Canada Finance

Millennials, Don't Be Duped Into Thinking Property Equals Wealth

Garth Turner | Posted 08.16.2016 | Canada Business
Garth Turner

The fact Firecracker and Wanderer have eschewed real estate in favour of an early idleness, and are actually of Asian (!) heritage, has turned a lot of newsroom cranks. After saving madly, living on air and investing their 500 grand (with me), these guys ended up claiming to be the nation's youngest retired millionaires. My callers? Not so much. The liquid assets among 35-year-olds who have been working for seven or eight years is breathtaking. There aren't any. Instead, all the cash has gone into lifestyle, a soul-sucking condo or repaying student debt. The kids basically have no idea what an RRSP is, or an ETF, and equate a TFSA with a high-interest savings account at the bank.

Donald Trump's Effect On The Financial And Commodity Markets

Tim Pickering | Posted 08.10.2016 | Canada Business
Tim Pickering

In the long list of market unknowns, Donald J. Trump and the US Presidential race is the unknown. The result of the election could have massive implications on the markets, even if we are unsure about what they are. When looking to commodities, a weaker US dollar will drive prices higher, but this may be offset by concerns over a slowing economy.

Should Fintechs Be Regulated Like Banks And Credit Unions?

David Gens | Posted 07.05.2016 | Canada Business
David Gens

Like many other fintech startups, we only replace one or another aspect of banking services, but we obtain capital through private investment, not customer deposits through a chequing account. This fundamental difference is often overlooked in the conversation around regulating fintechs like banks and credit unions.

That Emergency Fund Can Wait – Prioritize Paying Off Debt Instead

Nanci Murdock | Posted 07.04.2016 | Canada Business
Nanci Murdock

Your priority should always be to pay off debt. But while you are diligently paying off debt (especially debt with an interest rate 10 per cent), invest in yourself and send a message to the Universe by starting an emergency fund with even just $100 and $50 automatic monthly contribution.

Expanding Canada Pension Plan Key To Lasting Retirement Security

Charles Sousa | Posted 06.20.2016 | Canada Politics
Charles Sousa

Fifty years ago we fixed the problem through vision and leadership by creating the CPP. Today we need to fortify the CPP to give future generations of Canadians confidence that they can live with dignity when their working life comes to an end. It's a proven and sensible approach.

Moms And Money Management On Global Parents Day

Brian Gervais | Posted 05.31.2016 | Canada Alberta
Brian Gervais

June 1 is the Global Day of Parents. Beyond traditional life lessons (think tying your shoes and learning to ride a bike), parents are also responsible for imparting good money management skills to their children. Traditionally it was men who were largely responsible for long term investing and financial planning for their families. But that's so 1960s. Good financial habits are something everyone can develop, and for many people, that starts with learning from their parents -- from Mom or Dad.

Do You Need A "Rainy Day" Fund?

Tea Nicola | Posted 05.17.2016 | Canada Business
Tea Nicola

Many financial institutions, books, and blogs recommend setting up a rainy day fund in liquid cash of 3 to 6 months salary to help you during times when your regular income is disrupted or major emergencies. Situations such as sudden job loss or unexpected home repairs can hit hard if you're unprepared.

It's Not All Doom And Gloom In Canada's Job Market

Tom Turpin | Posted 05.17.2016 | Canada Business
Tom Turpin

Randstad compiled and crunched data on nine of the hottest job sectors in Canada, surveying employers, candidates, and industry experts from coast-to-coast, and collecting feedback on what's driving job growth and talent across the country.

Your Investments Are Not Your Sweethearts

Tea Nicola | Posted 05.03.2016 | Canada Business
Tea Nicola

Studies have shown that familiar investments underperform and most amateur investors would be better off buying index funds. An advisor will have more knowledge about which companies in a diversity of industries are right for you -- plus they will have done more research than what is available at the mall.

Yes, Human Resources Can Be Friends With Finance

Sooky Lee | Posted 04.29.2016 | Canada Business
Sooky Lee

Gone are the days when an HR manager's work was dedicated to "hire, fire and retire" administration. HR leaders are now stepping up as strategic partners driving cultural change, succession planning, leadership strategies and workforce readiness.

How To Take Control Of Your Finances

Brian Gervais | Posted 04.26.2016 | Canada Living
Brian Gervais

Currently job losses have been concentrated in the energy sector, but more job losses are expected across industries that depend on investment and activities in the energy sector. This rising unemployment coupled with a correction in the housing market is putting a further strain on indebted households.

Want Your Kids To Be Money-Smart? You're Their Best Teachers

Cairine Wilson, CPA Canada | Posted 04.19.2016 | Canada Parents
Cairine Wilson, CPA Canada

Our kids are often most receptive to advice when it starts at home. The best time to begin is now. For example, even preschoolers are ready to start thinking about finances. If they know mommy or daddy goes off to work, they can understand why -- the answer is to earn money.

It's Time Alberta Builds A Better, Fairer Payday Loan Market

Brian Dijkema | Posted 03.24.2016 | Canada Business
Brian Dijkema

There are times when bounced checks or the penalties for arrears exceed the cost of a payday loan. To end payday lending -- even if it is predatory -- might leave people worse off. What is needed is a better loan, and to get that, we need a better market that re-balances the interests of the lenders and the borrower.

How Canadian Businesses Plan To Alter Operations In 2016

Paul Parisi | Posted 03.22.2016 | Canada Business
Paul Parisi

Recently, it seems the Canadian economic outlook is far from ideal. But what does it mean for the country's biggest businesses? What are companies focused on in 2016 and beyond? What strategies are they employing to set up their organizations for long-term success, and how will these new priorities impact Canada's workforce?

It's Time To Spring Clean Your Financial House

Jane Blaufus | Posted 03.15.2016 | Canada Business
Jane Blaufus

How critically important would it be for you to be in control if life as you know it changes this spring? Remember -- you can prepare now while you are of sound mind and body, or you can pay later. Which one would be your preference?

Programs, Rebates And Credits For First-Time Home Buyers

Jennifer Gorman | Posted 03.15.2016 | Canada Business
Jennifer Gorman

Along with longer days, warmer temperatures, and blooming buds, spring also tends to bring an increase in real estate sales. If you are planning on taking the plunge into home ownership for the first time, you may qualify for a number of programs, credits, and rebates.

8 Unexpected Ways You Can Save Money On Your Tax Return

Caroline Battista | Posted 03.01.2016 | Canada Business
Caroline Battista

Even after mastering the basics of tax preparation and filing, a lot of filers will often find out new things about their tax returns that end up delivering a few more benefits along the way. I call these tax "aha!" moments.

Why We'll Never Be Free Of Payday Lenders

Brian Dijkema | Posted 02.24.2016 | Canada Business
Brian Dijkema

A list of the terms our society uses to describe payday lenders almost tells you everything you need to know. It reads a bit like a description of a B-grade horror film: predators, thieves, vampires, slave-drivers, or (my favourite) rapacious usurers. But if they're so awful, why are they everywhere? Why is it that, despite a seemingly universal hatred for them, they have popped up like mushrooms in cities across Canada?

Ditch Your Reward Cards And Get A Real Reward - Freedom

David Lester | Posted 02.24.2016 | Canada Business
David Lester

Have you ever thought how much more money you spend travelling across town to use that store or get extra rewards? How many points apps or websited do you have on your phone and how do they change our natural behaviour? When we count up the effort, is it worth the reward?

Last-Minute RRSP Contribution? Avoid These Common Mistakes

Cleo Hamel | Posted 02.22.2016 | Canada Business
Cleo Hamel

The first major financial deadline of 2016 is February 29. This is the last day you can make a contribution to your Registered Retirement Savings Plan (RRSP) and claim the contribution on your 2015 tax return. You still have the first 60 days to make contributions but with the leap year, the deadline is midnight at the end of the month.

3 Major Decisions Your Business May Face This Year

David Gens | Posted 01.28.2016 | Canada Business
David Gens

The small business marketplace experienced significant change and evolutionary progress in 2015 and no less should be expected in the coming year. With that, let's consider some of the issues that will matter most to small businesses -- particularly those changing rapidly with the introduction of new financial technologies.

Your Bankruptcy Score May Be Behind That Refused Loan

Douglas Hoyes | Posted 01.18.2016 | Canada Business
Douglas Hoyes

Lenders have been using a person's credit report for years to judge their overall creditworthiness and the risk that they might default and become a bad debt. However, financial institutions often use another measure, a bankruptcy score, to refuse a loan application for someone who may otherwise have good credit.

How We Can Improve The Next Generation's Financial Outlook

David Gens | Posted 02.05.2016 | Canada Business
David Gens

It will be important to stimulate and encourage Canada's youth to become the next generation of business owners and operators, especially as more and more small and medium-sized enterprises engage in transitions of ownership from one generation to the next in the coming years.

Plan Ahead to Minimize Future Education Costs

Pramod Udiaver | Posted 09.01.2015 | Canada Parents
Pramod Udiaver

For most young parents, approaching the new school year means getting the family prepared and equipped, and that comes at a cost -- on average, Canadians spend $428 per child to get them ready for school. While the annual cost of sending your children to school is high, there are some much larger costs coming down the road if your child plans on attending college or university.

Weathering The Oil and Gas Storm by Enhancing the CFO: Part 3

Marc Joiner | Posted 08.20.2016 | Canada Alberta
Marc Joiner

The way the industry thinks about the areas of capital planning, budgeting and forecasting has to change, as priorities shift from identifying and finding opportunities to getting the most out of a portfolio of assets that often far exceed the available capital.