Financial Toolkit for Canadians

[Nudel]

Found this great site http://www.fcac-acfc.gc.ca/Eng/resources/educationalPrograms/ft-of/Pages/home-accueil.aspx

Where it was linked from already had snarky comments about the latte factor, that aside but there is some great info in the materials. You can either pick from the available learning activities or fill out a brief questionnaire and it will direct you to the modules that are relevant. For example you know how to invest but not sure on retirement planning for your province, CPP/QPP etc.

Hope it will be helpful for Canadians on the FIRE planning journey.

[FrugalFan]

Wow I just looked at this (the retirement planning section) and it is the most depressing thing ever, and assumes people are financial morons. It also makes it seems like all your savings will erode due to inflation so you need to save 2-3 times more than you will need (assumes your savings are not earning any interest/market growth at all) and that you need 70% of your highest income to retire. I know these things are not true and have been saving diligently, but I think some people might read these things and think there is no hope at all so why bother. It is very misleading.

[FrugalFan]

I just found all the scenarios depressing, where none of the people had saved enough for retirement except for one couple. And even if you ignore the 70% rule, having to save 2-3 times what you need because of inflation would just take the wind out of your sails. I'll try to have a closer look at the government benefits section. I already figured out that I won't make much CPP (if I retired to day I would get $900 PER YEAR starting at 65).

[EllieStan]

Thanks!

I'm glad those tools are also available EN FRANÇAIS. :)

[EllieStan]

The stuff I liked was to find easily accessible information on pensions etc. You can always override the numbers. It's certainly not the Canadian gov't's guide to Mustachianism. ; )

Exactly.

There are still ''basic'' topics I don't understand well. Investments, how much to save for retirement and income taxes (plus, I live in Québec)... Although I understand English quite well, the language barrier is a struggle when it comes to technicalities. Most informative articles I've found about those topics are written in English. I'm certainly not a moron, but I need basic infos like these to help me out because nobody has ever explained those things to me. Financial Literacy is much needed in our schools...