Advisorsavvy Blog

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

Every life event requires time, money, and financial planning to tie everything together.A life event could be anything from buying a home to getting married and starting a family to partaking in a dream vacation. But here’s the thing: your Excel budget sheet isn’t enough to adequately cover financial planning. Plus, personal financial planning looks different depending on your generational status. Don’t know where to start? Keep reading — we’ll cover personal financial planning for baby boomers, millennials, Gen Z, and Gen X. The goal is financial freedom, and personal financial planning helps you get there.Learn more below! What is personal financial planning? Personal financial planning is creating strategies and plans to align your financial scenario with your life goals. It covers everything from day-to-day budgeting, savings targets, investments, real estate, debt management, and long-term desires. Why is learning about personal financial planning important? Learning about personal financial planning promotes overall well-being. For instance, Forbes tells us that financial health

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,

Income varies greatly from person to person in Canada. According to a 2020 study by Statista, the median household income in Canada was $96,220. However, this number can be deceiving as it does not account for the vast wealth and poverty that exists across the country. Some earn well below this amount while others earn well above it which can skew the data. So what is the average annual income in Canada? In order to get a better understanding of how average Canadians fare financially, we need to take a closer look at the data. Read on to learn the ins and outs of average annual incomes in Canada! What is the average annual income in Canada? The average hourly wage for a Canadian household was $36.28 in 2020 for a full-time employee. When you multiply that by 8 hours, the average daily wage comes to $290.20, or weekly it’s around $1,451. Therefore, the average bi-weekly salary is about $2,902

Financial security is important at any stage of life, especially retirement. One of the financial benefits Canadian retirees rely on is Old Age Security (OAS). However, there is a clawback to consider which may reduce the amount of OAS money you receive. So, what is the clawback for OAS? In simple terms, the OAS clawback is a tax that applies when recipients of the benefit surpass a certain annual income threshold. Read on to learn more about the OAS clawback, how it might affect you and what amount of tax you can expect to pay. What is Old Age Security (OAS)? The Old Age Security (OAS) pension is a government-provided monthly income for seniors. To be eligible for the OAS pension, individuals must be 65 years of age or older and legal residents of Canada. The OAS pension is not means-tested, which means that it is not based on the applicant’s income or assets. Rather, your age and residency are

If you’re a Canadian, there’s a good chance you’ve thought about what would happen to your assets after you pass away. Part of this process is creating an estate plan and a will. Estate planning is an important part of life, especially if you have acquired assets throughout your existence. Making sure your loved ones know who will administer your will is also critical. So, what is an executor of a will? Read on to find out! What is an executor of a will? An executor of a will is the individual tasked with carrying out the final wishes of the deceased as outlined in their will. This includes distributing assets, paying debts and taxes, and closing accounts. This person is also called an estate representative, trustee, or in Quebec, a liquidator. The executor is responsible for ensuring all instructions in the will are carried out in a timely and efficient manner. In order to be appointed, one must be