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.

 

RRSP Deadline - Less than one month to go!

Published by on

Tick, tock.

 

It’s February and we’re in Canada, which means two things. One, it’s really, really cold. And two, you’ve got less than a month to make contributions to your RRSP that will count for tax year 2016.

 

This year, the actual deadline to contribute is Wednesday, March 1, 2017.

 

There are lots of good reasons to invest in an RRSP, some of which you may know already:

 

  1. Enjoying the tax-free growth of your retirement savings (until you withdraw the funds).
  2. If you have a spouse, contributing to a spousal RRSP in the name of the lower-income-earner can also offer tax advantages in retirement.
  3. First-time home buyers can use a portion of their RRSP to help finance their purchase.

Generally speaking, you are able to contribute 18% of your 2015 earned income to your RRSP. But there’s a bit more to it than that; determining exactly how much you can contribute can sometimes get complicated. A lot depends on what’s happened already. For example, how much room you have saved up from previous years, or whether you contributed to a pension plan the year before.

 

To make things simple, refer to your most recent Notice of Assessment (received after you filed your last tax return). Or do a Google search for “CRA My Account For Individuals,” which is administered by the Canada Revenue Agency. Both of those tools will show you exactly how much you can contribute to your RRSP this year – right down to the dollar!

 

So if you’re ready to top up your contributions for 2016, feel free to give us a call. We’ll be happy to walk you through the investment options available, and to discuss which ones might make the most sense for you.