The recent tremors in the US banking system (collapse of Silicon Valley Bank - SVB) have caused some Canadians to question how developments in the US might affects their own savings. The key thing to understand is that there are BIG differences between Canadian and US banking systems.
Financial independence is an important goal that many Canadians aspire to - but achieving it can feel like an overwhelming task. However, with the right mindset and a few key strategies, it is possible to budget your way to financial independence.
We have listed several time-tested strategies below:
Now is usually the best time to consider harvesting tax losses before the year-end to manage your overall income tax situation, based on various types of earned or investment incomes.
Balance in life is essential for well-being. Since finances are a number one stressor for most Canadians1, how you manage your money plays a key role in finding and maintaining that balance.
We've curated some savings tips to help ensure you can enjoy your life now while also saving for your future.
"This is the last time I'm starting a new year saddled with credit card debt," says Tiffany, a 48-year-old computer analyst. "I've said this every January for the past five years. This year, I've got to keep this promise to myself. I don't want to spend another 12 months catching up, only to fall behind all over again. I can't take this stress anymore."
When pondering the financial impacts of the Covid-19 quarantine and the resulting global economic shutdown, it helps to visualize dropping a pebble in a pool of water. As any child knows, the ripples start moving away from the point of impact until they disappear across the pond and finally dissipate, and the waters return to their calm state.
A minor fire storm of gossip and criticism hit the Toronto talk radio airwaves in early June as preparations for the Canada 150th birthday celebrations were fully underway!
If you are concerned about your future finances, you are certainly not alone as noted in a global survey of 19,000 adult in over 19 countries (including Canada).
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