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How Young Professionals Can Set Themselves Up for Financial Success

Starting your professional career can be equal parts exciting and terrifying. Having a steady stream of income for the first time is a great feeling but knowing what to do with the money can be confusing. Below are 5 strategies that all young professionals should employ to make sure their finances stay on track.
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How Rising Interest Rates Could Actually Affect You

The Bank of Canada has raised interest rates 4 times since summer of 2017 and it is expected that they will continue to do so. Canadians need to prepare for a period of rising rates, as it will impact mortgages, lines of credit, student loans, savings accounts, and investments. A survey conducted by IPSO in 2016 indicated that 48% of Canadians are just $200 away from not being able to meet their financial obligations. With rates rising higher than they’ve been since 2008, households need to be aware of the impact rate hikes could have on them.
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The Saving Versus Mortgage Dilemma

After all the bills are paid, sometimes we find ourselves with a surplus of cash and are left wondering the best way to use it.  Your options for available cash essentially fall into three categories: spending it, investing it, or pay down debt.  Trying to perfect the balancing act of savings as much as possible while still trying to pay for a mortgage can be stressful and somewhat confusing.  While there is no one-size-fits-all solution for allocating cash, there are some tried and true principles that could help you make the most of your money.
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Dollar Cost Averaging

Dollar Cost Averaging (DCA) is a structured approach to buying investments.  DCA is intended to temper the volatility of your investment portfolio by breaking large holding purchases into smaller buys done over time.

Instead of buying a large holding of a single investment vehicle all at once, the entire purchase is divided into smaller transactions and spread over a period of time.

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5 Ways to Be Smart When the Markets Go Down

We all wish the stock market would move only one way….up.  Unfortunately, history has shown us that every bull market is followed by an equally aggressive bear market.  Sometimes the market falls hard and fast, but that doesn’t have to mean catastrophe.  Being smart when times are tough can be just as lucrative as being smart when the going is good.  After all, the smartest investors don’t fear a downturn, they take advantage of it by making sure they are in a good place when it corrects itself.
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Term vs Permanent Insurance

When it comes to life insurance, there are many options available – so many, in fact, that it can be an intimidating process to undertake. Many people are unsure about which option is best in terms of cost, coverage and meeting their goals. That said, insurance can be quickly and easily simplified by dividing it into two broad categories: permanent and term. Each of these insurance categories has multiple variations.

The video below is intended to provide clarity and relieve some of the anxiety associated with choosing the most appropriate insurance option for your situation. If you have questions about insurance options and what would best suit your needs and goals, please contact us – we’d be pleased to answer your questions!
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How Investment Income Is Taxed

Investments can represent a major source of income for some individuals and with that income comes a wide variety of tax implications. The good news is that some types of investment incomes are subject to special tax treatment.  Understanding how your investments are taxed is an important part of your financial plan.  The most common types of investment income most investors will have to deal with are interest, dividends, and capital gains.
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Disclaimer

This information is designed to educate and inform you of financial strategies and products currently available. As each individual’s circumstances differ, it is important to review the suitability of these concepts for your particular needs with a Qualified Financial Advisor.