Weekend reading: dual citizens, chasing winners, and more

Share this post

Hi everyone and welcome to weekend reading, where we share some of the best posts we read over the past week. We hope you enjoy them as much as we did. If you haven’t already, please consider following us on TwitterFacebook, and Google+, where we share the latest in personal finance, debt, retirement, insurance, tax and investments.

Personal Finance

Krista at Brighter Life has some tips for dual citizens when tax time rolls around. It’s always a good idea to confirm the status of your citizenship, just to make sure you’re a dual citizen. And because of complicated tax laws that are always changing between the two countries, seek professional help when filing your taxes. The last thing you want is to owe a penalty for a minor mistake that could have been avoided.

Michael James on Money reviews some lesser known RRSP strategies. Although these strategies may only apply to a small percentage of the population, correctly executing them will result in greater tax savings.

Dan at Our Big Fat Wallet writes a primer on the RESP. He gives an introduction to the CESG, which is the grant given by the government to supplement your contributions. He also touches on tax implications of contributions and withdrawals, and what happens if the child does not attend post-secondary school. If you have a child and haven’t opened an RESP yet, this primer will definitely help you get started.

Investments

Sarah Milton from the Retire Happy blog warns of the dangers of chasing winners. It pays to be patient, take a long-term approach and stick to your strategy. Straying away from this and chasing winners often leads to disappointing results as this year’s winners usually fall back down to the rest of the pack next year.

Ben at A Wealth Of Common Sense shows that even bull markets aren’t easy to navigate. Amidst double digit annual returns during lengthy bull runs is usually several double digit losses lasting less than a year. Investors must remember that losses come with the territory of investing in the stock market, but predicting when and how great these losses are is nearly impossible.

Insurance

Here at AAFS Insurance, we talked about September being Life Insurance Awareness Month. The best way to raise awareness is to spread the word and talk about it. So if you haven’t brought up the topic with your family yet, why wait any longer?

Mark at My Own Advisor posts a life insurance primer with help from LSM Insurance. It has the basics of life insurance, including explaining the differences between term and permanent, and the different types of permanent life insurance policies available to Canadians.

Sustainable Personal Finance answers some questions regarding life insurance payout in the event of an out-of-country death. Typically, the insurance company will have no problem paying your beneficiaries. But be aware that some countries are considered unsafe due to a current advisory and payout will be more difficult to obtain.

We hope you enjoy the reads this weekend and be sure to check back next week for a new post. Subscribe to our weekly newsletter on the right side of the page so you don’t miss a single post!