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MONEY.CA is highly ranked on yahoo google bing and youtube and is popular with social media, Canadian financial consumers and is a favorite of The Advisor Channel. MONEY represents Canadian money at the highest level. MONEY online is the destination place for the average Canadian who needs to make, save and preserve more of their hard earned wealth. We are most proud of the fact that we are a friend of, associated with and are considered a darling business firm focused on Canadian financial literacy. All of our products and services are focused on money, personal finance and financial literacy. While money concentrates on providing a simple line of business in the realm of financial advertising we endeavor to engage and facilitate exchange of knowledge and power with and to Canadian’s.

Our products and services are simple and obvious in nature with a narrow minded aim to provide good, timely and actionable news, information, insight and advice.

Welcome to The MONEY Network and the growing MONEY Vertical that is helping the average Canadian bring up the mean for all the right reasons.

MONEY.CA online with over 10,000 new, unique visitors monthly and growing exponentially.

Money Magazine in print at Chapters Indigo Smith Books Coles and other fine retail establishments. Money Magazine is also available online in magazine format with ISSUU.COM

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Money Media we are partnered with the top 10 world class press and media organizations with considerable and unique free access to media and resources.

Money Video from concept to creation and production MONEY Video creates top quality financial content for internal purposes and outside sales.

The Money Show for Television is on TV 2 times daily, 7 days a week in 4 provinces in Canada with regular ‘same channel – same time’ scheduling.

MONEY is online – in print – in the media – with video – and on television. What more do you want? Let us know how we can improve and how we can get MONEY working for you.

As a continuous theme we are always and connecting the dots between MONEY and the 12 core areas of personal finance.

investments – insurance – mortgages – tax – trust and estate planning – financial planning – credit
budget and savings – business – real estate – finance – financial literacy

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James Dean

Toronto

416-360-0000

info@money.ca

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Confessions of a CFP: You may need an online bank

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You may need an online bank this RRSP season.  I probably shouldn’t be telling you this because I’m a financial planner and in order to keep my job I need people to invest their money with me, but it’s true.  Before you completely dismiss the idea of banking online due to your fear of the internet, cyber space and anything online just take a few minutes and read all about the benefits of having an online bank.

Online banks go against everything I believe in when it comes to my professional life, but as an everyday consumer – who needs to invest in her RSP before the deadline – I have to tell you I’m a big fan.

The RSP deadline is March 2 – where will you be?

Hopefully you won’t be in line at your bank.  As the RSP deadline quickly approaches Canadians all across the country are calling their financial planners and visiting their banks to find the best possible rate for their RRSP contributions.

What if you didn’t have to go through the trouble of spending your lunch hour waiting in line at your bank and what if you didn’t have to sneak out of work early to make it to your bank before they close?

With online banks you can literally bank anywhere, anytime.  Even though the market closes at 4 p.m. and some banks close at 8 p.m. online banks are at your service 24 hours a day, 7 days a week.  That’s the first major advantage of using an online bank for your RRSP contribution – it’s convenient.

You don’t have time to make an appointment

Tangerine is a financial institution whose mission is to help clients live better lives, they aim to provide Canadians with the ability to bank where they want, how they want, and when they want.  Joe Snyder, Product Analyst, Tangerine Investments says “For the typical Canadian, the reality is that most of their banking needs can be done online, and better yet, on a mobile app.  (But) there are some clients whose needs probably require that face-to-face interaction due to a certain amount of complexity.”

With an online bank you can access your accounts and perform transactions from absolutely anywhere at any time.  This is especially convenient for people who work shifts or irregular hours.  With an online bank there’s no need to rearrange your schedule, all you have to do is tap on your mobile phone or click on your computer.  “I think the idea of having to physically fill out paperwork and visit a bank branch is one that will soon be outdated.  That being said, many Canadians also have decades-old relationships with their bank and feel a certain degree of loyalty to their primary financial institution.” says Snyder.

You want the best possible interest rate

Superior interest rates is the main reason why I recommend online banks to my clients (don’t tell my employer) and it’s the second major advantage of having an online bank.  When clients make an appointment with me they don’t always want my expert investment advice – sometimes they just want a good interest rate.

Andrew Schrage is an online entrepreneur and owner of the popular personal finance website Money Crashers.com.  According to Schrage online banking does have several advantages. “(You) can save time over having to make trips to a traditional bank, there’s easier access to your accounts, and you might be able to find better interest rates as well.”

Are you convinced?

Two major reasons why all Canadians don’t have accounts with an online bank are lack of personal service and fear of cyber space, but Tangerine is overcoming those fears one client at a time.  “I think the reality is that Canadians have indeed embraced online banking, as online functionality and mobile platforms continue to improve.”  Today Tangerine proudly serves almost 2 million clients across Canada with over 500,000 downloads of Tangerine’s mobile banking app.

When making your RRSP contribution this year keep in mind It doesn’t have to be all or nothing.  Just because you love your financial planner doesn’t mean you can’t also have an online bank and just because you made your RRSP contribution online to get the best interest rate doesn’t mean you still can’t have other accounts with another bank – or several other banks for that matter.

 

Tahnya Kristina, CFP

tahnyakristina.com

Photo from Flickr

Financial advertising, marketing and sales without the 56% google inefficiency.

Google admits that advertisers wasted their money on more than half of internet ads

By  http://qz.com/author/zwenerflignerqz/

Online advertising is a fickle thing. It accounts for 20% of the ad industry’s total spending, and over 90% of revenue for the internet giants Google and Facebook. That said, no one seems to have any idea whether it actually works.

That uncertainty reached a new high this week, as Google announced that 56.1% of ads served on the internet are never even “in view”—defined as being on screen for one second or more. That’s a huge number of “impressions” that cost money for advertisers, but are as pointless as a television playing to an empty room.

This is not a big revelation. The web metrics company ComScore reported last year that 46% of online ads are never seen. Spider.io, an ad fraud company acquired by Google in February, has pointed out that a large portion of ads are “viewed” only by robots, revealing that one botnet of 120,000 virus-infected computers viewed ads billions of times, running up the tab for advertisers without offering them the human eyeballs they sought.

Still, the acknowledgement by a heavyweight such as Google that ad viewability is a problem could shake up the industry by delaying possible IPOs of ad companies and requiring new ways for advertisers to gauge the effectiveness of their ads.

The nineteenth-century retailer John Wanamaker famously said, “Half the money I spend on advertising is wasted. The trouble is I don’t know which half.” In this case, it’s the obviously the half that pays for ads which are never seen, and now advertisers are looking for new tools to figure out which those are.

It’s worth noting that Google made this acknowledgement of the deficiency of the model it has profited richly from while also offering a new model to advertisers: In July it introduced its Active View product, which measures only viewed ads.

www.gicrates.ca GICRates.ca Official Site:Best Rate Around

www.gicrates.ca
GIC Rates home of the best rate around.

GIC Rates : the online destination place for the best rate around.  Guaranteed Investment Certificates. The Canadian GIC Market is worth over 730 billion and is a money maker for top banks.  A recent study shows that the average account is worth over $60,000.00 and the majority of assets are with big banks at low rates. The review in Money Magazine explains that most people are getting burned when they turn to the safety portion of what should be a balanced portfolio. GIC is the bread and butter of the major banks in Canada.

This will all change by perception and over time. The highest rates paid are from some of the smallest companies, trusts, credit unions, caisse populaires and near banks. Few people know this and fewer people take advantage of it and stick to the big banks and pad their pockets and lessen their own.

It’s perception and decepti0n; how long will it be until there is an even playing field and a more efficient marketplace. Those that    need to step up, monitor and manage this metamorphosis are still sleeping at the switch. The independent deposit broker will change the way things happen just like the mortgage broker used to be the lender of last resort and now is the go to facilitator.

GIC rates will become more and more competitive when the banks realize they are losing market share with the same old low rates when new and secure institutions will give out better rates for more and better business. The public will lose millions in lost interest in the meantime as the banks have no interest in marketing this GIC Industry Secret.

MONEY Tip: Use a registered deposit broker and get the best rate around for a personal or business investment account.

 

 

The Mortgage Killer – NPA and the big banks Secrets Revealed

NPA a bargaining chip with big banks that helps a great number of average Canadians in many ways.

By:Jaoquin Benitez – Learn more tips, tricks and techniques that make, save or preserve more of your money.

www.themortgagekiller.ca

Perhaps you will be shocked to find out the banks’ worst kept secret, or perhaps it is something that you already knew, but never recognized as a valuable piece of information.

Lending institutions protect themselves by securing the loan with the property that they are financing. This gives the moneylender some assurance that the property owner will pay back the borrowed money on time as specified in the original mortgage agreement and as long as you keep making your mortgage payments, everybody lives happily ever after.

However, if the homeowner begins to fall behind on mortgage payments, the dream of owning a home could become your worst nightmare, not only for you but also for the lending institution.

What is the secret that the bank does not want you to know? The bank does not want to take away your home! I know it sounds absurd, but by the time you finish reading this article you will be persuaded that it is an accurate statement. Allow me to go a step further; the very last thing that the bank wants to do is foreclose on your property. It will become an extra expense that they don’t need to incur and it will cost them thousands of dollars to take a property through the foreclosure process. Now you may be asking yourself: If that’s true, why are they threatening me with foreclosing my property? What do they really want?

There is a simple answer: the bank collection agent wants to scare you into making up the late mortgage payments, and by doing so, ensure you will continue to make your payments on a regular basis until the end of the term as specified in the mortgage agreement. The threat of foreclosure is the only tool that the bank has at its disposal to persuade you to make the mortgage payments.

Furthermore, once the bank initiates the foreclosure process, the laws regulating the banking industry require them to report that property as a non-performing asset. Doing this will hinder the bank’s capacity to borrow more money and will affect its overall credit rating. The bank must try to avoid having to report a non-performing asset on its books at all cost. In many cases, banks intentionally delay initiating a foreclosure proceeding for up to six months, and sometimes even up to a full year, to avoid reporting the property as a non-performing asset.

The ‘non-performing asset’ problem or the NPA, as it is commonly known in the banking and financial industry, affects the banks in more ways than you and I may care to know. These three simple letters strike terror in the banking sector and business circles. The dreaded NPA rule simply states that: “When interest on a loan or any other monies is due to a bank and it remains unpaid for more than 90 days, the entire bank loan automatically becomes a non-performing asset.” They will go to great lengths to avoid having to report a property as a non-performing asset.

Why would three simple letters, “NPA,” cause such terror to a financial institution?

There are a number of problems that will arise from having too many NPAs on the bank’s books. The biggest problem is that the bank must have a certain amount of dollars in cash reserves. If their levels of non-performing assets become too high, they will have to put more cash into their reserve account to compensate for these non-performing assets. This means they now have less money to lend. In addition, they now have to deal with a house that they don’t want because it will become a money pit. Furthermore, they will not be able to make a profit on it because of the way mortgages are structured.

In their quest to maximize their profits, banks structure mortgages in a way that they are paid the majority of the interest up front or at the beginning of the loan term. This is called a front-loaded mortgage, and most mortgages are structured in the same way. This means that in the early years of your mortgage you have not built much equity in the house because the majority of your mortgage payment was slotted to pay for the interest on the loan.

Often banks find that their asset (your house) is worth less than what they lent out, and once the bank takes ownership of your property, they not only have an administrative and legal nightmare, but they are about to take a financial bath!

Even though I am not a bank advocate, I am certain that if you were in the bank’s situation, you would be forced to do the exact same thing. The bank does not have any other recourse. The only legal recourse available to them is foreclosure in order to try to minimize some of their losses. However, that is their very last option.

Can you see the predicament that lending institutions find themselves in? On the one hand, they are losing money by not receiving your mortgage payment and on the other hand, they can’t really afford to foreclose on you because of the negative consequences this will bring them.

While this is an admittedly simplified explanation of how financial institutions operate, the bottom line is that banks are in the “money buying and selling business.” To put it in clear and simple terms, the bank’s profit is generated by the spread created between the interest rate that they pay you on your money and the interest rates that they charge on the money that they lend out. The bank pockets the difference. For the bank to make any money, it must lend out the funds in its possession, or find some sort of investment vehicle that will guarantee a rate of return greater than its cost of borrowing.

Consider the main motivating factor for a bank to be in business. It is not to provide a service to the general public; they are in business to make money. In a foreclosure case, they will most likely lose money. As the old saying goes, “the best way to make money is to stop losing money.” Having the knowledge of how lending institutions operate is empowering. Since you now know that lenders don’t want to foreclose on your property — and you don’t want them to foreclose on you — you have common ground to work out an agreement that will stop the foreclosure process and satisfy both of your needs. Remember: The bank does not want to foreclose your property.

New Canadian Money

New Canadian money: beautiful, colorful and scarce until now. The Bank of Canada is in full phase launch mode. The latest series of new 5s and 10s join the line-up of the newest printed Canadian 20s, 50s and those wonderful “C” notes.

The new Canadian money is different, unique and distinct as its land, languages and people. “The smell of money” a common old saying brings new meaning to Canada and Canadians. OOOAAAW – the scent of money. Many Canadians and a few brave members of the media have reported the smell of maple syrup that wafts off the newest Canadian bills.

In order to best enjoy Canadian money one must know the rich history of its past. The English and French fought over our fledgling nation throughout the 100 year war. Two of the most powerful Imperial nations at the time mixed it up to own, control and rule these lands and peoples for many reasons.  The “A History of the Canadian Dollar” by James Powell is the definitive history and a must read for any money aficionado, novice or patriotic Canadian. http://www.bankofcanada.ca/publications-research/books-and-monographs/history-canadian-dollar

From playing cards to coins and notes, Canada has a beautiful currency history and the story is fascinating and the odyssey continues today. The nostalgic penny will no more see the light of day whilst the demand of copper has increased the value of the remaining pennies – a hidden advantage to be recycled and live on. In the “Canada Economic Action Plan 2012”, the Federal Government announced it would phase out the penny from Canada’s coinage system. To help consumers, businesses, charities and financial institutions to plan for the change, a transition date of February 4, 2013 was set as the official date that the Royal Canadian Mint would no longer distribute pennies. Rounding up and down will take some time to get used to for retailers, consumers and Canadian businesses. http://www.budget.gc.ca/2012/themes/theme2-eng.html

Money in Canada is not without its own inherent problems; counterfeit currency has plagued the nation several times 5s, 10s and 20 dollar bills have all surfaced at different times. I have had the pleasure of personally receiving two fake 20s from a bank machine just in the last two years. Unknowingly, Canadians have used and passed on hundreds of thousands of dollars. The new Canadian money is many times more safe and secure than most currencies to date. See the latest safety features, information and equipment available to take in, authenticate and transact the new Canadian money. http://www.bankofcanada.ca/banknotes/bank-note-series/polymer/

The Canadian Dollar, commonly known as the Loonie, embarked on its metamorphosis in 1982 changing from paper money to minted coins. We have often learned in a painstaking manner from the last generation the true value of a dollar. It has been told to us, shown to us and demonstrated. It’s all this pent up energy we had in our childhood that enables us to cut loose if and when we can ever get money or it’s more dangerous relative, ‘credit’. This fact of knowing the value of a dollar has little or no effect on the currency and worth as it fluctuates on a daily basis and is based on complex systems, other than the value of other currencies together with fiscal and monetary policies as set by the Government of Canada and the Bank of Canada. The price of bread, milk, eggs, cars and homes have increased considerably, but accordingly, and in line with inflation.

The American Dollar: you cannot mention Canadian money without considering American dollars – our closest geographical neighbor and largest trading partner.
The Canadian Dollar holds its own compared with the United States but has had its ups and downs; in the early 70’s the Canadian dollar was worth more than the greenback. In the 80’s Canada had a policy of making it easier to trade with the U.S. by having a lower dollar that encouraged Americans to buy Canadian and do more business here. In recent times, as America tries to re-invent itself and regain the helm of as a leading economic nation, Canada will get a tremendous boost as America rebuilds and restores its once unchallenged place in world rankings. For now, our currency exchange is almost on par and our financial institutions are in good shape because of good and strong government policies.

“Old money is better than new” a statement that refers to extreme family wealth or inherited money. Newsflash! There are now more self-made Canadian millionaires today than ever before
yet the gap of the 99% and 1% grows exponentially.

New Canadian Money is here and we should enjoy it and embrace it, covet it, have it, hold it and learn to share it with those that have nothing, less or not enough. The color of money will not change and the meaning of money will not change; but change we must! With time, technology and circumstance, our young and growing world-class nation must change to grow.

Seneca College – School of Money

Me and My Money
Me and My Money

Leader in Ontario with 70,000+ registrations in continuing education

TORONTO, Sept. 18, 2013 /CNW/ – Seneca has reached its highest continuing education enrolment in its 46-year history with more than 70,000 part-time student registrations.

Seneca has long been the leader in providing flexible, high-quality programs for those who want to further their education and upgrade their skills, attracting significantly more part-time students than any other Ontario college.

“We are delighted that the demand for our continuing education programs continues to grow,” said David Agnew, Seneca President. “This is part of a broader trend of students seeking more flexible options for their education, and Seneca is responding with evening, weekend and online courses that are meeting labour market demands.”

Most part-time students at Seneca are working towards a professional designation or career-based credential, whether a degree, diploma or certificate. Part-time enrolment has grown by more than 10 per cent over the past five years and continues to grow this fall.

Working with industry partners and program advisory committees, Seneca’s Faculty of Continuing Education and Training offers more than 150 part-time degree, diploma and certificate programs. Seneca continues to expand its suite of graduate certificates and degrees to meet student and employer demand. Seneca has recently launched a new part-time Accounting Techniques certificate and new part-time graduate certificates in Nonprofit Leadership and Management and Social Media.

Seneca’s fall full-time enrolment has also increased by nearly five per cent over last year.

With campuses across the Greater Toronto Area, Seneca offers degrees, diplomas and certificates renowned for their quality and respected by employers. Combining the highest academic standards with practical, hands-on learning, expert teaching faculty and the latest technology ensures Seneca graduates are career-ready.

Find out more at www.senecacollege.ca/ce
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SOURCE Seneca College of Applied Arts and Technology

Weekend Money “OPEN SUNDAYS”

Me and My Money
Open Sunday’s

A potential client recently said he had no money in the budget for any sort of  advertising but asked how the markets were. I wasted no time and quipped it depends how your marketing is. Everyone somewhere is doing great, really well, better than expected or tell you the truth business sucks.

At this point you cannot tell any potential, advertiser exactly what you think. That is not the matter; in fact it doesn’t matter at all what you tell this person they have already made up their mind. Spending less time and effort on people that waste your time is only a learning experience to get to yes. Everyone has to make money at some point and there ain’t no shame in that.

People have all different kinds of ideas and concepts about money and very few people have it or enough of it. I will endeavor to make money in some way or fashion that does not cause me to work hard. And so anytime is a good time to make money and to make money hand over fist is an art unto itself and money its own reward.

There is a difference between the have’s the have nots and the haves too much and you may lavish, squirm or just pass by. Awkward at best no one wants to talk about money, I suppose the one’s that have it have no reason to complain aloud. There are some that know, some that try and a few that know and try and fail and the one’s that ultimately triumph through trial and error and trials and tribulations.

You know something more than the others; more precisely more than most, you know more than a little, you know a lot. I am willing to work for money as long as I don’t feel I hate it and want to give up writing, sharing and communicating at such a slow speed.  I do spend charitable time working and need to make real money not unlike thousands of other hard working Canadians.  Part time money, ain’t no shame in that. So I am going to blog, talk and communicate some ideas and thoughts that people would really want to know about; the inner working of money in play and work. So this new post, section, category called “Weekend Money” is dedicated to any one who works one or two jobs or even three to make up for your local economy than this is dedicated to you. “You and Your Money” could not be a better salute to hard workers everywhere.

I will work part time on week-ends here and there and I will think of you and your industrious nature to make money, enough money and then more than enough money to share perhaps.  Let’s see maybe I will get back to you next week or maybe pay someone to do it. I may even quit by next week . My point was that the Bank of Montreal recently renovated a location near me in grand fashion and announced in a giant blue and white banner “OPEN SUNDAYS”.

Everyone is working harder for the same money or less as cost rise…yes its sounds terrible. I should hope to get paid for news, reviews and interviews that matter most to you and your money. Please allow me enjoy what I do for a living and at the same time put in a little extra time, over time or a few bucks on the side rather than call it work. I will see you here at the same time and the same place for the next “pay for” newsworthy article for MONEY unless I am fired for moonlighting or laughing all the way to the bank after church.

I have to mention my day job; as the guilt is settling in. I am responsible for online editing for MONEY.CA and publication articles for Money Magazine. I am not sure if I should be using this powerful system on week-ends and especially Sunday’s. It may not be official as nothing of the sort has been done before, so please don’t get us in trouble and try not to let anyone know about what we are doing its weird but I just don’t want people to know I work part-time.

James Dean