TORONTO, ONTARIO--(Marketwire - Nov. 8, 2012) - To mark Financial Literacy Month, BMO Financial Group is releasing a series of financial tips throughout November. As part of BMO's commitment to 'Making Money Make Sense', the tips are designed to help individuals and families save and manage their day-to-day finances more effectively.
BMO's Tip of the Day: Online financial tools and resources can play an important role in helping Canadians set themselves up for financial success. The Internet offers Canadians a wide selection of resources that offer a wealth of information to everyone from first-time home buyers, to experienced investors, to Boomers preparing for retirement.
"Canada is one of the most connected countries in the world when it comes to Internet usage. As a result, we're seeing the emergence of a variety of trusted online resources that provide a broad range of wealth of personal finance information," said Caroline Dabu, Vice President, Head of Wealth Planning, BMO Financial Group. "Canadians should take advantage of these resources to help them make smart financial decisions. After all, knowledge is the biggest asset they'll have as they work towards realizing their financial goals."
Here are a few Canadian personal finance websites and blogs worth visiting:*
Financial Consumer Agency of Canada - This federal regulatory agency works to protect and inform consumers of financial products and services. Along with providing Canadians with information regarding their rights surrounding investments, the site also hosts interactive tools and calculators. The site is available in French and English.
Moneyville - The Toronto Star's website covers multiple topics for Canadians, including saving, budgeting, real estate, investing, retirement and taxes. The site also offers a variety of personal finance tools, calculators and blogs.
Question Retraite – This website aims to raise awareness of Quebecers, between 25 - 45 years of age, on the importance of beginning to save early for retirement.
Rob Carrick's Reader - The Globe and Mail personal finance columnist Rob Carrick gathers the day's best financial facts, statistics, tips and information from various online sites. Topics include spending, investing, travel and home ownership.
MoneySense's Financial Independence Blog - MoneySense Editor in Chief and author Jonathan Chevreau tackles strategies to help all savers and investors in various life stages to build wealth over the long term.
Financial Post Personal Finance Page - The Financial Post's Personal Finance page features news and commentary from experts to give clear, concise advice. A special resource centre for young people called Young Money provides a vast array of useful information along with designated pages for mortgages, retirement, and debt.
BMO has introduced various tools and resources to help Canadians stay on top of their personal finances, including BMO by Appointment, BMO MoneyLogic, BMO SmartSteps, BMO SmartSteps for Parents, BMO SmartSteps for Business and the BMO Retirement Institute.
"CFEE commends BMO's ongoing efforts to support Financial Literacy in Canada and promote ways in which Canadians can increase their competence and confidence when managing their personal finances on a day-to day-basis," said Gary Rabbior, President, Canadian Foundation for Economic Education (CFEE).
BMO Financial Literacy Month Tips
November 1: Maximizing TFSA investments annually over 20 years can save nearly $30,000 in taxes.
November 2: Utilize rewards to squeeze the most value out of every dollar you spend this holiday season.
November 3: Choose an investment advisor who is right for you and will help you meet your financial goals.
November 4: Use your RRSP to help make the down payment on your first home.
November 5: Space out payments to avoid cash-flow problems.
November 6: Take advantage of the benefits of preferred shares.
November 7: Consider investing in a Registered Retirement Savings Plan (RRSP) and taking advantage of tax incentives when saving for retirement.
For more on financial literacy, Canadians can visit the Government of Canada's Financial Literacy Month website, as well as BMO's Financial Literacy online resource.
* Information, opinions and statistical data contained in the listed websites are provided for informational purposes and are not endorsed in any way by Bank of Montreal or its affiliates. Particular investments or savings products should be evaluated relative to each individual's circumstances. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $542 billion as at July 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.