Get $250 Cash for transferring to Questrade

You’re in the market to build your assets. Kick start your portfolio with up to $250 in cold hard cash when you open a new account.

$250 CASH

in your account

Fund a new account with a minimum of $100,000

$100 CAS

in your account

Fund a new account with a minimum of $50,000

Plus transferFOR FREE

Move an account from another Canadian broker with at least $25,000 and we’ll pay your transfer out fees up to $150.

And you’ll enjoy Canada’s lowest commissions

  •  stock trades with the Questrade Advantage®
  • New, even lower option commissions: from $4.95 + 75¢ / contract
  • Buy ETFs commission-free
  • Mutual fund rebates up to 1% (or more) per year
  • Trade USD in your RSP
  • Never any annual fees

Offer is available here.

Insurance concept

What You Need to Consider When Buying Life Insurance

Life insurance is an essential component of nearly all financial plans. Having this coverage in place can help to protect income, and to keep assets in place – where they belong – in case of the unexpected.

Insurance concept

Yet, prior to purchasing a policy, it is important to know how much coverage will be necessary, as having too much or too little life insurance can turn out to be an irreversible financial mistake. This is something that survivors don’t want to discover after it’s too late.

Evaluating Your Life Insurance Needs

The proceeds that are received from a life insurance policy can be used in a variety of ways, depending of the purpose of the coverage. With that in mind, it is wise to estimate how much would be needed for survivors or beneficiaries going forward.

Unfortunately, many people far underestimate how much their loved ones may need in the event of their death. While there are several “rules of thumb” such as simply purchasing a policy that is double the amount of your annual income, this typically has nothing at all to do with the amount of coverage that a person actually requires.

Rather, when determining an appropriate amount of life insurance, you will be much better off considering actual financial needs of what it is you are covering. For example, if the policy will be purchased to cover final expenses, it’s a good idea to do some research on just how much you may need. In this case, the average funeral today is estimated to cost around $9,000. (1)

Likewise, if the policy will be purchased to replace income for a spouse and children in the event of a breadwinner’s death, there are a number of factors to keep in mind, such as the amount of annual income to replace, as well as how long that income would need to be replaced. In addition, rising future inflation must also be considered.

As Your Life Changes, So Should Your Life Insurance Coverage

It is also important that as your life changes, so should your life insurance coverage. This is especially the case as your family expands and your current – and future – expenses tend to increase. Future college and wedding expenses should be allocated for, as should ongoing living costs like maintaining the family home, utility payments, and the cost of food and clothing. It all adds up.

By reviewing your current coverage at least once per year, you can determine whether or not any additional life insurance should be purchased in order to cover your expanded business or personal needs.

Taking the Next Step

While coming up with an approximate amount of necessary coverage is a good start, it is always a good idea to meet with a life insurance professional prior to actually purchasing a policy. This way, you will be able to obtain a more accurate figure, as well as determine what type of life insurance protection may be best for your specific situation and needs.

Pay Day Loans Getting Out.

Tips for Getting Out from Under a Payday Loan

Once a payday loan is taken, most consumers get into a cycle of paying one off and getting another. In some cases, another payday loan is taken to pay a different one off.

Pay Day Loans Getting Out.
Pay Day Loans Getting Out.

This is a vicious cycle that costs consumers a lot of money in administrative fees and interest. It is best to get out from under these loans as quickly as possible to reset your finances. In Canada, financial emergencies happen and the easiest way for those with less than perfect credit to secure the funds needed is through payday loans.

Repay the Loan on Time

Repaying a payday loan on time is absolutely important. If you fail to make the payment, the lender will deposit the check left with them into your bank account. If the check is declined or comes back as nonsufficient funds, collections actions begin and eventually, you’ll be summoned to appear in court. The consequences of not paying back a payday loan are far more extreme than paying the high interest you agreed to pay when taking the loan.

Do Not Obtain another Payday Loan

Once you pay a payday loan in full, refrain from getting another. This is how that vicious cycle begins. So you might be a little broke financially for a week or two, you’ll find a way to make ends meet. Payday loans are designed to help those in need of funds with a stable job to get the emergency funds needed. They are not intended to be used like a revolving door obtaining one to pay another and so forth.

Consider Selling Unneeded Items to Replace the Funds

When you know that the payday loan is going to strap you slightly after paying it back, organize a yard sale or take items of value to a pawn shop to sell. There are several ways to get around being left short after repaying a quick cash loan. It takes a lot of will power to not go and get another loan. Simply find items around the home that never get used and advertise a yard sale.  Offering items for sale in an online Canadian classified situation is another option. It will help to offset the funds lost paying back a payday loan.

Payday loans are great when you’re in a pinch but paying them back causes more financial strain. Those that seek the financial assistance of payday loans are generally unable to obtain a traditional personal loan. Some consumers feel trapped by these types of loans and find it impossible to get out from under them. It takes a lot of strength on your part to stick out having a little less money for a week or so.

Tips for millennials to stay out of debt

While many young people may be concerned about their financial future, this could be put on hold due to mounting debt issues. It is important to stay on top of debt, as it can become dangerous if they let it go too long.

debt-slave

 There are many aspects of debt that can end up hurting young people. According to NerdWallet.com, one of the major issues is dealing with interest payments. When using credit cards, this can become a significant problem, as it will be harder to pay these bills back, and they will not be able to use these funds to save.

Many young people worry about debt

Debt dangers can be a big issue, as there are many who are already struggling. According to Wells Fargo, 40 percent of those polled noted that their debt levels were overwhelming. Just 23 percent of baby boomers said the same.

“The silver lining of the recession that started over five years ago is that a majority of millennials get that saving is a necessity and even equate it with ‘surviving’ tough times,” said Karen Wimbish, director of retail retirement at Wells Fargo. “But millennial women are starting out their working lives making far less than men and, as a consequence, are saving less and feeling less contentment at the start of their working lives.”

Some solutions available

It is important to keep in mind that those who are taking advantage of options that will cut their debt may be in the best position to not only keep their personal finance plan in good shape now, but also come closer to securing a financial future.

 It can be important to create a financial strategy, as it will help determine how the money an individual earns is being used to take care of necessary expenses, NerdWallet.com noted. It is also crucial to consider paying more than just a minimum payment each month. Doing this will help cut down the level, even if the increase is not that much more significant. It also may not be easy, but looking for a job that pays more can also make a difference.

 Being patient and seeking out a number of ways to cut debt – while preventing significant additions of other debt – may be a good strategy going forward. There isn’t usually a quick fix, so staying mindful of the importance of discipline may be best.

digital-banking

Celebrating the Digital Banking Revolution

Do you remember a time when you needed to go to the bank just about every week to cash your paycheck and to withdraw money?

digital-banking

With the advent of digital banking, the world has changed, and for all of us, it has gotten so much more convenient! The money that is ours is virtually always available, and it has never been easier for you to get things done! Don’t believe us? Look at some of these changes.
Digital Point of Sale Machines
Instead of simply sticking with cash and checks, vendors large and small can now take their wares on the road while meeting credit card demands. Devices like the Square turn your smartphone into a single-step card-taker, and this can change the way you do business.

Banking Apps
Do you want to check your balance? Do you want to make sure that your money is exactly where it needs to be? That is what a banking app is for. Suddenly, everything you can do at the bank is available to you except for getting out actual money!

Quick Account Transfers
There was a time when it could take as long as twenty four hours to make changes to your account. That could make things a little dicey if you had rent to pay and you needed to get your money from one account to another. At the time, it was easy to get annoyed because, after all, that was all your money! Now you can move money from one account to another without a single bit of trouble and with a bare second’s worth of delay!

Better Business Opportunities
For a long time, the only people who could do business were those who were willing to go through exhaustive processes with banks. Now, instead you can simply set up a merchant account with a service like Paypal and be ready to go. Services like this allow people to pay you with no risk whatsoever to yourself, and they make a huge difference for small business owners everywhere.

Instant Payment
If you are a freelancer or if you simply sell goods or services through the mail, you may remember how long you might go between paychecks. Things could get lost in the mail or people would tell you that they were. With instant pay services available everywhere, you can see the money in your account in a very short amount of time!

Invest Yourself!
With the advent of the digital banking revolution, you have also been placed in control of your own investing. Through the use of direct investing, you can invest your money through a digital interface, making all of your own decisions and deciding on what you are going to do with your cash.

Digital banking equals independence, so figure out what you might not have been doing and join in!

cash-back-cibc

CIBC Promo – Get $400 cash back with new VISA and new bank account

You should at least get $300 profit from this, depending on how long you keep the account.

cash-back-cibc
All the information for the promotion is here.

The tim hortons double double visa card have the following welcome bonus:
-Receive $20 in Tim Cash as a Welcome Bonus when you spend $200 anywhere2.
-That’s enough for 11 large coffees.


Here’s the complete terms and conditions, in case anybody needs the details:

† The offer period begins on July 2, 2014 at 12:01a.m. (EST) and ends on October 31, 2014 at 11:59 p.m. (EST). Only offered to residents of Canada who: (i) have reached the age of majority; (ii) at the start of the offers period, were not a holder (or joint holder) of a CIBC chequing account; and; (iii) have applied to be the primary cardholder of the new CIBC Tim Hortons Double Double™ Visa Card during the offer period (and, within 3 calendar months of such application, have been approved). With the exception of the CIBC Everyday® Banking Bundle and the CIBC Homeowner™ Banking Bundle, the offer cannot be combined with any other offer or rebate. To qualify, an eligible client must first open a: (i) CIBC EverydayPlus™ Chequing Account; (ii) CIBC Unlimited® Chequing Account; or (iii) CIBC PremierService® Account. Next, within 3 calendar months; register for CIBC Online Banking or CIBC Mobile Banking and then pay a bill or send an Interac e-Transfer® to be eligible to receive a $100 CAD cash reward; and/or set up at least one (1) eligible recurring direct deposit or at least two (2) different eligible recurring pre-authorized debits to be eligible to receive a $300 CAD cash reward. Further terms and conditions apply, see the Terms and Conditions for full offer details.

1 Tim Cash is earned on all CIBC Tim Hortons Double Double Visa Card credit purchases less returns, and not on cash advances, interest, fees, balance transfers, payments, CIBC Convenience Cheques or Tim Cash redemptions. Double Double Visa Card program may change without notice. Taxes, fees and other charges may apply to redemption of Tim Cash. Tim Cash is awarded to the primary cardholder’s Tim Card® Account immediately upon processing of CIBC Tim Hortons Double Double Visa Card credit purchases, provided that your card is open in good standing at the time of purchase). See Program Terms for details.

2 Interest rates will change from time to time on at least 30 days prior notice to primary cardholders. “Cash” means cash advances, balance transfer and convenience cheques.

3 CIBC Mobile Banking ranked first in Canada by Forrester Research Inc., “2004 Canadian Mobile Banking Functionality Benchmark” Report, May, 2014.

4 Within 3 months of the New Account open, ensure that at least (1) eligible recurring direct deposit; OR at least two (2) different and eligible pre-authorized debits goes through your New Account. Other conditions apply.

Tips on setting up your life insurance without being duped

Protecting singles and their survivors’ interests upon their departure from Earth means factoring in financial planning, costs of burials and even unpaid bills one may possibly leave behind. While humans certainly cannot predict tomorrow, they can definitely have sufficient life insurance in place to cover the unknown. Receiving the most comprehensive policy, however, isn’t always easy – especially with the very real possibility an underwriter or agent may dupe buyers.

life-insurance

Here’s some interesting telltale signs buyers are being ripped off or being forced to ‘sign their life away’ when, in essence, they’re simply trying to protect it.

“Guaranteed acceptance”

When consumers read the words ‘guaranteed’, they should run like the wind. Fly-by-night companies offer no medical exam, guaranteed acceptance life insurance – many without proper licensure. They’ll smell the fraudulence from miles away upon paying the first month’s fee; unfortunately for some, they’ll find out the hardest way possible – when staking claim to survivor or burial payments.

Check to make sure provincial or national licensure has been secured by the insurance company. Don’t be afraid of these company’s most hated scenario – asking too many questions. Finally, remember that the only guaranteed statements written about life protection come from companies that are reputable.

“The fine print”

Existing within all forms of life insurance are underlying ulterior motives behind their notorious pitches – yes, even the more widely renowned ones. Whether it’s forcing consumers to sign a long-term agreement spanning 30 years, making singles purchase something they don’t need (waivers, etc.) or misinforming the general public of what’s actually covered, life insurance agents live by a common modus operandi: earn massive commissions. It’s unfortunate, but that’s how life insurance works in this generation.

To assuage buying unnecessary coverage, consumers must read the bottom line of every life insurance policy that is written down to the letter. Also, buyers must continually drill their assigned agent to make sure they’re getting every qualified discount specific to their situation and the lowest possible deductible allowed by local, provincial or national law.

Scores of hard-working Canadians are misled by life insurance companies every day and, with the plethora of informative writings provided by experienced insurance agencies, buyers can surely save considerable amount of time, expound fewer resources and get miles ahead of life insurance enterprises so when their time to life insurance shop has come, they’ll get what coverage is deserved without breaking their bank account or being stuck in someone’s duplicitous game.

Food for thought

Ultimately, your immediate goal should be to spot and stop life insurance scams before they ruin your financial security. Quite frankly, as many shall soon see, today’s buffet of life insurance companies wish to only pander their coverage to Canadian citizens while banking their commission to spoil themselves on BMW’s, caviar and Gucci suits.

With a small dose of common knowledge of how to spot fraudulence or over-coverage, time otherwise spent reversing your signature can be spent living, working and having fun throughout life. Read the various review sites in existence to see how others dealt with underwriter irrationalities, and avoided overindulgence in life insurance. Should your personal financial situation unexpectedly turn south, consumers shouldn’t have to throw away their policies because the premiums are ridiculously high.

300cash-back-banner

Switch To BMO – BMO Bank of Montreal and earn $300!

Kick back, relax and switch your banking to BMO. And they will give you up to $300.

300cash-back-banner

Follow these 3 easy steps

Step 1
 : To get first $100, open a chequing account with a recurring direct deposit

Step 2 
: To get a second $100, set up a pre-authorized bill payment and log into the BMO® Mobile Banking app or BMO Online Banking.

Step 3
 : And to get a third $100, open a savings account and deposit $3,000


*Cash bonus(es) for the Chequing Account Offer will be paid into the Chequing Account by December 31, 2014. 

Cash bonus for the Savings Account Offer will be paid into the Chequing Account by February 28, 2015.

These offers are available from June 1, 2014, – August 31, 2014, inclusive. You have the opportunity to earn up to $300 in cash bonuses when you open a new Chequing Account and a new Savings Account (both terms are defined below):

Step 1: To qualify for the first $100 cash bonus you must: Open a new Canadian Dollar Primary Chequing Account (“Chequing Account”) within a new Plus Plan, Performance Plan or Premium Plan (collectively a “Plan”) and make a deposit of any amount by August 31, 2014. Any Plan part of the New Canadians, Canadian Defense Community Banking packages, Senior and BMO Registered Disability Savings Plan discounted banking programs qualifies for the offer; AndSet up a recurring direct deposit from your employer or your pension into the Chequing Account and have the direct deposit transaction credited to the Chequing Account by October 31, 2014 

Step 2: To qualify for the second $100 cash bonus you must:Meet all the requirements listed in Step 1; AndSet up a recurring pre-authorized bill payment from the Chequing Account and have the pre-authorized bill payment transaction debited from the Chequing Account by October 31, 2014. AndSign-up for and log in to BMO Online Banking by October 31, 2014

Step 3: To qualify for the third $100 cash bonus you must:Meet all the requirements of Step 1 and Step 2 of the Chequing Account OfferAndOpen a new Smart Saver Account or Canadian Dollar Premium Rate Savings Account (collectively a “Savings Account”) and make an initial deposit of at least $3,000 by August 31, 2014 AndMaintain a balance of at least $3,000 in the Savings Account at all times until December 31, 2014 to qualifyExclusions: Customers who have an existing Canadian or U.S. Dollar Primary Chequing Account, Canadian or U.S. Dollar Interest Chequing Account, BMO Sobeys AIR MILES Chequing Account, BMO Club Sobeys Chequing Account, BMO IGA AIR MILES Chequing Account (collectively “Existing Chequing Account”) or those who closed their Existing Chequing Account between March 1, 2014, – August 31, 2014, and subsequently open a new Chequing Account are not eligible Customers who have an existing Canadian or U.S. Dollar Premium Rate Savings Account, Smart Saver Account, BMO Sobeys AIR MILES Savings Account, BMO Club Sobeys Savings Account, BMO IGA AIR MILES Savings Account (collectively “Existing Savings Account”) or those who closed their Existing Savings Account between March 1, 2014, – August 31, 2014, and subsequently open a new Savings Account are not eligible for the Savings Account offer For Joint Accounts: If two customers open a joint Chequing Account, no bonus will be paid if either customer has an Existing Chequing Account or closes their Existing Chequing Account between March 1, 2014, – August 31, 2014, and subsequently opens a new Chequing Account. If two customers open a joint Savings Account, no bonus will be paid for the Savings Account offer if either customer has an Existing Savings Account or closes their Existing Savings Account between March 1, 2014, – August 31, 2014, and subsequently opens a new Savings AccountEmployees of Bank of Montreal and those with whom such employees are domiciledOther: Limit of $200 in cash bonuses per Chequing Account and $100 cash bonus per Savings Account per customer. Customers who open a joint account(s) will only qualify to receive one (1) cash bonus of $100 under Step 1 and one (1) cash bonus under Step 2 of the Chequing Account Offers and one (1) $100 cash bonus under Step 3 of the Savings Account Offer. Chequing Account must be open, be in good standing and in an eligible Plan at the time the cash bonus(es) is (are) paid. Cash bonus(es) for the Chequing Account Offer will be paid into the Chequing Account by December 31, 2014. Cash bonus for the Savings Account Offer will be paid into the Chequing Account by February 28, 2015. Offers may be changed, withdrawn or extended at any time without notice. This offer cannot be combined with any other offer, promotion or discounted banking program (e.g. Kids, Teens and Students/Recent Graduates).2The monthly Bank Plan fee can be eliminated by maintaining the minimum monthly balance at all times in a Primary Chequing Account that has been designated as the lead account for your Bank Plan. The lead account is the one you designate to pay any fees required by your banking for example, monthly Plan fees, transaction fees, etc.

Here are the details.

poker

How are poker winnings in Canada taxed?

Recently I was asked if winnings from online poker were taxable, apparently a common question since more and more Canadians are now playing poker online – I actually didn’t know what to say. It was time to find out how winnings in Canada are taxed.

poker

Surprising it comes down to whether or not your gambling is carried out as a business, a professional gambler or just as a gambler. Sounds confusing? It is!

Since the income you use to play poker has already been taxed the winnings are enjoyed strictly as winnings. If your winnings are carried out on a casual poker player and casually wins there is no tax consequences. Easy enough to understand.

It changes if the winnings are derived from business income. When I called Canada Revenue there was actually no black and white answer. There is no example offered to show how winnings from online poker were taxed.

The difference was that winnings would be be taxed when income to play online poker was used from business income that had not yet been taxed. Sounds odd, yes it would mean that your income source would be derived from income that you hadn’t yet been taxed on. These days more and more people are earning income first before paying any tax so as hard as it would be to pinpoint as to how much would be taxable, it is possible. An example of business income would be rental income, royalties, interest earned or even as an athlete. Sounds a little risky but with today’s online forums and poker players skillful knowledge and various software strategies, again it could be possible.

What about a professional gambler? Again this would be hard to determine whether you are a professional gambler. If you spent more than 25- 35 hours online each week playing poker you might find that your new profession is a gambler and your winnings are taxable. My question is where do you draw the line from a casual poker player or a professional poker player and how would Canada Revenue establish a professional to a casual player. After all if one looses they could theoretically claim the losses, just as a business could off set the losses against other sources of income.

Now knowing the taxation and how the Income Tax Act handled the around online poker winnings I quickly viewed “Join William Hill Online Poker Canada” a Canadian online poker site to see what they had to offer. There it was in the comfort of my own home – online poker!

Now I can see why this common question of online poker winnings and rules around Canadian taxation is popular.

poker-stars

Hobby or Business: A Millionaire’s Take on Online Poker

Money talk always takes an entertainingly serious avatar when the poker industry, as one may call it, is referred to. Poker underwent a serious boom in the mid 1990s with the rise of the online poker room, and despite North American players now being banned from most online poker-playing sites, there are still plenty of real-world opportunities for those who know their full houses from their royal flushes. Here is the story of the man whose poker earnings have left us in the finance world baffled. And whose understanding of the game and its promises is of utmost importance to us now!

Ticking Finances: The Hellmuth Saga!

Right from his successful run at the WSOP in 1989, he has gone on to win an amazing 13 WSOP bracelets, and holds the records for the most final tables reached (49), plus, in October 2013 he become the first-ever player to finish “in the money” at a WSOP event for the one hundredth time. Naturally, all this poker success has helped swell Hellmuth‘s bank balance just a little. By the start of 2014, Hellmuth had amassed a staggering sum of tournament winnings – just $11,000 shy of $18 million. Not bad for “just” playing cards, although Hellmuth now has stakes in publishing, clothing, real estate and casino games companies as well. He is also an amazing philanthropist, having helped raise over $20 million through charity poker events.

poker-stars

 

Follow in Phil’s Footsteps?

If you go to your local bookstore and pick up a “How to Win at Hold’em” paperback, you’re likely to be dazzled by the Einstein-level mathematics that seem necessary to be performed every time a card is dealt – something that puts off many “common” players. Phil certainly bucks that trend and is happy to admit it. “Absolutely!” he said in an interview with ESPN, “We have hill-billies with third grade educations and eighth grade educations who have conquered the poker world. There is no telling why someone is great at reading other people. Some people just are …”

When it comes to the online version of the game, Phil is a keen advocate, especially how it gives the “common man” a place in which to grow as a poker earner.

“It is much easier to become a pro now,” he said in the same interview with ESPN. “You no longer have to depend on your home-town games which might only run 2 or 3 or 4 times a week. Now you can go to ultimatebet.com and play for any amount, anytime. And play tournaments 10 times a day, if you like! I play a little at ultimatebet.com in a typical day. I play my cell phone game for a bit each day also. The business of poker is booming!”

Yes, you have it! Online poker is the next big thing in making money through a game that tests your luck, and challenges your mathematics. As a hobby, you are more to be called in by the tax man, for your earnings alone. However, if you start out on serious business, poker losses are covered under tax laws, and that is where you save loads. Talking of tax returns, Phil has kept his earnings entirely transparent to the law. Therefore, the IRS has been enjoying cool tax returns from the $18 million winnings of the “brat”. Not to forget, he is a great philanthropist at heart, who has given away eleven of the thirteen WSOP bracelets he has won. That is definitely a lesson for all those who win at Texas Hold’em events and walk away unrelenting to their social responsibilities.

Steady Beliefs Lead To Dream Lives!

Every financial expert understands that stability and discipline is at the core of success. Phil’s dedication towards family, his hard work in learning up the game, and his persistence towards philanthropy and transparent investments, is what inspire every man to be called a “Poker Brat”, just the way he is!

Author bio:  Andrew Stratton is an avid gamer and a financial expert, who also loves writing. He played in poker tournaments around the world and is most attracted to online poker these days. While he almost made a living off it, he has also ghost written a number of articles that have been featured in reputed journals.

Canadian personal finance website in simple terms from a Canadian perspective. Focusing on savings, investing, budgeting, taxes, and more. Includes Investing, Loans, RRSP, RESP, Credit Cards, Money Savings, Tax Savings, Retirement, Real Estate.