The Financial Classroom Canada The Canadian Financial Classroom

In this episode, Eric and Tim discuss the ins and outs of a shared passion – budgeting. They see budgeting as more than a math calculation; they see it as aligning your values with your finances and a means to experiencing peace of mind. They also realize that there are a lot of challenges associated with budgeting, especially in getting started with your first budget. In this episode, Eric and Tim discuss the following topics:

 

-       Budgeting as a reflection of your values

-       Budgeting as a life enhancer – not a restrictor

-       Various budgeting methods

-       Building an emergency fund

-       Budgeting for variable income, such as commission or seasonal

-       Evaluating your budget

 

If you have any feedback, have topics you would like us to discuss, or if you would like to come on the show, feel free to email us at financialclassroom@gmail.com



Lending Tree Article: https://www.lendingtree.com/personal/budget-to-pay-off-debt/#:~:text=50%2F30%2F20%20budget&text=50%25%20of%20your%20income%20should,toward%20savings%20and%20debt%20repayment.

Hey everyone!

Sorry for MIA all summer, but we are back! Tim, Eric, and Will were all busy during the summer and had to take a break. It's good to be back recording once again.



In this episode we caught up on each other's summer and how each other is doing overall.



We touched on the current economic environment in the world and why markets have been dropping recently. A few things we noted were the reduction in fed balance sheets via QT, as well tight macro conditions due to interest rate being so high.



It was good to be back! Let us know if there is anything you want to hear about and if you would like to come on the show feel free to email us at financialclassroom@gmail.com

In this episode, we take a deeper dive into the newest member of The Financial Classroom Canada, Eric, and learn about his journey to becoming a 6-figure millenial.

We interview Eric to discover the challenges he faced, changes he made, lessons learned, and how to avoid the temptation of "Keeping up with the Joneses".

During our conversation, we discussed:
- Eric's Current net worth, with discussion on asset allocation and the use of separate accounts
- The mistakes made along the way
- What debt was incurred
- Managing Finances with his partner Natalie
- Financial Goals for the future
- And more!

If you are a 6-figure millennial or someone who is passionate about finance and would like to come on the podcast, feel free to reach out to us at financialclassroom@gmail.com or on Facebook and Instagram.

In this episode, Miro Svoboda returns to discuss the most common questions that he has received from RCMP members about their pension plans. While this is an excellent episode for any member of the RCMP to listen to, it will also be extremely beneficial for anyone else who has a defined benefit pension. Some of the topics discussed include:


How is a defined benefit pension calculated?
What happens when someone leaves the RCMP because of disability?
What benefit is available to the spouse and kids if the pension holder passes away?
What happens to a defined benefit pension in the case of a divorce?
What are the tax implications of withdrawing the cash value of the pension?
What is the process of applying to receive either the cash value of the pension or the annuity?

If you have any questions for Miro, please feel free to reach out to Miro and his team by email. And don’t forget to check out his YouTube channel for more excellent personal finance content.



Email: msvoboda@harbourfrontwealth.com

Youtube: Easy Retirement with Miro or https://www.youtube.com/@easyretirementwithmiro

We are back after a little break! In this episode on the Financial Classroom Canada, we talk about a few of the new changes that the Canadian Federal Government has introduced in 2023. We talk about:

First Home Savings Account (FHSA)




What is it?



Government Savings account in which you can put money away for you and/or a partner, to save for the purchase of your first home.



Who is it available to?



This is available to anyone in which hasn’t personally owned or has a common-law/spouse who’s owned a primary residence within the past 4 years



Why would someone use it?



This is beneficial to someone who is looking to save money for first home and not having the trouble of looking elsewhere of how and where to store the savings.



How much can one contribute?



An individual is allowed to contribute $8,000 per year, to a maximum of $40,000 for a lifetime. Lifetime means that you can only ever save up to $40k in this to buy your first time, you cannot go higher than this.


Tax Tip: Is good for those looking for a way to also deduct their taxable income but also have to pay $0 in taxes once you withdraw, saving you $$






Grocery Rebate



What is it?



A sum of money given to you by the federal government to help assist with the cost of groceries. It is solely based on income, which the threshold is $X or 



Who is it available to?



Anyone within the GST credit area, meaning, if you receive the GST credit, you'll be eligible to receive this rebate.



How much will you receive?



An average family of four with two children would receive $467, while a single Canadian would be eligible for $234 in rebates 




Federal Student Loan interest eliminated April 1



So, don’t worry about having to deduct this on your return anymore/ SK YOU STILL NEED TO



Rental and dental benefits weren’t used much


Federal income tax brackets indexed by 6.3%


Payday loans 


Increase student loan interest limit


New Carbon Tax April 1



After grocery and other rebates


Why we should file tax returns



If you don’t you can’t take advantage of any of the credits/rebates mentioned

On this episode of The Financial Classroom, our special guest is Tim’s brother Michael. Michael self-describes himself as having become a 6-figure millennial by accident. However, he goes on to clarify that he achieved this feat by keeping expectations realistic about the lifestyle he can afford. Listen in as Michael talks about:


How he paid off his student loans, and went on to pursue additional schooling debt-free
The importance of knowing where you’re money is going
Eating sustainably as a cost-saving measure
Buying kids stuff off VarageSale and other online marketplaces
Making the little things count

If you are a 6-Figure Millennial or want to come on as a guest, feel free to reach out to us at finacialclassroom@gmail.com or find us on Instagram or Facebook.