Top retirement finance researcher recommends delaying taking CPP as long as possible

If anyone knows a thing or two about the Canada Pension Plan, it’s Bonnie-Jeanne MacDonald.

The director of financial security research at the National Institute on Ageing at Toronto Metropolitan University has been studying CPP for the last several years, and has co-authored a recently published report titled, “Making a Case for Secure Pension Income.”

The study highlights how the national retirement plan is a critical financial foundation for millions of retiring Canadians. But it also makes a key recommendation for anyone planning for retirement.

That is to consider delaying taking CPP as long as possible to receive a larger monthly payment.

Snowball, avalanche or consolidate: How to choose the right debt repayment method

While tackling any amount of debt is a feat, choosing an approach to pay off those loans that works best for you will make that journey a little bit easier.

The first order of business on the path to being debt free is taking stock of how much you owe, said Stacy Yanchuk Oleksy, CEO of Money Mentors.

Oftentimes, money becomes a feeling — "I feel stressed about it," or "I feel hopeful about it," blurring the real picture and actual numbers, she said.

"Take a deep breath, understand that it's just debt, there are solutions available."

AI is the tech sector’s ‘biggest catalyst’ for innovation: famed investor Cathie Wood

TORONTO - When Cathie Wood scans the global technology sector, one innovation stands out, even as its proliferation creates new opportunities.

Artificial intelligence, the U.S. tech investment maven said, is "the biggest catalyst" for the innovation she sees taking place across the five major areas funded by her firm, Ark Invest. Those areas of focus are robotics, energy storage, artificial intelligence itself, Blockchain technology and life sciences.

"AI has a role, of course. It is its own platform, but it is also playing a role in the biggest convergence among technologies that we have ever seen," she said.

The convergence is part of why she said Tesla holds the largest position in her investing strategy. The company, she reasoned, is not just playing in the autonomous vehicles and robotics space but also bound to dabble in AI.

‘Make a day out of it’: How to save money on cross-border shopping

For Richard Khairov, a shopping trip to the U.S. is a short drive — two hours or less — from his home in Richmond Hill, Ont., just north of Toronto.

It’s worth the time: Khairov says he can buy many products he can’t find in Canada, and in some cases, he is able to save money even with the loonie worth about three-quarters of a U.S. dollar these days.

He’s an organized shopper, planning his trips to Trader Joe’s and Target ahead of time by checking prices and promotions online.

And while outlet fashion stores don’t usually have price information online, Khairov makes sure to pull out his smartphone to check the current exchange rate when he spots a deal.

Some summer jobs may seem menial, but can be great first steps on the career ladder

Summer jobs are more than just a detour on your way to a career — they’re an important first step on the job ladder, no matter the type of work.

Sarah Mullins, founder and principal consultant at uptreeHR in Halifax, can draw a direct line between babysitting and her first job straight out of university, as a recruitment manager.

A babysitting job led to a telemarketing position when the family she sat for bought a Weed Man franchise; Mullins spent the summer on the phone, getting signups for a free lawn analysis. Years later in her HR program, she got a co-op job as a remote recruiter. Despite having other jobs on her resume, her boss said it was her telemarketing job at 16 that got her the gig.

“My boss said, ‘We figured you’d be really good on the phone,'” Mullins said. “And I thought, 'That’s amazing.' I was able to use my first summer job to get that co-op job.”

How to lower your student debt — and cut through misconceptions around it

Paying back student loans has always been a challenge, but at a time when housing and meals eat up a bigger slice of income than ever, making smart choices around loans and repayment is all too critical.

So say financial experts urging young Canadians to rein in debt incurred during college and university, and aiming to skewer misconceptions around it.

“The cost of rent has skyrocketed, the cost of food has skyrocketed,” said Joey Kindarji, an associate portfolio manager at Wealthsimple.

“Even if the debt was the same as it was in the past, it's actually harder to pay it off today.”

Sports viewing habits changing as fans look to save in growing streaming market

For most of his life, Adam Holmes never had to worry about where to find his beloved Toronto Maple Leafs on television. At puck drop time, the 39-year-old would flip to Sportsnet, TSN or CBC to see the blue-and-white face off against their latest opponents. But now a father of two and less than a year removed from purchasing a house, money is tighter. That meant a cable subscription this year — including a season’s worth of Leafs games — wasn’t in the cards for the first time he could remember. Toronto Maple Leafs' goaltender Joseph Woll (60) makes as […]

Starting your first post-graduation job? Here’s how to organize your finances

NEW YORK (AP) — With graduation season over, many college grads are embarking on summer internships or their first full-time jobs. Navigating your finances when you start adult life can be challenging, from understanding your health insurance and benefits to managing a budget.

Finding a job is often the first hurdle, so if you've accomplished that, take a moment to be proud of yourself.

“Once you do get that first job, pat yourself on the back," said Nick Holeman, director of financial planning for Betterment, a financial advisory company.

Then it's time to think about your financial future. With credit card delinquencies growing and interest rates still high, it's more important than ever for recent graduates to start their adult lives on the right financial track.

Hunting for discounts and deals? Don’t forget to check perks through your workplace

Everyone loves a deal, but many Canadians either forget or don't realize they can find discounts through their workplace.

“There really are a lot [of perks] that employees just don’t seem to know about,” said Debby Carreau, CEO and founder of Inspired HR, a human resources consultancy with offices across Canada.

“Those things do become part of a total compensation package when you’re looking holistically at what your total budget is. So if you’re living paycheque to paycheque — as half of Canadians do — those things can really be helpful.”

There are a few reasons why employees might not be fully informed about workplace discounts— your job offer might not have included a detailed breakdown of all your benefits, large and small. Or your onboarding process was an information overload and you’ve forgotten, said Carreau.

How to stay on budget this summer, wherever your vacation plans take you

If daydreams about the cottage, beach or pool are making it harder to focus on Zoom meetings these days, you're not alone.

Summer is peak travel season for Canadians, with July the most popular time for a getaway, according to a recent Deloitte poll.

But if budget worries are casting a cloud over your vacation fantasies, experts say it's possible to ease that anxiety. Whether you're adventuring close to home or taking a once-in-a-lifetime trip, here are some tips to ensure summer fun doesn't break the bank.

Staycation

Vacation days, health care, pension plans: How to make the most of your compensation

How much money do you make? Many people zero in on their paycheques when considering their compensation. Yet experts say workers should regularly check that they’re taking advantage of vacation time and other benefits, lest they leave money on the table.

Employees often receive other considerations such as benefits and health insurance, said Cindy Marques, a certified financial planner and co-founder of MakeCents.

"That will result in dollars saved," she said. "And essentially, dollars in your pocket when you think about not having to outlay that money yourself."

People often forget what's included in their package or don't keep up with changes to group plans, Marques said.