Category Archives: Personal finances

Preparing for an unplanned pay cut

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Talking with a counsellor can help. client login 1866 833-7690 workhealthlife.com  children’s support


A couple holding handsMost people react to an unplanned pay cut in the same way they would to an unplanned haircut: utter shock, followed by breath-taking panic. Thankfully, money is more important than hair. No, seriously, it is. The good news is that with a little planning you can prepare for an unplanned pay cut. You may still be shocked, but you won’t need to panic.

Think about a pay cut like any other life interruption, except that in this one you may need help with bills. All deviations from plans can affect our mental health, but how we deal with them defines how well balanced we really are. …

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Facebook financial advice: hot money tips warrant the cold shoulder

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Talking with a counsellor can help. 1866 833-7690 workhealthlife.com


A couple looking at their money jarYears ago, we used to pick up hot stock tips while hanging around the water cooler. Now we get tips on Facebook and from other social media, but other than that, not much has changed; it’s still probably the worst way you could possibly get financial advice.

Let’s first consider why off- or online non-professional sources of financial advice are potentially bad for you, how they are almost comical in their logic, and when could the advice actually be dangerous. Once we put out the fire on hot tips, we’ll share some cool ideas that can lead to genuine financial prosperity.

Consider the source of the free stock advice

Getting …

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Surviving a mid-life financial crisis

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Surviving a mid-life financial crisisWe joke about people having “a mid-life crisis” when a middle-aged woman cuts her hair off for a drastically new look or a man spends $60K on a new Porsche, but what if she cut her hair off before it fell out from chemo treatments, or he spent the money recovering from a heart attack?

Either of those would be a real mid-life crisis, and they’re no laughing matter.

In financial terms, it doesn’t have to be a critical illness to be a major set-back to retirement plans.  A disability or even extended unemployment can throw plans into total disarray, but most of us don’t give these things much thought until they happen to us, or someone close to us.…

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Getting along with an over-spending spouse

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Getting along with an over-spending spouseKnow that old joke about not reporting a stolen wallet? “I didn’t report it to police because the thief was charging less on the credit cards than my spouse.”  

For some, that joke rings more true than funny – an overspending spouse can make a budget-conscious spouse feel like they’ve been robbed.  Suppose you set aside fifty dollars for miscellaneous expenses through the week, pack lunches, stick to instant coffee and walk in the rain on a day when a cab would have been really nice.  Come Friday you’ve stuck to your budget, only to find your spouse spent $200 on yet another coffee machine…“because it was on sale”.  Your budget was raided just because your spouse wasn’t …

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Expert advice on filing your taxes

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Expert advice on filing your taxesTax season is almost here again and soon we’ll all be hunting for our receipts, slips and everything else we need but can never find this time of year. There are two things that you may be missing that will make all the difference and could save you money.

Two tax tips to save you money

1)  File on time.

That may seem painfully obvious but over 2 million Canadians get this wrong every single year. Even if you don’t owe any taxes this year, filing is important because it affects GST and child tax credits, guaranteed income supplement and provincial assistance and benefit programs. If taxes are owed, late filers will be paying hefty penalties – 5% on the …

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