One long-standing strategy in retirement planning is to increase government pension income by delaying benefits. In Canada, deferring entitlement can raise payments from both the Canada Pension Plan (CPP) and Old Age Security (OAS) — as well as affect the Guaranteed Income Supplement (GIS). This is similar to the U.S. Social Security approach, where postponing … Read more

A will expresses your intentions for how your assets should be distributed after you die. However, wills can be challenged in court, and judges may vary or overturn provisions if they determine certain family members were not adequately provided for. One recent example is the Pascuzzi v. Pascuzzi decision from the Supreme Court of British … Read more

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, reviews key financial headlines and explains what they mean for Canadian investors. U.S. retailers: Consumers are spending differently, but they’re still spending Readers of “Making sense of the markets” may recall that earnings from Walmart and other big-box retailers helped trigger … Read more

If you’re working to improve your financial picture, you likely think of paying down debt, building an emergency fund, investing in a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP), or using other savings and investment vehicles. Those are all essential pieces of a solid financial strategy. But one important element that’s … Read more

I’m currently paying off some credit card debt and was wondering if I could apply for a line of credit to consolidate my debt at a lower interest rate and reduce my monthly payments. Is this a smart idea?—Nicole Resource highlight Find the perfect card with CardFinder In under 60 seconds, get matched with a … Read more

Dealing with credit card debt usually requires a practical, multi-step approach. Below are several effective strategies for earning more, cutting spending and saving money—plus one option some Canadians might not realize is worth considering: switching to a balance transfer credit card that offers a low or even 0% introductory interest rate. These five proven tactics … Read more

When someone dies and still owes money on a mortgage, is their common-law spouse responsible for paying it off? The house was in the deceased’s name only—the common-law spouse was not a co-signer on the mortgage and her name is not on the deed.—Louine When a family member dies, who pays for the mortgage? Thanks … Read more

My spouse and I separated in September 2020. I hold sole title to our matrimonial home, and we jointly own two investment condos. He currently lives in one of the condos (Condo A) but plans to move into Condo B and use the equity from Condo A to buy me out. After that, we would … Read more

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, summarizes key financial headlines and provides context for Canadian investors. Deflating expectations Valuations across global markets are increasingly sensitive to inflation readings and the expected path of interest rates, so investors were closely watching the latest U.S. Consumer Price Index (CPI) … Read more

Canadians spent a lot to make their homes more comfortable early in the COVID-19 pandemic. Between March and September 2020, nearly 45% of Canadians bought furniture, electronics or appliances, and about 37% completed meaningful renovations, according to an Ipsos survey. For renters, however, decorating often comes with limits: you can’t always paint walls or make … Read more