Financial Library

Number One - Buying too much on credit.

No matter what income level, more people get into financial trouble because of too much debt than any other reason. "Too much" means different things to different people. Very few people go through life without making a purchase on credit. However, trying to "keep up with the Joneses" rushes too many of us into lifestyles we simply can't afford. Buy some things you need on credit, like a home or a car, but save up the cash to buy the things you want.

Now may be the perfect time to teach your children about financial independence. There are plenty of real-life examples in the media of how ‘not’ to manage your finances. To really teach children money management skills, they must learn to handle money personally and to make consequential decisions on how to manage it.

Front lawns across Canada are sprouting For Sale signs. That this annual phenomena occurs at about the same time as the tax refund season may be purely coincidental. Understanding the financial incentives for home ownership available in the Income Tax Act may save you thousands when buying a home.

Tax Free Savings Accounts (TFSAs) were introduced in 2009 and they seem to be struggling to catch on. Registered Retirement Savings Plans (RRSPs), however, have been around for over fifty years and attract billions of dollars of deposits each year. If you are serious about saving for your future, it is important to know the differences between the two.

While RRSPs and TFSAs seem to be very similar on the surface, they are really apples and kumquats apart. The only similarity is that, within limitations, earnings inside either plan are allowed to grow without current taxation.