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
Continuing on with our discussion about insurance, let’s go back and look at a little history. In Canada, life insurance predates Canada becoming a country. The first life insurance policy was issued in 1847! In addition to the death benefit, the policies were also considered safe savings vehicles. In the roaring twenties and the depression … Read more
Last week I started off by discussing the different insurance products out there and how they are tasked with providing money should the unexpected occur. I also spoke about how either life insurance is a misnomer, or we aren’t using it correctly. Term ‘life’ insurance is actually death insurance. It pays out only if you … 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
“Bubble Wrap” Your Retirement: Ensure you Have the Retirement of Your Dreams You are working hard. You are going through all of life’s stages, one step at a time. Now you are at a place in your life where you need to start thinking about retirement. I mean, you’ve done all the things you are … Read more