All posts by Financial Independence Hub

Where to Travel to Stretch Your Canadian Dollar the Farthest

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Sean Cooper

By Sean Cooper

Special to the Financial Independence Hub

After a second straight brutally cold winter, spring is finally here. February was the coldest month in Toronto history – what better way to celebrate than a summer getaway? Many Canadians on a budget choose to travel to our neighbours to the south, the U.S.

“With the Canadian dollar having lost 25% of its value over the last two years and the Canadian dollar below 80 cents, you’ll need to be more frugal with your money this year” says Rahim Madhavji, President of KnightsbridgeFX.com.

Here are some places to consider travelling to stretch your Canadian dollar the farthest in the U.S. and internationally:

USA

  1. Yosemite National Park

Cost: $30 per vehicle ($25 from November to March) for a seven-day pass Continue Reading…

Voluntary CPP is an old idea … has its time finally come?

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Jean-Pierre Laporte (Linked In)

By Jean-Pierre Laporte

Special to the Financial Independence Hub 

Much ink has already been spilled since Minister of Finance Oliver rose in the House of Commons on May 26th to announce that the federal government was open to the idea of allowing additional voluntary contributions to the Canada Pension Plan, in order to give Canadians yet another avenue to save for their retirement.

Pundits and pension experts have since wondered what this new policy initiative would look like when fully fleshed out. The details provided by the Hon. Oliver have been scant except to say that employers would not be forced to contribute to the Supplemental Canada Pension Plan (S/CPP for a lack of a better acronym).

The S/CPP policy announcement comes at critical time, as the Ontario government is refining its own proposed CPP expansion initiative known as the Ontario Retirement Pension Plan ( ORPP ). The ORPP is a mandatory extension of the CPP for all workers not otherwise exempted because they work for a federal employer, or participate in a ‘comparable’ pension plan like a defined benefit plan. The ORPP was Ontario’s reaction to the lack of willingness on the part of the Harper government to impose a mandatory increase to the basic CPP benefit.

Foundation laid in 2004

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Conscious Clients don’t put Retirement plans at Risk

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Doug Dahmer

By Doug Dahmer, Emeritus Retirement Income Specialists

Special to the Financial Independence Hub

One of the most exciting and rewarding aspects of my job is working with my clients as they learn what I call ‘Conscious living.’ It’s a skill that has tremendous impact on their quality of life and their retirement plan.

My ‘Conscious’ clients have a retirement plan and clearly defined goals. They know what they want to do, when they want to do them and how big they want to do them. They also have the tools to explore the implication of each financial decision or potential alteration to their plan. And they understand the future impact that an ill-considered, near-term expenditure will create – in most cases putting some element of their goals and retirement plan at risk. Continue Reading…

The ultimate guide to Investments & Debt Consolidation

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Darren Robinson

By Darren Robinson,

Special to the Financial Independence Hub

It’s only natural for families to pursue investment opportunities to help pay for costs such as home ownership, health care, food, transportation, entertainment and countless other things. But sometimes investments can fail and lead to heavy losses that can force a family to tap into credit more often to meet monthly financial obligations. Here is a guide for dealing with extreme financial challenges.

Risky Investments

There are many ways to invest money, but some investments are safer than others. Although the stock market can be one of the quickest paths to wealth, it can also be a quick path to asset depletion. If you buy a heavy volume of any given financial instrument, it can wipe out an investment rapidly if the security moves the wrong way.

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Re-introducing Tontine Annuities Might Shave Years Off Your Findependence Day

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Moshe Milevsky

By Moshe A. Milevsky

Special to the Financial Independence Hub

Here is a non-surprising fact. Most retired individuals do not choose to voluntarily annuitize their accumulated wealth or savings at retirement. They prefer the lump sum. This has been christened by financial economists: “the annuity puzzle” and has been the topic of Ph.D. theses for decades. I am guilty of supervising a few of these myself.

Sadly, life annuities are relatively unpopular – especially compared to stocks and bonds — in a large part of the world and simply unavailable in most others. Indeed, the few jurisdictions and countries in which there is a sizeable market for annuity products – such as Canada or the U.S. — it is often driven by tax-advantaged treatment and/or government “nudging and defaults” as opposed to an intrinsic consumer appreciation for longevity insurance. Like most insurance products, they are ‘sold’ but rarely purchased.

Could the past hold the key to Longevity Insurance?

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