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QUESTION & ANSWER
2/22/2019 7:43:15 AM
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Opinions expressed in articles published on this site are solely those of the contributing authors and do not necessarily represent the views or opinions of The Fund Library, its staff or affiliates.

 

By Robyn K. Thompson | Friday, February 15, 2019



Valentine’s Day is that annual hearts-and-flowers fest that can be gushingly romantic, to say nothing of stressful. It’s also a time when many proposals of marriage are made – and accepted. Once that initial excitement subsides a bit, it’s time to get down to the brass tacks of planning the wedding. But it’s also a good idea to set aside some time to talk about your financial future together. Here are five tips I offer newly-engaged couples.

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By Robyn K. Thompson | Friday, February 08, 2019



This year, the Registered Retirement Savings Plan (RRSP) contribution deadline for getting a 2018 tax deduction is March 1. You still have time to discuss the best strategy with your financial advisor. Each year I’m asked how to get the most benefit from an RRSP. I’ve distilled my advice into six key rules.

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By Robyn K. Thompson | Friday, February 01, 2019



Divorce proceedings are often contentious, emotionally fraught, and never easy. That’s why when going through a divorce, it’s absolutely critical to keep a cool head about your finances and property. Unfortunately, it’s here that there tends to be the most dispute. But that needn’t be the case if you have all your records in order and can show what’s yours personally and what is legally jointly held property. There are three key principles to follow.

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By Gordon Pape | Friday, January 11, 2019

Q – I need to better understand the impact of interest increases for banks and utilities. Yesterday, I heard an analyst saying that the drop in Canadian bank shares was due to anticipated interest increases. Today, I just saw news saying that JPMorgan profits were helped by higher rates. I am confused. Also, please explain for me what sectors of economy are best positioned to profit of the forecasted interest increases and what sectors will be hurt the most. – Marcel B.

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By Gordon Pape | Friday, December 28, 2018

Q – In a recent tax tip article in the paper, it advised to withdraw funds from a TFSA in December and then add them back to the next year’s contribution limit. It didn’t explain why this would be beneficial. Is it? If so please explain. – Barry D., Duncan, BC

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By Robyn K. Thompson | Friday, December 14, 2018



Q – We’re seeing a lot about year-end investment and tax strategies at this time of the year. But so many of them seem to be only for the super rich or ultra-sophisticated. Do you have any year-end financial tips for the average investor? – Sunny L., Markham, Ontario

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By Robyn K. Thompson | Friday, December 07, 2018



Q – I’m 65, and I’ve accumulated a nest egg in the vicinity of $1 million, consisting of pension plans, a fairly large-size RRSP, TFSA contributions, some inheritances, and some money left over from downsizing my home to a condo. I’ve read that $1 million is what you need to retire on comfortably, but with possibly another 20 years or more ahead of me, I don’t see how it will last. Do you have any suggestions, particularly about the RRSP? – Rachel N., Thornhill, Ontario

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By Gordon Pape | Friday, November 30, 2018

Q – My financial advisor has me invested in a variety of Purpose funds. I do not think they are doing well, but my advisor claims they are paying me dividends. I don’t see how they are. Can you please advise if they are a good investment? – Ramona K., South Surrey, B.C.

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By Robyn K. Thompson | Friday, November 23, 2018



Q – My wife and I have turned 40, and we’re both well established in our careers. We have two kids in high school, we’ve managed to pay down our mortgage, and we’re now able to set some serious money aside for retirement savings. We’ve read that you need at least $1 million to retire comfortably. But at our age, can we really save a million dollars by the time we retire? And if so, how? – Tim R., Etobicoke, Ontario

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By Robyn K. Thompson | Friday, November 16, 2018



Q – The shopping excitement around “Black Friday” is definitely contagious, and I admit I’ve fallen victim to the hype in past years, both online and in retail stores, buying way more than I really intended. Can you explain how Black Friday came to be such a big thing, and how consumers might protect themselves against all the marketing razzle-dazzle? – Rose L., Markham, Ontario

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By Gordon Pape | Friday, November 09, 2018

Q – I’m in my mid-50s and interested in selling some of my RRSP mutual funds. I’ve had them for at least 10 years. So, I think I have had them long enough to not get charged a penalty fee for selling them within a couple of years. Do they get taxed the same rate as if I had capital gains from selling stocks in a company? I also have a TFSA question: If I put $5,000 in my TFSA and buy stock that doubles in price to $10,000 and then take out the $10,000 from the TFSA, can I put $10,000 back in without a penalty? Even though the original contribution was $5,000? – Randy W.

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By Robyn K. Thompson | Friday, November 02, 2018



Q – I recently left a company after about 10 years, where I had a pension plan that has grown substantially. The plan has been converted into something called a Locked-In Retirement Account (LIRA), and I am unable to withdraw funds from it, even to transfer to an RRSP. This came as a bit of a surprise to me. Can you explain some more about LIRAs and how they work? – Derek B., Oshawa, Ontario

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By Robyn K. Thompson | Friday, October 26, 2018



Q – The Bank of Canada raised its interest rate to 1.75% on Oct. 24. It said that CPI inflation dropped to 2.2% in September, but that its core measures remain around 2%. I’m not really sure what these various inflation measures mean. In any case, 2% inflation seems really low, and I’m wondering whether I really need to be concerned about it for my longer-term investment portfolio of around $200,000, which I’m expecting to return an average 5% annually. – Ryan L., Barrie, Ontario

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By Gordon Pape | Friday, October 19, 2018

Q – I would like to know what United States TIPS funds (Treasury Inflation Protected Securities) I can buy in Canada. I am a Canadian citizen, resident in Canada. With U.S. interest rates rising, growing GDP, good corporate profits, low unemployment, and expected wage increases, more commentators are raising the possibility of increasing inflation. At present TIPS prices are low because most people still do not believe in the prospect of inflation. I do believe in the return of inflation and this could be a good time to buy TIPS funds while prices are still low. – Chris C.

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By Robyn K. Thompson | Friday, October 12, 2018



Q – I’ve had a small part-time business on the side for a few years now, and my product seems to be in demand with plenty of repeat customers. In fact, it’s become so busy that I’ve been thinking about quitting my day job and devoting all my time to my business. But it’s a bit scary to make that leap. Do you have any advice for businesswomen just starting out. – Anjali K., Markham, Ontario

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By Gordon Pape | Friday, October 05, 2018

Q – I have a bearish outlook on global equity market especially after President Trump has imposed tariffs on all the U.S. trading partners. Below are my questions:

1. What is your opinion on Hive shares? Since last year, I have lost more than 75% of its value.
2. I have around $5,000 to invest, and I would expect to get at least 7% annual return on it. Where and what can I invest in? – Hasnain H.

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By Robyn K. Thompson | Friday, September 28, 2018



Q – We’re expecting our first child next spring, but we currently live in a one-bedroom condo in downtown Toronto. We’re thinking about finding a larger space, probably a townhome just outside the city. But we’re not sure how much mortgage we can afford, given that house prices in the Greater Toronto Area are sky high. Are there any tips for calculating affordability? – Richard P., Toronto, Ontario

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By Robyn K. Thompson | Friday, September 21, 2018



Q – I’m recently divorced, and I’m wondering what my next steps financially should be. My ex-husband and I shared a financial advisor and had both joint and separate accounts. That’s been sorted out, and the settlement has been finalized. But now what? Should I keep the same advisor or look for a new one? And what are the next steps in planning? – Monica G., Vaughan, Ontario

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By Gordon Pape | Friday, September 14, 2018

Q – You have urged readers to be cautious of the global mess bring created by Trump and the possibility of a stock market crash. My question/conundrum is this: Is it worth incurring the capital gains to move to a cash/defensive position to avoid a possible market fall? – Barry D.

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By Robyn K. Thompson | Friday, September 07, 2018



Q – I like the idea of managing my own investments. I enjoy online trading. But sometimes I feel like the red tape involved gets to be too much. There seems to be a never-ending pile of statements, notices, advisories, and tax forms. Those worry me the most, because I’m not at all sure I’m staying onside with the CRA. Do you have any suggestions? – Adam K., Kingston, Ontario

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