Posts by Canadian MoneySaver

Thumbnail for 4 Steps For A Worry-Free Canadian Retirement with Kyle Prevost

Ellen Roseman speaks with Kyle Prevost, co-author of the book More Money For Beer and Textbooks and self-proclaimed personal finance nerd, about his new retirement planning course for Canadians entitled "4 Steps to a Worry-Free Canadian Retirement." They discuss topics such as the incentive structure for advisors, the 70% rule of pre-retirement income in retirement, fee-only advice and a variety of personal finance topics including his four steps for a worry free retirement. They also discuss life living in Qatar.

Thumbnail for Introduction to Annuities

When it comes to planning for a secure financial future, one term that often surfaced recently is "annuity." Annuities play a crucial role in retirement planning, providing a predictable and steady income stream for individuals during their post-work years.

Thumbnail for An Estate PlanóDo You Really Need One?

Three years ago, a friend, Cam, told me about how his dad didn't see death coming. He didn't know that a truck would take him out while he was out doing errands for his wife.

He had no idea he was not going to return home. It was almost six months to the day since his mother had had a major stroke while she was in California.

His parents didn't have any insurance. So, they had to stabilize his mother to get her back home. That event essentially bankrupted them.

Thumbnail for The Benefits Of Beneficiaries

You work hard and save your money so that when you retire, you still have the income to do the things you want to do, and maybe save some money for your funeral and for your heirs or charities or the care of your pet parrot. There is a vast library of articles about estate planning, but have you looked at your beneficiary designations lately? If you have designated everything to flow to your “estate” and expect your executors to sort it out, read on. There are advantages to naming specific beneficiaries.

This article is intended as general information, and your personal circumstances may vary. None of the following information is intended to be financial advice, and you should always consult a lawyer, accountant or financial professional for specific advice about your personal situation.

Thumbnail for ETFs for the Registered Education Savings Plan (RESP)

Registered Education Savings Plans (RESPs) are designed to help Canadian parents save for their children’s post-secondary education. An RESP is a savings account that a parent, guardian, grandparent or other relative/friend (called a subscriber) over the age of 18 can open for a child under the age of 18 (called the beneficiary). An RESP can be used to cover any education-related expenses once enrolment in a qualifying post-secondary program can be confirmed. Eligible expenses can include tuition, books and transportation. The federal government provides a 20% Canadian Education Savings Grant (CESG) grant on the first $2,500 contributed annually, up to a lifetime maximum of $7,200 per child. Low- and middle-income families can also qualify for up to $2,000 from the Canadian Learning Bond (CLB).

Thumbnail for 40 Lessons Learned After Almost 40 Years

If you count actual jobs, I have now spent more than 36 years in the investment industry. If you start from my first stock trade, I have spent 47 years watching, analyzing and trading stocks. Even after so long, there is still lots to learn. That’s why I love the market—every day is different; every day creates an opportunity to either make—or lose—money. My goal—and yours—is to be on the right side of that equation. 

While you will never know everything there is to know about the market, and in fact, when investors think they know everything, they are clearly destined for trouble, experience does help. Over the past 47 years, I have picked up a few pointers and guidelines. They don’t always work, but they tend to work more often than not. 

I am going to share with you some of my favourite investment/trading guidelines. Remember, these are just for you. It is simply our way of trying to help you, the individual inve

Thumbnail for Playing With House Money: Ways to Save for that First Home Part 1

It’s not exactly a newsflash that buying a first home in today’s Canada is only a pipedream for many. Prices soared to new highs across the nation during the heights of the Covid pandemic and, although we are now well off of those highs, the subsequent rampant run-up in interest rates has vastly decreased how much potential buyers can and should borrow. Making things even worse, 2022’s stock market decline chipped away at many potential down payments and the current stratospheric level of inflation means that a portion of many pay cheques earmarked towards home savings have been diverted to things like gas and groceries. The reality is that for many young Canadians, their only chance of getting into the housing market any time soon is from either playing the lottery or with a little help from someone else.