Personal Finance
Personal Finance 0

How to turn your side hustle into a full-time job

Posted on 13 July 2017

(NC) Today's world revolves around the so-called “gig economy,” where individuals make a little extra cash from a small business outside their day jobs. From renting out a room in your home to travellers to using your love of crafting to make unique handmade gifts, bonus moneymakers are a great way add to your income. Some people love part-time projects so much that they would idea ...

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Is Canada Bitcoin's Natural Home?

Posted on 28 June 2017

Along with other colonial nations, innovation and the ability to adapt to new technologies and industries have been some of the most paramount features of the Canadian economy and the country itself. The snowmobile was a Canadian invention—perhaps predictably—as were everyday products like the Alkaline battery and canola oil. In more recent memory, the trend has continued, as demonstrated ...

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Protect your legacy with a will

Posted on 05 June 2017

(NC) The topic of will-writing is often fraught with myths and misperceptions. Many of us believe that only the rich, elderly, or people in dangerous lines of work need to worry about having one. In fact, up to half of Canadians die without a will, leaving their legacy unprotected and friends and family with uncertainty about their estate. This is why legal practitioners recommend that ...

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These five tech-based Money Scams are Making Millennials Look Like Suckers

Posted on 15 May 2017

The job posting was for a personal assistant. It paid $350 a week and would involve picking up mail, dropping packages off at the post office and some shopping.Whether you’re saving to travel the world or hoping to wipe out student debt, sometimes you need a coach to put you on the right track.
Kaya was 31, had just returned to Toronto after working overseas and was desperate to mak ...

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You Can Earn $50K in tax-free Dividends, but There’s a catch: You can’t have a Job

Posted on 15 April 2017

While early retirement may be a pipe dream for most of us, every once in a while I hear from readers who have pulled it off and are living almost tax-free on dividend income alone. An example is Torontonian Phil McKinley, who retired in his early 40s a couple of years ago and has been living on his non-registered dividend income tax-free. While McKinley is reluctant to divulge his full fi ...

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Holding off on CPP Until they are 70 Would Make Huge Difference to this Couple’s Retirement Income

Posted on 01 April 2017

Situation: Couple aiming to be fully retired in four years needs to carefully co-ordinate timing of pension and investment drawdowns Solution: Do the math correctly and watch expenses and the plan can work In British Columbia, a couple we’ll call Harry, who is 59, and Mary, who is 61, have a pleasant life. Their children are grown and gone and they look fo ...

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The CPP Deferral Debate: Spend Your Risky Dollars first Because they May not be there in Your 80s

Posted on 28 March 2017

I know that Ted Rechtshaffen is a smart fellow. That is why it pains me to refute his recent Counterpoint in which he explained why it makes sense to start CPP at 60. The actuarial math clearly shows that CPP at 70 is worth a lot more, at least if one is using a discount rate of 1 per cent. To be clear, when I say I used a 1 per cent discount rate, I mean 1 per cent after inflation. If ...

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Mortgage Gap Created by the Posted rate leaves Homebuyers with a Decision to make

Posted on 23 March 2017

Call it the gap between what you have to pay and what you can afford to pay — it’s going to be considerable when you qualify for your next mortgage. Now the question is what should you do with that money? Ottawa tightened mortgage rules in October and the one requirement that has disrupted the lending world is the stipulation that consumers qualify based on the Bank of Canada posted r ...

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This Retirement Decision Could be worth $72,000, but Few Canadians Take Advantage of it

Posted on 23 March 2017

What would you rather have: a bag of money with $20,000 in it or a bag with $25,000? It seems like a silly question but the debate about when to start CPP pension boils down to a question just like it. Is it better to start CPP at 60 or 65 or even 70? The usual answer from industry experts tends to be the highly unsatisfactory “it depends.” Fortunately, actuarial science gives us t ...

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Downsizing her $3 million family home key to upsizing this woman’s retirement

Posted on 19 March 2017

Situation: Woman near retirement has $3 million house but needs to raise income to retire Solution: Downsize to liberate $1 million, invest in dividend stocks and short-term corporate bonds A British Columbia management consultant we’ll call Lydia, 64, is considering retiring. Like other residents of the Lower Mainland, her assets are overweighted with pro ...