Financial Library

Estate Planning for the Terminally Ill

Posted 03.13.2012, tags:

estate planning

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.

What’s Your Retirement Planning Mindset?

Posted 02.14.2012, tags:

retirement planning

Recent surveys* reveal that a large majority of so-called Baby Boomers are uncertain about their preparation for retirement. Arguably, the “have it my way” generation did not all follow in their parents' footsteps when it came to saving for the future. As well, some major bumps along the way (a housing crisis, a stock market crash and a global financial crisis) have reduced many retirement "nest eggs."

Daily Choices of Financial Freedom

Posted 02.14.2012, tags:

money management

Most people want financial freedom over financial servitude. Who doesn’t want to be financially independent, where their money is working for them rather than working for their money? The problem for most Canadians is that financial freedom can be a struggle of living paycheck-to-paycheck or where spending tends to win out over savings. Ultimately, financial freedom is not so much a single choice to attain it, but about daily choices that can make it a reality.

Debt Reduction as Retirement Savings Strategy

Posted 01.10.2012, tags:

retirement planning

Statistics Canada recently reported the ratio of household credit market debt to disposable income reached the highest level since the agency began tracking this figure. In 1990 it was 50%, rose to 110% in 2000 and jumped to 149% in the second quarter of 2011. This can cause some angst for those with children reaching post-secondary school age.

Government Benefits Can Boost Retirement Income

Posted 01.10.2012, tags:

retirement planning

In a 2010 report to the Minister of Finance, it was found that approximately 160,000 Canadian seniors were not aware of the full range of benefits they were entitled to in their retirement years. In fact, nearly $1 billion in retirement benefits from the Canada Pension Plan (CPP), Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) have not been paid out to eligible recipients.

TFSAs: Flexible Wealth Building Strategy

Posted 12.12.2011, tags:

tfsa

The Tax-Free Savings Account (TFSA) was introduced in the February 2008 Federal Budget and became 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)."

Planning Required to Overcome Retirement Obstacles

Posted 12.12.2011, tags:

retirement planning

A bleak picture is painted by the findings of the second annual survey about "growing into retirement," commissioned by the Royal Bank of Canada (RBC). Most retirees' outlook has worsened in just one year, and the so-called "golden years" are beginning to look tarnished. Just one year ago, 39 per cent of Canadians expected to still have debt in retirement; more than half of those questioned now (54 per cent) think that they will not have paid off everything.

Tax Planning for Small Business Owners

Posted 11.06.2011, tags:

tax planning

The small business landscape is constantly changing. Many economic models that guided businesses for decades are no longer applicable. Technology has spawned a massive and ongoing global economic revolution. It used to take many years or even decades for a company's products to reach a global marketplace. Now it can happen almost overnight. In light of this, governments are continually updating tax legislation to keep pace.

Optimizing Your RRIF

Posted 11.06.2011, tags:

tax planning

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.

Are You Prepared For the Unexpected?

Posted 10.10.2011, tags:

insurance

Besides "death" and "taxes", the other certainty in life is that life is full of unexpected events. So why aren’t we more prepared for financial stresses when they occur?

With the odds of an unexpected event such as a job loss, a medical emergency, a debilitating accident, or a death in the family fairly high when you consider them all together, many Canadian families are just one paycheque away from financial disaster. When these risks are considered as a whole, the question is not IF a financial shock will occur, but when.