It’s the great Canadian dream – retire as early as you can and kick back to enjoy your golden years in relaxed style. For many Canadians, though, this simply isn’t a reality – and as pension possibilities dwindle, many are on their own when it comes to saving for their senior years. We’ve got a few ways to help cut corners – and make the most of your post-pension finances.
Carrying debt = bad, right? Seems like it, according to personal finance 101. But did you know that not all types of debt are created equal – and that certain types can actually increase your wealth? Understand the difference between constructive and deconstructive debt – and how to avoid the latter.
The Registered Retirement Savings Plan (RRSP) deadline of February 29 recently passed. Were you one of those people making a late night appointment with your banker or investment advisor to top up your savings? If you were, did you feel a little like the student cramming for an exam — a student who would have been better of studying less over a longer term? Rushing to deadlines when it comes to tax incentives is not the best approach. Having an all-year plan is much smarter.
It’s that wonderful time of year again. When we dig deep into our shoeboxes full of receipts and wait eagerly for official tax documents to arrive in the mail. All to file our tax refund before the end of April. Are you ready for it this year? Did you keep a good record of all the charitable contributions you made, the receipts you can write off and are you aware of all the incentives you might qualify for?
The countries richest CEOs earn 189 times what the average Canadian does. According to the Canadian Centre for Policy Alternatives the average annual salary in this group is $8.38 million. By the time you read this, Canada’s top-100 earners have been paid in two weeks what it will take most of us 10 years to make. “The gap between Canada’s CEO elite 100 and the rest of us is growing at a fast and steady pace, with no signs of letting up,” says economist Hugh Mackenzie, who authored the report.
When you have kids, there’s so much more to do. Of course, you have to take care of them, and that sure takes up a lot of time. But also, you need to get certain financial arrangements in order to ensure they’ll be taken care of properly for a long time.
Your taxes are in… or at least they should be. Did you find yourself scrambling to file on time this year, and every year for that matter? Here are seven ideas to help change your current process.
March 1 is coming! It’s RRSP deadline time! Every January and February, the financial services industry comes alive to encourage us to buy RRSPs (registered retirement savings plans) to fill up our contribution room for the previous tax year, but also to get our monetary houses in order. Yes, the March 1 RRSP deadline is an important one, but there’s more to managing money than tossing funds into RRSPs. By focusing our financial calendars on the late winter every year, we could be missing out on other important deadlines — and ways to save big bucks.