By Sheryl Smolkin

Canadians have spoken. Canada has a new Prime Minister and a new first family. While the moving trucks have not been booked yet, Justin, Sophie, Ella-Grace, Xavier and Hadrien will be the second generation of Trudeaus to live at 24 Sussex Drive.

Since the election, the financial press has gone into overdrive analyzing what the new government will mean for your bottom line and urging the new government to either act quickly or step back from key election promises.

Here are some of the post-election stories I found interesting:

The MoneySense staff posted What a Liberal majority means for you on election day shortly after a Liberal majority was announced. One of Trudeau’s well-publicized campaign promises was to cut the annual Tax Free Savings Account (TFSA) contribution limit from $10,000 back to $5,500. A recent MoneySense analysis found high-income individuals stand to lose an estimated $53,000 over 30 years, assuming 5% equity returns and a combined federal and provincial tax rate of 50% under the Liberal plan.

In the Globe and Mail, Rob Carrick considered some potential TFSA avenues the Liberals could take. He quoted Mark Goodfield, a partner at BDO Canada LLP, who believes the Liberals may announce before year’s end that the cumulative TFSA limit starting next year will be $42,000. That would factor in the $5,000 limit from 2009 through 2012, the $5,500 limit for 2013 and 2014 and $5,500 limits for 2015 and 2016. According to Carrick, Goodfield believes the government will make the current $10,000 limit for this year a moot point, by limiting people who contributed $10,000 this year to just $1,000 in 2016, which would effectively be $5,500 a year for 2015 and 2016.

How the election affects your savings by Adam Mayers at the Toronto Star reports on both the Liberal commitment to expand the Canada Pension Plan and the proposed TFSA rollback. He says, “We can be hopeful about CPP expansion, but don’t expect it for a while. In the meantime, the Ontario plan will go ahead, with the best outcome being that it’s folded into an improved CPP at a later date.” Mayers also believes TFSA rules are unlikely to change before the new year, so  if you have the money to use the $10,000 limit, he says do it now.

The non-profit Working Canadians group headed by Catherine Swift (formerly chair of the Canadian Federation for Independent Business) says cutting the TFSA limit is unfair when our tax dollars pay for gold-plated public pensions, Jonathan Chevreau reports in the Financial Post. Chevreau points out affluent baby boomers and seniors have hundreds of thousands of dollars ready to convert to TFSAs and he agrees with Swift that leaving the TFSA limit where it currently stands at $10,000 is the least the feds can do to enable 80% of Canadians to put away some funds for their own proper retirement.

In addition to discussing the TFSA rollback, Your Finances and the Canadian Federal Election by Dan Wesley (Our Big Fat Wallet) explains how other campaign promises could impact families, homeowners and students. For example:

• The Universal Child Care Benefit will be replaced by the Canada Child Benefit. The biggest difference? The new benefit is tied to income and is tax-free.
• The Liberals have quietly announced they would eliminate textbook tax credits for students ($520/year). But it’s not all bad news for students. Students won’t have to start paying back their loans until they begin earning $25,000 per year (or more).
• One of the bigger changes announced is that it will be easier to access the Home Buyers Plan which allows a first time home buyer to borrow up to $25,000 (tax free) from his/her RRSP. Borrowers have 15 years to pay it back and it can be used more than once in a lifetime. Under the new rules, those going through life changes (such as divorce) will be able to access the home buyers plan to buy a second home.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

I’m on a mission to find new retirement bloggers to feature in this space who have interesting insight for SPP members of all ages who are planning to retire in the near or distant future.

I discovered Your retirement income blueprint today. This week’s blog Donor-directed taxes – You decide who gets your money! Is fascinating. If at age 71 you don’t need your mandatory RRIF withdrawals to live on, melt down your registered account and the tax liability through a donor-directed charitable giving fund and direct your tax dollars to causes you care about. The net result may also reduce your income to a level where you can avoid the OAS clawback.

GetSmartAboutMoney.ca tackles the perennial question How much you need to save for retirement? It also includes 7 tips for last minute savers including some tough love. The author suggests if you have to choose between saving for retirement and your children’s education, put money in your RRSP first. Let your children get jobs or borrow to help pay for their education. Later, you may be able to help them pay off their student loans, which carry lower interest rates.

On My Own Advisor, Mark tells Gary’s story about how he and his wife retired comfortably on less than $1 million in invested assets which seems to be the big, scary number these days. They bought a 35’ 5^th wheel and a truck to tow it a they spend winters in Myrtle Beach and come back to Canada in the summers. They also can afford occasional cruises to warmer climates.

The Blunt Bean Counter Mark Goodfield is posting “the best of previous blogs” while he concentrates on improving his golf game this summer. In One Big Happy Family – Until We Discuss the Will he tackles the taboo subject of whether you should discuss your will with your family.

And Retired Syd who writes Retirement: A full time job, just finished up a five-week visit to Manhattan on her annual home-exchange vacation. She saw the city with the fresh eyes of a tourist, as she guided friends around. The notes she receives from readers help her to also view her retirement (six years and counting) in a new and more appreciative way.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

Summer weather has finally arrived in my part of the world, so fingers crossed that it lasts longer than a weekend! It’s certainly more tempting to head outside than comb the internet for interesting personal finance advice, but I have still managed to pull together some good reads for you when you finally get tired of reading lighter fare poolside.

In We Who Are About To Die, Etc, ex-banker Sandi Martin reminds us that in every relationship there is one spouse who handles the finances and one who does not. Therefore it is important to have a disaster plan plus a comprehensive list of passwords, bank account details and other important financial information easily available to both partners in the event that the unthinkable happens.

Mark Goodfield, the Blunt Bean Counter warns that just because you read personal finance blogs and have become a Do It Yourself (DIY) investor doesn’t mean you should also be Do It Yourself Accountants and Lawyers. He highlights some tax and legal mistakes DIYs often make because they have read general articles that just skim the surface of complex issues.

Tim Stobbs turned 36 this month so on Canadian Retirement: Free at 45 he shares 36 Lessons on 36 Years. My top 10 favourites are:

1. Spend less than you earn.
2. When in doubt, start saving. You can figure out the rest while you go.
3. Keep your regular monthly expenses low and spend money instead on one off items.
4. Savings shouldn’t stop you from having a life, It should help you have one.
5. Don’t worry what others think, be yourself and you will be happier.
6. Even when you fail, you still learn something.
7. Live in the now when you can.  Embrace the moment.
8. Remember to tell others you love them.
9. You need 10,000 hour of practice to be great at something.  So start now.
10. You always need to like one part of your job, if not find a new one.

The frugal trader on Million Dollar Journey once again tackles the million dollar question: How Much Do You Need to Retire in Canada? He says figuring out how much you need is pretty much a four step process:

1. Work out a budget of expected expenses during retirement.
2. Calculate how much the government will provide you during your retirement years. You can use the Canadian government calculator here.
3. The difference between 1 and 2 is how much income from savings (and/or company pension) that you will need.
4. Take the number calculated in step 3, and multiply by 25.  That is the amount you will need to have saved.  If you have other sources of income, like from company pensions or rental properties, then reduce step 3 by the other income amounts, then multiply by 25.

And finally, Gail Vaz-Oxlade discusses setting ground rules for boomerang kids. She says they should make a financial contribution to the household if they have a job even if you eventually give them the amount back to by a house. Otherwise they will get used to having a disposable income they can never hope to have again. The exception is if they are putting every extra payment into re-paying their student loans.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?” Share the information with us on http://wp.me/P1YR2T-JR and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

Whether you are a student looking for a summer job, a new graduate seeking a career opportunity or a recently laid off worker looking for a new position, hunting for work can be nerve-wracking.

In Boomer & Echo, Robb Engen talks about cutbacks in the Alberta university sector where he is employed and how he would manage financially if he lost his job.

Mochimac shares her top 5 career regrets. She suggests that you see how little money you can live on so you can expand your career options.

Brighter Life blogger Kevin Press regales us with a humorous story about a seven hour interview for a job he did not get writing for a Manhattan magazine published for global investors. No regrets though, because soon after in Toronto he met his wife “the lovely Lisa.”

The Blunt Bean Counter Mark Goodfield discusses why references are a no win situation for past and future employers. That’s because employers feel compelled to give “plain vanilla” references because they are worried about defamation or negligent misrepresentation lawsuits.

And finally, on Canadian Dream – Free at 45, Dave tries to figure out how to productively spend the extra time he has now that he has finished courses for his CGA designation.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?”  Send us an email with the information to so*********@sa*********.com and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

Now that RRSP season is over for another year, personal finance bloggers are again exploring basic money saving tips that can help to free up cash so you can stretch your paycheque to include saving for longer term goals like retirement.

On $he Thinks I’m Cheap blogger Andrew says you can save thousands if you do your research before purchasing almost anything and always try to negotiate a better price.

Jim Yih reports on BalanceJunkie that he has been collecting Air Miles for many years and he got a pretty good bang for his bucks when he cashed them in for a family trip from B.C. to Ottawa for his family of 6.

Boomer and Echo blogger Robb Engen offers 25 tips for filing your own tax return.

Tim Stubbs considers why it is important to have interim goals on the road to financial independence on Canadian Dream Free at 45.

If hitting the reset button to turn failure into success  worked for Steve Jobs, Steven Spielberg and Oprah Winfrey, Birghter Life blogger Gerald McGroarty says it could work for you.

And after her MacBook Pro went blip, Squawkfox (Kerry K. Taylor) offers helpful hints for caring for your computer to keep it healthy and happy as long as possible.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?”  Send us an email with the information to so*********@sa*********.com and your name will be entered in a quarterly draw for a gift card.

By Sheryl Smolkin

When I blogged for moneyville, one of the mantras that appeared over and over in the best-read stories were “if you don’t ask, you don’t get.” This week on Give me back my five bucks, moneyville alumni Krystal Yee makes a great case for negotiating salary in a new job instead of simply accepting the first amount you are offered.

If you are counting the days until spring when you plan to buy a new car, take a look at Robb Engen’s blog on Boomer& Echo where he tells you what you need to know before purchasing a new vehicle.

Alan Schram recently made a good case for saving money by using house brands of over-the-counter drugs instead of name brands on Canadian Finance Blog.

And I’m REALLY glad I didn’t read Mark Goodfield’s blog on the The Blunt Bean counter about how much it costs to own a dog before we got our darling cockapoo Rufus – even if he does wake us up at 5 AM.

Finally, don’t miss the latest rant from perennial favourite Kerry K. Taylor’s (aka Squawkfox) about credit cards that charge a $10 “inactive fee” for not shopping enough.

Do you follow blogs with terrific ideas for saving money that haven’t been mentioned in our weekly “Best from the blogosphere?”  Send us an email with the information to so*********@sa*********.com and your name will be entered in a quarterly draw for a gift card.