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After the financial crisis, I asked one of our executives how Canada had managed to sidestep the deep pain felt in the U.S. "I'm not sure we did," he pushed back. "Maybe it just hasn't happened yet." Fast forward to 2017 and here we are, fretting over housing bubbles and record-high debt levels.
If you open a wedding invitation with a sense of dread, it turns out you're not alone. Let's face it, even if you love the people getting married, it's hard not to have visions of dollar signs pop in your head, and feel the impending drain on your bank account.
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At the time they were phased out, pennies cost the Canadian Mint 1.6 cents to produce. Doesn't make much cents, does it? Getting rid of them ended up saving taxpayers up to $11 million a year, which is advantageous.
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This is the time of year people tend to scrimp a bit more and in conjunction with people setting health goals for the new year, I wanted to pass on some money-saving tips. These tips, however, are not food shopping or coupon saving ideas but how to save money once you've brought that food home.
More than one out of eight homeowners has no rainy day fund.
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Along the way, you've assembled a trail of savings -- a locked-in retirement account here, a defined contribution pension plan there, a mutual fund account at your bank and some stocks in a discount brokerage. It doesn't take long before your assets start to look like a jigsaw puzzle with pieces in various places.
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And 39 per cent are "overwhelmed" by debt.
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The Canada Child Benefit is a new program aimed at helping families with the cost of raising children today and into the future. This is the week when the cheques (or direct deposits) are set to arrive. I'm optimistic that the money will prompt some families to open up a Registered Education Savings Plan for their kids.
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That initial job can also serve as an ideal springboard to talk money management with your kids and help strengthen their financial knowledge.
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Summer -- generally a slow season for retail -- is becoming a popular time of year for deal events to catch consumers' attention and create urgency for purchases with seasonally-relevant, limited-time offers. A consumer may not have planned on opening their wallet, but if the deal is truly too good to pass up, then...
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When the US went off the gold standard in 1971, all currencies essentially became fiat monies, with their value derived from the governments that issue them rather than from commodities. This was the birth of instability of floating currencies. This is why gold is powerful.Gold isn't about getting you rich, gold is about preserving value and purchasing power -- avoiding what makes you poor.
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A second home purchase is a big deal. A furnished, comfy, home away from home in the likes of Lake Tahoe or Daytona Beach comes with spectacular scenery, an even better climate and a price tag. But vacation homes don't have to exist only in your dreams.
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Although it sounds unromantic, you essentially set a new savings milestone when you pick your official wedding day. Think about those costs that come after the wedding -- a house, kids, vacations, retirement savings. The last thing you want to do is go into debt to pay for a single day before the rest of your life takes off.
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.