As a new generation of Canadians begins dealing with the tricky field of finances, a common question we hear is “What kind of account should I have”? At Encompass Credit Union, we have a wide array of plans and programs for money-savvy Canadians and the most popular for retirement or tax deferral are TFSA and…
Category: Savings & Investments
Pay yourself first
It’s a common saying but not everyone really understands what it’s about. So, I got paid, now what? What pay yourself first really means is that you can’t wait to see what you have left at the end of the month to put into savings or investing. Unless you’re really doing well (and frankly even…
So you want to be financially independent. Now what?
What’s your plan to be financially independent? For many of us, winning the lottery seems to be in the top five ways to have a comfortable retirement. That, or maybe getting adopted by Jeff Bezos. If you’re not that lucky, or you’re not going to develop a million-dollar mobile phone app game or become the…
Saving money the Millennial way
Millennials get a hard time for being, well, Millennials. They’re young, inexperienced and were branded as lazy, eating Cheetos and holding out for management positions. None of that is true anymore. In fact, they’re not really that young anymore. Sorry. The truth is, Millennials must work harder to get what previous generations may have had…
Don’t skip your savings goals during 2020
You may be feeling like the rest of us and just waiting for this very long year to be over, but it’s only halfway through. Barring giant zombie cockroaches or alien invasion, 2020 can only get better, right? Woof, kiss of death. Regardless of what has happened with COVID-19 and all the economic issues in…
Quick tips for saving in this economy
Right now we know that money is tight, and there are certainly some unknowns going forward as Alberta enters Phase 2 of the re-opening of the province. So here are money-saving tips that might help you just keep a few extra hard-earned dollars in your wallet, during this umm, ‘downturned’ economy. Yeah, let’s call it…
Top 7 Ways to Save Money This Spring
This last winter was a brutal one for the prairies, but while there may still be snow in nooks and crannies, the sunny season is here, and although we’re still coming out of pandemic isolation, perhaps it’s time to start saving for that destination trip when things are safe to do so! Here are our…
Is a mortgage deferral right for you?
The COVID-19 pandemic has sent many people into positions of financial stress, from lost jobs, to general financial uncertainty. One of your biggest expenses each month is likely your mortgage. Most Canadian financial institutions understand those worries, so many have implemented relief programs, such as payment deferrals on mortgages. Deferring your mortgage payment may reduce…
What Can You Claim for Personal Expenses on Your Taxes?
As a small business owner, you might be wondering what you can claim as personal expenses on your taxes this year. Here’s what you need to know when it comes to doing your taxes for your business or side hustle. Expenses You Can Claim The CRA defines business expenses as certain reasonable costs that are…
Investing on Your Own vs. through a Financial Advisor
When it comes to investing in the stock market, many people debate whether it’s worth doing the investing themselves or through a financial advisor. Let’s take a look at the pros and cons to these methods of investing to determine which one is best for you. Before You Begin Before you begin considering how you’ll…
