Caring For Aging Parents
Today, 28% of Canadians provide some form of unpaid caregiving to relatives or family friends. Seniors make up the largest group of those requiring this type of care. The evolving concern is that 65+ is one of Canada’s fastest-growing segments and is expected to double over the next 20 years.1 This is a result of […]
This Advice Could Save You a Fortune
Most people mistakenly believe that they will never fall victim to financial or identity theft. The sad reality is that billions of dollars are lost each year to these crimes, and the losses are only getting bigger. Here are some steps you can take to reduce your chances of becoming a fraud victim: Keep […]
Tax Planning Tips for the Self-Employed
If you are a solo entrepreneur or are otherwise self-employed, you are aware that it is nearly impossible to take into account all the various tax consequences of your business decisions. You have a business to run and customers to please, so decisions are often made on the fly. You hope that you will […]
Are You Wearing Your Wealth?
We are being misled – seriously misled. No matter where you look, we are expected to believe that by buying lots of expensive, luxurious items, it signifies that we are wealthy. Nothing could be further from the truth. It’s really just cash flow. Television and movies portray people that seem to have an endless […]
Estate Planning for the Terminally Ill
If you are between the ages of 35 and 65, it is quite likely that someone you know has recently been diagnosed with a terminal illness. Hopefully, there is time for them to review and organize their estate to ensure their loved ones are properly taken care of. From a tax planning perspective, it […]
Procrastination – Your Financial Dream Killer
Despite what many people think, the number one financial dream killer isn’t portfolio losses, or financial emergencies, or unemployment, and not even natural disasters. The number one reason people fail to reach their financial goals is procrastination – putting off the inevitable until the cost of your dreams or goals become prohibitively expensive. Why […]
Helping Elderly Parents Manage Their Money
It is always a difficult transition when people move from being the ones taking care of their family to the position where their family takes care of them. This is especially true when it comes to finances. Because these changes usually happen very gradually, many adult children do not immediately recognize the need their […]
Investment Risk in Retirement Years
As Joe Farnsworth* from Toronto discovered, published return percentages do not necessarily tell the whole story of an investment portfolio performance. Joe retired 9 years ago from the Toronto Police Service from which he collects a serviceable pension each month. When Joe retired he decided to try investing his life savings ($300,000) on his […]
Saving Up For The Adolescent Years
Have you considered putting aside extra funds for the teenage years? If you have not thought about this, then you may want to if you have a child that is quickly headed towards the adolescent years. This can be a turbulent time, not just with the emotion and drama it can bring, but also […]
Tax Avoidance Strategy: Pension-Splitting
One out of every three workers is covered by a registered pension plan (RPP). That’s over 6 million people. Like all hard-working Canadians, they are looking forward to a satisfying retirement. Nothing helps create a pleasant experience in your golden years like a steady stream of income every month. What if you found out […]
Naming Beneficiaries for Your RSPs
Most people list tax elimination or minimization as a top priority in their estate plans. For most, Registered Savings Plans (RSPs), which includes RRSPs and RRIFs, are one of their most significant assets. Most RSP accounts hold investment funds or securities that are very liquid, often accessible within a few days. Unlike most other […]
Get More From Your RRSP
The so-called RRSP Season is on its way. TV, newspapers and magazines will soon be full of advertising to get you to make your last-minute RRSP deposits. And then RRSPs and retirement planning are often forgotten until the next deadline. But a little advance planning will get you more from your RRSP. Start early. […]
The Inheritance Twist
There are many Baby Boomers who are anticipating hitting the jackpot via inheritances in the coming years as a solution to their own financial planning needs. We have heard many media reports about the tidal wave of money expected to move between the generations over the next 15 years or so estimated to be upwards […]
You’ve retired. Now What?
Canadians are living longer, healthier lives. According to Statistics Canada (2017), the average life expectancy is 80 years for men and 84 years for women. This means your retirement years may almost equal your working ones. Family therapist Rhonda Katz suggests taking some time before retirement to identify what you find enjoyable in life and […]
Asset Building Strategies
In the last article Sue had a capital shortfall of $400,000 in order to support her desired retirement lifestyle. This amount will vary for each individual and will be larger or smaller depending upon your income, age and ability to save money as a percentage of your earned income. Broadly speaking there are only […]
Financial Resolutions for 2013
Give your finances a boost this new year. Here is a list of financial resolutions to help you become better off at the end of the coming twelve months: Eliminate personal debt. – Brad and Angie had fallen into the very common habit of buying lots of ‘stuff’ with their credit cards and soon […]
Home Ownership Can Be Less Taxing Than You Think
Front lawns across Canada are sprouting For Sale signs. That this annual phenomena occurs at about the same time as the tax refund season may be purely coincidental. Understanding the financial incentives for home ownership available in the Income Tax Act may save you thousands when buying a home. Home Buyer’s Tax Credit: First […]
A great new opportunity
The Tax-Free Savings Account (TFSA) was introduced in the February 2008 Federal Budget and will be available January 1, 2009. It is touted by the Government of Canada as ‘the single most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP)’ in 1957. As always, there are some rules: […]
How to Care
Our parents raised us; we moved out, had children of our own and raised them. Then our children moved out and had children of their own to raise. It was supposed to stop there for us, but then one day we had to look after one or both of our parents. According to a […]