HRM Parent Blog

In just a couple of years since it was introduced by the federal government, the Tax-Free Savings Account (TFSA) has become a very popular personal savings vehicle. And with good reason: Who doesn't like the idea of tax-free savings growth? In fact, the TFSA has been called the most important savings option since the 1950's launch of Registered Retirement Savings Plans (RRSPs). If you haven't already hopped on board the TFSA savings wagon, you may be asking yourself these questions: Is a TFSA really that good? Should I have one? Will it work for me? Good questions - here are the answers.

How a TFSA works
Every Canadian over the age of 18 is eligible to save up to $5,000 a year in a TFSA and the investments held within the TFSA grows on a tax-free basis. TFSA withdrawals can be made at any time for any reason - and the withdrawn money is tax-free.

The value of the TFSA eligible investments is increased by making the most of all available contribution room. For example, you can contribute $5,000 a year plus the total of withdrawals made in the previous year. \And all the contribution room you don't use right away accumulates year after year so you can fill it any time you choose. It's important to know that contributions to investments held in a TFSA do not affect RRSP contribution room.

TFSAs provide investment flexibility. TFSA-eligible investments are the same as those available for investments held within RRSPs, including mutual funds and money market funds, Guaranteed Investment Certificates (GICs), publicly traded securities, and government and corporate bonds.

How a TFSA works for you
A TFSA is a worthwhile investment option for almost every income earning or retired Canadian because it works so well for both short- and long-term financial goals like these:

- Providing an immediate source of emergency funds.

- Saving for just about anything - from a new car or cottage to a dream vacation.

- Saving for the down payment on a new home or even starting a business.

- Reducing taxes on your non-registered investments.

- Adding to your retirement savings. By the way, TFSA withdrawals don't affect eligibility for such income-tested benefits as Old Age Security (OAS).

- Splitting income with your spouse to minimize taxes.

To explore these and the many other ways a TFSA can work for you, and to make sure you'll always get the most from all the elements in your financial plan, talk to your professional advisor.

 

Call us to find out more about how the team at Investors Group - Halifax can help you prosper now… and over time.  (902) 423-8294.  www.investorsgrouphalifax.com 

by guest blogger, Deanna Cogdon Miller

The alarm went off at 5:15am. I rolled out of bed, threw on my yoga pants, tiptoed down the hall and walked out the door. A quick drive-through for a coffee and within minutes I was walking through the grocery store filling my cart with everything we’d need for the coming days (remembering things like compost liners, the birthday present required for a party on the weekend, how close our ketchup bottle was getting to empty and the fact that our three year old had outgrown most of her socks). Although the store was relatively empty, I met up with two other women in the refrigerator section. As we all reached for children’s yogurt products, we started laughing about the ridiculousness of grocery shopping at such a crazy hour. As I jokingly asked them why we were there so early, one of the women looked at me with a big smile and said, “Because we’re Moms, that’s why.”

The dictionary defines “mother” as “the female parent”. Although there is no arguing with that statement, I can say with great certainty that you can ask any Mom out there what the word mother means and they will not answer with those three little words. That’s because a Mom is made up of a number of very important roles. Picture a chart with ‘Mom’ in the box at the top. Connecting to it are three more boxes that say Inventory Manager, Social Coordinator and Emotional Support. It doesn’t stop there – connecting to each of those are many more boxes that are in constant flux as you hit different ages and stages of life.

The 1/3 Inventory Manager has overall responsibility for everything going on the house. This tends to be things like children’s clothing (knowing what fits, what doesn’t, what needs to be packed away, what needs to be given back to people and when it’s time to move up a shoe size). This talent for inventory extends into the kitchen with an understanding of what’s needed, what’s running low and what is going to cause a major problem if it runs out. This same skillset is what enables Moms to hear questions like, “Where’s my little blue clip?” and provide answers like, ”I think I saw it inside the empty paper towel roll that is in the basement closet zipped into the big front pocket of the purple suitcase.”

The 1/3 Social Coordinator keeps the family calendar up to date and on track. This part of Mom tends to register kids for lessons, coordinate activity times, ensure all important kid things are attended and book babysitters when required. This is also the part that volunteers to make cakes for the spring fair, go door to door selling popcorn or cookies and solicits family and colleagues to buy tickets for fundraising events. Most of the time, this part of Mom is responsible for the planning and execution of children’s birthday parties. This includes, but is not limited to, finding venues, creating invitations, figuring out activities and of course, decorating cakes and stuffing loot bags until 1am. The Mommy Social Coordinator has the incredible ability to map the entire day out in her brain and pack everything required to make the day run smoothly (as well as a few extras in case of unforeseen circumstances).

The 1/3 Emotional Support does what Moms are best at – unconditional love. Everything from hugs, kisses, cuddles, attention and a listening ear whenever required.  This is the Mom part that goes to bat for their child, supports them in everything they do, helps fulfill their dreams, thinks about them constantly, lets them make mistakes and helps them learn from it when they do. This is also the Mom part that can stay strong and focused when helping their child through something and then retreats to a quiet corner and lets the tears flow when nobody is looking.

After our first was born I remember telling my Mom how I always knew that I was loved growing up but until I became a Mom, I didn’t understand the sheer magnitude of that love. How could I ever have predicted what it would feel like to watch my heart running around outside of my body on a daily basis? It’s indescribable and indefinable. A good friend of mine summed it up perfectly. “Define Mom? Impossible. Just like it’s impossible to define ‘ life’ and ‘love’.” Coincidence? I think not.

Deanna is a Mom of three, wife, marketer and blogger - lover of travel, morning coffee, family time, belly laughs, good friends and uninterrupted showers! Follow her on twitter @DeannaCMiller

First of all, Happy Mother's Day to all the HRM moms out there! We hope you have a super-fantastic day, doing whatever it is you need to do to feel loved and recharged. 1. On May 12 & 13, Halifax will be Open!! Kitchen doors at restaurants will be open, galleries will be open, museums will be open, stores will be open and showing you their wares and parking will be free! We want you to get out of your comfort zone, to try something new and to learn more about this great city of ours! There are a huge number of businesses participating, check this great map to find out who! 2.  On Sunday, the Canadian Liver Foundation will host its first Hats on for Moms! - Bedford's British Mother's Day Tea Party & Luncheon in celebration of Moms of all ages. Lots of fun you can even wear your favourite hat or buy/create a fascinator onsite! 3. Isn’t it time you busted out your inner Picasso and got your Van Gogh going? Come attend NSCAD University’s Artist for a Day event. It’s fun, free and promises to be fabulous. Dozens of neat activities are planned, from steam roller printing to fabric dyeing to mural painting. Visitors can take home a souvenir by posing for a photograph with NSCAD founder Anna Leonowens or find a treasure at one of the craft booths that will be on site. 4. Join the Maritime Museum of the Atlantic for Family Sunday, Signals @ Sea! This fun and hands-on program is for all members and ages of the crew. Try your hand at signal flags, semaphore and even send a message on an Aldis lamp! 5. Have you been to Family Sunday at the Art Gallery? Join them this Sunday in the studio for art-making activities inspired by the upcoming Carnivale event taking place this June. This Family Sunday will be all about the circus!

Getting frustrated with meal ideas?  No time to prepare a dinner after a long day?  Take the pressure off and have Breakfast for Dinner.  That’s right – scramble some eggs, throw some whole grain bagels in the toaster, grab a few slices of ham or turkey bacon and get those tummies filled.   It’s a family favorite in our household – not only does it gets dinner on the table in a hurry but the kids always think it’s hilarious to have breakfast in the evening!

Eggs not your thing?  Try serving these yummy, oat filled blueberry pancakes instead. 

 

Ingredients: 

1 cup flour

1½ cups rolled oats

1 tbsp baking powder

1 tsp salt

1 egg

1 tbsp honey

1½ cup milk

frozen blueberries (optional)

Mix all dry ingredients together in a large bowl.  Mix wet ingredients together in a separate smaller bowl.  Add wet mixture to dry and mix well.  Stir in berries (optional).

Drop batter by spoonful (to make desired size) on hot greased griddle or frying pan. Once bubbles start to form in batter flip pancakes and cook on other side until golden.

Serve with maple syrup or a dollop of your favorite yogurt for dipping!

Eating healthy on a budget can be tough.  Fresh, whole food often costs more than its processed counterpart.  That said, we all know the role great food plays in keeping our families' healthy, and with good planning we really can eat great-quality food and keep the grocery bill reasonable.  Here are a few of my favourite tips for keeping healthy eating affordable, one step at a time:

 

Before You Shop:

- Plan, plan, plan: I cannot underscore enough the importance of this one. It will take a half hour but save you at least three in extra grocery trips and prep time.  Do a meal plan for the week the day before you grocery shop.  Go through the recipes/meals you plan on making and include any new ingredients on your grocery list.  Include snacks for the week and school lunch ingredients in your plan and food list.  It's also a great idea to have the ingredients for one healthy "fast food" meal on hand (like scrambled eggs or whole grain pasta and sauce) for the inevitable unplanned dinner "rush job".  All of this detail the key to affordable whole food. 

- Don't waste: Before you do your meal plan, check your freezer and pantry:  Do you have any meals or meats that need to be used?  Incorporate them into this week's plan to save money & reduce waste!

 

 

 

At The Store:

- Look "high and low", literally, when you are at the grocery store. The most expensive items are almost always placed at eye level, with bargains on the lower and upper shelves.

- Stick to your list: This is crucial. Did you know that 7 out of every 10 purchases are spontaneous?  Avoid that trap by knowing exactly what you need.  

 

Back at home:

- Bake with your kids: Not only do you control the ingredients and freshness of the foods, it's often much cheaper than buying pre-made treats, and it provides quality time to "talk food"!

- Cook a large-batch meal every weekend and freeze half, or use leftovers for lunches through the week.

- Plan and cook with seasonal produce in mind: It's often cheaper and fresher than imported produce, and it's a great way to support local farmers.

- Eat vegetarian a couple of meals a week, and use the money you save to splurge on better quality, grass-fed meat.  Shop for meat at your local market or butcher!

- Freeze, freeze, freeze: Not only can this let you take advantage of bulk deals and sales on healthy items, it can make your life much easier! Did you know you can freeze brown rice, cooked beans, hummus, pesto, and leftover fresh herbs (puree with a little olive oil before freezing)?

Good luck, fellow penny pinchers!  Try it for a couple of weeks and you will
be amazed at how much money you can save with a little planning!

 

Wendy McCallum, LLB, RHN, is passionate about providing busy parents with the tools & support they need to feed their families wholesome food, so everyone can play, learn, and feel better!  She is a mother of two terrific HRM kids, aged 7 &8.  For information and recipe ideas, visit her website.