As a business owner, you certainly want your business to survive. In fact, you hope that it continues on for generations. However, that is an aspiration that fails to come true for many business owners. Business can be thriving only to fall apart as part of an inheritance. According to a recent article in the Financial Post, only one in three family-owned businesses successfully transitions…
How much should be saved for retirement? And how much of that should be earmarked for the possibility of an illness that requires nursing home care? These are questions that have Canadians wringing their hands in worry, as the fear of illness haunts their financial planning decisions.
A budget is a plan meant to help you balance your income with your expenses. Creating a budget is not difficult in itself is not difficult, however creating a plan that works for you and sticking to it can be a daunting task. Whether you are writing your first budget or perfecting your long time budget, here are some basic steps to keep you on…
In an age where Canadians have more debt than ever—the debt to income ratio is 152%—few move to a different city with a lower cost of living or lower taxes. A recent article reports that Canadians are slow to move, even if it would better their finances. A World Bank study found that under 1% of Canadian workers move among the 10 provinces. In comparison,…
Everyone has a cause that interests them. Like many Canadians, you may want to donate to a charity or a cause that you deeply care about. However, you may not know how to go about doing it. You may wonder what to look for when donating to a charity, how to make your donation, or how your donation will affect your taxes. The Better Business…
Debt is often a large obstacle to the preservation of wealth. According to a CBC News article, the current trend for Canadians is that their debt is growing. The article reported that, “Although Canadians’ disposable income increased during the first three months of 2012, it did not rise as much as their personal debt did, on average, according to Statistics Canada.
In a great article on CNN Money International, Canadians are advised to “Turn saving into a habit.” Often, Canadians may struggle to save sufficiently, especially if they do not have a financial advisor to help them meet their financial goals. Saving, however, is incredibly important: it not only increases your net worth but also helps to ensure financial well-being.
A photography exhibit, BIG ENOUGH? examines the living spaces in Toronto and how people use their space when it’s at a premium. The exhibit, features a variety of homes and living spaces, and is described this way: How much space do we need to live in the city? When considering the homes we live in, do we desire more or less space? Is the idea…
Since the introduction of Tax Free Savings Accounts (TFSAs) in 2009, there have been many questions asking whether a TFSA is better for retirement savings that the long standing RRSP strategy. TFSAs and RRSPs both offer tax advantages and can be great tools to help you reach your retirement savings goals. If you can afford it, the best strategy would be to contribute as much…
A recent article in the Financial Post begs an interesting question: are we buying our children’s love?