Valentine’s Day is coming up, and so is the deadline for Registered Retirement Savings Plan (RRSP) contributions. What could be better than the gift of a spousal RRSP contribution? OK. Maybe I’m saying that a bit tongue-in-cheek. A spousal RRSP may not be the sexiest gift you can give your valentine, but it’s still a great thing to consider. You know how an RRSP works, but … [Read more...] about Happy Valentine’s Day, honey – RRSP deadline coming is up
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How to read the statement, it’s all in the numbers
It’s a new year! Time to learn something new. Today we are going to tackle one of the most basic (and most frequently asked) questions we get: “How do I read my statement?” First, let me differentiate between the two types of mail you would typically get from an investment company, as they are often confused with one another. Statements are for a period of time … [Read more...] about How to read the statement, it’s all in the numbers
Risky Business, the hidden costs of bank deposits
Recently a reader asked me to discuss term bank deposit options, guaranteed investment certificates (GICs), and alternatives considering the crazy low interest rates being offered right now. And that got me thinking about risk. I just looked up the rates available at a major big bank right now – a 5-year non-cashable GIC pays 1.40% per year1 You could go to a smaller … [Read more...] about Risky Business, the hidden costs of bank deposits
What is a fair price for financial advice?
I’ve written in the past about the value of advice and how good advice pays for itself. The important question is not should I get advice? But rather, what is a reasonable price to pay for advice? To answer that, I think we need to look at two separate pieces: 1. What is reasonable to pay for investment management, and 2. What is a fair price for general … [Read more...] about What is a fair price for financial advice?
OAS changes bring a bit of extra cash
Are you 75 or older? Do you know someone who is? Get ready for a little bonus! You (or they) are in for a bit of extra cash in the coming year due to some tweaks happening to the Old Age Security (OAS) system. A bit of background. The self-proclaimed purpose of the OAS program is “to ensure a minimum income for seniors and help reduce the incidence of low income … [Read more...] about OAS changes bring a bit of extra cash