GIC or Savings Account?

GIC or Savings Account?I recently had two reasons to look up the going rates on GICs and savings accounts. I thought I’d share what I found with you today and raise the question: Is it worth it to put cash into a 5-year GIC when some savings accounts are paying almost as much while offering the same safety and more liquidity? Why GICs or Savings Accounts? I mentioned two reasons I was interested…

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Should You Take Money Out of RRSPs to Pay Off Debt?

Should You Take Money Out of RRSPs to Pay Off Debt?I’ve had a lot of inquiries about this lately, so I thought I would address it today. I’ve written about RRSP Basics and RRSPs vs. Paying Down Debt, but these articles dealt mainly with general issues and new contribution money. I haven’t directly addressed the question of whether or not you should actually withdraw money from existing Resgistered Retirement Savings Plans in order to pay down credit card or mortgage…

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30 Financial Moves Before 30 – Ideas Worth Trying

30 Financial Moves Before 30 - Ideas Worth TryingI started reading the Art of Non-Conformity the other day and the idea of the life list/bucket list got me thinking again. I started thinking about my bucket list for what I want to accomplish before I turn 30 (in 7 years). Then I started to get more specific. I started thinking about what I want to accomplish financially before 30. Then I realized that my mind was all over…

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Loonie’s Strength To Invest In Eagle Market

Loonie's Strength To Invest In Eagle MarketI actually like what is going on in the markets right now as I believe there is a huge opportunity for us to make money over the long term. While many investors thing the stock market is sick, I’d say it is just another rough patch to ignore. The good side of things is that our Canadian dollar is still pretty strong (fluctuating between $0.95 and $1.00 US) and the…

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The Importance of Paying Attention to Financial Statements

The Importance of Paying Attention to Financial StatementsI’ll relate my experience to underscore the significance of paying attention to your finances – not just the saving and investing parts but also the all-important records of those money transfers/contributions. I contributed to my TFSA account for 2009 in May of that year and rested in content that I had been prudent in taking advantage of the newly introduced savings vehicle. Since financial institutions do not issue an official…

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The Basics And Benefits Of Registered Retirement Savings Plans

The Basics And Benefits Of Registered Retirement Savings PlansWhat if there was a way that you could get the Canadian government to pay almost half of the money you needed to make an investment (be it for the purchase of stocks, mutual funds, guaranteed investment certificates, mortgages etc.). Then, when you’ve made money on that investment, through interest earned or capital gains, the government tells you that you don’t have to pay tax on it. Keep the profits,…

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How to Get a Bridge Loan?

How to Get a Bridge Loan?Can banking get any more complicated? Hey man, you have no clue .  But in fact, clients can make banking and the loan industry complicated: At first, somebody wants to buy a house but doesn’t have any cash available for a down payment. So, banks create mutual funds to help him save. Then, this same individual can’t manage his budget so he can’t really save. And, banks come up with…

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How Much Do You Need To Retire? The 10% Rule

How Much Do You Need To Retire? The 10% RuleWhen trying to figure out how much you need to retire, there are many different rules of thumb you could follow. While I’ve previously discussed the 4% rule and the rule of 20, which both calculate your likely income at retirement, the most common calculation on how much to save up to retirement may be the 10% rule. The 10% rule simply states that you should save 10% of your…

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RRSP Spectacular!

RRSP Spectacular!The deadline is looming and Canadians still ponder about whether they should put more money into their RRSPs? When is the Deadline? According the to TD Waterhouse web site the deadline is Midnight on March 1st (so you get an extra banking day) for contributions to count on last year’s income tax. So you still have plenty of time to ponder this. A useful tool for this exercise is Quicktax’s…

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