All in on stocks? Young investors should beware of the risks, experts say

With Bay and Wall streets hovering near all-time highs recently, young investors might be inclined to load up on stocks and forgo more stable fixed-income investments, without realizing how much risk they're truly taking on.

Consumers facing new scam threats this holiday season: BMO’s financial crimes head

The list of newer scams includes AI-powered fraud, where scammers create fake retailer websites, along with phishing emails or deepfake videos to impersonate brands or influencers.

Converting your RRSP into a RRIF is more than just a financial shift, experts say

OTTAWA - Retirement brings many changes in a person's life and your investment portfolio is one of them.

Tracy Andrade, a wealth adviser and certified financial planner at Marnoa Private Wealth Counsel, says it's challenging for people to see their savings start to decline as they begin spending their nest egg.

"That's the biggest mental mind shift that people have to kind of think about when they're heading into retirement," she says.

"It's hard to see your balance go down."

Don’t let a money scarcity mindset get the best of you, experts say

Even when you have a decent job and your bills always get paid off on time, you might still feel afraid that you're not getting ahead or you'll never have enough.

CP NewsAlert: Federal budget forecasts $78B deficit as Liberals shift spending plan

OTTAWA - This year's federal budget contains a deficit nearly twice the size forecast by the Liberals a year ago, as Prime Minister Mark Carney's government prioritizes capital spending over programs and services.

The budget tabled Tuesday projects a $78-billion total deficit for this fiscal year, up from a projection of around $42 billion in Ottawa's fall economic statement from late last year.

Ottawa says the effects of the Canada-U.S. trade war and uncertainty over future trade rules have weighed heavily on the Canadian economy, while creating risks to its outlook.

While the latest update comes in well above last year's estimate, experts say it's broadly in line with expectations.

Relocating to a new city? What you might be forgetting to consider before you move

Relocating is more than a farther move — it’s setting up a whole new life in a different local economy. 

It’s likely that change was a financial decision in the first place, whether it be pursuing cheaper rent or property, or landing a new job in a different area. So budgeting for this major life change needs to go beyond just researching moving costs, said Calvin Hexter, a Realtor with the Calvin Realty Team at eXp Realty, in Edmonton. 

Your first concern is wrapping up your obligations in your current city or town.

“I think a lot of people get surprised when it comes to terminating their mortgage,” said Hexter. “They are two years or three years [into a mortgage term] and didn't realize that, and sometimes it could be a $10,000 to $15,000 penalty. 

Thinking of going on strike? Here’s how to budget for your union’s next job action

Air Canada workers did it. So did Canada Post staff and Canadian National Railway Co. labourers, too.  

Over the last few years, scores of Canadians have walked off the job in hopes of landing higher pay and better working conditions.

While striking often gives more leverage at the bargaining table, it also comes with a sacrifice: an interruption in pay that can stretch on for days or weeks and in the worst cases, months or years.

Experts say navigating any interruption in wages takes plenty of planning that should begin long before your union heads for the picket line.

Experts debunk some common myths about auto insurance

The auto insurance world is rife with misconceptions, experts say, and not knowing fact from fiction could end up costing drivers thousands of dollars. 

There are several reasons why insurance myths exist, said Steven Harris, licensed insurance broker and LowestRates.ca expert.

"(Insurance contracts) are written in legal terms and it doesn't always translate into everyday language," he said.

"There can be a little barrier there."

‘No free lunch’: Covered call ETFs have high yields but come with a trade-off

As exchange-traded funds with covered call strategies gain momentum among retail investors, finance experts say these products come with a trade-off.  

Proponents of these investments say they can be a helpful tool for income-focused investors, while opposers say they result in lower longer-term returns and shouldn’t be a core investment holding.

Prerna Mathews, vice-president of ETF product strategy at Mackenzie Investments, said covered call ETFs typically invest in dividend-paying equities and further enhance income by writing call options on those holdings. A call option provides the right to purchase a security at a set price. She said covered call ETFs essentially earn option premiums in exchange for “giving up” some of the stock's future gains beyond the set option price.

She noted covered call ETFs have flourished in the market recently, fuelled by investor enthusiasm for their higher yields. Mathews said these products can be attractive to those who prioritize income over growth and help manage market volatility.

Financial infidelity hurts, but there are ways to get past it, experts say

Finding out your partner has been keeping financial secrets from you can be hurtful and even a deal breaker for many couples. While it can be hard to trust your spouse again, experts say there are ways to navigate financial infidelity.

Sending money abroad through stablecoins can be faster, cheaper — and riskier

TORONTO - Canadians send billions of dollars abroad every year, and pay hundreds of millions of dollars for the privilege.

While the growing number of options to send money has helped push fees down, it still on average costs about six per cent, or $12, to send a typical $200 remittance from Canada, according to the World Bank.

Meanwhile, the volume of remittances from Canada has soared to top $18 billion last year, up from a little over $7 billion a decade ago, meaning even more money is being swallowed up by fees.

Stablecoin advocates, however, think they can help.

Career experts say asking for a raise isn’t off the table in a tough job market

Career experts say it's not wrong, even in a shaky economy, to ask to be paid what you're worth. Raises aren't even necessarily off the table at organizations that are downsizing, according to some experts.

Fee-based credit cards come with perks but they aren’t for everyone

Better store discounts, access to airport lounges, and early entry to your favourite live acts. The perks of some credit cards are hard to ignore, even if the card comes with an annual fee. 

But experts say they may not be for everyone. 

“It really depends on your income, how much you spend on the credit card, as well as your credit score,” said Natasha Macmillan, director of everyday banking at Ratehub.ca.

There’s an array of choice when it comes to picking the right card, each having its own unique features and perks.