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?

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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!

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

Enjoying a Responsible Gaming Environment

I am not a gambler, nor do I advocate gambling. I am a realist and I understand that so many adults enjoy not just gambling but gaming and other activities.

I watched the movie Runner, Runner (it was a free rental at our resort in Hawaii), that shared a story about a grad student that pays for school with on-line gambling, bottoms out and travels to Costa Rica to confront the on-line mastermind, Ivan, whom he believes has swindled him. I won’t spoil the movie but it showed how easy it was to manipulate the gaming and casino world.

Online casino has really broadened the gambling world and made it a lot more accessible for beginners and novices. Due to all of the many casino games available on all the different devices,
more and more people are enjoying online casino as a hobby.

It’s very easy to access online casinos. As well as all of the software that you can download, you can log onto any website online from PC’s laptops and smart phones and use online casino’s not only for real money, but also demo games for free.

Make sure you are not gambling money that you cannot afford to lose – like any fixed expense like your mortgage or any loans.

Having a set budget is a very important thing to have before you start with online casino. Working out a budget involves figuring out how much you can comfortably spend on gambling without
getting into trouble and then dividing it between all the days of the week that you want to play depending how many times a week you want to play. Once you have that organised, you don’t need
to worry and can continue gambling it and really enjoying, and stopping when you hit your budget limit.

Choosing the best online casino for you from the hundreds on offer can be difficult too. It’s worth spending a little time on research. One of the well- known casinos is Lucky Nugget providing the most popular casino games out there. There will be plenty of reviews online of the best casinos to use and which ones offer the best genuine incentives and bonuses. Once you have chosen it’s a good idea to have a look at the house rules and make sure you are familiar with them.

As well as working out a budget, you should work out how much time you want to spend on your hobby too. All hobbies have their place in your life but in order to keep enjoying it as a game it’s a
good idea to not let it spill into other areas of your life by taking up too much time.

I always want to make sure that you are not gambling away your time with your loved ones as well – it is important to realize that gambling comes with a cost.

Canadians to be affected by government financial changes as of April 2016

Federal payments by direct deposit are coming your way!

When you consider that it costs approximately 83 cents for the federal government to issue payments by cheque and around 11 cents for direct deposit, you can understand the Government’s decision to eliminate cheques (except in exceptional circumstances) as of April 1, 2016. After that date, all payments made by the federal government including Old Age Security, Canada Pension Plan, GST/HST payments and Tax refunds to name a few will be made by direct deposit.

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The majority of Canadians have already enrolled for direct deposit. If you’re one of a dwindling minority who hasn’t done so yet, here’s some information that may help you get onboard.

How direct deposit works

With direct deposit, you designate a bank account and authorize the deposit of specific payments directly into that account. Your privacy is assured and your funds will be electronically transferred directly into your account – its secure and reliable.

How to enroll for direct deposit

You can get the forms online but you don’t need a computer or access to the Internet. You’ll find the forms at your local Service Canada Centre and at your financial institution. The latter will even help you fill it out. If all of your cheques are to be deposited in one bank account, you only need to fill out one form that takes just minutes to complete. Once you’ve enroled, you can track all deposits made to your account and continue your bill-paying by going to the bank if you like as well as all your other banking routines.

There are lots of reasons to like it – Benefits of direct deposit

Direct deposit is:

Fast. The money is guaranteed to be in your bank account on time. That’s especially important if you have arranged automatic withdrawals to pay rent, property taxes, hydro, etc.

Secure. There’s no risk of your payment being delayed, misplaced, lost, stolen, or damaged.

Convenient. The money is in your account when needed even if you’re away from home on a holiday or unable – for any reason – to get to the bank right away.

A timesaver. There’s no need to adjust your schedule (picking up the kids, attending classes, visiting the doctor, etc.) to accommodate banking hours and there’s no need to wait in line for a teller or ATM either.

Easily Managed. If you receive more than two or more payments, for example the Universal Child Care benefit and EI, they can be deposited in one account or in different ones – even at different banks.

Designed to save taxpayers money. The government estimates that direct deposit will save taxpayers about $17 million each year.

More information is available

Visit your bank or other financial institution or call toll free 1-800-O-Canada (1-800-622-6232). You can also find more information, including a short informative video, at Public Works and Government Services Canada’s website: www.directdeposit.gc.ca

Five Best Ways To Get Extra Mileage Out Of Your Car Lease

For a growing number of drivers, leasing a vehicle is becoming a more popular choice than car ownership thanks to the affordable rates and low up-front costs.

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Getting more for your monthly payment is a huge benefit of a lease, although it doesn’t provide the growing equity that owning your own automobile does. Despite being left with little to show for your lease after it is over, the total cost savings is enough to sway many shoppers. If you’re opting for a lease, here are five tips that can stretch your money even further and get you driving the car you want for a price that’s within your budget:

1. Negotiate The Vehicle’s Price, Not Just Monthly Rate – When leasing a car, most consumers underestimate the importance of the vehicle’s total price. Just as when making a purchase, the overall value of the vehicle is what determines your monthly payment. Negotiating solely based on your monthly budget will leave you at a price disadvantage to others savvy enough to bring down the price on both fronts.

2. Pay Attention To Manufacturer Deals – Vehicle manufacturers are always running promotions. On some automobiles, during certain parts of the year, these promotions can mean significant savings that are passed on to you from the dealer. If you’re planning to lease a vehicle, keeping up with the car companies’ deals can help narrow down the best-valued vehicle, as well as the best time to make a move and sign a lease.

3. Plan For Your Mileage Needs – One of the most costly expenses for drivers leasing their vehicles are mileage overages, especially with luxury cars. Dealerships and vehicle leasing companies routinely charge $0.10 to $0.25 per mile over their specified annual limits, which are commonly 10,000 or 15,000 miles. Determine how much you’ll likely be driving before signing your lease and be sure to choose a mileage plan that won’t leave you paying an arm and a leg when it’s time to turn the car in.

4. Consider Vehicles With High Residual Values – Since we’ve already established that lease prices are based on a car’s total value, it makes sense that the amount the vehicle is worth after your lease is up come into play when determining price. Industry sites like fincar.com.au can help you track the best vehicle options when leasing. Choosing a vehicle with a high residual value will help lower your monthly costs by minimizing the amount the car depreciates while you have it.

5. Treat Your Car Like Royalty – Gone are the days when leasing a car meant extending the same amount of care you would give to a rental vehicle. Under modern automotive leases, you are likely going to be responsible for any small damages outside of the scope of normal wear and tear. In order to avoid potentially sizeable fees when your lease period is up, be mindful of the car’s interior care and be sure to keep up with any regularly scheduled maintenance.

Finding great deals on lease vehicles isn’t difficult in today’s automobile market. Many car companies are offering great specials to drivers interested in leasing, and being up-to-date and knowledgeable on industry trends is sure to help you save even more. With research, due diligence and a readiness to jump on the best deals when they arise, stretching your funds with a vehicle lease can be a piece of cake.

David Lye is a finance expert who also happens to be passionate about cars. Thanks to his interests, he founded fincar.com.au. David enjoys helping others find a vehicle they love at a cost they

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.