Halloween teaches us valuable financial lessons like budgeting candy, but it’s not all gum drops and lollipops. A retailmenot.ca survey found that Canadians spent $1 billion on Halloween in 2015. In fact, the Halloween industry is so large that it can support retailers who are only open for the season.

 

According to Global News, the average Canadian spends $52 per person on costumes.T he cost of costumes rarely reflects the quality. So why shell out so much money? Save yourself from the frightening cost of a costume by dressing up as an iconic movie or TV character in plain clothes. Don’t let the cost of Halloween costumes scare you away this year.

 

4 Cheap Halloween Costume Ideas from Your Closet

 

For men:

 

Marty McFly from Back to the Future

You will need white sneakers, a jean jacket, blue jeans, a white buttoned shirt, an orange vest and a red t-shirt.

Quote: “Wait a minute, Doc. A… Are you’re telling me you built a time machine… Out of a DeLorean?”

 

Ace Ventura from Ace Ventura: Pet Detective

You will need to style your hair up and back in the iconic Ace Ventura style, a pair of black converse or boots, red striped pants or something similar, a floral pattern shirt, a white tank top and an ID card reading “Ace Venture Pet Detective”.

Quote: “That was close one ladies and gentlemen, of course in every contest, there must be, a loser. Lew-Who, Za-Her.”

 

For women:

 

Wednesday Addams from The Addams Family

You will need dark black mascara, a white collared blouse, a black long sleeve shirt, white stockings, a pair of black shoes and your hair in pigtail braids.

Quote: “I’ll stop wearing black when they make a darker colour”

 

Sandy Olsson from Grease

You will need red lipstick, a tight pair of black pants (preferably leather), a black shirt that shows off your shoulders and red high heels.

 Hang a leather jacket over your shoulder and do your hair to match Sandy’s to really sell this costume.

Quote: “Tell me about it, stud.”

 

Bonus: You can have a lot of fun dressing up as yourself in high school. Find an embarrassing photo of yourself and replicate the look.

A DIY costume will show off your creativity and make you the life of the party. Consider a costume from your closet before spending money at a retailer. The key to a great Halloween costume is making it fun, so memorize some movie quotes, dress up as your favorite character this year and save your money.

 

Make The Most Of Your RRSP

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Make the Most of Your RRSP

 

Contributing to a Registered Retirment Savings Plan is one of the most effective ways for Canadians to save for retirement.  If an RRSP is part of your investment plan, here are some valuable suggestions you can take advantage of:

 

1)  Make it automatic - With a biweekly or monthly pre-authorized plan, you can avoid the rush before the contribution deadline and benefit from tax-deferred growth on your contributions throughout the year.

 

2)  Contribute more during peak earning years - If you are in a high tax bracket, consider maximizing your contributions to benefit from tax deduction.  Plan to withdraw in retirement when your income and tax rate are likely to be lower.

 

3)  Consider an RRSP loan - If you have excess RRSP contribution room, you may want to consider an RRSP loan so you can make a larger contribution to your RRSP during the first 60 days of the year.  You then use your tax refund to repay some or all of your loan.  The result is more money working for you sooner.

 

4)  Consider making your contribution to a Spousal RRSP - A spousal RRSP is an RRSP that is opened by your spouse or common-law partner, but that you contribute to - and you get the tax deduction.  When your spouse or common-law spouse partner withdraws the money, he or she pays any taxes due, as long as your most recent spousal contribution wasn't made this year or in either of the previous two years.  This income-splitting strategy can save your household taxes before and after retirement.

 

5)  Top up whenever you can - Think about contributing raises, bonuses, tax refunds and extra cash flow after you pay down a debt.  At the very least, boost your annual contributions by the inflation rate

 

6)  Plan for more than retirement - You can borrow funds from your RRSP to buy a qualifying home through the Home Buyers Plan or to pay for qualifying educational programs through the Lifelong Learning Plan.  You do not have to pay tax on these withdrawals as long as you repay the money to your RRSP according to a set schedule.

 

Talk to us about whether you're taking full advantage of your RRSP.  It is important to regularly review your RRSP contributions and investments to ensure you're on track for a comfortable retirmement.