These Financial Mistakes Can Cost You
Some financial decisions are made without enough thought given to the long term consequences. TIME – a critical element for any successful long-term financial strategy – can affect different situations quite dramatically. Here are some financial mistakes you should try to avoid: Mortgage amortized too long: With lenders offering 30 year amortization periods, it may […]
Personal Finance & Job Transfers
These days, having a career presents many more new rewards and challenges than it ever used to. What we used to take for granted – including our work location – can sometimes change dramatically as companies continue to change and adapt to new economic situations. This can be great for a business and its […]
Maximizing Your Retirement
Bob and Lisa are wondering just how their retirement will turn out. After all that’s happened over the past few years, their RRSP accounts haven’t grown as much as they had expected. Even in the best of times, they weren’t saving as much as they could have been, at least for all their post-retirement desires. […]
A Fresh Look at RRSPs vs. TFSAs
The Tax-Free Savings Account (TFSA) contribution limit increased to $7,000 (from $6,500) for 2024. This new limit means that a taxpayer who has never contributed to a TFSA and has been eligible for one since its inception will have a cumulative contribution room of $95,000. TFSAs are now a serious portfolio and investment planning […]
Make 2024 Your Best Financial Year Yet
Many of us reflect on our yearly financial goals as the calendar turns to a New Year. But bringing goals to fruition can’t happen without a clear plan of action and determined effort. This is especially true as we continue to live with lingering effects of above-average inflation and the highest interest rates in […]
Assessing Your Life Insurance Needs
A Comprehensive Guide to Assessing Your Life Insurance Needs You work hard to provide for those you love, and their happiness and well-being are at the forefront of everything you do. When you’re the breadwinner of the family, their financial stability depends on you. The difficulty comes in looking toward the future and ensuring your […]
Avoid the Boomer-Widow Financial Syndrome
It is seldom planned or wished for, but it is a reality and something that requires discussion – the illness and/or death of a spouse or partner. As the so-called Baby Boomer generation ages, there is a marked increase in widows suddenly left with financial situations that they do not fully understand. There are […]
Five Pillars of Financial Literacy
November is financial literacy month – a great time to reflect on your relationship with money and the decisions you make that guide you toward a secure future. Financial literacy is a set of five key skills that help Canadians navigate the complex world of personal finance with clarity, empowering them to achieve their […]
Year End Tax Planning Ideas
With the year’s end fast approaching, here are some ideas to minimize your 2023 tax bill. The first idea is to look at harvesting any tax losses in an investment portfolio to help offset any capital gains you may have triggered. Even if there are no capital gains, non-registered tax losses can be applied […]
Whole Life Insurance: The Long-Term Financial Security and Benefits
According to a poll conducted by TD Insurance and Environics Research Group, almost one in three of 1,500 Canadian adults surveyed said they don’t have life insurance. This figure is high considering the financial burden their families would face with the loss of income due to premature passing. While discussing death can be upsetting for many people, […]
All-Weather Investing
There is almost always chatter in the media about the next possible correction or recession. The most recent buzz is about a possible US recession where Canada would likely follow suit. The chatter also includes opinions about a “soft” versus a “hard” landing, etc. The primary challenge for individuals trying to build wealth is […]
Tips for Dealing with Higher Inflation
Inflation is a reality of modern life, and in recent years, it has become increasingly challenging to manage personal finances in a higher inflation environment. Higher inflation can lead to higher prices for goods and services, which can in turn make it harder to save money and plan for the future. However, there are […]
CPP at 60? Pros and Cons
As individuals approach retirement, they must decide when to start receiving their Canada Pension Plan (CPP) payments. While the standard age to begin receiving CPP payments is 65, it is possible to start as early as age 60 or delay until age 70. This decision should never be taken lightly, as it can significantly […]
Affordable Protection for Your Family
Term Life Insurance: Affordable Protection for Your Family When you have a family, your priority is always their well-being; you work to ensure their everyday needs are met and focus on securing a bright future. With that in mind, have you ever pondered the possibility of what could occur if you were to pass away prematurely? […]
Who is Your Trusted Contact Person?
Monica was alarmed to hear from her mother’s financial advisor expressing concern over some unusual financial requests. She called her mom, who seemed fine, but Monica couldn’t get the conversation with the financial advisor out of her head. She travelled to see her mom in person and was dismayed to discover numerous unpaid bills […]
Interest Rates and Your Financial Strategy
Working towards financial independence includes assumptions about how the world operates and how we navigate within that environment. These assumptions work best when the world remains the same allowing you to make reasonable future projections. Challenges come when changes occur in the operating environment which may require reassessing wealth building strategies. The disruptions from […]
How to Get Income Out of Your RRSPs
Roger and Linda, like many Canadians, have saved for years for their retirement. They took advantage of RRSPs and now have a substantial amount of savings. As Roger will turn age 71 this year, they need to decide on the best strategy for using their RRSPs for their retirement income needs. Until now, Roger […]
Why Life Insurance Is an Essential Part of Any Estate Plan
Why Life Insurance Is an Essential Part of Any Estate Plan When it comes to ensuring the stability and well-being of your loved ones, it’s essential to make the appropriate arrangements so that your family is protected in case of your sudden loss. If you have dependents, an effective way to do this is by […]
Tips and Traps for Handling Estates
Here are some common TIPS Canadians should consider when assisting family members with handling their financial affairs while alive. And some common TRAPS that may occur once an Executor is working on distributing the Estate assets to the heirs. It is a common practice to have all of Mom’s or Dad’s bank accounts set […]
Financial Resilience
You’ve likely heard the term “financial resilience”. You may even know it refers to a household’s ability to navigate and overcome financial stress and hardships that life inevitably throws at you. But did you know that financial resilience can be measured? This calculation is based upon key indicators that include household savings, stress levels around […]
Retirement Income Planning: Simplified
Retirement is a significant life event that requires careful planning and preparation. One of the most important aspects of retirement planning is figuring out how to generate income during your post-work years. In this article, we will discuss some wise retirement income strategies that can help you make the most of your retirement savings. […]
Safeguard Your Financial Health with Critical Illness Insurance
Have you considered what might happen if you become severely ill? While it is possible to manage minor illnesses with some savings, a serious medical condition may affect your ability to work long-term, all while expenses related to your care add up. The results can be financial instability, impacts to your family’s well-being, and a […]
The Value of Life Insurance: Protecting Your Loved Ones
We do everything we can to care for our loved ones, and providing for their well-being propels us forward and brings us joy. While your family’s immediate needs are your priority, have you considered what might happen if you pass prematurely? When you have a family, it is important to plan for their future, so […]
Estate Planning Saves You Money
When it comes to your estate, it is important to consider giving some thought to how you want to distribute your assets, household goods and other gifts to your heirs as you contemplate your other matters in life. This, including tax planning, is what lawyers refer to as Estate Planning, which can be a simple […]
Tax Saving Strategies for Sole Proprietors
Sole proprietorships are the most basic form of business organization. They are actually an extension of the person and are taxed as such. Due to its simplicity, many business start-ups begin as this form of organization. As your business grows, there are numerous taxation benefits to setting it up as a corporation. Speaking to a […]
Divorce and Your Finances
Canadian government statistics continually show that roughly half of all marriages end in divorce. If a couple is contemplating moving forward with a divorce, it is important to carefully consider how this event will affect their overall financial situation. Understanding how a divorce changes financial and estate plans can help reduce legal costs and […]
Are you a Retirement Savings Late Starter?
Harry and Sally both earned high incomes and liked to live the good life. They leased higher end European cars, took two-week exotic vacations almost every year, and lived in a house much larger than they truly needed. To accomplish this lifestyle, they put off retirement savings. Now in their forties, Harry and Sally are […]
Warren Buffett Wisdom
Investment icon Warren Buffett says there’s wisdom in being “fearful when others are greedy and greedy when others are fearful.” 1 He first gave this advice in 1986 and has re-iterated it over the past few decades during times of financial uncertainty: 9/11 in 2001, the 2008 mortgage crisis, the 2011 Black Monday crash and […]
A Short Conversation About Banks
The recent tremors in the US banking system (collapse of Silicon Valley Bank – SVB) have caused some Canadians to question how developments in the US might affects their own savings. The key thing to understand is that there are BIG differences between Canadian and US banking systems. A Google search for “How many […]
Financial Independence Tips for Seniors
As people age, maintaining financial independence can become increasingly challenging. However, there are steps that senior can take to help ensure that they can continue to live independently and enjoy their golden years without financial worries. Below, we will discuss some of the ways that seniors can maintain their financial independence for years into […]
