Sometimes, when you buy a second home, you can’t sell the first. Here’s how to cope. Until recently, Paul and Kelly were quite happy at their home in Sanford, Manitoba. They took care of their three foster children and ran their natural beauty business. Then the house next to Paul’s old family cottage in Kenora, Ont., went up for sale. It was everything they needed: a cottage-style house fit to raise the children and 160 acres to continue...
Automate Your Savings!
Why pre-authorized contributions take the emotional baggage out of saving. Canadians have many admirable qualities, but the ability to save isn’t one of them. According to Trading Economics, our household saving rate is 5.8 percent, which is below our historical average of 7.48 percent. A 2016 survey by the Canadian Payroll Association found that three-quarters of Canadians have saved 25 percent or less of their retirement goal. While the high...
Building Wealth Outside Of Your Business
Many entrepreneurs are so focused on their business that they don’t invest outside of their company. But they should. When Brendan Charters started renovation and home building company Eurodale Developments in 2003, he made a promise to himself: he wouldn’t plow all of his assets into his business. Many owners have a lot of their wealth tied up in their companies, but he didn’t want to be exposed to a single sector and company. “The old adage...
4 Things You Didn’t Know About RRSPs
RRSP accounts are straightforward enough, but there may still be a few things about them that will surprise you. Many Canadians already know that a Registered Retirement Savings Plan (RRSP) is a valuable – and versatile – retirement planning tool, but there’s more to these accounts than meets the eye. Here’s what most of us do know: RRSPs are typically used as a long-term savings vehicle. The money we put in grows tax free until we take those...
How Long Will The Markets Soar Under Trump?
It has been more than two weeks since Donald Trump won the presidential election, and Wall Street is still celebrating. U.S. stock markets locked in their third straight week of gains Friday, with major indexes reaching record highs this week. The surging markets appear to be in reaction to the potential benefits of a Trump presidency, such as lower corporate and income tax rates, higher infrastructure spending and looser regulations. If...