I added a new link under the "Useful Links" section called the "Stingy Investor." It is a great site with some interesting investing ideas and other investing information.
Reader 'wombatos' sent me this link to a CBC article on how many Canadians are not preparing for retirement, are DEEP into debt, and do no saving. Scary stuff but it isn't news to me. Unfortunately I meet people everyday who have failed to prepare and are living the Kraft Dinner retirement."The survey commissioned by CGA-Canada found that a quarter of those who answered didn't think an interest rate hike would hurt them financially. The survey also found that about a quarter of Canadians don't save any money at all, even for retirement. So it came as little surprise that about one in five said they wouldn't be able to handle an unforeseen expenditure of $5,000. The accounting group said Canadians are increasingly relying on borrowed money to finance day-to-day living expenses."
On a personal financial planning note, the deadline is November 1st to put in your T1213 form to have less tax witheld at source. This is important if you are a salaried employee and make RRSP contributions, pay spousal/child support, and/or make charitable contributions among other things. My mentality is that we shouldn't give the Federal government an interest free loan by overpaying our taxes on every paycheque so fill out the form and get it in before November 1. The CRA will reply with a letter which you will need to give to your employer. You will get your tax return all year long!
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