June 2017
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No Avocados were harmed in the writing of this blog post.

A couple weeks ago the internet blamed the lack of millennials in the housing market on our frivolous spending habits. We spend our hard earned dollars on avocado toast which can sometimes cost us $15+, and that’s the reason we can’t afford to buy a home. While $15 toast might seem like a lot to some, giving up this glutinous breakfast delight isn’t going to magically mean you have enough for a down payment on a home. The boomer generation seems to think millennials are terrible with their money and they waste all of it on avocado toast and lattes… but the truth of the matter is that when they were our age they probably had their own version of the avocado toast! Not to mention that homes were far more affordable. Read more »

There is an increasing push towards more regulation in the financial adviser space, and rightfully so! Far too often Canadians look to ‘the experts’ for help and find out months or even years down the line that the investments that were suggested to them don’t fit their risk profile at all. Financial advisers have recently received a ton of backlash, employees feel forced to sell to unknowing customers, just to hit their sales targets. With the media blowing up about these advisers Canadians seem unsure of who to turn to. Financial advisers can be a great asset to your wealth building team, but you have to be able to find the right one! To do so, while tedious, it’s important to interview a number of advisers to find the one that is the right fit for you. Read more »

The sustainability movement is top of mind for many Canadians. With the push towards green energy, the implementation of the carbon tax, and the generational shift towards saving the planet most Canadians face an aspect of sustainability at some point in their lives. Our responsibility to the planet to make it a more clean and safe place ensures future generations will be able to prosper from what the planet has to offer, and in my experience that’s exactly what millennials tend to do.

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Now that you’ve all received your tax slips for the year (T3 slips were mailed out at the end of March) it’s time to start filing your taxes!

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An RSP is an account that allows you to defer tax into the future, which means you have more money now to grow your nest egg. The money you contribute into your RSP can be deducted from your taxable income, which is why many people will receive a refund from RSP contributions they have made. When you’re old and grey and decide it’s time to pull the money out of your RSP you will be taxed on the amount withdrawn in a given year. This can be beneficial if you are in a higher income tax bracket now than you will be when you retire and need to pay tax on your RSP withdrawals. Read more »

A co-worker recently commented on our benefit renewal at work and mentioned it might be worthwhile to talk life insurance on the blog. At that point, I realized I’ve never actually talked about life insurance and was wondering why the heck not! So here we are.

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