Happy Valentine’s Day! It was said that money is one of the top 3 reasons for divorce. It is also tax season. Let’s talk about income split – a topic of money, relationship and tax! Sharing is loving especially when it comes to money. 😊 In many marriages or common-law relationships, the two spouses earnContinue reading “Sharing is loving – income split”
Category Archives: Retirement
The RRSP first 60-day rule
Now it is so-called RRSP season because many of us have a habit to contribute to RRSP right before the March 1st deadline. Some also like to put their annual bonus towards RRSP which is usually paid out around this time. Since RRSP is a saving towards retirement that we can’t access now, it takesContinue reading “The RRSP first 60-day rule”
Borrow to contribute to RRSP?
Tax season is just around the corner. Heard a financial expert on TV suggested to borrow to contribute to RRSP. The rationale is that there will be tax refund since RRSP reduces the taxable income. I am not quite sure. If a person has to borrow to contribute to RRSP and he or she hasContinue reading “Borrow to contribute to RRSP?”
Consolidate investment accounts?
Some of us might have investment accounts such as RRSP, TFSA, Margin accounts, etc. with different financial institutions. To simply it and save time in the long run, we might want to consolidate them under one brokerage firm at least for the same types of accounts. Moreover, some brokerage is more expensive. Transfer the accountsContinue reading “Consolidate investment accounts?”
Invest it and forget about it?
We usually hear a suggestion to invest it and then forget about it until the day we need the money in retirement. Totally understand where this is coming from. People live a busy life and investing is not something they enjoy doing. Therefore, some experts aim to simplify investing and make it easy. Besides, passiveContinue reading “Invest it and forget about it?”
Year end rally?
Or so-called Santo Claus rally? Investing professionals have been talking this year-end rally before year end. The reasoning is technical analysis. Quote a few people cited how many years out of the past how many decades got this rally. Therefore, it is likely to have one. It didn’t seem to happen for 20022. This reasoningContinue reading “Year end rally?”
Stop saving temporarily?
First, just to share a piece of statistics. Canadian consumer credit card debt in Q3 2022 increased by around 22% from the pre-pandemic level per according to Equifax Canada’s latest credit trends report. Second, let’s put things into perspective. Usually, the credit card annual interest rate is around 20%. It only takes 4 years forContinue reading “Stop saving temporarily?”
My beef with Group RRSP
It seems that most group RRSP plans only offer mutual funds which have much higher management fees than ETF. Even for the mutual fund, the choice is limited. ETF was not available for their group RRSP for quite a few people I know. It might be a good idea to open an RRSP account withContinue reading “My beef with Group RRSP”
Could we have a public pension that pays enough?
What if the national pension can pay enough for a living with dignity? Is this a pipe dream? It is too much responsibility that many governments are willing to take on. So many can’t even meet the current obligations or promises due to aging population. However, perhaps that is the exact reason why drastic changeContinue reading “Could we have a public pension that pays enough?”
Costly mistakes of Home Buyer Plan
Home Buyer Plan is a Canadian government sanctioned program allows first-time home buyers to withdraw up to $35K from their RRSP for down payment. The incentive is that no tax will be withheld at withdrawal. Home buyers have to pay it back within the next 15 years by contributing to their RRSP accounts. When theyContinue reading “Costly mistakes of Home Buyer Plan“
Worthfy Financial Literacy Counselling 