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Author: Bloom Investment Counsel, Inc.

The Importance of Financially Literacy

The importance of financial literacy cannot be overstated. Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing, and is foundational for your individual financial health and stability. This knowledge empowers you to make informed decisions about your finances, helping you to save adequately, avoid excessive debt, and ensure a comfortable retirement.

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Gifting Money Tax-Free in Canada

Gifting money tax-free in Canada may be of interest to you when looking to support your loved ones or planning the distribution of your estate effectively. Unlike some other countries where large financial gifts may be subject to taxation, Canada presents a more favorable scenario if you are looking to transfer your wealth.

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What is the Tax Impact of Borrowing Money in Canada?

Navigating through Canada’s tax regulations can be daunting, especially when it comes to borrowed money. Some common questions that arise are whether you can deduct the interest you pay on a personal loan or a line of credit from your income to reduce your tax payable, and do you need to pay tax on the money you borrow.

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6 Sacrifices Needed to Achieve Your Financial Goals

The idea of becoming wealthy is often portrayed as a glamorous and exciting journey, but in reality it requires a lot of patience, discipline, and significant sacrifice to achieve your financial goals. These sacrifices can range from taking calculated risks to delaying immediate gratification and investing your time wisely.

It is undoubtedly a challenging task, but with the right mindset, knowledge, and resources, anyone can achieve financial freedom and secure a better future for themselves and their loved ones.

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