His banker asked Trent what his net worth was for a loan he was applying for. He had trouble answering the question right away.
Quite simply, net worth is the difference between what you own and what you owe. But true net worth may not be quite that simple.
Being such a new program, many Canadians do not fully understand the long-term power of the TFSA tax savings opportunities. It is much more than just an opportunity for saving — it can be a powerful and incredibly effective tool for an overall investment strategy. Here are some ways that you can use the TFSA for your long-term benefit and financial empowerment.
The recent increases in the Bank of Canada and Federal Reserve prime rate in the past few months signal the end of historically low interest rates. According to a Bank of England study released in early 2016, current low interest rates are the lowest in 5000 years of recorded history*!
As Joe Farnsworth* from Toronto discovered, published return percentages do not necessarily tell the whole story of an investment portfolio performance. Joe retired 9 years ago from the Toronto Police Service from which he collects a serviceable pension each month.
The current compensation model for financial industry participants*, who promote the use of investment funds and other managed investment products for retail clients, has been mostly unchanged for over 30 years.