Having a baby is one of the most exciting times in your life, but it can also be stressful. Not only do you have a new baby to care for, but with up to 18 months off work, your finances may take a hit too. Many Canadians are unprepared for maternity leave and often fail […]
The Hidden Costs of Buying Your First Home
Many first-time homebuyers are unaware of the hidden costs associated with buying a home. As a result, they are ill-prepared and often taken by surprise when the final closing date comes. If you are looking to buy your first home, you should understand that you’ll have to pay for a lot more than just your […]
TFSA vs RRSP: Which One is Better for Me?
When researching different types of investments, registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs) are often considered. Although contributing as much as you can to both is the optimal financial strategy, it is often not feasible. This typically leads to people choosing one over the other. Making the best financial decisions starts with […]
How To Plan Your Holiday Finances
The holidays are just around the corner – are you prepared? For most of us, the reality is no. Each year you may tell yourself that you’re going to start earlier, make a strict gift-buying list and stick to your holiday budget, but Christmas always seems to have a way of creeping up on us. […]
Online Budget Calculators in Canada
The main purpose of a budget is to determine how much money you have coming in and how much money is going out, and to where. For a budget to show the picture clearly, you need to gather financial statements, record your income sources, list your monthly expenses, categorize your expenditures, and make necessary calculations […]
Why You Need an Emergency Fund
Murphy’s Law states that anything that can go wrong, will go wrong – eventually. If you aren’t prepared for the unexpected challenges that life throws your way from time to time, then you may find yourself in a very difficult spot. This is why it is important to have an emergency fund at all times. […]
How to Prepare Your Finances for Someone Else to Take Over
What happens when the person in the household who handles the finances is no longer there or is unable to handle them on their own? If you’re reading this, you are most likely the person who is in charge of the family finances. Now, imagine that you had to go away for six months and […]
How to Choose the Best Savings Account
Whether you’re saving for a new car, a down payment on a home, or post-secondary education for your kids, opening a savings account is an important step to achieving your savings goal. Savings accounts are important because standard chequing accounts don’t pay the kind of interest that makes saving worthwhile, while investments in stocks or […]
How to Manage Your Money in Retirement
You’ve finally retired – congratulations! Now is the time to truly enjoy life after dedicating decades of your life to your career. That is, provided you’ve saved up enough money and don’t have any debt. While many of us long for our golden years to be full of travel and relaxation, the reality is that […]
Beyond the CERB: New Covid-19 Government Benefits
When the Canada Emergency Response Benefit (CERB) was rolled out earlier this year to help Canadians who saw their income impacted by the coronavirus, everyone knew it would inevitably come to an end. The CERB officially ended at the end of September as the government transitions people back onto EI. The EI program is set […]
