Each month I put away all my remaining money into some kinds of savings accounts until I need to use it. Instead of locking... »
Banking & Budgeting
Switzerland topple USA as most competitive economy
Swiss beat USA in economy? I’ve never thought a small country will take over USA as the most global competitiveness. The first one on my mind to beat USA is Japan. Canada ranks No. 9. Not bad, not bad. Rank 1 2 3 4 5 6 7 8 9 10 Country Switzerland US Singapore Sweden Denmark Finland Germany Japan Canada Netherlands Score 5.60 5.59 5.55 5.51 5.46 5.43 5.37 5.37 5.33 5.32 Well, it’s not a big deal anyway. Only... »
My Networth: August 2009
Am I excited to calculate my networth again, since last month’s financial statement? No! I don’t think it will get better. As you can see, my income tax and CPP tax combined are already $52,000 as of today (not even counting the income for Sept to Dec). Is this normal??? [Compare to... »
Average Monthly Household Grocery Bill
About three months ago, I posted an article on Average Monthly Grocery Bill. I was hoping people would comment on that article, sharing how much they spend on grocery with me and the readers. Sadly, people in Canada don’t like to share their thoughts, I suppose. I know a lot of people... »
Home Buyers’ Plan (HBP) – how to maximize this plan
Before we begin this topic, we will briefly discuss how HBP works. Then we will talk about how to maximize this tax-saving strategy toward the end of this article. Home Buyers’ Plan (HBP) allows first-time homebuyers to withdraw RRSP to purchase or build a home without having to pay tax on the withdrawal. RRSP Withdrawal Limit... »
My Networth: July 2009
I got my cheque for July. After finishing my accounting, the result does NOT look very good. Overall Assets: +11% (down from +21% ) Liabilities: +2% (up from -1% ) Equity: +19% (down from +55% ) Being single is so hard. Aside from loneliness, it takes too long to build weath... »
RBC VISA TFSA Reward – is this cashback feature worth your points?
Last month, when I received my RBC VISA card monthly statement, I saw an advertisement about redemption of RBC Rewards points toward TFSA. Seems very interesting, but is it worth a try? I decide to take a close look. Here is the advertisement: RBC Rewards points can now be redeemed toward your Tax-Free Savings Account (TFSA).... »
Understand Your Credit Report & Score – Part 2
What is a “Credit Score”? A credit score indicates the risk you represent for lenders, compared with other consumers. CREDIT SCORE STANDING 730+ Excellent 700-729 Good 670-699 Need a closer look 585-669 High risks -585 No credit / limited credit history There are many different ways of calculating credit scores. Two major Canadian credit reporting agencies, Equifax and TransUnion, use a scale from 300 to 900,... »
My Networth: June 2009
I just got my cheque today. Let’s see what’s been changed during the month June. Overall Assets: +21% Liabilities: -1% Equity: +55% In terms of assets, I’ve contributed my maximum RRSP limit for year 2009 which is $21,000. As such, I put the remaining money in high interest savings accounts. I don’t have any plan yet to... »
National Average Income for Medical Doctors
A few days ago, I found some information regarding medical doctors’ annual salaries in province BC—read here. Today I found a Canadian government site that includes average MD yearly salaries for all provinces in Canada: British Columbia (BC), Alberta (AB), Saskatchewan (SK), Manitoba (MB), Ontario (ON), Québec (QC), Nova Scotia (NS), Prince... »
7 Tips for Effectively Cutting Down Grocery Bills
Seven Highly Effective Tips for Savings at Grocery Store Here are a few strategies that I implement every day to reduce my monthly grocery expenses, which include not only the groceries but also expenses for dinning-outs, personal/household hygiene stuff, and occasionally over-the-counter medication. Keep track of receipts. First and foremost, keep all the receipts and don’t... »