You’ve booked your flight and hotel. Now all you have to do is start looking up things to do and places to eat, right? Not necessarily. To create a stress-free trip, it’s also important to consider protecting yourself from some of the pitfalls of travel. But what exactly is travel insurance, and do you need it?
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However, it’s always important to prepare for tax season in Canada. And the best way to do that is to understand what you should know, including what’s new and when it’s due.
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Are you planning for retirement? Did you start contributing from day one of your first job?
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In order to get credit, you need credit — it’s one of life’s greatest frustrations.
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You pay for insurance, but it’s something you hope you never have to use.
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It sounds simple enough, but it’s important to understand how you can benefit from investing.
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Wallets filled with coins and bills have gradually given way to sleek ‘n slim credit cardholders. The Canadian Bankers Association numbers from 2021 indicate that there are 76.2 million Visa and Mastercard credit cards in circulation in Canada. In addition, 70% of Canadians pay their credit card balance in full each month making their interest $0. Not all credit cards are created equal and given that the average Canadian has a balance of $4,500, knowing what you are getting reward-wise, or what hit you’re taking interest-wise, is key to successful money management. How do credit cards work? Essentially, they’re little plastic cards that allow you to spend and pay it back later, normally on a monthly basis. The credit provided via the card allows you to either make purchases, transfer balances from other cards, or give cash advances. Each card has different interest rates and sometimes rewards, but all require a minimum monthly payment towards whatever balance you have on
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An insurance broker helps to review your current lifestyle and provide guidance on the insurance that will best meet your needs.
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There’s a pretty wide variety of savings and investing tools in Canada. But the introduction of the Tax-Free Savings Account (TFSA) in 2009 was a bit of a gamechanger, introducing a whole new way for Canadians to maximize the money they set aside while paying less tax. What is a TFSA? A bit of a misnomer (more on that below), TFSAs is a registered savings plan that lets you grow your money. It can be a great option for both short- and long-term goals. Essentially, the Canadian government’s intended purpose when creating the TFSA, was to encourage savings with the added tax-free incentive. Anyone over 18 with a valid social insurance number can open a TFSA, and make regular contributions. Your money grows, and when you want to withdraw it, you’ll do so tax-free. How does a TFSA work? A TFSA theoretically works like any savings account, in that you set aside any amount of money you want (up to
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Do you know how or if you’d benefit from using an investment advisor, and how to find one?
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What exactly is an RRSP? How do you know how much to invest, and where? Do you understand what an RRSP is and what it’s used for?
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There are many factors that can influence your finances — from your lifestyle and income to your short- and long-term goals — and a financial coach is well-versed in how to incorporate all of them into a cohesive plan that is tailored to you.
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If you’ve struggled to find a financial advisor, you’re not alone. A recent poll by Angus Reid suggests Canadians as a whole are challenged to find money professionals to help them with their retirement, tax, estate and investment planning needs.
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Do you need a financial planner? That’s a question many people find themselves asking as they reach particular milestones in their lives, along with how to find a financial planner that’s right for you.
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The financial advisor space is a minefield afflicted by a lack of clarity and slow regulatory change, according to the founder of new online platform Advisorsavvy.
Solomon Amos launched the site about four months ago, with the resource billed as the country’s largest source for connecting with advisors. It features reviews and ratings designed to make it easier for consumers to decide which professional is best suited to their needs.
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The site is currently looking for investment, financial and insurance advisors interested in adding their profiles to the platform. But just how eager will advisors be to expose themselves to potentially negative reviews from clients?
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A new service launching today is poised to make the world easier for both consumers and financial advisors by allowing people to easily choose their advisor and ensure they are an ideal fit.
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Almost two-thirds of Canadians don’t use financial planners (65%), mainly because they feel their portfolios are too small, finds a survey from the Financial Planning Standards Council. That reason was cited by half of respondents without planners.
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