I added One Up On Wall Street to my library in 2015, but didn’t get around to reading it until this Spring. At the end of 2016, I had added it to my financial education reading list for 2017.The book written by Peter Lynch, first published in 1988 and followed by a second edition in 2000, is an excellent read and offers timeless advice to the average investor. A theme that comes up again and … [Read more...]
Investing Series
Get the inside scoop on RRSPs, RESPs, TFSAs, Indexing, ETFs and more. All about DIY Investing and increasing your Net Worth.
Bank of Canada’s Interest Rate Hike and What It Means To You
It's been nearly 7 years since the Bank of Canada (BoC) last raised its key interest rate. Following the financial crises and it's after-effects re: sluggish world economy, interest rates have generally been on the decline. However, on July 12, 2017, the BoC hiked its overnight rate from 0.5% to 0.75%. What's Important About the BoC's Rate Hike? To put things into perspective, the "overnight … [Read more...]
Designating a TFSA Beneficiary
The TFSA is a useful investment tool to avoid paying taxes on investment returns. However, depending on how the estate of the account holder is setup, there may be tax implications on income earned on funds in a TFSA after the account holder dies.What happens when a TFSA holder dies?Depending on the marital status/will/decision of the account holder, there are different options … [Read more...]
CRA’s $75 Million TFSA Penalties: How Are You Using Your TFSA?
Reports indicate that the Canada Revenue Agency (CRA) recently ordered a payment to its coffers of $75 million in penalties from audited TFSA accounts. This followed their audits of tax-free savings accounts (TFSA) over the past five years.Considering that not many people (definitely not me!) like the idea of paying additional taxes on the after-tax funds they are investing in their TFSA, it’s … [Read more...]
RESP: What If Your Child Decides Not To Pursue Higher Education?
What happens to your kid's Registered Education Savings Plan (RESP) if they decide against pursuing post secondary education? It's a good question to ask!As I have previously discussed, the RESP is a great way to save money for your child's higher education. When you consider that the government through the Canada Education Savings Grant (CESG) also contribute up to a lifetime amount of $7,200 … [Read more...]
Understanding The Home Equity Line of Credit (HELOC)
The terms Home Equity Line of Credit (HELOC) and Home Equity Loan may appear similar to someone who is new to Canadian real estate terminologies. They mean different things and I will attempt to clarify that in this article. For more on mortgage/ real estate terms and definitions, check out this article. What Is A HELOC? A home equity line of credit is a revolving line of credit that is secured … [Read more...]
Your Child’s Education: The Canada Learning Bond (CLB)
The Canada Learning Bond (CLB) is free money provided by the government to lower-income families to assist them in saving for their kid's future education after high school. It is associated with the Registered Education Savings Plan (RESP) and another well known government benefit - the Canada Education Savings Grant (CESG).The RESP is a government registered savings plan that helps parents … [Read more...]
Retirement Benefits: 10 Strategies To Minimize the Old Age Security (OAS) Clawback
The Old Age Security (OAS) pension is a taxable monthly payment from the Government of Canada to eligible seniors who are 65 years of age or older. Read more on eligibility requirements here.In addition to the OAS, low-income seniors may also be eligible for additional benefits including Guaranteed Income Supplement, Allowance and Allowance for the Survivor. OAS Clawback The current maximum … [Read more...]
