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I've heard that I can get a lower interest rate with a secured line of credit. If I qualify for a secured line of credit, why would I still want to use an unsecured line of credit?
What's better: An unsecured line of credit, or a secured line of credit like a HELOC?
I've heard that I can get a lower interest rate with a secured line of credit. If I qualify for a secured line of credit, why would I still want to use an unsecured line of credit?
I've often heard of these two types of pension plans offered by companies: - Defined contribution (DC) - Defined benefit (DB) What are they and how do they differ? Is one better than the other?
What's are the differences between "defined contribution" and "defined benefit" pension plans?
I've been hearing a lot about exchange-traded funds, or ETFs. What exactly are they, and how would I use them?
What's an Exchange-Traded Fund (ETF)?
I hear that a traditional IRA offers a tax deduction whereas a Roth IRA doesn't, but there's got to be more to it than that: What makes a Roth IRA any good, if it doesn't provide a tax deduction? Wouldn't I be better off just investing my money within a plain investment account?
What's are the differences between a "traditional" IRA and a Roth IRA?
I plan to retire in 15-20 years... what kind of investments should I consider holding in my RRSP? I don't like very risky investments, but I also don't want to be too conservative.
What kind of investments should I have in my RRSP?
Why is leasing a car a bad idea?
I'm thinking of getting a new car ... but why shouldn't I LEASE one?
I'm thinking of getting a new car ... why shouldn't I LEASE one?
Please help demystify life insurance options for me. What kind of policy would be the cheapest? What are the features of the different kinds of policies out there? What should I be looking for? Thx!
What kind of life insurance is cheaper? I'm not sure about term vs. whole vs. universal, etc.!
What are the best options for an RESP for my 2 year old kid?
I'm currently unemployed and have been offered a contract position. Do I need to incorporate myself? How do I do it?
Since your child is 2, he has a long time horizon for investment. Assuming the savings will be used at age 19, that's 17 years. So, I think your best bet is to invest primarily in **equities** (i.e. stock-based funds) and **inside an RESP**. Why equities? Historically, equities have outperformed debt and cash ove...
Since your child is 2, he has a long time horizon for investment. Assuming the savings will be used at age 19, that's 17 years. So, I think your best bet is to invest primarily in **equities** (i.e. stock-based funds) and **inside an RESP**. Why equities? Historically, equities have outperformed debt and cash ove...
Are 401K and IRA contribution limits increasing next year? If so, what are the new limits? Thank you!!
What are the 401K and IRA limits for next year?
If you initially had invested say $1000 in a corporation and the corporation folded, can that $1000 be declared as a personal capital loss?
How to claim loss of income?
What are the 401K and IRA limits for next year (2010)?
While a seemingly simple question, next year may be different. Interestingly, the 2010 contribution limits for 401(k) and IRA plans is tied to the **rate of inflation**. PF blogger [fivecentnickel.com][1] posted the following article, [401(k) Limits to Decrease in 2010?][2], which mentioned: > Inflation has been ...
Withholding tax credits have changed over the past few years. What is the agreement between Canada and USA related to how much can be claimed and how much must be applied for as a reimbursement?
What is the current US-Canadian agreement on withholding taxes for US Investment income?
all of you frugal people - how do you do it? i'd like to live on less but it doesn't seem easy ... how can i get started? i want to get out of debt and not have to work until i'm dead...
i spend too much money.. how can i get on the path to a frugal lifestyle?
Agree wholeheartedly with the first point - keep track! It's like losing weight, the first step is to be aware of what you are doing. It also helps to have a goal (e.g. pay for a trip to Australia, have X in my savings account), and then with each purchase ask 'what will I do with this when I go to Australia' or 'how ...
All of you frugal people - how do you do it? I'd like to live on less but it doesn't seem easy... how can I get started? I want to get out of debt and not have to work until I'm dead...
I spend too much money... How can I get on the path to a frugal lifestyle?
How does the "snowball" method of paying off credit card debt work? In what ways is it superior over other ways of reducing one's debt?
I've often heard of the "snowball" method for paying off credit card debt. How does it work?
I have $5,000 that I would like to put in to an investment account. To get the maximun tax benefit, should I put it in my RRSP, my child's RESP, or my TFSA account? I have enough room in each of these, and I shouldn't need to use it for 15 years.
Which account should I put my money to get the most tax benefit?
What's the best retirement strategy? Assuming I have $1000 and room in both my TFSA and RRSP contribution, where should the $1000 go?
Are warehouse clubs like Costco and Sam's Club worth it? What's the best way to approach buying at these stores - buying *everything* there instead of the grocery store, or buying specific things? Which items tend to be cheaper at the warehouse club stores, and which items am I better off buying elsewhere?
Are warehouse clubs like Costco and Sam's Club worth it?
Should I take Social Security earlier than the full retirement age shown on my statement? I'm concerned they'll change the rules and I'll lose out if I wait. :-/ What is the likelihood the rules are going to change? In general, is it better to take Social Security benefits earlier, or later? I don't necessaril...
Should I take Social Security earlier than full retirement age, or wait for more?
My company holds back tax from each of my pay checks. I have no other sources of income. I don't expect I owe anything more on my pay. Do I really need to file an income tax return? I live in Canada.
Do I really need to file an income tax return?
As a UK higher rate tax payer, I was tempted to invest in [premium bonds][1] because prizes are tax free. However they recently dropped their effective rate, and apart from the slim chance of winning a big prize I'm not sure if they're a good investment. Anybody have a perspective on their merits? [1]: http:/...
Are premium bonds a good investment?
I do not have a pension but have a rental property (which breaks even). Question is, do I invest in more properties or take out a pension ? I am worried if I go down the pension route I would lose all if there is another down turn.
Pension or Property ?
When does the HST become effective? Will all businesses start charging HST right away, and will it replace the 5% GST with a straight 13% tax for all services?
When does Ontario's HST come into effect?
Let's say I have a small sole proprietorship with only a bit of income and expenses. I can do up a balance sheet and an income statement at year end. Is that all I need to submit with my taxes, and I just declare the income on some line in the tax return, or is there a whole separate form? Does the business need to ...
If you run a sole proprietorship, how do you declare the income of the business on your taxes?
I'm a non resident of Canada, living in Vancouver, BC, Canada - what are the rules, regs and issues in leasing a car - is it even possible? Thanks Jonathan
Do you mean that you've been deemed a non-resident for tax purposes but that you've returned to Canada? Do you intend to re-establish residency? As a non-resident, it may be difficult to obtain credit from any Canadian financial institution, and similarly leasing a vehicle may be difficult as well. Have you inve...
Do you need to incorporate? This depends on whether the company prefers to be incorporated. If you are going through a recruiting company, some of them are willing to deal with non-incorporated people (Sole Proprietor) and withhold taxes from your cheques for you. If you do want to incorporate, you can do it yourse...
What kind of bank deposits in the U.S. are insured against banks going under? What do I need to look out for to make sure my money is safe?
How does deposit insurance work in the U.S.?
As a working mom of four and a full time college student I am broke. I looked into Advanced EIC and filled out the form to get an Advance EIC added to my paycheck. I picked up my check today and had 70.00 deducted with EIC-3 beside it. My employer told me that is how it works and basically take it or leave it. From e...
Do you need to incorporate? This depends on whether the company prefers you to be incorporated. If you are going through a recruiting company, some of them are willing to deal with non-incorporated people (Sole Proprietor) and withhold taxes from your cheques for you. If you do want to incorporate, you can do it yo...
How is the Advance Earned Income Tax Credit (Advance EITC) supposed to work? Help!
What's the differences between a discount broker and a regular broker? "Discount" implies a price difference... but why can they be cheaper than regular brokers??
What's the differences between a discount broker and a regular broker?
If my employer offers a workshare program during this recession and I own a small side business (even if it makes little or no income), am I ineligible for the workshare program?
Does being involved in the management of a corporation make me ineligible for a workshare program?
I'm buying my very first home next week, and should be receiving the $8,000 first-time home buyers tax credit. A majority of my savings are going to the down-payment of the house, but we still have a pretty solid reserve. How much money should I hold in an accessible form in case of emergencies? I'd love to just t...
As a general rule, how much in "liquid" savings should I have?
Assuming you are *paying into* and *eligible* to collect regular Employment Insurance benefits for the job in question, I don't see how owning a side business would, by itself, affect your ability to participate in the workshare program. Many people own dormant businesses ($0 revenue / $0 income), or businesses with i...
Your employer obviously does not understand Advanced EIC. The idea is for you to get MORE in your paycheck and get your earned income credit throughout the year instead of all at once. Go to this link on the IRS page http://www.irs.gov/localcontacts/article/0,,id=177825,00.html It will tell what your employer needs to...
What's up with the Rich Dad "Learn To Be Rich" free education? I heard an ad on the radio today and was skeptical... Would it really be worthwhile information, or is it a sales pitch in disguise as education? Has anybody looked into this and knows what the education is about?
Free "Rich Dad" education, with "free gift": What up with that - it legit, or a sales ploy?
We are told always that diversification in a portfolio is good. "Don't put all your eggs in one basket." But is there mathematical theory behind diversification to back up the advice?
What is the theory behind diversification? Why does it work?
For online applications such as Mint and Quicken (online), to automatically update your accounts, they'll always ask you to enter your login info to your banking and/or investment accounts. Do you trust giving out these types of personal information, how do you know you can trust them?
Online Personal Finance Applications - Do you trust them?
What is a reverse mortgage? I hear these advertise often but don't understand how they are different from a regular mortgage! Can somebody explain please what they are and when they would be useful? Thank you!
What is a reverse mortgage?
The only ppl who should know my online bank password are me & my spouse. Forget it, I won't share that sensitive information with any other company. I might as well give a blank check! Besides, don't banks require ppl to keep their username & password & PIN private? I signed an agreement to that effect, I think! So...
It's about time that I took my family's finances seriously and built a budget. I'd rather not start from scratch, and am thinking, "surely, I can benefit from someone else's work?" - can someone please point me in the right direction? Need an easy-to-understand and easy-to-use spreadsheet-type tool.
Where can I find an example of a really basic family budget?
What if it will take me 15 years to pay off my debt? Should that ALWAYS be what I pay down first?
I have a secured line of credit (pretty substantial balance) as well as an RRSP. Am I wisest to pay off my debt before contributing to my RRSP?
I have a secured line of credit (substantial balance) as well as a retirement account. Am I wisest to pay off my debt before contributing to my retirement account?
Here is an old version of the spreadsheet we use for our monthly budgeting. If I get an some time to clean it up our current one I'll try to post that, but this should get you started. [Budget Sheet][1] [1]: http://spreadsheets.google.com/ccc?key=0AlFvdzhfN-lWdDBQcEsxUWtmcF9XSjBYQjd0dkVtLVE&hl=en
This is something that will vary from situation to situation. What is the secured debt? What is the interest rate? Does your retirement account have a match? What are your other financial obligations? How much money do you have available after meeting all of your minimum financial obligations. All of these are very imp...
I'm attracted by the low interest, but scared of having too many credit cards and losing track of payments, or worse, adversely-affecting my credit rating or future borrowing potential by having "too much credit". But maybe it's worth it for the cash savings?
Is it worth it to use "balance transfer" credit cards, to take advantage of low-rate offered as sign-up incentives?
Are travel point / reward credit cards worth the hassle and cost? Many such cards have fees, and when you try to book there are often restrictions. What has your experience been with these types of cards? How best to use them effectively, if at all?
Are travel point / reward credit cards worth the hassle and cost?
I have two bank accounts (checking and saving), some credit cards (3), a mortgage, an investment account, and an individual retirement account. Right now all of those accounts except two of the credit cards are held at the same bank. I did that to have some advantage in negotiating a better rate on my mortgage, and ...
Should I keep most of my banking, credit, and investment accounts at the same bank?
What are the pitfalls of loaning money to friends or family? Is there a right way to do it?
What are the pitfalls of loaning money to friends or family? Is there a right way to do it?
*(I'm paraphrasing a question a friend asked me recently. I think it belongs here.)* "Somebody told me that if I have a child under age 6, then I'm entitled to get a $100/month benefit from the Canadian government. Is that true? How do I apply for it?"
Is it true the Canadian government would provide a benefit of $100/month for each of my kids under age 6?
I've talked to a few FA's and they all seem more intent on selling me products than giving me advice. Case in point - one of them was pushing me to invest my cash savings in her bank's funds when I had about $10k in credit card debt that should have been paid off first. So my question is - how do I go about fin...
How does one find a good financial advisor?
Should I put more money down on one property and pay it off sooner or hold on to the cash?
Does dollar cost averaging really work? If I have money available now, why shouldn't I invest it all at once? If the market's going up, wouldn't that be better?
Does dollar cost averaging really work?
I have $5,000 that I would like to put in to an investment account. To get the maximum tax benefit, should I put it in my RRSP, my child's RESP, or my TFSA account? I have enough room in each of these, and I shouldn't need to use it for 15 years.