In an effort to crack down on speculators and to discourage people from taking on too much debt, Ottawa is tightening mortgage rules again. These new rules are expected to take effect April 19, 2010.
There is growing concern that the housing market in Canada may be overheating. Finance Minister Jim Flaherty stresses that while there is no bubble in Canada's real estate market now, these new mortgage measures are a proactive step to help prevent a housing bubble from occurring.
For the book The Millionaire Next Door, researchers asked the question, 'Do you know how much your family spends each year for food, clothing and shelter?' Almost two thirds (62.4 percent) of the millionaires said 'yes.' Only about 35% of non-millionaires said they did, even though they are high-income earners.
The millionaires also budgeted very carefully for savings and most save 20% or more of their gross income. Few save less than 15%. 'Why save so much,' you ask? Quite simply, for emergencies, opportunities and to provide future income.
When Sophia first heard the term Tax-Free Savings Account (TFSA), the first thing that came to her mind was a low- or no-interest account at a bank. She soon learned that just about every investment option available to her in an RRSP is also available to her in a TFSA plan.
Retirement used to mean a gold watch, a pension and spending time on hobbies or new pastimes. For some this may still be true, but times have changed and there are new realities that will affect how retirement will look in the future.
The largest segment of the population in Canada today, the so called Baby Boomers, will be starting to retire in large numbers soon. Those born in 1947 are considered the first Baby Boomers and will be reaching age 65 in 2012. Many are in a position to retire now and some already have.
Jack and Diane want to improve their financial situation and feel that making financial New Years resolutions and implementing them is a good start. To help identify their priorities, they made the following list:
Set Objectives - Goal setting is the foundation of achieving financial success. If they write down their goals, it will help Jack and Diane clarify them and establish their personal and financial priorities.
Thank you so much for the very generous donation to the "Teddy Bears of Hope Foundation".
I am very excited and looking forward to all the experiences I will share as I fufill my role as Miss Teen Ontario Canada 2014 and ambassador for the "Teddy Bears of Hope Foundation". The kindness and support of wonderful folks like you is very much appreciated, thank you again.
Mutual funds and segregated funds provided by the fund companies are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. All other products and related services are offered through Brian Fitzsimons/Fitzsimons Financial.