Wednesday, January 17, 2018

6 Easy Ways To Save Money

6 Easy Ways To Save Money

Who wouldn't like to have more money?

Start the new year out right, and learn how to save more and stress less. Here are 6 easy ways to start saving money today.

1. Beware of the "sale" Sign - 90% off something you'll never use isn't saving money.
  • When an item is “on sale,” we act more quickly and with even less thought than if the product costs the same but is marked at a regular price 
  • Focus on what things cost, not how big of a discount you're getting
2. Money is money - People are more likely to spend their salary on “responsible” things like paying bills, because it feels like “serious money". Whereas "bonus money" is often spent on frivolous things-but money is money.
  • Every dollar is the same. It doesn’t matter where money comes from
  • Saving so-called "bonus money" can positively affect your savings
3. Try and use cash - Using cash has a bigger impact on your brain than swiping a card.
  • Using credit cards blurs the process of handing over money and makes you more likely to spend
  • You're more likely to overspend or loose track of your spending when using credit cards
4. "Fair" is a four letter word - The concept of "fair" messes with our heads and causes us to reject deals that still offer plenty of value.
  • It doesn't pay to get hung up on the concept of "fair
  • Think about whether you're getting reasonable value for the money you're paying. Otherwise the person who gets punished will probably be you
5. Try A "Ulysses Contract" - A Ulysses contract is any arrangement by which we create barriers against future temptation.
  • You probably already use a financial Ulysses Contract and don't even realize it. Ex: RRSP's-You've made the decision in advance to save for retirement
6. Drop Anchor - "Anchoring" is a potentially devastating cognitive bias where the first number mentioned in a given scenario unconsciously influences your future choices.
  • Example: You have consistently overpaid for lattes and oil changes in the past so you mindlessly keep doing it
  • Look at your regular purchases and ask if they really make sense and whether there are cheaper alternatives
 For more on each of these 6 tips, check out Eric Barker's blog, Barking Up The Wrong Tree.

Thursday, January 11, 2018

Group Benefits: HR and Administration Issues

Please join Peter Andreana and Andy Balaura on January 30th at 7:30am in a discussion focused on the issues they have both seen around Employee Benefits, many of which most people are unaware of. You will walk away with important information and tips you can start to implement in your HR immediately. See below for more details, along with registration info.

Friday, January 5, 2018

Changes to Ontario's Employment and Labour Laws

Despite a strong and growing economy the nature of work in Ontario has changed. Many workers are struggling to support their families on part-time, contract or minimum-wage work.

In order to create more opportunities and security for workers within Ontario's changing economy, the Ontario government announced the Fair Workplaces, Better Jobs Act, 2017.

The act was officially passed on November 22nd 2017.

This legislation makes a number of changes to both the Employment Standards Act, 2000, the Labour Relations Act, 1995, and the Occupational Health and Safety Act, including major areas such as;
  • Minimum wage increase
  • Equal pay for equal work (casual, part-time, temporary and seasonal workers)
  • One week's notice or pay in lieu of notice for employees of temporary help agencies if longer-term assignments end early
  • Fairer scheduling rules
  • Vacation time
  • Expanded personal emergency leave in all workplaces
  • Unpaid leave to take care of critically ill family member
Minimum Wage Increase

Ontario is increasing its minimum wage rates [the lowest rate that can be paid by employers to employees].

As of January 1st 2018 the general minimum wage has been increased to $14.00/hr which will increase to $15.00/hr by January 1st 2019. Additional changes have been made to different employment categories.


Changes will allow employees to:
  • Request a schedule or location change once they’ve been employed for three months, without fear of being penalized
  • Refuse shifts if their employer asks them to work with less than 96 hours’ notice, without fear of retaliation, with certain exceptions
Employers will also be required to pay wages to the employees for three hours of work if the employee:
  • Regularly works more than three hours a day, shows up for work and works less than three hours or not at all (for example, the shift is cut short)
  • The shift is cancelled within 48 hours of their scheduled start time, with certain exceptions
  • Is scheduled to be on-call but, despite being available to work, is either not called in to work or works less than three hours. This will be required for each 24-hour period the employee is on call
Vacation Time
  • Under the new legislation, employees will be entitled to three weeks of paid vacation after five years with the same employer
Personal Emergency Leave
  • The legislation will require all employers to give all employees 10 personal emergency leave days per year, including two paid days if the employee has been employed for one week or longer (7 days)
  • An employee who has been employed for at least 13 consecutive weeks will be entitled to up to 10 individual days of leave and up to 15 weeks of leave if the employee or their child experiences domestic or sexual violence or the threat of domestic or sexual violence. The first five days of leave, each calendar year, will be paid, the rest will be unpaid.
For more on the changes to Ontario's Employment and Labour Laws, visit