The first step to managing your debt is to understand the difference between good debt and bad debt. Good debt helps you to build on an asset, like your mortgage or to finance your education. Bad debt occurs when you borrow money to purchase an item that reduces in value over time. Credit card [...]
As we come to the end of a year that has been difficult for many CEIRP members, we can look ahead to 2024 as a fresh start, especially when it comes to how we manage our money. With this in mind, here is a simple money hack that you can try that will help [...]
Chris Enns is a unique financial advisor: he also has experience on the stage as an opera singer. Unlike other advisors, he has personal experience with the cyclical highs and lows of working in the entertainment industry. That’s why we asked him for his advice on how many of our members can cope financially [...]
It’s probably safe to say that not many of us have a written financial plan and maybe even fewer among us have a will. But, these are these are two very important pieces that help us to achieve our retirement and financial goals. So what would happen if you didn’t designate someone(s) to be [...]
Our plan provider Canada Life has gathered all the key points about the new First Home Savings Account (FHSA) in a short article. Here is a summary of everything you need to know: This new savings account will be launched in 2023 It combines some of the features of an RRSP and a TFSA [...]
The 2023 federal budget proposes changes in the deduction for tradespersons tools. Here are the facts: The proposed change included doubling the maximum employment deduction for tradesperson's tools from $500 to $1,000. The new maximum deduction would be in effect for the 2023 tax year. Under the current rules, a tradesperson can claim a [...]
The latest federal budget includes changes to the Income Tax Act (ITA) that change the amounts that students can withdraw from their RESP accounts. Here are the facts of the proposed changes: The current rules allow for a student in full-time post-secondary education to withdraw a maximum of $5,000 in education assistance payments (EAPs) [...]
According to a recent study by Stats Canada published at the end of March, Canadian credit card debt has increased to $91.5 billion. That amounts to a 13.8% increase in December 2022. If you’re looking to reduce your credit card use and to bring down your debt, consider trying some of these suggestions: Set [...]
One important habit to adopt in order to become a successful budgeter is tracking your expenses. Luckily, there are a lot of options available to help make your life easier. Here are a few ideas: Spending apps: regardless of whether you have an Android or an Apple phone, you can easily find a free [...]
Now that RRSP season is over, it’s time to look ahead to Tax season. While we know that many of you file with the help an accountant, others among you complete and file your taxes yourself. So the following short list of tips may be best suited to the personal filers. Maximize on your [...]
