COVID-19 Update

Blog

6 Simple Keys to Financial Success

By Karin Mizgala, Co-Founder and CEO Money Coaches Canada

To say it’s been a tough last few years is a big understatement. We were finally starting to plan for a more normal summer and wham, we’re now facing the aftermaths of the COVID-19 crisis – sky-high gas prices, rising food and travel costs, and interest rates hikes that are wreaking havoc with the stock, bond and real estate market.

According to a recent LifeWorks’ Mental Health Index report, 46 per cent of Canadians are feeling an increased sensitivity to stress than they were prior to the COVID-19 pandemic, impacting their overall mental health.

With so much negative economic and financial news, it’s not surprising that financial stress levels are on the rise. While there’s no way of escaping a challenging economic cycle, it is a good time to go back to the basics and make sure you are as well-positioned as possible to ride the storm.

Continue reading

Posted in Money Coaching, Relationship to money


Money Coaches Canada Donates to the National Food Bank

Over the last 6 months, Money Coaches Canada has received 35 completed post engagement client surveys. For each completed survey, Money Coaches Canada donates $5 to Food Banks Canada. We recently made a $175 donation and would like to thank everyone who completed a survey.

Posted in Survey


Plan Well Guide – Planning For When All’s Not Well

By Noel D’Souza, P.Eng, CFP®

At Money Coaches Canada, we pride ourselves on “Taking the Worry out of Money”. We help our clients use their resources to live their best lives and map out how to achieve their highest goals, while respecting their values and preferences and preparing for the unfortunate and unexpected. It involves a good amount of introspection, to understand who you are and what’s important to you and communicate that to your “life team” – your loved ones and the professionals you hire to help make your plan a reality.

So, when we encountered Dr. Daren Heyland, a critical care physician, researcher, Professor of Medicine at Queen’s University and creator of Plan Well Guide, which has a similar mission but focused on healthcare, we thought we’d take a closer look.

I had the opportunity to ask Dr. Heyland some questions about Plan Well Guide: what it is, who it’s for, and why it’s so important, as well as work through the Guide myself. Continue reading

Posted in Medical Care, Personal Care


Life After Work: Planning for and Living in Retirement

By Jenny Reimer, CFP®

rrsp savings Our co-founder and CEO, Karin Mizgala, was recently invited to speak at an event hosted by Steadyhand Investment Management. In this webinar, Karin and another leading independent financial planner, Jason Heath discuss questions and concerns that often arise as our clients approach retirement, including:

  • How much do I need to save for retirement?
  • When should I start receiving CPP and OAS?
  • When should I convert my RRSP to a RRIF?
  • How can a spending reserve or ‘cash bucket’ provide a safety net for my investment portfolio?
  • What non-financial issues should I consider as I plan for retirement?

Continue reading

Posted in Financial Planning, Retirement savings


What You Need To Know About Filing Your 2021 Taxes

by Jenny Reimer, CFP®

What You Need To Know About Filing Your 2020 Taxes

Spring is around the corner, and along with the warmer weather comes tax season. This month, we would like to share some helpful tips for preparing your 2021 taxes.

Since the traditional deadline of April 30 falls on a Saturday this year, the deadline to file your 2021 tax return is May 2, 2022. If you are self-employed or have a spouse or a common-law partner who is self-employed, the deadline to file your taxes is June 15, but all taxes owed must still be paid by May 2. Filing on time is important, not only to avoid penalties on amounts owing, but also to ensure you receive all the benefits to which you are entitled. The CRA has listed the steps involved in filing your 2021 taxes and other useful information here.
Continue reading

Posted in Financial Planning, taxes


5 Tips for Surviving Economic Uncertainty

By Karin Mizgala, co-founder and CEO Money Coaches Canada

As uncomfortable as the pandemic has been, this collective “time-out” offered us the opportunity to reflect on what is working well in life and in our world, while shining a light on what isn’t. For Sheila and I, it’s been an important reminder of why we left the traditional financial planning industry and created a company based on our values of service, transparency, trust and collaboration.

financial planning We have had plenty of conversations with our clients over the past two years, and while they were not immune from the financial and emotional turmoil, they have been more financially prepared and resilient than most. Continue reading

Posted in For your information, Investing


RRSPs: 3 Major Things That Matter To Me

By Tom Feigs, CFP®

Tis the season—of retirement planning! With the RRSP contribution deadline on March 1st and tax season only a hop, skip and jump away, Canadians are thinking about their long term financial future. Retirement plans are as unique as each of us, and everyone’s vision of the perfect retirement looks different. With the financial services available nowadays, options can feel endless. When thinking about your RRSPs this year, here are three important factors to take into account: Continue reading

Posted in Retirement savings


5 Ways to Lessen the Impact of COVID-19 on Your Retirement Plans

By Karin Mizgala, co-founder and CEO Money Coaches Canada

As we enter our third pandemic year, it can be tough to plan for the future. Retirement? What’s that? We’re just trying to make it through the day intact! This attitude is completely understandable, especially if your employment or income has been impacted, or your short-term security and immediate bills have become a primary concern. We’re not out of the woods yet, covid will likely continue impacting our finances for a while yet. However, with some forethought and flexible planning, it can be much smoother sailing for those on the brink of retirement.

Taking stock of your current situation and making slight adjustments in the short-term make it much easier to set yourself up for long-term financial success. Here are some tips to ensure your retirement plans are future-ready in the face of COVID. Continue reading

Posted in For your information, Investing, Money Coaching, Relationship to money, Retirement savings


4 Ways Parents Can Ensure Their Children Leapfrog Their Negative Financial Habits

By Sheila Walkington, Co-Founder and CFO of Money Coaches Canada

Money lessons start at home. Children and lots of young adults learn by watching and imitating their grownups. Just like teenage driving lessons, it’s all too easy to absorb mom and dad’s bad habits when it comes to money management. When polled, 75.9% of young people cite their parents as being a major influence on their money habits. Better to inherit the family nose than less than stellar financial values. Luckily there are plenty of age-appropriate money conversations parents can have with their children. Here are some practical ways to get money conversations rolling.

Bite the bullet and start talking about money
Many of us learned that discussing money is impolite, and that can be a wall when it comes time to teach kids about financial literacy. Just once or twice a week is enough to do the trick. Opening the lines of communication when children are young by showing them how you pay bills online, explaining the correlation between the hydro bill and a warm home in the winter or giving them an allowance to manage, goes a long way towards keeping a healthy dialogue open as they get older. Continue reading

Posted in Financial Literacy, Kids and Money


Gratitude is the Key to Reducing Money Stress and Enjoying the Holidays

By Karin MizgalaCo-Founder and CEO Money Coaches Canada

Being grateful has been shown to positively impact our lives. Our ability to experience and express gratitude influences our relationships, our emotional and physical health and even our careers. Yet, we also live in a culture that tells us we need more. This tension is never more obvious than during the Christmas season, with so much pressure for the “perfect” holiday.

If you’re struggling with your finances, worried about retirement or your children’s education needs, the expectations inherent to the holiday season can make you far more weary than grateful. Even if you’re doing well financially, there’s lots of temptation that can easily pull us off-track, create stress and foster regret.

Luckily, gratitude acts as a form of insurance against holiday-induced FOMO, unnecessary purchases and overspending.

What?

Yup!

Cultivating gratitude removes the pressure to keep up with the Jones’, buy the latest gadgets and perform the perfect holiday season. When we’re content with what we have, this keeps money in our pocket and maintains our sanity during the most stressful time of the year.

Continue reading

Posted in Money Coaching, Relationship to money