial knowledge and, even more importantly, pass on what we know to our children. Here’s a primer, by life stage, on how to help your kids learn about managing money. Pre-school Before children reach school age, it’s challenging to comprehend the notion of money. Once they have a decent grasp of language, introduce them to basic financial concepts. For example, show them different coins or bills, a