General

Do You Want To Retire?

There’s so much talk today about the importance of saving for retirement.  But just what does retirement mean to you?  What do you want to do when you retire?  Or do you even want to retire?

These are important questions to ask yourself before you build a strategy for saving for your retirement.  If you aren’t planning on living extravagantly, traveling the world, or having expensive hobbies, you won’t need to save as much as those who do have big plans.

While some people are content to stay home and take life easy, others are preparing to be more active when they retire than they have been during their working years.  Others don’t ever plan on retiring because they are passionate about their work and can’t imagine that life could go on if they were to ever quit.

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May 10, 2010
Taxes

Can I Claim Moving Expenses As A Tax Deduction?

It is important for Canadians to educate themselves on any and all possible tax deductions.  As Canadians pay more than 40% of their annual salaries to taxes through income tax and sales tax, it is key for us to save on taxes wherever possible.

Believe it or not, there are times when a Canadian can actually claim their moving expenses and receive a tax deduction.  For instance, if you moved during the year and established a new home to start a new job or business, or if you are a full time student you may qualify for the tax deduction.

Eligible moving expenses include transportation and storage costs for household items, traveling expenses such as meals and accommodations, etc.  You can also claim some expenses related to the selling of your previous home such as advertising costs and legal fees.

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May 8, 2010
Investing

Free Online Personal Finance Videos

For those of you who consider yourself to be visual learners, you will enjoy watching some of the personal finance and investing videos on http://kanjoh.com/.  It is a website that aims to provide “financial clarity above the noise”.

The goal of the website is to help people understand the economy, how to effectively save money, and to understand the various types and aspects of investing.  I am impressed with the videos I have watched on the site so far, as they are straightforward, easy to follow, helpful, and interesting.

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May 6, 2010
Debt

3 Ways To Destroy Debt Fast

Recovering from a snowball of debt can seem nearly impossible, especially for those with only one income or even a part time income. Although there are many options – debt consolidation, financial advising, an experienced debt assistant, etc.; however it is always wise to consider all options.

1) Obtain a Second Income

One of the easiest ways to destroy debt fast is to acquire a second job, either full time or part time. Since you are already living on one income, the entire second income can be put towards your debt. Almost every debt assistant and financial advisor will suggest that you pay off the debts that charge the highest interest first, in an effort to save you from paying solely interest.

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May 4, 2010
Debt

Do You Want To Retire And Still Be In Debt?

According to a poll carried out by Investors Group, 62% of Canadians plan to retire while still being in debt.  In fact, many people polled indicated that they were willing to retire regardless of whether their mortgage was paid off.

As well, the poll results indicated that Canadians seem to be worried about rising interest rates.  There is a big concern right now that Canadians are taking on too much debt at these incredibly low interest rates, and then when interest rates begin to rise, it will cause many Canadian households to be under financial stress due to increased interest payments.

We as Canadians need to become more responsible for the amount of debt we are taking on.  Although it may seem really affordable right now, we have to remind ourselves that we are enjoying historically low interest rates.  They won’t last forever.  In fact, the Bank of Canada may even increase their rates as early as June 1st.

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May 2, 2010