Tax Free Savings Accounts (TFSA) were introduced in 2009. They were created under the premise that this type of account would provide an incentive (no taxes) for Canadians to save money. They are a simple and very useful financial tool. TFSAs are an excellent way to save for virtually any goal; your emergency fund, a … Read More
If you’ve recently been widowed, make sure you take advantage of the tax-deferred rollover that allows your spouse’s RRSP to transfer into yours with no tax consequences and without needing additional contribution room. With the loss of your spouse/partner you may be concerned about having to save for retirement on your own. If you’re working, … Read More
Your credit score is a rating, expressed as a number and often accompanied with a description of what that number means (such as “Good”). It is a representation to potential lenders of how credit worthy you are. Lenders use this rating to decide whether or not to provide you with credit, and if so, how … Read More
A credit report is like an account statement. In it, the reporting agency provides information on your current and past credit activity (usually for 7 years; 10 if you’ve declared bankruptcy). The information in the report is provided to the agency by lenders you have credit with. One credit agency’s report may look different from … Read More
Pay your credit card off completely each month. The siamese twin to this tip is “don’t put anything on your credit card you can’t afford to pay off completely when the bill the comes due.” Set up automatic payments. It’s easy through online banking or asking the bank to set up an automatic transfer so … Read More
There’s an old management dictum that says “You can’t manage what you don’t measure”. This holds true not only in business but also with personal money management. A common mistake is to only take stock of your situation when you’re already feeling financial stress. You can avoid a lot of worries by keeping track of … Read More
I’m a big fan of keeping your personal financial management system as simple as possible. As a widow, you will likely be closing down accounts that were in your spouse’s name and converting joint accounts to your name. It’s a good idea though to keep one joint account open until the entire estate has been … Read More
Warren Buffet has been quoted as saying, “Don’t save what’s left after spending; spend what is left after saving.” It’s all too easy to say you’ll start saving money after you get ahead on your bills. The problem with that approach is that day never seems to come. Money has a way of finding something … Read More
When you go in for your annual physical, the doctor will look at certain numbers to determine how healthy you are. Meaningful numbers to doctors are your blood pressure, your cholesterol levels and blood glucose levels, and your body mass index. If any of those are at harmful levels, your doctor will give you advice … Read More
Managing your money involves not only tracking your spending, but also monitoring the timing of your expenses. If you’ve never mapped out important financial dates, I recommend getting a regular calendar, preferably one with plenty of room to write on it, and go through this exercise: Mark down the dates that you receive income including … Read More
