Author Archive for: Advisorsavvy

Are you aware of the importance of financial literacy and how this knowledge can be applied to manage your finances? Financial literacy is a powerful tool that everyone should be armed with, regardless of their current level of income or financial security. Knowledge about budgeting, savings, borrowing money and planning for retirement are all components of sound financial literacy skills. Being able to understand these concepts can make a huge difference in helping Canadians live debt-free and achieve their long term goals. In this blog post, we will explore what is financial literacy and why is it important as well as basic principles surrounding financial literacy in Canada. Continue reading to learn more! What is the meaning of financial literacy? Financial literacy is defined as the level of ability to understand and effectively apply financial knowledge and skills. Many define financial literacy as financial awareness, attitudes and behaviors related to decision making around money as well. This could include an

People are going out again as pandemic restrictions loosen up. Canadians are dining in fancy restaurants, taking luxury vacations, and making large purchases after feeling pent up during COVID. But guess what all the spending hype, mixed with soaring inflation and increased costs of living means for Canadians? Debt — and lots of it. You probably feel it when you look at your credit card statement or go out for dinner. Financial woes are at an all-time high, whether from mortgages, credit cards, or student loans. Curious about how your debt compares to other Canadians? You might wonder: What is the average debt in Canada? In this article, we’ll cover everything you need to know about the average debt in Canada. We’ll also cover different types of debt, along with helpful advice to pay it off quickly. The Current State of Canadian Debt Canadian household income steadily increased in late 2022. But so did consumer debt. Disposable income, also known as available

A Home Equity Line of Credit, or HELOC for short, is an increasingly popular option for Canadians looking to access the value of their homes without having to go through mortgage refinancing. HELOCs offer maximum flexibility with low interest rates, letting you control just how much money is borrowed when it’s accessed, and for what purpose. A HELOC can be used for a variety of purposes, such as debt consolidation or home improvements. The only requirement for a Canada home equity line of credit is that you own a property with equity. Let’s take a look at the features and benefits offered by this unique home loan solution — our guide to Canada home equity line of credit has everything you need to know! What is a home equity line of credit in Canada? Canada’s home equity line of credit is a useful, flexible financial tool. It allows homeowners to access the equity in their homes by taking out a

With the silver market on the rise, many savvy investors are looking for ways to get involved and capitalize on its potential. Whether you are new or experienced in investing, it’s important to consider what type of vehicle will give you the best returns, as well as which companies have a successful track record when it comes to mining silver. With Canada being one of the world’s leading producers of silver, finding stocks that offer long-term growth opportunities can be a smart move. In this post, we’ll explore some of the best Canadian silver stocks worth checking out right now. Related Reading: Is it better to buy physical gold or ETFs? The Value of Silver Today Silver has been used around the world for thousands of years and its value persists to this day. People have used it to make jewelry, coins, utensils, utility parts, and much more. Silver is also an ideal industrial metal due to its low cost,

For investors looking to take advantage of the tailwinds of Canada’s world-renowned healthcare system, investing in Canadian Healthcare ETFs may be an attractive option. In recent years, ETFs have become increasingly popular as investors seek to benefit from the sector’s stability and growth potential. We’ll discuss the benefits and drawbacks of investing in a Canadian Healthcare ETF below so you can make an informed decision about whether this type of investment is right for your portfolio. What are ETFs? Exchange Traded Funds, or ETFs, are a type of security that tracks an underlying asset such as stocks, bonds, commodities or even a specific sector. ETFs differ from traditional mutual funds in that they are traded throughout the day on stock exchanges. In addition, ETFs offer investors access to many different assets within one financial product. Unlike mutual funds, ETFs do not have a net-asset value (NAV) calculated daily but trade at market prices which may be higher or lower than

The minimum wage is meant to ensure a baseline pay that supports a minimum lifestyle — food, basic utilities and shelter, at the very least. Since the cost of living varies so greatly across Canada’s provinces and territories, the minimum wage isn’t uniform across the country.Additionally, minimum wage increases here and there with inflation, but usually not enough to keep up with it.So, the question becomes, what is the minimum wage in Canada by province? Continue reading to learn more in this guide! The minimum wage in Canada by Province Until recently, the Canadian government allowed provinces and territories to set their own minimum wages. In December 2021, Canada announced a federal minimum wage. Although it only applied to workers in federally regulated private sectors, like transportation, banks, and postal services. On April 1, 2022, Canada increased the federal minimum wage to $15.55 per hour. Remember, this minimum doesn’t apply to workers in non-federally regulated industries unless the provincial minimum

How do you know if you’re doing well financially? Maybe you have a home to your name that’s appreciating in value. Or perhaps you rent and live in the city but make all your car loans, credit card, and rent payments on time. Both sound like good financial pictures, but knowing your net worth helps you see the bigger picture. Net worth acts like a bird’s eye view of your personal financial landscape. So, what’s the average Canadian net worth? We’ll talk a close look in this article. Related Reading: Gross Income vs Net Income in Canada: What’s the Difference? What is Net Worth? Net worth is the value of all your assets minus the value of all your liabilities. Assets most commonly include: Your assets might include physical possessions as well, like cars, jewelry, art, and furniture. Of course, your $19.99 tablecloth isn’t typically included in the calculation of net worth. Liabilities refer to all your debt. This includes:

Are you looking for a bank account with no monthly fees and little to no transaction fees? If so, you need to check out the 8 best free bank accounts in Canada. Whether you’re just starting out, or have been managing your finances for years, these options offer competitive interest rates and reliable services that can take your finances to the next level. In this blog post, we’ll provide an overview of some of the top banks providing free daily banking accounts in Canada. Read on to learn more about their features and perks. What is a “Free” Bank Account in Canada? In Canada, a “free” bank account is one that does not have any monthly fees. Unfortunately, banking is never 100% free as there is a cost to pay to use their services. That said, there are often other fees associated with free accounts. Such as Interac e-Transfer fees, currency conversion fees, and ATM withdrawal fees (if you use

You might create a will to ensure your estate is well-managed and dispersed after you die. But what happens to your debt? Does your debt die with you in Canada? Or will your family receive a large mortgage bill or collection calls along with their childhood home?Hopefully, you have enough money in your savings, assets, and estate to take care of your debt. However, Canada’s laws have a few paths for debt after death depending on who it belongs to and how long it’s been since you’ve had it. Are you worried about debt after death? The first step is awareness. Don’t worry — your inheritors won’t have to manage your debt if you’re vigilant in your estate planning and repayments.With this guide, we’ll help you learn the ins and outs of debt upon death in Canada. How long until debt is written off in Canada? After browsing the odd news clipping or blog article, you might say, 6 years.

Have you ever found yourself in a situation where you needed to issue a cheque but weren’t exactly sure how to go about doing it correctly? Writing a cheque may sound like an antiquated method of payment, but believe it or not, this form of payment is still used by many individuals and businesses across Canada. In fact, it remains to be one of the cheapest methods of payment! To ensure that your financial transactions are processed without any delays or complications, learning the basics of how to write a cheque in Canada is a valuable lesson. In this blog post, we will provide you with the essential steps on how to write a valid cheque in Canada. Read on if you want to take control of your finances and make every penny count! What is a cheque? A cheque is a document that instructs a bank to pay a specific amount of money from a person or business’ account

Pensions are a powerful tool when it comes to retirement, but what if you don’t have one? Is it possible to retire without a pension? These are all great questions to ask yourself when preparing a financial plan for retirement. Fortunately, it is possible to retire without a pension in Canada, but you may have to do some additional planning and preparation compared to your peers who have a pension. In this blog post, we’ll explore how to retire without a pension in Canada including the resources available and extra steps to take to ensure your retirement fund is sufficient. Does every Canadian get a pension? In terms of a workplace pension, the answer is no, not every Canadian receives or is entitled to one. Not all employers are required to provide a pension to their employees. Instead, offering a pension to employees is a choice of the company. With that said, workplace pensions are common across certain industries, but

A death in the family is a difficult experience to endure on its own. Additionally, financial implications make the situation even more of a burden to handle. That’s right — someone has to manage the affairs of the estate when someone passes on. Inheritance wishes and tax obligations can clash, families argue due to the emotionally charged situation, and sometimes, people feel confused about how to proceed with the estate once someone passes.Curious about how estate taxes in Canada work? We’ll help illuminate some of your obligations by describing estate taxes in Canada, what to expect, and how to file your estate tax return. Are there estate taxes in Canada? Here’s the good news: Canada doesn’t have a dedicated estate or inheritance tax on the federal or provincial levels. Only a few states in the US impose taxes like these, like Hawaii, Connecticut, Vermont, and New York, which is why Canadians sometimes believe there is an estate tax.On the contrary,