Believe it or not, families are spending more on taxes than they are on the basic necessities of life.
According to a new report by the Fraser Institute, 42.7 per cent of an average Canadian family's income went towards taxes while just 36.9 per cent was spent on food, clothing and shelter in 2012.
And we wonder where our money goes.
Most homebuyers shopping in a choppy market are taking their time. But, if you're in the minority of people who have a deadline - because of an impending birth or a new job - this environment offers both opportunities and challenges.
Some people who move too quickly are motivated by timing pressures related to relocation, while others worry they'll be living with their parents because they've sold their home a bit faster than expected.
But the bigger issue is often with stressed sellers who are simply too anxious to get out in a hurry.
When a homeowner is desperate to sell and a buyer is ready to fork over the cash, the truth about a house is often swept under the rug, experts suggest.
Whether it's a childhood of poverty or want, a message about money subconsciously internalized from a parent, or a nest egg lost to an economic downturn later in life, everyone has experienced a financial flashpoint in their lives.
These flashpoints are painful, distressing, and/or dramatic life events that are so emotionally powerful that they leave an imprint that can last a lifetime, often creating problems with money, says financial psychologist Brad Klontz, author of Mind Over Money: Overcoming the Money Disorders that Threaten Our Financial Health.
Such money disorders typically manifest themselves in one of three ways: repeating destructive financial patterns learned from our early socialization; doing the polar opposite, often in an exaggerated and equally dysfunctional way, or forever bouncing between the two extremes.
And, for many, a lack of money isn't necessarily the biggest issue.
Did you know there's a rhyme and reason to why you file your income tax return?
It's because it's the right thing to do.
According to the Psychology of Taxes Study by BMO Nesbitt Burns, 52 per cent of Canadians say they file their taxes because they believe its their civic duty.
Talking to your kids about the birds and the bees is all a part of them growing up.
But did you know that talking about money is just as important.
According to a new poll by BMO Financial Group, 96 per cent of Canadians believe teaching children about money matters is key to a healthier economy.
But what about depositing cheques into your bank account with your mobile device?
Well, select credit unions across Canada are launching a new mobile app that lets you do just that.
All you have to do, they say, is tap, snap and send.
Retiring debt-free used to be the goal for all Canadians. Pay off the mortgage, no more car payments, and use credit cards judiciously, if at all. After all, living on a fixed income leaves little or no room in the budget for making interest payments.
Looks like that's strictly old school, however, according to a recent study.
The study, conducted for the Investor Education Fund, found that 24% of the homeowners expect to have at least some debt on their home after they retire. What's worse, most of them admit that they don’t really know how they'll pay it off.
That's not completely surprising, however. More people are working well past the traditional retirement age. At the same time, the age of first-time home buyers has increased sharply, leaving them with fewer years in which to pay things off.
What are the odds?
No, really. What are the odds of actually winning the biggest Lotto 6/49 jackpot in Canadian history?
Well, I wouldn't quit your day job.
According to statistics, chances are one in almost 14 million -- well, one in 13,983,816 to be exact.
Up for grabs is an estimated $55 million jackpot which is continuing to grow.
Do you want some good advice?
Well, it appears that many Canadians do when it comes to managing their finances, according to a new study by BMO InvestorLine.
In fact, 73 per cent of those polled indicated they seek advice when managing their investments, including deciding which investments to buy/sell and ensuring their portfolios are well diversified.
For many Canadians, the dream of home ownership is just that -- a dream.
Buying your first home is probably one of the biggest financial decisions you will ever make.
So before you jump into making the dream a reality, it is important to do your research and find out the true costs of home ownership before you get trapped in a financial nightmare -- much like the movie Money Pit.
Gordon PowersA long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...
Jason BucklandThe modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...
