Posted on: May 14, 2024 It has been a long road, but you have finally… FINALLY paid off your mortgage. Congratulations!! Your home is now truly yours. Given the marked rise in interest rates over the last two years with a related rise in mortgage payments – in the last quarter of 2023, average monthly payments for new mortgages of $2,143 Canada-wide, with high priced regions seeing averages of over $2,900 – there’s a good chance that you’re freeing up a very sizeable chunk of cash every month which can now be put to other uses ..read more

Posted on: April 16, 2024 Most Canadians are very familiar with mutual funds. In simple terms, a mutual fund is made up of a collection of individual stocks, bonds or other securities chosen by a fund manager with the goal of generating returns for the investors while balancing risk. Investors pay a percentage fee, referred to as the Management Expense Ratio (MER), to cover the cost of the management, marketing and administration of these funds. In Canada the average MER is around 2%. With greater focus on the cost of investing and fee transparency in Canada, it’s not surprising that there is ..read more

Posted on: January 16, 2024 The new year is a great time to reflect on the past and look forward to the future, both personally and financially. Here are five tips for kicking off 2024 with a financial fresh start ..read more

We are very pleased to announce that Jenny Reimer, Director of Financial Planning at Money Coaches Canada, has taken on the additional role of Chief Operating Officer (COO). Jenny has more than twenty years of experience in the financial services industry and holds the Chartered Investment Manager (CIM) and Certified Financial Planner (CFP) designations. As our Director of Financial Planning for the past three years, Jenny has been responsible for managing ongoing training for our coaches. She keeps our team up to date on current trends, legislation, and best practices, ensuring our clients re ..read more

Posted on: September 20, 2023 It has often been said that “Cash is King”, but when it comes to personal finance it wouldn’t be a stretch to say that it’s all about Cash flow planning is a key aspect of financial planning that involves monitoring, analyzing, and managing the inflows and outflows of cash over a specific period. Effective cash flow planning is crucial for achieving financial stability, regardless of your age or income. It will help you manage your day-to-day finances, achieve your longer-term financial goals, and live a comfortable life free from money-related stress. Let’s take ..read more

Clients sometime ask why their take home income increases later in the year when they haven’t received a pay raise. The answer is CPP (Canada Pension Plan) and EI (Employment Insurance) contributions. As Canadians, anyone who earns employment income is required to contribute to the CPP program. If you are an employee, your CPP contributions are deducted at source from your payroll until the maximum annual amount is reached. Once this maximum is reached, the deductions stop and your take-home pay will increase ..read more

Posted on: November 14, 2023 Financial Literacy month is here again. You can tell by all the financial stories in our news feeds. Some warn you to watch out for hidden investment fees. Others explain the benefits of RRSPs and TFSAs. And what about that new First Home Savings Account? There’s always something to learn (or be reminded of) when it comes to managing our money ..read more

Posted on: October 17, 2023 Waiting for an inheritance is not a solid financial plan, but the fact is in the most recent available Survey of Financial Security (2019) Statistics Canada reported that the total net worth of Canadians 65 or older was about $3.67 trillion, and much of that legacy will be passed on. Those on the receiving end of a generous bequest can make a real impact on their , but only if they make the right choices in the short and long term. many ways to use a large inheritance , and we’ll look at several of them in this article. But, whenever you receive any kind of financia ..read more

Posted on: December 5, 2023 Christmas can be like a runaway sleigh. You’re bundled up and warm, enjoying the dips and turns of holiday fun, when you realize that your budget bounced off the sleigh into a snowbank and you’re careening out of control into a ditch of debt. You wake up January 1st with an empty wallet and a massive holiday headache. Heavy-handed metaphor? Maybe, but if you’re like many Canadians, I bet you can relate. According to a new study from the Chartered Professionals Accountants of Canada (CPA Canada), Canadians are expected to spend an average of $645 on holiday gifts in ..read more

Posted on: February 13, 2024 Retirement, or financial independence, ranks as one of people’s top financial goals. We’re currently in the midst of “RRSP Season”, and many Canadians are giving at least a passing thought to their eventual retirement. survey by the National Institute on Ageing revealed that 26% of working Canadians aged 50+ say they are unsure of whether they can afford to retire at their desired time, with another 39% indicating they are not in the financial position to do so. The same survey found that the rising cost of living was by far the most frequently reported financial c ..read more