Healthy, Wealthy and Wise
According to the Financial Consumer Agency of Canada1, good health is determined by mental, physical, and financial wellness. In other words: mind, body, and money. Physical and mental health makes sense, but what is financial wellness? Financial wellness doesn’t necessarily mean you have millions of dollars invested, although you’ve achieved an admirable goal if […]
Financial Advice for New and Expecting Parents
Whether you’re expecting a child, planning to have one soon or have just become a new parent, you’re about to embark on one of the most rewarding journeys that life has to offer. It’s also one of the most expensive: an average of $12,500 per year until age 18.1. That’s $225,000 per child, and it […]
Optimizing Your RRIF
Registered Retirement Income Funds (RRIFs) are one method of drawing an income from Registered Retirement Savings Plans (RRSPs) in retirement. There are a few things to consider to get the best value from your retirement savings with RRIFs. For many Canadians, RRSP savings will be the major source of their retirement income. The main […]
Revisiting Your Financial Plan
The hits keep coming! With the recently concluded Federal election essentially changing nothing in Ottawa, there is little doubt that annual spending deficits will probably continue to reach new levels. Along with this renewed deficit spending Canadians can expect to see higher consumer prices as various economic disruptions continue to impact Canada and other nations […]
Moving Your Employer Pension Between Jobs
As the pandemic slowly recedes, work-life balance trends emerge. A recent Angus Reid survey revealed that 19% of Canadians would quit or look for a new job if required to return to the office. 25% of survey participants stated they would look for new employment after returning to office. If you have a pension […]
Using a Trust to Avoid Probate Fees
When Simon’s father passed away two years ago, he didn’t think much about how his estate would be handled. His mother had died five years before, and his dad’s will was clear about how his assets would be divided. Then came probate, a process to confirm the validity of his will. Not only did unexpected […]
A Point In Time
There are moments in time when significant economic shifts occur that alter the future. One such moment occurred in late August 2019 at the close of the Jackson Hole Economic Symposium. This is an annual and exclusive central banking conference to foster open discussion about important and current policy matters. Bank of England Governor, […]
Tax Tips for Sole Proprietors
Freelancer, self-employed, contractor, independent, temporary or gig worker and entrepreneur are all terms used to describe sole proprietors. While sole proprietorship isn’t new, it is most definitely on the rise. Sole proprietorship – popularly referred to as “gig work” or the “gig economy”- is fast becoming a thriving industry in Canada. A new generation of […]
Advice for the Sandwich Generation
It seemed there was nothing her father couldn’t do when Margaret was growing up. He was the most capable person she knew. Widowed by the time he was 55, he lived an independent and full life, never relying on Margaret for anything other than her company. Four years ago, however, Margaret began noticing changes. […]
Storyline Investing
The point of the headline is to distinguish what kind of investor you are. Do you follow storylines as described in the media headlines, or do you rely upon numbers and data to build your wealth and achieve financial independence? Warren Buffett has made this point clearly by stating that in the short term, […]
The Power of Compound Interest
“Money makes money. And the money that money makes, makes more money.”1 This quote by Benjamin Franklin is referencing the power of compound interest. Albert Einstein extolled the wealth-building virtues of compound interest as well. He is reputed as saying he considered it to be man’s greatest invention and the eighth wonder of the world.2 […]
Protecting Your Financial Well-Being Post-Divorce
“After 38 years of marriage, I was blindsided when my husband asked me for a divorce,” says Patricia, 61. “I didn’t see it coming and was shocked at how fast and efficiently he left the life we had built together.” Like many women of Patricia’s generation, she had made the decision to stay home […]
TFSA Notices And Penalty Risks
The latest Federal Budget included an administrative rule change1 that allows CRA to automatically send you notices electronically without your prior permission or registration. The risk, as noted in the recent case of a B.C. taxpayer, is this may lead to penalties for TFSA over contributions. It is your responsibility now to regularly check your […]
Getting Back to Basics
Recessions, stock-market declines, housing market bubbles, joblessness and, most recently, a global pandemic have created a series of challenges for people trying to start, grow or maintain a retirement savings plan. Given this rollercoaster, it’s natural to wonder if you’re doing all you can to protect your retirement nest egg. Taking a “back to basics” […]
Be Careful with RRSP Beneficiary Designations
When Margaret and James married in 2005, it was a second marriage for both of them. They had no children, so when they did their financial planning, their wills were clear that 100% of their estates would go to the other. Believing this was sufficient protection, they built a life and continued to grow their […]
When Investment Returns Matter
The goal of financial planning is to build enough assets, by the time you retire, that the income earned from investments (including pensions etc.) will provide you with your desired lifestyle, without the need to get out of bed and go to work. Simple, right? All other discussions relate to the strategies you can […]
Mortgage Insurance: Not Necessarily as Advertised
It’s all part of the process when you are arranging a mortgage for your new home. The bank employee inevitably asks if you would like to purchase mortgage insurance. No one likes to think about their own mortality; however, we all know deep down that stuff happens. People contract terminal illnesses or suffer debilitating or […]
Tax Planning for Severance Packages
Over the past year, economic stresses worldwide have resulted in many employees receiving severance packages and being advised that their services are no longer required. The longer you’ve been employed with an organization, the higher your severance package will be. With the national job market still experiencing varying levels of stress, it is more important […]
What’s Your Investing Personality?
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The Many Benefits of RESPs
As busy parents, just meeting your family’s needs each day can eclipse thoughts of the future. Add to that juggling act the cost of running a home, daycare, mortgage and car payments, and it’s easy to see how setting funds aside for a child’s future education can become something you’ll “do later” when you have […]
The Power of You
The key financial planning lesson that Covid-19 has taught us all, is that no matter how many planning scenarios a person considers, it is extremely difficult to get it perfectly right! Covid has impacted Canadians’ ability to hold, build and keep cash reserves. For many, it has affected their ability to work and earn […]
Questions. Questions. Questions.
It is increasingly difficult to ignore some of the trading action in the markets that is causing surprising moves in equity values while the underlying economy continues to struggle (refer to U.S. unemployment data, for example). This type of divergence has occurred in the past and at some point, the values reflected in the stock, […]
Time-Tested Money Management Strategies
As we grow up, what we learn about money from our parents can significantly influence how we earn, save, and grow our wealth. Meaghan, an elementary school teacher, credits her mother for her healthy approach to finances today. “I was lucky to grow up understanding that I could control my financial future if I was […]
Preparing for Retirement? Learn How RRIFs Work
If you’ve been contributing to a pension or Registered Retirement Savings Plan (RRSP) and retirement or your 71st birthday is around the corner, you’re required to convert that nest egg into a Registered Retirement Income Fund (RRIF). This benefits you because an RRIF allows you to withdraw savings as income while still letting you grow […]
Does Buy and Hold Still Work?
As an investment strategy, “Buy and Hold” is just what it sounds like: you buy an investment and hold it for an extended period, riding out market fluctuations and selling when the price reaches your target. The underlying logic of this strategy is that investments tend to gain value over time. That long-term gain, along […]
Will You Put Your Parents’ Retirement at Risk?
When Sarah graduated from university and got her first job as a regional sales rep, her parents bought her a car to ensure she’d have a reliable vehicle for the travelling her new position would require. Sadly, only weeks after receiving this generous gift, Sarah hit black ice while driving and lost control. Fortunately, she […]
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 […]
Planning Ahead During Uncertain Times
As some provinces head into a second COVID-19 lockdown, some people are asking the question: Why bother investing for the long term? For many, especially Millennials, the task of building financial wealth and security looks increasingly hopeless. Even the most prudent small business owners were caught short during the lock down in the spring and […]
Why You Should Choose a Financial Advisor
There are common misconceptions about the value of working with a financial advisor. Some believe you have to be rich to be worthy of financial advice. Others take a DIY approach, believing that online resources will guide their needs. Some people feel that they are too young, too old, or too much in debt to […]
Planning to Protect Your Legacy
Your estate is everything you own today – your home, savings, investments, life insurance and personal possessions. So, no matter where you may be on your financial journey, you have an estate that needs protecting. But how you approach this plan is important. Julie decided to save money by purchasing a “legal will kit” online. […]
