Have somebody else using your credit card? You need to know this
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To sell or not to sell: stock market fluctuations in the summer
It’s May, so is it time to sell and go away until St. Leger Day? That’s the old stock market saying. St. Leger Day, by the way, was the last British horse racing event of the season in mid-September. Presumably, … Continue Reading
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Life lessons from tragedies in Boston and Texas
The recent tragedies in Boston and in West, Texas, are reminders that disaster can hit with the speed and force of a tornado. Similar, if somewhat less dramatic, events happen daily and range from death, divorce and illness to unemployment … Continue Reading
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Getting finance literate: Pick one area first, and become a pro
“I am 44, a single parent with two kids and a total idiot about money,” writes Lori P. from Winnipeg. “There’s so much talk about financial literacy these days. How am I supposed to get smart?” Good point. I feel … Continue Reading
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How to solve youth unemployment (well, not quite, but it’s a start)
Take an innovative restaurant in Toronto called The Depanneur, add in a guest program for young chefs-in-the-making, stir, season and serve up a dish that helps solve youth unemployment. OK, maybe I’m stretching it a bit, but owner Len Senater … Continue Reading
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Five taxing tax myths
Income tax is complex and, I suspect, deliberately confusing. After all, filing returns employs an entire profession. Not surprising then that Canadians have many wrong ideas about their taxes. These five myths, culled from H&R Block’s free online question and … Continue Reading
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Learn to safeguard your savings, and don’t gamble with pension
A Vancouver acquaintance recently told me about his financial mess. He had owned a condo, which he loved, in Vancouver near foodie heaven, Granville Island. During the rising market he decided to buy down and put a big chunk of … Continue Reading
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Cybershopping: Canadians spending more time online than in lines
Canadians are cyber-shopping obsessed. According to a June 2012 MasterCard Spending Pulse Report, e-commerce grew by an astounding 24.9 per cent in the first six months of 2012 compared to the same period in 2011. At the same time the … Continue Reading
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Why your tax refund is really just a bad loan from the government
An unexpected financial gift, a surprise bonus at work or a lottery win are all lovely windfalls. But for the average working stiff, the only thing that usually falls into this category is the annual tax refund. In fact, it … Continue Reading
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RRSPs: Should you borrow or not?
Perhaps your RRSP contribution room is the size of a small nation’s GDP. Do you borrow to catch up? This is one of the most common questions at this time of year. It may seem like a no-brainer. Use cheap … Continue Reading
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Will debt settlement companies really solve your financial woes?
An Ottawa debt settlement company promised Holly Wang complete debt relief. The reality didn’t live up to her expectations. The Kingston, Ont., nurse began the spiral into debt 15 years ago when she and her husband bought their first house. … Continue Reading
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Are you a spender or a saver? Financial quiz gets your marbles rolling
Marbles aren’t exactly a common possession these days. But let’s say you have a retro friend who happens to have one clasped in each hand. One is red, the other black. You are required to enter the game she proposes … Continue Reading
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Young Canadian with no job? You’re not alone
I’m not an employment expert but I’m becoming one, especially for young workers. As my daughter attempts to find full-time work after graduating with a two-year culinary degree from George Brown College in Toronto, I am seeing first hand the … Continue Reading
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Nasty T5 slip surprise? Don’t panic
A reader who owned 200 Kraft Foods shares received a nasty surprise when a T5 slip arrived showing nearly $3,000 in U.S. dividend income. Kraft Foods Group split into Kraft Foods and Mondelez International in October, 2012. Every 100 shares … Continue Reading
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Can you claim income tax credits for an infirm family member?
Millions of Canadians are caregivers but are confused about whether they can claim caregiver tax credits for the elderly. This Metro reader is one of them: “My mother is 80 and lives with me. Her income from OAS and GIS … Continue Reading
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Five tax myths that can cost you time, trouble and money
For the past few years H&R Block has been puncturing tax myths gleaned from their free online Q&A service. It’s one of my favourite topics at this time of year. The persistence of these myths is downright amazing. If you … Continue Reading
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Three reasons why last minute RRSP contributions are a bad thing
Hear that? It’s the sound of 3.5 million people scrambling to make their RRSP contribution. According to a new TD poll nearly 60 per cent of Canadians procrastinate with that all-important deposit. You might think it doesn’t matter if you … Continue Reading
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Don’t invest that RRSP contribution in mutual funds
Don’t invest that RRSP contribution! At least, not yet. I’ve got a better idea than throwing money into the mishmash of mutual funds that are probably littering your portfolio. These days, far too many mutual funds have high sales commissions … Continue Reading
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Avoiding the stress of RRSP season
It’s the best of times and the worst of times — RRSP season. Best if you’ve been tucking money away monthly, allowing you to ignore all the hype and look forward to a tax refund. But it is the worst … Continue Reading
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How to save your money in 2013, month by month
It’s all about the psychology. Twelve months is a long time to keep a money vow. However, if you’re only aiming for a month, chances of success are higher, which increases the likelihood that you’ll turn some of your mini-resolutions … Continue Reading
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Games to raise your money IQ for the holidays
It’s not too late to raise your holiday money IQ! If you’re feeling a little overwhelmed as the big day draws near, there’s nothing like a game to improve your outlook. The Investor Education Fund (getsmarteraboutmoney.ca) has created Cranial Cash … Continue Reading
