Pink Tax Podcast

Welcome back to Season 2! 

We are so excited to be back in 2020! 

This week we are talking about what our financial goals are the year. Janine and Tara are planning on maxing out their TFSAs, completing a renovation, donating more, asking for a raise, and investing in equities aligned with their values. 

Talk about jam packed, what are you planning on achieving financially in 2020?

Pink Tax Rebate: Send us an email pinktaxshow[at]gmail[dot]com with a topic you'd like to learn more about or a voice you'd like to hear on the podcast. 

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Thanks for sticking with us all season! We round everything off with student debt, the good, the bad and the ugly. We chat about the cost of school and ways to make it more affordable. Let us know how you have tackled student debt and join us next year for season 2! 

Pink Tax Rebate: Speak out about rising tuition tuition costs and get politically active 

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This week we discussed statistics around the gender wage gap. In our second last episode we looked at Indigenous women, racialized women, newcomers, and women with disabilities. Canada received a grade of B and ranked 10th when it comes to gender parity and the wage gap. That being said, Alberta received a grade of D, with the third highest gender wage gap!

In the second half of this episode we discuss how you can ask for a raise, and what resources you can leverage to do so. 

Tune in next week for the last episode of season 1! 

Pink Tax Rebate: Educate someone who will be an advocate (man), and put together your case for a raise

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We give a broad overview of a few government programs like the TFSA, RRSP, RESP, etc. and how to avoid common pitfalls. To confirm a couple of things, we did record this before the election was announced and released it after, please don’t be confused by our comments on that.  What year did the government give us $10,000 in contribution room was 2015 - yay for our memories. We touch on the contribution room briefly and there are several sources out there that say you can’t lose your contribution room, which is true unless you invest it into a stock or other instrument that goes to 0.  In the same way the earnings aren’t taxed, the loses within a TFSA aren’t tracked either, once you contribute to your TFSA that’s what is being tracked. Our take away for this week is to open a TFSA! Listen to the full episode for our thoughts on all the other programs and let us know what you think.

Pink Tax Rebate: Get a TFSA! That's it, that's all, we love this for everyone! 

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There is a staggering number of Canadians living paycheque to paycheque and without the resources to use savings for an unexpected expense. We chat about our own experiences and the emotions we went through while living off of savings and earning variable pay as well as some emotions we might feel when making choices between different basic needs when times are tough.  Janine came up with a few ideas to help get out of the paycheque to paycheque cycle and drops a few hints about basic income and minimum wage. We’re looking forward to hearing your suggestions for a system that ensures all Canadians can meet their basic needs and feel secure as well as your personal stories about living paycheque to paycheque or becoming politically active.

Pink Tax Rebate: If you’re living paycheque to paycheque, you’re not alone.  We recommend seeking professional advice, leaning on your support system and getting politically active.

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All things millennial money. Housing affordability, wage stagnation, tuition increases, and student debt. We took a quick peek at this infographic from stats Canada on how millennials are doing in terms of numbers.  The income distribution is worrying to say the least, so is this chart comparing income to housing affordability. Speaking of disparity, the top ten percent of millennials held 55% of the total net worth of all Canadian millennials.  We don’t dig into it, but it’s tough to say if this is due just to income disparity or inherited wealth as well. It’s a scary thought to think of what is left of the middle class for the millennial generation and generations to come. We’re talking about issues that are bigger than what any one millennial can resolve.  To look at issues of equality and equity we need to work together to ensure that companies and governments are meeting the needs of millennials.

Pink Tax Rebate: There is no magic bullet. We need to work together to rise up to meet the challenges of our generation

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This week we chat a little bit about money disorders and how we can see a little bit of these disorders in ourselves.   We chat about how our families can influence how we understand and use money in our adulthoods, changing mindsets, and being kind to yourself when you just don't have enough.  It's a little bit of a therapy session for us and we hope you have one with your money friends this week too.

Pink Tax Rebate: Build a good relationship with money and surround yourself with people who love and care for you.

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Update: There’s a little bit of (American) data on the LGBTQ+ and investing.  We found an index that rates public companies on their LGBTQ+ policies, this could help direct you invest in companies that are LGBTQ+ friendly.  We think that all companies should be LGBTQ+ friendly in 2019/2020 but the reality is they’re not. We learned some shocking facts about LGBTQ+ benefits that can also affect any women who needs fertility treatment or wants to adopt.  We missed the part about the coverage of birth control, but at the end of the day if employer health insurance could just cover health care costs for everyone’s needs we think that be great. At a personal level, we talk about being out with your advisor.  We’re both cis-hetero so we haven’t directly experienced having to do this but can see in the value in being out with your advisor and how awful any bigoted responses from advisors would be.  

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*This is the second part of a two part series on investing! 

Investments - Part 2!  We hope you enjoyed our intro to investing in part one. 

This next part we chat about higher-risk options that you may have heard about, how investing can be intimidating and the invisible women when we went looking for studies on gender and investing.  We’re looking for your feedback, do you find investing intimidating or do you feel uncomfortable going to see a financial advisor?

If you’re new to the investment game, we wanted to leave you with some resources to get started.  Terminology, how to compare ETFs and funds, and tax implications.   

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*This is a 2 part series on investing! 

In this weeks episode (part 1) we talk about investment options you have as well as risk. 

Tara and I discuss how we got into investing and our journey investing to date. 

We talk about the investment gap for women, and how investing means you have to save less money.

Should you invest in your TFSA, RRSP, or an unregistered account and when should you look at contribute to these accounts for investing?

Tara and I agree that you should be contributing to both the TFSA and the RRSP; if you were 18 as of 2009 you have the ability to contribute $63,500. 

We discuss where you can invest your money:

- Hiring a financial planner 

- Financial Institution 

- Roboadvisor

- DIY 

We also discuss investments you can make within these accounts:

- Individual Stocks  

- ETFs and Index Funds - passively managed 

- Mutual Funds - actively managed

Check out the Canadian Couch Potato for mock portfolios.

Check back soon for part 2! 

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