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Tax-Free Savings Plans

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When Sophia first heard the term Tax-Free Savings Account (TFSA), the first thing that came to her mind was a low- or no-interest account at a bank. She soon learned that just about every investment option available to her in an RRSP is also available to her in a TFSA plan. Glenn, 58, is of modest means and has saved less than $50,000 in his RRSPs. He likes the fact that TFSA withdrawals will not…

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New Years Financial Resolutions

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Jack and Diane want to improve their financial situation and feel that making financial New Years resolutions and implementing them is a good start. To help identify their priorities, they made the following list: Set Objectives - Goal setting is the foundation of achieving financial success. If they write down their goals, it will help Jack and Diane clarify them and establish their personal and…

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Can you spot a Ponzi scheme?

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On June 29, 2009, Bernard Lawrence 'Bernie' Madoff was sentenced to 150 years in prison for perpetrating what has been called 'the largest investment fraud in Wall Street history.' Actual losses have been estimated at $64.8 billion by prosecutors. Apparently, Madoff admitted to his sons that his company, Bernard L. Madoff Investment Securities LLC, was nothing more than a giant Ponzi scheme. What…

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Now is the time to be especially wary

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Uncertain economic times and rising rates of unemployment are creating a new breed of desperate people. Some are turning to frauds and scams as a way out of their troubles. Others are becoming more susceptible to schemes they had hoped would help but are being bilked out of their dwindling cash reserves instead. Hard times tend to bring more frauds and scams out of the woodwork. Fraudsters are…

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Proposed Changes to the Canada Pension Plan

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On May 25, 2009 Finance Canada announced some proposed changes to how Canada Pension Plan will work. If approved, the changes will take effect over a period of time from 2011 to 2016, so they will affect anyone planning to retire after 2010. Below is a brief summary of some of the most important changes: Early retirement (before age 65) will result in a reduction in CPP benefits by 7.2% per year…

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