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Almost 40 per cent of adult Canadians (over 10 million people) experienced moderate to high levels of income volatility over the past year. Approximately 3.3 million of these Canadians actually saw their monthly income fluctuate by 25 per cent or more.
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There have been government committees, discussions with the private sector and even a national strategy to teach Canadians basic personal finance. But when Statistics Canada data showed late last year that Canada's household debt is now larger than its GDP, it became painfully apparent that we're failing.
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As the end of April approaches, many of you have filed your taxes and experienced that moment of truth waiting for the system to calculate whether or not you'd get a refund. According to a recent TD survey, more than half of Canadians are expecting to receive a tax refund this year.
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I wouldn't claim that all of the big banks are caught up in scandals over high-pressure sales tactics. The people working at the big banks can tell you that. This breakdown of trust is a systemic problem. But it doesn't need to be this way.
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Over the last few weeks, there has been much press about how the banks have been accused of "upselling" clients and pressuring staff to market financial products to customers that they do not need. High-pressure sales tactics are not always that apparent. When one thinks of high-pressure sales tactics, it usually involves someone in your face trying to convince you to buy something you probably don't want. It is often a very uncomfortable situation, and all you can think about is trying to get away.
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Most business owners will agree that an employee benefit package is one of the best ways to attract and retain top talent. It not only instills an employee's trust in the company, it’s often an import...
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Everything you need to know about succession plans. From the AOL Partner Studio
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Get in control of your finances with these 5 tips. From the AOL Partner Studio
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No matter how well we take care of ourselves, there may come a time when we experience a health scare. And while Canada's universal health care system definitely helps us in many ways, not every cost incurred by an illness or injury can be covered.
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Four things you should keep in mind before meeting a financial advisor. From the AOL Partner Studio
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What does a financial adviser do anyway? The answer may surprise you. From the AOL Partner Studio
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When Victor Chiu first called me from Vancouver with his idea, it was pretty radical.
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Let's be honest: when it comes to personal finances, 2016 was a really bumpy year for many people. As the year comes to a close, it might be a good time to take a step back and reflect on how well you...
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My first husband passed away suddenly at the age of 39 and in 60 seconds, I became a widow with a 12-and-a-half-year-old daughter. I never intended to remarry but time and divine intervention had other plans for me. I remarried. This brought with it a myriad of important things we needed to discuss and consider.
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When disaster strikes, the costs -- both emotionally and financially -- can be significant. While it's impossible to predict when and where the next emergency scenario or disaster may strike, the principles of preparedness remain the same.
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.
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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.
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The birds and the bees may not be the only difficult conversation you'll be having with your kids, discussing money and finances with your children can be just as challenging. Given the lack of mandated financial literacy courses in Canada, parents can fill the void by teaching financial concepts to their children early on.
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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?
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Shannon is a CFP, a CIM and the founder of the New School of Finance. What does that all mean? She's a total trailblazer in the Canadian financial planning industry; winner of Flare's 30 Under 30 and Notable's 2014 Best In Finance. She is taking the stuffiness and jargon out of finance. Her focus is helping fellow millennials understand and manage their money and prepare for the future.
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When people hear "savings account" they think of something safe that earns a little bit of interest. Or put another way, something boring, that's hardly worth it. When it comes to the Tax Free Savings Account, this couldn't be further from the truth. Don't get fooled into thinking that a savings account is your only choice. And that's why a name change might be in order.
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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.
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You will need to pay close attention to financial decisions necessary to protect your housing security. Although a home is often the largest asset owned, it is also the one with the least research and supports available when it comes to Alzheimer's and legal and financial matters.
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With penalties and repercussions feared as a result of such withdrawals, is it any wonder that Canadians are hesitant to take what they would consider to be an unnecessary financial hit? Yet there are opportunities for RRSP funds to be withdrawn without specific penalties.
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Isn't in strange how taboo talking about money still is? How you probably don't know how much most of your friends make, and they don't know what you make. How you know everything about their health,...
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It is deeply hurtful to even remotely consider that someone from your most trusted group of allies could be intending to take advantage of you when you are most vulnerable, but avoiding this issue only leaves you more vulnerable. Your best line of defence is to increase your awareness on some of the more typical financial threats.
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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.
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When improving or correcting money management behaviour in others, we must be sensitive to the personal and emotional definitions of value that are consciously and unconsciously involved. Yet most financial literacy programs avoid this altogether and focus on the more pragmatic and practical skills.
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According to the Canadian Anti-Fraud Centre (CAFC), mass marketing fraud is an enormous business that consistently claims victims who have not taken the time to verify with whom they are dealing. In fact, the CAFC says the surest way to avoid fraud is to verify, verify, verify.
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Canada is second only to Greece in terms of growth of household debt, relative to income, since the Great Recession. Our debt-to-income soared to record heights in September to a debt-to-income ratio of 164.6 per cent. We owe $1.65 for every dollar we earn. Simply put, we're stretched incredibly thin.
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Since gender equality is one of the most important issues in terms of sustainable and healthy growth, Turkey has launched a new engagement group, Women20 (W20), which will concentrate on enhancing the role and increasing the participation of women in business. In addition to gender equality, ensuring women have access to financial assets will form the backbone of global growth.
The post-secondary years are the ideal time to lock in great habits and fill any gaps in your children's financial education. Regardless of whether there are savings set aside or loans to be taken, managing the dollars matters. It's our young people who gain the most from good advice as they take on increased responsibility.