In Ontario, the top marginal tax rate is 53.53%. Tax rates can’t go up any higher, can they?? Although 53.53% seems like a lot, historically it is quite low. Can you believe that between 1936 and 1980, the top tax rate exceeded 70%, maxing out at 92-94% in the 1940’s and 1950’s? Considering that both … Read more
I was at an event over the weekend and started chatting with a woman who was concerned about the next generation. Her concern was over how difficult it is to get ahead financially today. Compared to when she was starting out, things are much harder today. Buying a house is harder, investments aren’t growing like … Read more
It’s the middle of the summer and that means that many are starting to think about, “Back to School.” For families with kids going off to university or college, this means it is time to think about taking money out of an RESP. Did you know that there are two parts within an RESP? One … Read more
This has not been a good week for the reputation of our big banks in Canada! On Monday the Globe and Mail published an article entitled “Persuasive sales culture at Canadian banks designed to push customers into high-fee products.” It was a very damning look at how front-line employees are compensated and what they do … Read more
To recap last week’s topic, saving is putting money in a place where there is no risk of loss, investing is putting money in a place where you have a risk of loss, but a calculated risk, and gambling is putting money where you will either lose big or win big. Some people who invest … Read more
Just to recap, over the last few weeks I have discussed controlling your finances—from tips to control your spending, keeping control of our currency, to controlling your borrowing. What about controlling how we build our wealth? Building our wealth is good but I don’t want you to take my word for it, take it from … Read more
After last week’s post about being careful who you get financial advice from, here are four things to look for when deciding who to get financial advice from: 1. Competence and Professionalism. The quickest and easiest way to identify their competence and professionalism is their industry designations. This tells you if they have taken the time and spent … Read more
Here is the scenario. Imagine if you were purchasing a house and you were offered the following mortgage: You have to pay the principal back, but you aren’t told what the interest rate is going to be, and you have to pay the big lump sum of accrued interest all in one shot after 30 … Read more
Have you noticed all the headlines recently about taxes going up? Property taxes going up between 3-8% depending on where you live. On April 1st the carbon tax is increasing, making gasoline and home heating more expensive. The alcohol tax is going up, and there is a new tax on luxury cars and boats. In … Read more
When is it best NOT to believe what you read about No-Commission Investment Trading? When it sounds too good to be true. In the Press There has been a lot of press recently about “Robinhood”, “Wealthsimple” and other no-commission trading platforms. Robinhood’s marketing message revolves around the lack of fees charged to buy and sell stocks … Read more