Author Archive for: Advisorsavvy

Ever wondered why nobody questions the traditional investment or loan landscape? It feels like banks have overarching power and control, permitted the privilege to dive deep into your history and reject you based on stringent policies.The world of DeFi stands up to the limitations of traditional lending. But what is DeFi lending and how does it work with cryptocurrency? Keep reading to find out! What is DeFi? DeFi is a decentralized financial system. Hang on, are we talking about Bitcoin or other cryptocurrency here? In a way, yes, but DeFi is the bigger picture. DeFi encompasses all financial services performed on a decentralized system, often a blockchain. Imagine conducting your regular day-to-day banking through Ethereum. We’re talking mortgages, personal loans, savings accounts, insurance policies, and pretty much any other financial service as an alternative to traditional banking. Your mind might wander to Coinbase and other cryptocurrency exchanges, but that’s not quite DeFi. Instead, DeFi takes on the ambitious goal of

As Canadians, we take pride in our financial system and the various designations that come with it. After all, our financial system wouldn’t be possible without the experts behind it. From chartered accountant to investment advisor, these titles convey a level of professionalism and expertise that we as consumers can trust. In this blog post, we’ll explore some of the most popular financial designations in Canada and what they can offer you. We’ll also discuss how to earn these designations and the requirements involved. Whether you’re looking to earn a financial designation or learn about certifications for potential financial advisors and experts you want to hire, read on to learn more! What are financial designations in Canada? Financial designations are highly sought-after credentials in the field of finance. These special certificates and degrees allow professionals to demonstrate an advanced level of expertise in their chosen area, whether it’s corporate finance, tax planning, economics, financial analysis and more. In order to

Living pay cheque to pay cheque is a common experience for many Canadians. In fact, the Angus Reid Institute, a non-profit organization, did a recent study on the matter. They found Canadians are feeling the financial pressure of inflation which has left little to no income after paying for necessities like groceries, gas, housing and so on. In addition, 45% of Canadians reported their financial situation has worsened in the last year. Their report also found that if monthly expenses were to increase by as little as $300, 66% of Canadians would not be able to afford the increase. Or they would have to make major changes in their lifestyle to afford the raised cost of living. As you can see, many Canadians are living pay cheque to pay cheque! While it may seem like an impossible task, there are ways to break the cycle and start saving money. In this blog post, we’ll explore some of those methodologies. Read

Fraud is a big issue in Canada. Every year, it costs Canadians billions of dollars. This can be in the form of stolen money, fraudulent activities or scams. If you have been a victim of fraud, or know someone who has been, it’s important to know how to report it. By reporting fraud, you can potentially get your money back and also prevent that entity from harming someone else. While falling victim to fraud can be embarrassing and irritating, you’re not alone! Try to stay calm and be kind to yourself, then take steps to report it. In this blog post, we will outline the steps you need to take to report fraud in Canada. We will also provide information on the different types of fraud and how to protect yourself. This includes tips on identifying fraudulent activity before it happens. Read on for everything you need to know about reporting fraud in Canada! What is fraud? Fraud is defined

Income is a critical aspect of financial stability and success. Without income, it would be a challenge to achieve financial goals. There are countless ways to earn income, but some are more common than others. In this blog post, we will explore four different types of income. Each type of income has its own unique benefits and drawbacks. It’s important to understand them all before making any decisions about your financial future. We’ll also discuss how each type of income can be taxed, so you can make the most informed choices for your situation. Why do the types of income matter? The types of income you earn matter just as much as the amount. That’s because different types of income are taxed in a specific way. Diversifying your income streams can help reduce your overall tax burden. In addition, having various income streams can provide greater financial stability so you’re not reliant on one source. For example, if you earn

Time for a new set of wheels? Maybe, you’re preparing to buy your first car, or your university-aged child has saved up for theirs. Either way, you want to buy a car. Is it one of those big purchases that can seem daunting, with a LOT of steps? Yes (sorry!) The reality? Yes, there’s a lot to the process. But if you’re able to take your time and follow each step while keeping your eyes on the prize and your own needs in check, you’ll end up with the perfect car. Let’s get started! What is the total cost of car ownership? Before diving into all of the steps of buying a car, it’s important to think about the total cost of owning a car. To be blunt: it can add up. When starting the process of buying a car, financing (either through your bank or the dealership) is typically top-of-mind. But when you’re figuring out a budget, factor in

Tax rate, tax bracket, marginal tax, average tax — there sure is a lot of tax-related terminology floating around, isn’t there? In our previous blog post, we discussed the ins and outs of tax credits and deductions in Canada, and how you can get a bigger tax refund. This time, we’re zooming out a little bit, tackling the differences in marginal tax vs average tax, and just what tax bracket you might fall into in the first place. This will ultimately help you better understand and plan your finances, and how/when you can claim tax credits or deductions and overall better plan for tax season. What is the average tax rate? The average tax rate measures your tax burden — i.e. the share of income you pay in taxes. It’s calculated by taking the total tax you paid and dividing it by your total income. Ultimately, it’s an accurate reflection of overall tax liability. What is the marginal tax rate?

It’s pretty hard to argue against trying to get the biggest tax refund possible. And after the year we’ve had, don’t we all want every last bit of refund we can possibly get? As it turns out, it’s pretty simple to maximize your return. What you do with your tax refund is a whole other conversation — paying down debt or putting it into savings are commonly recommended actions. It mostly comes down to knowing the difference between tax credits and tax deductions. After that, it’s knowing which ones apply to you. How to maximize your tax return Just grabbing your box of slips, logging onto your tax return program, and getting your tax filing out of the way is easy. As a result, you could be leaving a wide variety of tax credits and tax deductions on the table that the Canada Revenue Agency (CRA) has available to Canadians. A quick word to the wise: the Canadian government does

For many people, the pile of debt under becomes so high that it’s hard to see a way of getting it under control. When that happens, when it becomes too much, when you no longer have access to credit and your income is not enough to manage the debt – it’s time to file for bankruptcy.

Thankfully, we live in the digital age, where access to information is at our fingertips. And there are so many online financial planning and retirement calculators to choose from. Their easy-to-use platforms provide a real-time view, for both short- and long-term planning.