As I am getting married soon, we were talking about taxes the other day, and my fiance joked that "I had better be able to get her below the tax bracket so she gets her GST cheques this year". Then I started thinking, I am taxed at a higher bracket than she is, so deductions above the amounts to get her to that tax level are better given to me.
The option that I am thinking about is Spousal RRSPs. Because I am getting taxed at a higher marginal rate, the contributions will still be whatever we individually do, but the deductions would go to the higher income earner.
Here are some links (for myself for further reading)
Spousal RRSPs from TD
How Spousal RRSPs Work (from Million Dollar Journey)
Can RRSPs and Spousal RRSPs be rolled into one?"
Showing posts with label links. Show all posts
Showing posts with label links. Show all posts
Monday, January 18, 2010
Wednesday, November 25, 2009
Financial Literacy In Schools
I am a few weeks late, but it looks like starting in 2011 in Ontario that Grades 4-12 curriculum will involve financial education for all! I can't wait.
Link
Link
Monday, November 23, 2009
The Middle Class Getting Squeezed...and tuition
I was killing time this afternoon before I do my tutoring gig, so here are some good links from Yahoo Finance:
Squeezed - The middle class getting squeezed. A great article showing how us bloggers have it wrong: the problem isn't that the middle class are wasteful spenders with their lattes, it is that housing prices rising and spending power dropping over the past 25 years have finally hit us. An interesting article to say the least!
Who Should Pay For Your Child's Education - Another good article showing people how to save for their children's education. The consensus in the staff room today was that the parents should match what their children save. So if your kids save $5000 for tuition, you give them $5000 to help them out.
How To Teach Children The Value of Money - Another link showing the basics for families and children. It says (as usual) that finance should be taught in the school system, and although I am trying, it still isn't happening on a widespread basis. My finance unit is coming up before Christmas for my Grade 11 class so there will be more updates then for sure.
Happy reading!
Squeezed - The middle class getting squeezed. A great article showing how us bloggers have it wrong: the problem isn't that the middle class are wasteful spenders with their lattes, it is that housing prices rising and spending power dropping over the past 25 years have finally hit us. An interesting article to say the least!
Who Should Pay For Your Child's Education - Another good article showing people how to save for their children's education. The consensus in the staff room today was that the parents should match what their children save. So if your kids save $5000 for tuition, you give them $5000 to help them out.
How To Teach Children The Value of Money - Another link showing the basics for families and children. It says (as usual) that finance should be taught in the school system, and although I am trying, it still isn't happening on a widespread basis. My finance unit is coming up before Christmas for my Grade 11 class so there will be more updates then for sure.
Happy reading!
Wednesday, September 9, 2009
Links and Thoughts
I was walking home from the first day of school and it just hit me, no matter where you live how can you consider your town to be poor? There are 22,000 people living in the community that I am in. Let's assume (for the sake of easy calculations) that there 5000 houses in my community. Let's also assume that each house is worth $200,000. That makes the assets just in real estate to be one billion dollars. Something to think about...
Check out the Carnival of Money Hackers here as well.
Check out the Carnival of Money Hackers here as well.
Monday, September 7, 2009
Links (some money and some math)
Here are a few good links that I found around the web:
Internet Teens Failing Math - The basis of this article is that with the compressed time schedule in high school (four years of high school math rather than five) that students aren't learning as much and having a much more difficult time in University math programs. Additionally, less time leads to less practice of the fundamentals.
Be Suspicious When Managing Your Money - Just good common sense advice, that you have to rely on yourself (and think!!!) when managing your money. Do some reading, use some common sense and if something sounds too good to be true it likely is!
Flipping Houses for Profit - One of my favourite blogs, MillionDollarJourney discusses flipping properties and if it is worthwhile and the difficulties that can arise. A related link (from the same site) is Converting Your Residence into a Rental Property. I hope to have some rental property in the next five years and one of my philosophies is to be well read upon the subject so posts like this peak my interest.
What are REITs - For those that are interested in real estate, but less risk (and less cash), Real Estate Investment Trusts are another option for you (to diversify your portfolio). One of my fears with a rental property is that all of a sudden $200,000 of my portfolio is in real estate, and with that chunk in there it is difficult (impossible) to be diversified. This is a good way to test the waters.
Internet Teens Failing Math - The basis of this article is that with the compressed time schedule in high school (four years of high school math rather than five) that students aren't learning as much and having a much more difficult time in University math programs. Additionally, less time leads to less practice of the fundamentals.
Be Suspicious When Managing Your Money - Just good common sense advice, that you have to rely on yourself (and think!!!) when managing your money. Do some reading, use some common sense and if something sounds too good to be true it likely is!
Flipping Houses for Profit - One of my favourite blogs, MillionDollarJourney discusses flipping properties and if it is worthwhile and the difficulties that can arise. A related link (from the same site) is Converting Your Residence into a Rental Property. I hope to have some rental property in the next five years and one of my philosophies is to be well read upon the subject so posts like this peak my interest.
What are REITs - For those that are interested in real estate, but less risk (and less cash), Real Estate Investment Trusts are another option for you (to diversify your portfolio). One of my fears with a rental property is that all of a sudden $200,000 of my portfolio is in real estate, and with that chunk in there it is difficult (impossible) to be diversified. This is a good way to test the waters.
Monday, August 10, 2009
More Links about Education and Money
I am just going to post a few links (with a running commentary) for people who want more information about where money matters are taught in schools. Some say that they are, some say that they aren't. I teach Grade 11 math and that is my favourite unit. We generally discuss the mathematics side of compound interest and mortgages, but I always leave one lesson open to discuss financial matters (saving for university, how you will pay it back, budgets, loans, mutual funds, why not to go to a "Cash Mart", etc.). There are also high school electives in business and marketing, but I am not sure if they talk about saving and spending.
Learning How To Avoid The Debt Trap - a post from the Toronto star explaining how an MBA ended up with a high paying job and in his parents basement at 30 years old. They also talk about the importance of talking about compound interest (which is done in the mandatory Grade 11 math course).
Money Instructor - A link for all teachers showing how they can put financial ideas into their classrooms. These are for youngers students generally, but these sound financial ideas (save some money, spend less than you make, if you can't afford something you have to save before you can buy it) can be reinforced from a young age and hopefully will stick.
Young and Out of Work - A depressing article stating that for young people the unemployment rate is 21%. For a comparable read, check out "The Tipping Point", who discusses that unfortunately when you graduate school and how the economy is doing can greatly contribute to your success. They discuss in this article that you can ride out the recession while in school. As well, students think that because they have a University degree in whatever and a $20,000 student loan that they are entitled to a high paying job. Unfortunately, those days are over.
Tips To Teaching Money Management Skills - a nice post and suggestions on how to teach financial management to your children and students.
A Cartoon Buffett, Teaching Children About Money - Finally, Warren Buffet is creating a cartoon starring himself teaching children about money. I can't wait for the action figures!
Learning How To Avoid The Debt Trap - a post from the Toronto star explaining how an MBA ended up with a high paying job and in his parents basement at 30 years old. They also talk about the importance of talking about compound interest (which is done in the mandatory Grade 11 math course).
Money Instructor - A link for all teachers showing how they can put financial ideas into their classrooms. These are for youngers students generally, but these sound financial ideas (save some money, spend less than you make, if you can't afford something you have to save before you can buy it) can be reinforced from a young age and hopefully will stick.
Young and Out of Work - A depressing article stating that for young people the unemployment rate is 21%. For a comparable read, check out "The Tipping Point", who discusses that unfortunately when you graduate school and how the economy is doing can greatly contribute to your success. They discuss in this article that you can ride out the recession while in school. As well, students think that because they have a University degree in whatever and a $20,000 student loan that they are entitled to a high paying job. Unfortunately, those days are over.
Tips To Teaching Money Management Skills - a nice post and suggestions on how to teach financial management to your children and students.
A Cartoon Buffett, Teaching Children About Money - Finally, Warren Buffet is creating a cartoon starring himself teaching children about money. I can't wait for the action figures!
Sunday, August 2, 2009
Two Good Links From The Toronto Star and more!
My girlfriend was reading the Toronto Star online and found these excellent articles that she thought that I'd love (and I do). Here they are:
Teenagers Lacking Education On The Financial Facts of Life - A good article discussing how there is no formal financial education in the Ontario curriculum. As a math teacher, I totally agree and would love to teach a course like this. As mentioned in previous posts, I try to do this as much as possible already, but a formal course on finance would be great! As the article says, there is a formal Grade 10 course in Careers and Civics, you could throw a financial course in there as well and it would be great!
Frugal or cheap - This article discusses when even frugal people put a limit on the quality of the things that they purchase. My favourite quotes are "The distinction between frugality and a tightwad is that, for a tightwad, it hurts to spend" (my girlfriend thinks this makes me a tightwad, but it only hurts me to write cheques) and that a spendthrift is "...unable to feel distress even when financial situations take a turn for the worse".
A third good link (although not from the Toronto Star) is Million Dollar Journey's Paying Off Debt: Lowest Balance or Highest Interest First? where the consensus is that it is better to pay off debt in the way that motivates the individual the most. I couldn't agree more.
All articles are great reads, so take a look!
Teenagers Lacking Education On The Financial Facts of Life - A good article discussing how there is no formal financial education in the Ontario curriculum. As a math teacher, I totally agree and would love to teach a course like this. As mentioned in previous posts, I try to do this as much as possible already, but a formal course on finance would be great! As the article says, there is a formal Grade 10 course in Careers and Civics, you could throw a financial course in there as well and it would be great!
Frugal or cheap - This article discusses when even frugal people put a limit on the quality of the things that they purchase. My favourite quotes are "The distinction between frugality and a tightwad is that, for a tightwad, it hurts to spend" (my girlfriend thinks this makes me a tightwad, but it only hurts me to write cheques) and that a spendthrift is "...unable to feel distress even when financial situations take a turn for the worse".
A third good link (although not from the Toronto Star) is Million Dollar Journey's Paying Off Debt: Lowest Balance or Highest Interest First? where the consensus is that it is better to pay off debt in the way that motivates the individual the most. I couldn't agree more.
All articles are great reads, so take a look!
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