February 22, 2011

Time is on the side of young Canadians – Saving $1M for retirment is do-able

  By DEREK ABMA, Postmedia News February 21, 2011  Becoming a millionaire in time for retirement is a more attainable goal than most young Canadians think, according to a major Canadian bank. But then again, $1 million isn’t what it used to be. TD Canada Trust Wednesday released survey results showing three-quarters of respondents ages 18 to 34 said it is unlikely they’ll be worth $1 million or more by the time they retire. In fact, one-third said their best bet for becoming a millionaire is winning the lottery, while just one in 10 could see themselves getting there by saving Read more…

February 18, 2011

Is a TFSA or RRSP right for you?

Is your main reason for contributing to an RRSP each year the expectation of pocketing a juicy tax refund in the spring? While cutting the past year’s tax bill is the carrot that makes most Canadians max out their RRSP contributions, there are plenty of situations where one may be better off not contributing at all. This is especially the case now that there’s a viable alternative: the tax-free savings account (TFSA) introduced in January 2009. The TFSA is a sort of mirror-image RRSP in that it does not generate an upfront tax refund. Apart from the refund, new investors Read more…

THE RIFF rebels

While Ottawa has so far turned a deaf ear to calls to cut the minimum RRIF withdrawal rates, you can expect political pressure to mount in five years. Why? As always, just watch the Baby Boomers. Much has been written about the first crest of Boomers reaching 65 this year. Six years from now, this leading edge will crash on the shores of forced RRIF withdrawal rates. Tacita Capital president Michael Nairne recently made waves when he described the “dark side” of RRSPs: the often-overlooked fact that they must be converted to Registered Retirement Income Funds at age 71. Retirees Read more…

November 25, 2010

Pension shortfall bigger by $65B

What we Canadians can expect is increase income taxes in order to support the government’s inability to fund this pension fund. As a taxpayer…. How does this make you feel? There are solutions! Find out how to guarantee your own pension fund and start funding your own retirement. It is easier and more feasible then you may think. Read more…

My Story … Louise

Watch My Story … Louise, a first-person account of the financial impact of a critical illness.

November 8, 2010

Disturbing Economic Trends in Canada

October 29, 2010

Canadian debt a ‘growing cause for concern’

Canadians are carrying far too much debt relative to what they earn, and the problem is only going to get worse if the Bank of Canada maintains a low-interest rate environment over the next few years, a report from TD Economics warned Wednesday.

October 19, 2010

Canadians have trouble saving, poll finds

Leader Post: October 14 2010 Canadians are having a hard time saving money, according to poll results released yesterday. The Royal Bank of Canada survey showed 38% of respondents couldn’t save at all. The most common reason, given by 30%, was that they have nothing left over after paying their bills. The other 8% said it was because of their impulse-buying habits. Just more than one-third — 33% — said they make regular contributions to a savings account, while 29% said they put money away “from time to time.” The Royal Bank survey had 27% of respondents saying they have Read more…

Entrepreneurs latest target for advisors

Financial Post: October 13 2010 A new generation of Canadian business owners and entrepreneurs is starting to find out they’re wanted by financial planners and institutions who have already tapped the wealthy establishment for business. The reason? They are the new rich. About 40% of the country’s more than 544,000 high-net-worth households own businesses, according to a recent Royal Bank of Canada survey. By comparison, just 8% of Canada’s millionaires inherited their riches. Those numbers underscore how wealth demographics are shifting to younger groups and to “earned” wealth rather than inherited wealth. No wonder the financial industry is turning its Read more…

October 8, 2010

Cancer treatment costs can be painful, Most would have hard time paying, poll finds

Most Canadians say that if they were diagnosed with cancer, the out-of-pocket cost of treating the disease would be a drain on their personal finances, with more than half calling it a “major” impact once the prices of newer drugs are factored in.

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