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2003-2004
Golden Web Award
In recognition of
creativity, integrity and excellence on the Web.
Canadian Web Award
Very Canadian Friendly
Excellent Content
Highly Organized |
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Mutual
Fund Watch
 Find
the answers you're looking for in our newest section, designed
specifically for providing mutual fund information. |
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As an authorized
distributor for ING Bank of Canada, Fiscal Agents can now offer
clients the selection of high interest rate savings accounts
they provide.
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View
ING Section |
Savings Account
Rates |
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Money
Management Bulletin
CDIC
Insurance: Not what it once was |
| Deposit insurance, for banks and
trust companies, based on its current coverage limit is not
providing enough value for depositors. Most people who purchase
GIC type investments are aware that the maximum basic protection
for eligible deposits covered by Canada Deposit Insurance Corporation
(CDIC) is $60,000 per depositor per member institution. What
they might not be aware of however is that this $60,000 limit
was brought into place in 1983… Over 20 years ago. The
limit prior to that time was $20,000. During the past 21 years
inflation has decreased the buying power of a dollar by about
56% based on changes in the consumer price index. Inflation
has also reduced the value of CDIC coverage by this same percentage.
The $60,000 coverage limit of 1983 is now worth about $34,000
in today's dollars. |
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Looking for the best GIC
Deposit Rates? Check out:
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Looking for something
in particular?
Find it using our QuickNav
site navigation system. |
Start early and invest often –
The longer your investments have to grow, the more opportunity you
have to reap the benefits of compounding interest is a standard mantra.
If you're not relying on your GICs as a source of regular income,
then opt for compound interest to maximize your return. Compound interest
is the interest that you earn on your interest. For example, if you
invested $10,000 and earned a rate of four per cent over one year,
your interest would be $400. If you earned four percent again the
following year on the combined amount of $10,400 you would receive
$416 in interest. The extra $16 that was earned on the $400 would
be your compounded interest. Compounding interest is a compelling
reason to invest for the long-term.
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Recently, the IFID Centre at the Field
Institute in Toronto examined 10-year returns from 343 equity and
balanced mutual funds managed by Canadian companies and found that
performance of these funds on an after-tax basis was significantly
different from returns on a pre-tax basis.
When examining your mutual fund account statement and looking at the
returns for your various funds, you're not getting the whole picture
about just how your funds are performing. The government's tax system
is eating away at your wealth creation process. So, what does this
mean to you and your wealth creation plans? |
| At Fiscal Agents, we are continually
seeking out products and services that can fulfill a special financial
need. We have found an unique investment service vehicle offered by
Advantage Advisors Trust, utilizing it's parent Bank of Montreal's
product. |
| More than ever, Canadians have been
embracing debt as a means to an end. After the last couple of debt
articles, I received more email and calls than any past topic. Many
of you have asked me to shed some light on some of the more complex
strategies you've been hearing about. Last issue I discussed borrowing
against the equity in your home and how you can easily get the best
rates. Now it's time to look at how you use this money for best gain. |
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Question: I have a joint account
with my daughter. Please explain what Right of Survivorship means
- will the account be turned over to my daughter?
Answer: Rights to Survivor is explained with its permutations
at Investorwords,
or using Fiscal Agent's site search
will find for you both definition and articles that address its usage.
The short answer is Yes - but I've always found it best to write to
the issuer (I'm assuming its a bank), and have them emphatically state,
that if you die prematurely, the moneys in question pass to the co-owner
(being your daughter) and she has clear title.
However, if you have complicated family of financial circumstances
around the entitlement to any assets you have, then your best advised
to seek the advice of legal counsel. Personally speaking, advice
from a web site is likely not the best method to arrange your financial
affairs.
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| RRSP season is nearly here, so once
again we present the What
should you be saving for retirement? calculator, an automatic
version of the same worksheet crafted by financial writer Bruce Cohen
in the book The
Pension Puzzle. In a few short steps you can get an idea of
the benefits or shortcomings of your present financial planning course. |
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The 10 Principles
of Being Rich
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