Jean-François Hamel,  B.B.A.

Independent representative
Financial security advisor  
514 282-5356 1 866 665-0500, 25356
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Financial Tips and Tools

Regular visits to this section will help you discover various tips to optimize your financial situation as well as tools to assess your financial and financial security needs.

If you seek want to manage your personal finances soundly, here are some habits to avoid and some solutions to help you break them.

  • Don't leave large sums lying idle in a chequing account—you could do a lot more with this money!

    Solution: Invest it in a financial product that allows you to meet your financial goals while providing the flexibility you need.

  • Avoid NSF cheques! Naturally, you have the funds required when you make out your cheque. But if your passbook isn't always up-to-date, it may get you in trouble and end up costing you a lot in fees charged by your financial institution!

    Solution: Opt for payroll deductions whenever possible for insurance, loans, and savings. It simplifies budget management and helps you avoid unnecessary charges.

  • Don't contribute to your RRSP at the last minute. It's a habit that will deprive you of thousands of dollars in interest!

    Solution: Start contributing as soon as possible. Beginning on March 2 (March 1 in leap years), you can start contributing for the fiscal year underway. Start using the payroll deduction option right away to gradually accumulate tax-free interest! Even better—opt for immediate tax savings. By getting your tax refund with every paycheque, you barely feel the impact your contribution makes on your pay.

  • Don't accumulate unused contribution room. It's a privilege of which you are depriving yourself—and which will have a major impact on your retirement income.

    Solution: Take full advantage of your contribution limit. If this amount is too large for you to contribute all at once, it may be a good idea to opt for an RRSP loan to bridge the gap.