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It means consumer demand is likely to be stronger than it would be in other parts of the country in times of recession.
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When most working Canadians hear "RRSP," they think of their retirement savings. Or maybe even a nice winter home on the shores of sunny Florida. However, a Registered Retirement Savings Plan (RRSP) is more than just a retirement savings plan. It also has an impact on your tax obligation and can save you hard earned dollars come tax time.
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Consider a rainy-day savings fund instead.
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"It's the high end that's driving up net worth for those in their 20s or 30s."
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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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While it is a worthy goal to maximize your savings prior to retirement, it is even more important that you retire debt free. If you retire and are still making payments on car loans, mortgages, or high interest rate debts like credit cards and payday loans you require a much higher income in retirement to survive.
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"Diversifying geographically can strengthen your portfolio for the long-term."
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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Bank says stimulus spending better than interest rate cuts to grow economy.
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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?
Locally grown produce is a "buffer" against higher imported food prices.
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Nine million dollars for a year's worth of work ain't bad.
If it sticks to its historical range, the loonie mostly has an upside at this point.
Canadian retail sales took an unexpected dive over the holidays, Statistics Canada data shows, convincing some experts that the country’s recovery from last year’s recession fizzled out at the end of...
Overall food prices are 4 per cent higher than a year ago.
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You are officially advised to read the fine print.
Payday loan companies in Ontario can charge a maximum of $21 on every $100 borrowed. That may not sound like a lot, but if you take out that loan every two weeks, for a year, you will have paid $546, which is an annual interest rate of 546 per cent. That's a lot higher than even the highest credit card interest rate.
Another volley has been fired in the battle to stop Netflix viewers from sneaking across virtual borders. CBC News has learned that the online payment service PayPal has cut ties with another major u...
Investors especially losing faith in housing.
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One-quarter of poll respondents already can't cover their bills.
There are 719,000 seniors living in poverty in Canada, study says.
Remember money problems have nothing to do with dollars and cents and everything to do with emotions and fears. Money habits are like holding up a mirror to someone's bad internal behaviours.
This is how you sell your car the right way.
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The one bright spot was the loonie.
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Confidence in job security is actually above the long-run average.
Kelowna has gone from being one of the best cities for a job to one of the worst cities in a year.
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Experts say it depends on your personal financial circumstances.
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Alberta's unemployment rate is higher than national average for first time in 28 years.
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In 2015, total Valentine's Day spending in the U.S. was expected to reach a staggering $18.9 billion. The holiday is an institution unto itself, with gifts often being purchased not just for romantic partners, but family members, friends, and co-workers. While the pressure to show your love can be overwhelming, Valentine's Day spending within your budget is possible.
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Domestic flights are 7.4 per cent cheaper than a year ago, Hopper says.
It's February, folks, and you know what that means. Taxes... Yeah, yeah, Groundhog Day, Valentine's Day, 2016 leap year and all that. But it's also the time of year when people wake up to the fact that, oh crap, tax deadlines are looming, and that they better get their act together to reduce their tax bill -- not to mention their stress level.