Tag Archives: planning

Should You Try to Influence Your Child’s Interests?

inflence your child's interests
Is 7 years old a bit too soon to start envisioning sending my daughter off to university… and then a career? The future comes quickly!

Rather like last week, this post is about a personal situation in which I currently find myself. It has to do with whether or not, and if so, then how much, you should try to influence your child’s interests. That’s the macro. Here’s the micro:

As the summer approaches, many a parents’ fancies turn to thoughts of daycamps. As I live in a major urban centre, there is no limit to the choice of daycamps my wife and I can send our daughter to.

As a child, my parents sent me to a few daycamps in the summer  months, and I never thought too much about it. I honestly can’t say how much they thought about which daycamp to send me to, but I’d be surprised if their deliberations were more involved than confirming that  the cost, hours, and location were all suitable. I doubt they spent much time considering the theme or purpose of the daycamp, let alone whether it would help me in my career. Then again, they have surprized me before, so who knows.

What I do know for sure is this: Continue reading Should You Try to Influence Your Child’s Interests?

Financial Dilemma: Slow and Steady or Swing for the Fences?

Financial Dilemma
How to solve a financial dilemma?

 A financial dilemma has come up in my life.

My work is not particularly reliable, and does not pay as well as it should. I want to be able to provide a better life for my family than I currently can.

Instead of complaining (although I do some of that too) I decided to try to look for some alternative sources of income.

This blog is one such endeavour. By my reckoning, if things continue as they are, I should be able to cover the costs involved with writing this blog by about 2050. That’s not a typo; I really don’t make much money with this blog, but it gives me a reason and venue to focus on finances, so that is enough of a benefit for me. But that’s not actually the biggest benefit I derived from starting Loonie Lover.

Continue reading Financial Dilemma: Slow and Steady or Swing for the Fences?

Canadian Tax Rates for Investment Income

What you need to know about Canadian tax rates for investment income
What you need to know about Canadian tax rates for investment income

As anybody North of the 49th will tell you, there are certain aspects of being Canadian that we all revel in.

Paying tax is not one of them.

With tax season just passed, it seems like a good time to take a look at the various ways the government pries your investment return dollars out of your wallet.

When I was first getting into investing, I invested a lot of money into a Mortgage Investment Corporation. It provided quite good monthly returns, and I can still remember being pretty pleased with myself that the investment was throwing off almost $500 a month. Tax time brought a cold shower, a slap in the face, and a wakeup call all rolled into one. Unlike taxes paid on working income, investment taxes are all paid once annually, at tax time. At this point, I don’t remember exactly what the tax hit was, but for a person of my modest income, it was substantial. Coincidentally, it was about that time that I became aware of a fact that has had a major impact on my investing practices since then.

Continue reading Canadian Tax Rates for Investment Income