Most Millennials Don’t Expect to Become Millionaires

Most Millennials Don't Expect to Become MillionairesEach of us is now responsible for saving for our own retirement, but many young people aren’t feeling particularly optimistic about their ability to do so. Most millennials (64 percent) say they don’t expect to be able to accumulate $1 million for retirement over their lifetime, according to a Wells Fargo and GfK survey of 1,005 millennials ages 22 to 35 who are employed U.S. residents, but not working in…

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Do You Want High Tax-Free Income?

Do You Want High Tax-Free Income?If you want more income, one of the first places you can explore is real estate investment trusts (REITs). They own portfolios of properties that are diversified geographically and across many tenants. Some are diversified across asset types as well. Most importantly, many REITs pay juicy distributions that can help you pay your bills. Here are a couple of ideas. NorthWest Health Prop Real Est Inv Trust (TSX:NWH.UN) owns 120…

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3 Great Dividend Stocks for Your RRSP

3 Great Dividend Stocks for Your RRSPOpening and contributing to a registered retirement savings plan (RRSP) is a great way to set money aside for retirement, and dividend stocks are ideal investments for these accounts. With this in mind, let’s take a look at three with high and safe yields of 3-5% that you could buy right now. 1. Telus Corporation Telus Corporation (TSX:T)(NYSE:TU) is Canada’s third-largest telecommunications company with approximately 12.44 million total customer connections,…

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Move Over RRSP, TFSA – 7 Strategies For Maximizing Investment Returns

Move Over RRSP, TFSA - 7 Strategies For Maximizing Investment ReturnsInvestors tend to focus first and foremost on gross returns. Since an investor only gets to keep their net return after-tax, tax should be an important factor when it comes to investment decisions. The most basic example of this is to make the most of available tax shelters. Most people are aware of tax shelters like RRSPs, TFSAs and RESPs, but, if you are self-employed, you can even create your…

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Accelerating Mortgage Payments will Free up Cash for RESP, Retirement Savings

Accelerating Mortgage Payments will Free up Cash for RESP, Retirement SavingsA couple we’ll call Harry, 35, and Tina, 37, are thriving in their careers. Harry, a geologist with a large company, brings home $5,730 a month. Tina, a management consultant in the chemical industry, adds $3,880, for total monthly disposable income of $9,610 a month. They have a two-year-old child. You could say that Harry and Tina are typical Canadians. Their income, though above average, is just enough to get…

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Relief May be on the Way — Tax on Both Sides of the Border

Relief May be on the Way -- Tax on Both Sides of the BorderU.S. citizens living in Canada not only have to file Canadian tax returns reporting their worldwide income, but they also have to file U.S. tax returns reporting the same income. That’s because the U.S. imposes taxes and filing requirements based on citizenship, not residency. To make matters worse, if the U.S. citizen holds a TFSA, RESP or RDSP, these accounts are not recognized as tax-preferred by the U.S. and the…

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Debt to Continue Rising in 2016

Debt to Continue Rising in 2016Canadian households will close out 2015 carrying thicker layers of debt after worrisome gains over the past 12 months — extra padding that’s expected to get even fatter in the new year. But even with the borrowing binges, many experts still believe the finances of most Canadians remain in decent shape. This assessment comes as the country shows worrisome signs linked to consumer spending. It has a record-high debt-to-income ratio…

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ULTIMATE Questrade Review 2017

Editor Rating: ( 90% ) – User Rating: ( 95% ) – When it comes to investing in 2017 the trading landscape is bathed and bursting at the seams with countless financial brokerage houses. Big names like BMO InvestorLine, RBC Direct Investing, TD Direct Investing, Interactive Brokers, Scotia iTrade, and at least a dozen more are available to chose from. Sadly, through deeper analysis one can’t easily distinguish distinctive differences…

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Want to Destroy Your Wealth? Here are 10 of the Best Ways to Go About It

Want to Destroy Your Wealth? Here are 10 of the Best Ways to Go About ItIt was my worst financial mistake and left me in what seemed like massive debt at 18. Surprise, the problem started with a credit card. A teenager with a $1,500 credit limit in 1982 and on vacation with friends in New York City is trouble. (I was working part-time as a bank teller, which facilitated my ability to get credit at the time.) So what happened? Strangely enough it wasn’t Manhattan that…

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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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