If You Are Saving For Your Old Age You Might Be Saving Too Much

If You Are Saving For Your Old Age You Might Be Saving Too MuchWhen I tell people that their retirement income target may not be as high as they thought, a common response is, “Yeah, well what about long-term care?” Everyone has an anecdote, perhaps involving an aunt or the parent of a friend, who needed extensive, round-the-clock care at the end of their lives and ended up burning through half a million dollars or more. If we take a closer look at…

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What Kind of Stocks Should You Hold in a TFSA?

What Kind of Stocks Should You Hold in a TFSA?It seems the conversation of investing in a tax-free savings account (TFSA) becomes quieter and quieter as the months go by in a year, and the conversation is most vibrant at the start of the year. Saving and investing should be a consistent act, so I’m bringing it up again. By investing instead of just saving, you’re looking for higher returns that come with higher risk. Before thinking about what…

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3 Money Mistakes That Couples Make

3 Money Mistakes That Couples MakeWhether you’re newly wed or about to celebrate your silver anniversary, there’s a good chance you’re making serious mistakes managing your money as a couple. After talking with countless men and women about money and how it impacts their relationships, David Bach, vice chairman of Edelman Financial Services, has identified the many mistakes that recurred, time and again. They’re all profiled in his new book “Smart Couples Finish Rich: 9…

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Bump-Up for TFSA in 2015 Doesn’t Have to Wait for the Budget to be Passed

Bump-Up for TFSA in 2015 Doesn't Have to Wait for the Budget to be PassedCanadians are free to top up their 2015 tax-free savings account contribution without fearing any sort of penalty, bank officials said Thursday. The government’s budget released Tuesday increased the annual contribution limit to TFSAs from $5,500 to $10,000 and made it effective to Jan. 1, 2015. Following the announcement there was confusion about whether Canadians could put another $4,500 into their TFSA account right away. The early birds, who were rushing…

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You Spring-Clean Your House Why Not Your Finances?

You Spring-Clean Your House Why Not Your Finances?Many Canadians engage in regular spring cleaning rituals like checking fire alarms, rotating mattresses and planting gardens. They’re tedious and time-consuming tasks, but they need to be tended to by responsible homeowners. Those responsibilities shouldn’t end at household chores. Spring is as good a time as any to dust off and polish up all things personal finance. You’re already sorting through slips and statements to file your taxes, so you…

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Top 10 Personal-Finance Myths

Top 10 Personal-Finance MythsCommon myths are everywhere: sharks don’t get cancer (not true); the Great Wall of China is visible from space (ditto). They exist in the world of personal finance, too. Myth: I don’t need to worry about our budget or finances because my partner manages the money. Fact: “Even if someone else is in the driver’s seat, you should be an active passenger; not asleep in the backseat,” says Linda MacKay,…

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5 Rewards of Living a Frugal Lifestyle

5 Rewards of Living a Frugal LifestyleYou might be a natural at making frugal choices when it comes to spending or perhaps you are slowly easing your way into the frugal lifestyle. Either way, know that your efforts result in additional benefits that go beyond the immediate impact of cash savings. You might not notice these nonmonetary rewards at first. That’s because in the beginning stages of adopting a frugal perspective, you’re usually focused on reaping…

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Canadian’s Financial Lives Increasingly Driven By Tech

Canadian's Financial Lives Increasingly Driven By TechA study released this week by Microsoft Advertising confirms what many have already suspected: Canadians see technology as something of a double-edged sword as they increasingly use online services and mobile devices to manage their finances. The technology company surveyed 2,000 people online, and the resulting study, dubbed The Financial Lives of Canadians, suggests consumers have passed a tipping point in terms of their routine use of online tools. Fully…

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Five Investment Themes for 2015 and Beyond

Five Investment Themes for 2015 and BeyondSince this is the season for prognostications, I thought I would make a few of my own as this is my last column for 2014. But rather than attempting to predict specific events or pick specific stocks that will be winners in 2015, here are five macro themes that you might want to watch carefully next year — and beyond. 1. Oil All Canadians are aware that oil prices have…

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Must-Make Year-End Tax Moves

Must-Make Year-End Tax MovesWe may be approaching the most wonderful time of the year, but December is also when to make moves that could save you money come tax time. “Most people think of tax time as April, but it’s really all year long,” says Caroline Battista, a senior tax analyst with H&R Block Canada. “You want to be keeping your receipts all year long, but there are few things you can do at…

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