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Teaching Children Financial Independence

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Now may be the perfect time to teach your children about financial independence. There are plenty of real-life examples in the media of how not to manage your finances. To really teach children money management skills, they must learn to handle money personally and to make consequential decisions on how to manage it. An allowance is an ideal way to set a solid financial belief system for your…

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Gifts That Keep On Giving

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It's that time of year when wish lists for gifts are circulating. Before purchasing that iPad, game system, e-bike or leather jacket, consider a gift that will keep giving well into the future. After years of overspending on her children, this is what Maude will be doing this year. "I'd hate to add up what I've spent on toys and gadgets while my children were growing up. They're adults now, one…

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Healthy, Wealthy and Wise

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According to the Financial Consumer Agency of Canada1, good health is determined by mental, physical, and financial wellness. In other words: mind, body, and money. Physical and mental health makes sense, but what is financial wellness? Financial wellness doesn’t necessarily mean you have millions of dollars invested, although you’ve achieved an admirable goal if you do. While it’s not about the…

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Financial Advice for New and Expecting Parents

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Whether you're expecting a child, planning to have one soon or have just become a new parent, you're about to embark on one of the most rewarding journeys that life has to offer. It's also one of the most expensive: an average of $12,500 per year until age 18.1. That's $225,000 per child, and it doesn't include the cost of post-secondary education. Planning for this is one way to be the best…

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Optimizing Your RRIF

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Registered Retirement Income Funds (RRIFs) are one method of drawing an income from Registered Retirement Savings Plans (RRSPs) in retirement. There are a few things to consider to get the best value from your retirement savings with RRIFs. For many Canadians, RRSP savings will be the major source of their retirement income. The main concern for most is the risk of outliving their money. Another…

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