Credit Cards versus Debit Cards

Most consumers typically have both a credit card(s) and a debit card. Of course, the biggest difference between the two is that a debit card will immediately take money out of your bank account when used, unlike a credit card, which will pay for the purchase and later add the amount of the transaction to your monthly statement.

But are there any other differences between the two?

Read More

The RSP FAQ Blog

The Retirement Savings Plan has been the cornerstone of financial planning for Canadians for many years. However, despite it's popularity, the rules and regulations that must be followed to remain onside can sometimes be confusing. We've taken an FAQ approach to answer the most often asked questions at our office.

How many years can I contribute to my RSP?

You may continue to contribute to your RSP up to and including the end of the year in which you turn 71 years of age providing you have earned income.

Read More

The One Thing To Learn During Financial Literacy Month

You may or may not know that November is Financial Literacy Month. A whole month dedicating to learning about budgeting, investing, insurance, estate planning, taxation – woah! That’s a lot of information to take in. So here’s the deal…

If you are only going to take away one thing from Financial Literacy Month, it’s this:

Learn How to Calculate Your Net Worth

Read More

How to Save Money

Whether it is preparing to pay off a loan or eyeing up a potential vacation, saving money can be a tough task without a plan. Far too often our immediate financial needs and wants take precedence, while our poor old savings accounts have to take a back seat. During 2018, the average Canadian household savings rate currently hovers at roughly 4.4%1.

That number is far too low to help us relax poolside in the sun with winter coming! So what can we do to improve our savings?

Read More

Ten Personal Finance Habits to Master

Getting control of your finances can be an overwhelming task. Start by implementing these 10 strategies into your routine and by making small changes on a daily basis, you'll start to notice changes.

1.Track your income and expenses.

Just like a diet, you’ve got to know your intakes and outputs if you want to make adjustments. There are plenty of apps on your phone to help track and tally your expenses. If your old school, use paper and pen. There’s really no excuse not to, especially if you are committed to getting control of your spending.

Read More

How Life Insurance Compares to Mortgage Insurance

"Jumping off the cliff into adulthood" were the exact words a millennial client used to describe the process of buying a house recently. The paperwork needed to process the deal felt a little overwhelming. They had to collect Notice of Assessments, pay stubs, bank statements, employment letters, and more! At the end of the process, the lender offered them mortgage insurance. I'm sure their eyes glazed over as they had to make one final decision: take it or leave it? They gave us a call and asked our opinions. We broke down a few of the most important differentiations for them.

Read More

5 Common Financial Terms You Probably Should Know

If you’re just starting to take charge of your financial future, it can be stressful approaching financial planning with confidence. Do you ever talk to your bank or financial manager and think that they’re speaking a foreign language? Between acronyms, money talk, and words longer than my arm, it’s no wonder that sometimes going to the bank is similar to going to the dentist - but hopefully it’s not as painful. Here are a few financial terms you should know by heart before consulting a financial professional.

Read More
Subscribe to Financial Literacy