Lending Money to Friends

Lending Money to FriendsI’ve read that one should avoid loaning money to friends (and relatives) and do so only if it is money or relationship they can afford to lose. I’ve not loaned money to anyone yet, but I’ve been the beneficiary a couple of times during my school days. Recently, while hanging out with friends, I heard something related to the above and thought I’d share the story. Since our school days,…

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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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Should I Start the Smith Manoeuvre?

Should I Start the Smith Manoeuvre?As this blog has quite a bit of content regarding the Smith Manoeuvre, I often get reader questions regarding how to start the Smith Manoeuvre, and when is a good time to start.  I have answered the “how” in the past, but what about the “when”? What is the Smith Manoeuvre Before we get started, lets take a couple steps back and explain what the Smith Manoeuvre is to newer…

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Using Put Options to Protect Your Portfolio

Using Put Options to Protect Your PortfolioAs options are a fairly sophisticated method of investing/speculating, I rarely write about them as I’m a big believer in sticking with the basics.  However, with the expectation of some sort of market correction between now and October 2010, I’ve had thoughts on ways to hedge a portfolio to reduce the potential for loss. One way to protect a portfolio is to purchase insurance in the form of put options. …

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How the Age and Pension Amount Tax Credit Works

How the Age and Pension Amount Tax Credit WorksAs I mentioned in the Old Age Security (OAS) clawback article, a reader requested an explanation of the various seniors benefits in Canada.  While I’ve explained some income sources (oas and gis), lets get into a couple popular tax credits. Age Amount Tax Credit This tax credit, as the name suggest, is for seniors age 65 and older within an income threshold.  Like Old Age Security and Guaranteed Income Supplement,…

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Top Platinum Credit Cards in Canada

Top Platinum Credit Cards in CanadaFor those people who have had a credit card for more than a few years, it could be time to start thinking about whether the card you currently own offers all of the benefits you want. For more established consumers, an option that is available is a Platinum card. Platinum cards generally offer more benefits over standard “classic” or “Gold” cards, but have correspondingly different restrictions. These cards also come…

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EI Benefits for the Self Employed

EI Benefits for the Self EmployedAs the ranks of self employed Canadians increases, there is a growing problem of employment insurance coverage.  What is the problem?  Self employed business owners previously were not eligible for employment insurance coverage.  As it’s especially applicable to the female entrepreneurs, business income could dry up quickly while on maternity leave.  With no business income or employment insurance benefit, the financial situation could get ugly unless there is substantial savings….

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