Explore Financial Literacy Resources

Canada’s inflation rate reached 6.8%  as of April 2022, a huge jump compared to the 1.3% and 1.9% recorded in 2021 and 2020 respectively. 

When planned carefully, making charitable contributions by gifting life insurance can further reduce the after-tax cost of giving from the base-case scenario.

It’s easy to walk into a bank branch or contact a discount brokerage, open an investment account, deposit money and buy investment products. People buy stocks, mutual funds, GICs and bonds every day in investment accounts, but the question is: what’s your plan?

Did you know that March is Fraud Prevention Month in Canada? This is a time to educate or refresh ourselves on the types of fraud being practiced and how we can protect ourselves.

This year marks yet another pandemic tax season. And just like last year, when you file your personal income taxes for 2021, it will be important to note some changes in how federal COVID-19 benefits affect your taxes.

There’s one type of romance fraud that’s quickly trending: CryptoRom. And this is one dating profile you definitely want to swipe left for.

With the new year comes the start of a new tax season. As you begin to think about your financial goals and your personal income tax filing for the 2020 tax year, it’s important to be aware of how RRSPs and TFSAs can benefit you. 

If you wish to sell capital property and apply the gains or losses to your 2021 tax return, your captial property transcations must be complete by December 31. We explain how this works. 

As the end of 2021 approaches, so is the time for you to review how you can reap all of your potential financial benefits from this past calendar year.

The tax season always seems to come up and surprise us. And since many Canadians find doing their taxes stressful, keeping track of what you need to know is all the more important to minimize anxiety in the process. 

We are living in a volatile world and many of us are experiencing feelings such as anxiety and confusion more frequently than in the past. 

The Internet is filled with financial “tips” that can be more myth than truth. Whether you encounter them via YouTube, TikTok, Instagram, Reddit, or Facebook, it’s very important to validate financial tips by doing your own research and speaking to a professional, such as a CPA or a financial advisor. 

When was the last time you actively planned for an event that was 40 or even 50 years away? Chances are, you didn’t. 

Meeting our needs and goals later in life depends in large part on successfully saving for retirement, but with approximately 70 per cent of Canadians worried they won’t save enough for retirement and one third of Canadians having no retirement savings at all, it’s worth taking a look at strategies that can help us save for the day when we no longer have a work income. 

Whether you bake cupcakes and sell them to co-workers or go fishing after work and sell what you catch to friends, any profit you make from your passion could be considered business income, subject to income tax in Canada.

Between the Baby Boomer and Millennial generations are the Gen Xers (early 40s to mid-50s), who grew up in interesting times. This is the ‘latch-key’ and the ‘MTV’ generation, often children of working parents.

A new school year comes with new costs – housing, transportation, text books, social activities, etc. It’s not only important to keep track of these expenses but also to ensure that you can pay for them with the money you have. 

As your child or children head back to school in this fall, immediate financial needs aren’t the only academic expenses to consider. 

If you’re struggling with mounting credit card debt as household expenses climb, you are not alone. 

British Columbians are being pushed to their financial limits like never before. According to Sands and Associates 8th Annual BC Consumer Debt Study, the COVID-19 pandemic was a major contributing factor for over half of the survey respondents who filed insolvency since March 2020. 

Financial ratios are tools used to compare figures in the financial statements of your business. They provide an objective measure on the performance of your business in the past, present, and future to help you determine growth, pay yourself & your employees, and still make a profit. 
 

A common excuse many young people have as to why they haven’t begun the process of putting money into investments is that they don’t have enough to start. Somehow, we’ve become conditioned to think “it isn’t worth it” unless we have thousands and thousands of dollars to invest. 

The 2020 tax year will be very different for many Canadians who have to file their personal income taxes. That’s because many of the federal government’s emergency benefits in response to COVID-19 are taxable. 

For many Canadians, terms such as GICs, mutual funds, and ETFs, can be daunting. What do they even mean, and how can you invest in them?

We explain how to deduct your home office expenses, including how to claim up to $400 using the new Temporary Flat Rate Method.

How much of a challenge would it be for you to save $756,000? How long do you think it would take you? 

Canadians recently reached a dubious high point – collectively, we have amassed $100 billion in credit card debt.

As much as parents plan financially for their children’s future and offer tips on how to manage money, the time will come when young people will need to take ownership of their finances. 

“I wish I’d known how to start saving for retirement when I was young… I would’ve liked to have known how to draw up and keep to a budget... I would have benefited from an explanation of how to use credit cards properly…”  

There’s no doubt that the COVID-19 pandemic has presented challenges when it comes to an individual or a business owner’s financial plan. Many people have relied on various government relief programs. It’s more important now than ever before to revisit your plan so that you can make short and long-term adjustments where necessary. 

The last three years have seen significant changes in tax legislation. Private family businesses have felt the bulk of these changes, and many are still trying to digest the impact within their businesses.

There’s no doubt this is a worrisome time for investors and that it’s more important than ever to remain calm so that you can make clear and informed decisions about your portfolio. 

Are you satisfied with how much you’ve contributed to your registered retirement savings plan (RRSP) in 2019? If you still want to contribute more, you can – but not for long.

Canadian homeowners often have two critical financial goals: pay off the mortgage and save for retirement. It is conventional practice in Canada to approach these two goals sequentially as most Canadians have a fixed amount of income each month and there is a contractual obligation to make monthly mortgage payments.