Author Archive for: Veronica

9 Investments that Pay You Every Month

Investments that pay you every month help you find financial freedom and achieve your financial goals. They allow you to live more independently and on your own terms. Building up the right investments that pay you every month takes time, consideration and money. And unfortunately, the path won’t always be linear, you may have setbacks and losses. Most people seek these types of investments for retirement or other large goals, like saving for a down payment on a home. However, passive income provides additional freedom, security and flexibility which supports retirement and an independent lifestyle. These benefits can be accessed at any point in your life. With dedication and effort, you can build a portfolio of investments that pay you every month. Invest in what interests you and aligns with your level of risk tolerance. No investment is without risk but given the right information, you can begin wisely. What is passive income? Passive income is a source of money

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5 Best Day Trading Platforms in Canada

Are you interested in getting involved in day trading? It’s a challenging profession, but if you have a knack for numbers and are a self starter, it could be a lucrative endeavor. Before you can begin your day trading journey, you must choose an online platform to facilitate your trades. There are a variety of features to consider, such as fees, supplemental market information, and user friendliness. This concise guide presents the 5 best day trading platforms in Canada. By the end of this guide, you can make an informed choice to kickstart your day trading journey. Continue reading to find your perfect platform! What is day trading in Canada? A day trade is the process of an investor buying a financial instrument and selling it off on the same day. The goal of this investment is to make short-term profits from price fluctuations.In other words, you buy low and sell high within a day. The financial instrument used for

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What is day trading in Canada?

Day trading in Canada is an investment practice that involves an investor buying and selling shares and other securities within the span of one day. The objective is to purchase a security for one price and sell it at a higher price to make an incremental profit. Over time, all these incremental profits add up to produce significant income. There is potential to earn a lot from this practice, especially with low trading fees on online discount brokerages. In addition to profit potential, many investors enjoy the lifestyle of day trading because the hours are limited to the market and you can work from home. Over the years, this has made day trading more popular in the investing world. While day trading may be a lucrative business for some, it can be a waste of time and money for others. In this article, we’ll be defining day trading in Canada, how it works, and how to get started. Keep reading

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Average Car Price in Canada

If you are interested in buying a new or used car, you may want to know the average car price in Canada. This will help you determine if the price you’re paying is reasonable for what you’re getting. According to the AutoTrader Price Index Report, the average new vehicle price in June 2023 was $66,288, 21.3% above the price in June 2022.As for used cars, the national average is currently $39,645, 4.1% higher than it was the prior year. Generally, purchasing a car is quite expensive. Prices may vary depending on the model of the car and it’s new or used status. In addition, the cost to maintain a car is not cheap, which also varies on the type of car. However, there are some average car prices in Canada you should know about. Let’s take a closer look at what to expect below. What is an average car price? When buying a car, one major element to consider is

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Sole Proprietorship vs Incorporation: Which is better?

As an entrepreneur, choosing a structure is one of the hardest decisions you will ever make. Plus, the structure you desire might change depending on where you’re at in your business and where you plan to go. At some point, you will have to decide between sole proprietorship vs incorporation, the two most commonly used business structures in Canada. Whichever option you go with will have unique benefits for your business. That is, depending on your immediate and long-term goals. Our job is to ensure you understand your options and help you make the best choice. So, let’s start by explaining the differences between sole proprietorship and incorporation. Sole Proprietorship vs Incorporation: Know the Difference Sole proprietorship vs incorporation — these are two of the most common business structures for entrepreneurs worldwide. But what do they mean, and how are they different from each other? A sole proprietorship is an easy business structure to set up. On the other hand,

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Balance Transfer Credit Cards Canada

Are you carrying a credit card balance that you just can’t seem to pay off? With a 20% interest rate, it can be challenging to stay on top of growing debt. If you can’t make substantial credit card payments, interest will compound over time, thereby becoming a bigger problem. Fortunately, balance transfer credit cards in Canada can help you escape the burden of credit card debt when used correctly. In this guide, we will tell you all we know about balance transfer cards and the best outlets to get one. Keep reading to learn more! What are balance transfer credit cards in Canada? For Canadians, a balance transfer credit card allows you to move debts from one credit card to another. In other words, transferring your old credit card debt to a new card with a lower interest rate. This way, you can control your debts within one card and save money on high-interest payments. Before we keep going, consider

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How to Set Yourself Up for Financial Success

Have you been wondering how to set yourself up for financial success? Establishing good financial habits can set you up for a comfortable, stable life. However, it can take some time to figure everything out. Like any area you want to improve, you need to plan, implement, review, and re-plan. If you are curious about how to set yourself up for financial success, you are taking the first step. Becoming curious about your finances will allow you to find financial freedom. Continue reading to learn more! What is defined as financial success? Financial success can mean different things to different people. At its core, financial success is being able to have the relationship you want with money. Furthermore, it’s the ability to reach savings goals, spending goals, and investment goals. If you are wondering how to set yourself up for financial success, that is great. The first step is to figure out what financial success means to you. Remember, financial

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Understanding Debt Solutions in Canada

We know that even the thought of debt can bring on feelings of stress, emotional drain and fear. Debt is a single word what can overwhelm our overall well-being. If you are one of the many Canadians carrying debt, it is important to know you do not need to struggle alone. There are debt solutions available to help you regain control of your finances and work towards a debt-free life. You may be aware of some of the programs available to you, and others may be new to you. With any option, it is important to do your research and weigh the pros and cons of your choice. This might mean enlisting the help of a professional, like a Licensed Insolvency Trustee. These individuals can help you understand your rights when it comes to debt relief in Canada. Continue reading to learn more about the debt solutions available to you in Canada! Debt Consolidation Debt consolidation involves combining multiple debts

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How much tax is deducted from my pay?

Ever notice the giant number that proceeds the minus sign on your pay cheque? That’s your tax obligation — a bummer at first glance, but that deduction makes things easier for you come tax time.If you’re an independent contractor or self employed, you somehow have to compile your tax obligation when it’s time to file.You might wonder: how much tax is deducted from my pay? And how does that proportion line up with provincial and federal guidelines? Tax obligations are a common topic of conversation when you meet with a financial advisor.But if you want the Cole’s notes now, you’re in luck. We’ll walk you through the ins and outs of gross versus net pay, Canadian tax deductions, and by the end? You’ll know exactly how much tax is deducted from your pay. How do you calculate gross and net pay? Gross pay is your pay cheque amount before all deductions, while net pay is the amount after deductions. When

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Banking vs Financial Services: What’s the difference?

For individuals and small businesses to make important financial decisions, it is important to understand the major differentiating factors for banking vs financial services. Both terms are easily confused as they are often perceived as the same thing in the financial sector. While they are sometimes used interchangeably, they are quite distinct in terms of the type of services provided. Banking and finance represent different aspects of financial management and investments. As an overview, banking focuses on managing deposits, loans, and other financial services through the bank. While financial services focus on managing money, investments, and other resources. This article will provide you with more details on both services and how they differ from each other. Continue reading to learn more! What are banking and financial services? It’s no surprise that the matter of banking vs financial services are different sectors that should be elaborated on. Banking and financial services are collectively known as services that banks and non-financial institutions

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Bond ETF vs Stock ETF: Which is better?

The goal of most investors is to generate wealth and achieve a diversified, balanced portfolio. There are many investing tools to consider if you want to earn a steady return. One of the most common options is an exchange-traded fund, or ETFs for short.There are many types of ETFs on the market. Two types include bond ETFs and stock ETFs. But how do they differ and which is better in the bond ETF vs stock ETF debate? In this article, you will learn the basics of these two types of ETFs to build a better portfolio. Let’s find out how bond ETFs vs stock ETFs can impact your investment strategy. Bond ETF vs Stock ETF: What’s the difference? Exchange-traded funds are a bundle of assets and securities containing hundreds of investable assets like stocks and bonds. They each have different risk and return profiles.For this reason, investors should carefully consider their investment goals to help them decide between bond ETF

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5 Best US ETFs in Canada

What’s all the buzz with ETFs? For starters, these investment vessels have seen a record asset investment value in 2023: $10.32 trillion dollars.Reinvested dividends, diversification potential, and liquidity make ETFs an attractive investment choice. Plus, research head Todd Rosenbluth points out that US ETF investors access international equities via ETFs.But for beginner investors, what does an ETF really mean? And are they the same in the US and Canada? These are some of the questions our roster of rated and certified financial advisors at AdvisorSavvy get from Canadians looking to invest. But if you’re in a rush? We’ll give you the lowdown on the best US ETFs in Canada with this article.Continue reading to learn more! What is an ETF? ETF stands for “exchange-traded fund.” It’s a pooled investment vehicle where multiple investors can invest money into a collection of stocks, bonds, or other asset classes managed by a company. That company charges a small management fee and decides how

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Read the Fine Print: What to Look for in Your Next Financing Agreement

What is the fine print? And does anyone actually read it? Unfortunately, not always! It is shocking how many people agree to terms and conditions without ever reading and understanding them fully. This may be easy to do in the short term, but you may run into unexpected problems in the long term. By always reading the fine print, you can avoid surprises down the road, especially when it comes to financing agreements. It may seem like a drag to read them at first. But the more you understand the common language, the easier it will be in the future. Continue reading to learn more about reading the fine print in financing agreements and what to watch out for. What does “read the fine print” mean? Read the fine print means to comprehend all the details. Not just the bolded, sales-y text, but the tiny print at the bottom too. A contract has a lot of information in it and

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How to Buy Bonds in Canada

In today’s diverse economic climate, there are a ton of investment options for interested individuals to choose from. Bonds are one of the options available to Canadians. Investing in bonds is still popular in Canada, especially since they are great vehicles to generate income while preserving capital. Buying bonds may seem the same as buying stocks but there are a few notable differences in how they function and are valuated.In Canada, you can buy bonds from the issuing party or through your brokerage account. Let’s look into how to buy bonds in Canada and the different types of bonds you can choose from for a successful investment below. Does Canada still sell bonds? Yes. Canadian residents can still invest in bonds and other similar investment vehicles. All levels of government, such as federal, municipal, and provincial, supply government bonds. You can also purchase corporate bonds. The federal government also supplies Treasury Bills, better known as T-Bills. On the other hand,

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Best Bond ETFs in Canada

People who want a low-entry barrier into certain markets often look towards ETF investments. There are many different types of ETFs, one of which invests primarily in bonds. By investing in bond ETFs in Canada, investors bypass the need to buy individual bonds and the risk associated with them.While it is often the easy way out, the bond ETF investment is not always foolproof. Due diligence is necessary when choosing the right ETF to add to your portfolio. In this article, we will cover everything you need to know about investing in bond ETFs in Canada. At the end, we will recommend the best options for newbies and established investors.Journey with us! What is a bond ETF? To understand a bond ETF, we must first deconstruct the term ETF. This is short for “exchange-traded fund.” It operates similarly to a mutual fund in that it is a pooled investment security.The only difference is that it trades on centralized exchange platforms.

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20 Things to Do in Retirement

Retirement is a time everyone looks forward to. It’s the point in your life where you have paid your dues and established a comfortable world for yourself. Now you get to unwind, relax and enjoy the fruits of your labour. Simple enough, right? However, after the honeymoon phase of not having to go into work everyday, some people find they are lost. There’s very little structure to your day and you may not know what to do with your spare time. There may also be a lack of community around you which you were used to in the workplace. So, what are potential things to do in retirement?From travel to reading, keeping up with family and friends, to taking up new or old hobbies, there is surely something you can find to occupy your time! Continue reading to discover more things to do in retirement that are both cost effective and enjoyable. What do people do in retirement to keep

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Best Canadian Utilities ETFs

If you are looking to invest in a utility company, but don’t know which to choose, investing in Canadian utilities ETFs is a great decision.Utility companies are businesses that provide necessities like water, gas, telecommunication, and electricity. These companies are known to be secure and reliable due to the regular, consistent demand for the services they offer.Investing in Canadian utilities ETFs will allow you to track the total amount of all returns of the top utility companies in Canada. Let’s discover some of the best Canadian utilities ETFs to determine the best fit for your investment goals. What is a Canadian Utilities ETF? Utility ETFs are business shares in companies that provide services like natural gas, electricity, water, transportation services, telecommunications, and more. Canadian utilities ETFs are great income sources for any type of investment, financial account, or savings plan. While these utility ETFs are a steady source of income, some utilities are also known for producing growth opportunities. In

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US Bond ETF in Canada

When it comes to investments, there are loads of options to consider and choose from. While some investors want streamlined investments, others wish for a diverse portfolio. This is where the US Bond ETFs come in as one of the myriad options in the market.There are a ton of Canadian ETF options out there, but you may want to expand into the US market as well. By doing so, you’ll gain exposure to another North American market thereby diversifying the geographical risk in your investments. Continue reading to learn more about the US Bond ETF, how they work and the best investments available on the market! What is a US Bond ETF? “ETF” in the term “US Bond ETF” is short for exchange-traded fund. An ETF is a type of fund that is traded publicly on a stock exchange. Money from many investors is pooled and invested into assets. The other half of the term is bond. A bond is

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Types of ETFs in Canada

Exchange-traded funds (ETFs) are great entry points into the vast and volatile stock market. Especially because they allow you to spread out your risk and, at the same time, offer low expenses.However, there are many different types of ETFs. In fact, ETFs have become a popular investment idea in Canada which is why there are so many to choose from. This is where confusion sets in for newbies in the world of investing. Choosing an ETF becomes an overwhelming task with such a variety at your disposal. One thing to note is that each type of ETF exists to meet a specific investment need. This allows investors to choose the best investment vehicle to reach their goals effectively. Here, we’ll examine the different types of ETFs. Whether you’re new to investing or a seasoned investor, you’ll learn which ETF best suits your investment goals. What is an ETF? An exchange-traded fund, better known as an ETF, is a type of

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Buy Now, Pay Later: What You Need to Know

Buy now pay later is an old style of making purchases that has found new life. The rise of online shopping, the COVID-19 pandemic, and ease of use drive its increased popularity. Buy now pay later has become a very accessible method for making almost any purchase. In some ways, it has become the preferred method of payment over credit cards and other similar types of financing. With online shopping carts offering this payment method at almost every purchase and store. You may want to know more about buy now pay later before you use it. Everything you need to know can be found in this guide! If you are struggling with debt you may benefit from reading, Canada Debt: How much is too much? What is buy now pay later? Buy now pay later lets consumers finance purchases over a short period of time. It is a form of credit, usually offered at the time of purchase through online

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