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Category: Saving strategies

What to do with your tax refund

Here are just a few options you might consider using for your income tax refund.

  Traditionally, the tax filing deadline for individuals is April 30, but due to global events, the Canadian government has postponed that date to June 1 this year to give you some more breathing room. This was a welcome change for many people, but the extension doesn’t apply to self-employed individuals as this deadline remains … read more

How I deal with a fluctuating income

Freelance and contract workers often struggle with incomes that vary from month to month. Learn tips for coping with a fluctuating income.

As a self-employed individual, I’m very aware that my income can fluctuate quite a bit. There has been more than one incident where I’ve made record income one month which was then followed by a significant drop the next month. For some people, this rapid change of income can lead to sleepless nights, but I’ve … read more

Scammers employ new tactics to steal your identity

Here’s how to avoid falling victim to fraudsters attempting to steal your sensitive financial information.

  Fraudsters are incredibly smart these days. They continuously come up with different schemes targeting people via online sites, email, text messages and phone calls. It doesn’t matter how old you are, your gender, or where you live, fraudsters are trying their hardest to get your information and cash. Fraudsters also don’t take time off … read more

How important is your credit score, really?

Lenders use your credit score to determine your ability to manage your debt.

  You know you have a credit score, you may have even checked it once or twice, but do you know how your credit score is calculated? Do you know how lenders use your credit score? Credit scores are a valuable way to show lenders that you are a responsible consumer. For example, when you … read more

Financial mistakes I’m glad I made

Personal finance expert Barry Choi shares some of the financial mistakes that he’s glad he made.

Although my parents taught me about money management from a young age, I still managed to make quite a few financial mistakes over the years. None of these mistakes were overly serious and I’m actually happy I made these mistakes. Many of these decisions were made because I was uninformed (or misinformed), and once I … read more

Breaking down the 50 / 30 / 20 Rule

The 50 / 30 / 20 Rule is intended to help make it easier for you to manage your budget.

It’s human nature to seek an easier way to deal with a complex task, and for many people, developing and managing a personal budget can qualify as a challenge. This explains why there are so many budgeting approaches out there intended to help you better manage your money. Some, like the “envelope system” for instance, … read more

How a GIC can help you save

A Guaranteed Investment Certificate can help you diversify your portfolio holdings.

When it comes to investments, diversification is key and the saying “don’t have all your eggs in one basket” is as true today as when it was first coined. Savvy investors understand the need for diversification and they make sure to have their money in a range of products and holdings. When it comes to … read more

TFSAs and your retirement

Read how you can use a Tax-Free Savings Account to help boost your retirement savings.

When Canadians turn their thoughts to retirement savings, it is the Registered Retirement Savings Plan (RRSP) that typically first comes to mind. This is understandable as the RRSP program dates way back to 1957 and remains a popular way for Canadians to build their retirement savings. One of the primary features of an RRSP is … read more