Advisorsavvy Blog

A lot of people find it difficult or intimidating to ask their bosses for a pay raise. This is totally understandable given that you’re the one who’s in a vulnerable position! However, if your company doesn’t do regular, annual salary increases in line with inflation or performance, knowing how to ask for a raise is a big plus.If you’ve never done it before, it’s never too late to learn. According to Payscale reports, numerous workers have succeeded in asking their bosses for a raise, but only 70% of workers that asked received it. Asking for a raise that reflects your level of productivity is normal, but your approach determines the results you get. For this reason, it helps to approach the query with a well thought out strategy. Even though your boss has an idea of how productive you are at your job, you still need to present your case for getting a raise. Luckily, this article will guide you

Whether you’re a soon to be immigrant or resident, family or individual, it helps to understand the average cost of living in Canada. This nation is well known for being one of the best countries in the world to live in. However, there is a cost for this luxury, as you will see in this article. When it comes to affordability, Canada is moderately expensive. The average cost of living in Canada for a single person is $736 per month and for a family of four, $2,323. Luckily, this article will help you discover all you need to know about the overall cost of living in Canada. Continue reading to learn more! Note: All dollar amounts in this article are Canadian dollars, unless explicitly stated. What is the average living cost in Canada per year? A single person’s average living cost in Canada is approximately $45,000 per year while couples would need at least $50,000. It is generally assumed that

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

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

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

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

Especially in the fields of real estate, stocks, and sales, a commission fee is inevitable. It’s usually in the form of a certain percentage of the sales price. For investors, it can adversely affect the total cost and profit of investments. For instance, brokers often get a commission for every transaction, sometimes for the total value of the portfolio. But when we talk about real estate, the agent is paid a commission for facilitating the property transaction. These are just a tiny segment of what commission fees entail.Read on to learn all you need to know about a commission fees in Canada! What is a commission fee? A commission fee is a service charge or fee paid to a person or entity to compensate them for offering a service.Examples of these services include completing sales transactions and offering advice to clients. The commissions are usually paid to brokers, agents, salespeople, and the like. To explain further, let’s take a look

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

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

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

Canada has a historically strong banking system. From 2000 to present, there have been zero bank failures. In the United States of America, there have been over 500 bank failures since 2000.For this reason, many are curious about potential Canada bank failure given the tumultuousness of our southern neighbors. The Bank of Canada started operations in 1935 and the Canada Deposit Insurance Corporation (CDIC) was founded in 1967. There have been significant protections put in place by these entities. This ensures economic stability within Canada’s financial sector. In addition, the regulation prevents Canada bank failure. The “Big Five” banks absorb or merge with failing smaller banks prior to their collapse in many instances. Canada has avoided many bank failures this way. Furthermore, Canada and its population tend to value larger, central, and more stable banks. In fact, they prefer it over smaller, regional financial services. For the few banks failures Canada has had, the CDIC has been able to step

A lot of people are self-employed and choose to work remotely from their home offices. For Canadians, there’s more to the flexibility and ease of remote work – the self-employed home office tax deduction in Canada. The Canada Revenue Agency (CRA) allows self-employed people to take a deduction from their home office expenses. This benefit reduces the total amount of tax paid every year. However, there are rules to follow if you don’t want your tax claim to be denied. In addition, there are several eligible expenses the CRA allows you to use in a home office tax deduction. Generally speaking, if you have a dedicated workspace in your home, there’s a good possibility for a claim of the self-employed home office tax deduction in Canada. Continue reading to understand if you’re eligible and how much you can claim! What is the self-employed home office tax deduction in Canada? A home office tax deduction is an amount that reduces your

What do you do when you get a new job that pays more? Or a raise in your current job? Do you hang onto your old budget and put the extra cash in your savings account? Or do you treat yourself to the finer things in life you always wanted but couldn’t afford? It’s natural to want to celebrate and reward yourself for doing better. Although, you may take it too far and wonder how to avoid lifestyle creep. Did you plan how you would use you new salary? Did you prioritize your savings and financial goals? Or have you been trying to keep up with the Joneses — going on more trips than you can safely afford; eating out more often than you used to. Perhaps you’re buying designer clothes and renting a more expensive apartment, or upgrading your car?If this is you, it may be that you’re experiencing lifestyle creep. Keep reading to learn how to avoid it