Category Archives: Uncategorized
Mortgages
The final steps once you buy a home
The closing day is the day when you finally achieve your goal—you take legal possession and finally get to call your new house your own. You are sure to feel great relief and satisfaction but remember that the home …
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Understanding Variable Mortgages and Interest Rate Increases
Many people cannot stand the risk of not knowing if their mortgage rate is going to climb higher due to rising interest rates.
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Neuroscience and Financial Planning
In the information age, we are inundated with data, to such a degree, we can get distracted from our principal wealth creation goals.
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How to create an income if you are disabled
The individual should include some form of disability coverage to replace his or her income.
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7 ways to remap your mortgage finances
It is important to plan ahead regarding your mortgage. A mortgage specialist can help you review your needs looking at developing your most advantageous financial strategies.
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Tactical Capital Gains Tax Planning
Capital gains from a business, cottage, second residence, rental property, or non-registered investments are subject to taxation when the property is disposed of. How and when the property is disposed of requires serious consideration, as the tax implications can be enormous.
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Add confidence to a solid financial plan
Look through a wider lens to see life insurance at work. Life insurance protects you against income loss, and the adverse effect less income can have on your family if one were to die or have a disability.
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Running out of meds on vacation
When you are travelling out of the country make sure that you pack considerably more of your prescribed medications than enough needed only for your planned stay period. Why would you need more?
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LIVE UPDATES: Up-curve of COVID-19
The world is on hold until hunkering down with their loved ones, or alone, while we await slowing down and halting this wildly fast pandemic spread. There are numerous graphs which give you an overview of the data in graphical format.
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Bulls versus Bear Markets
Bull Markets This refers to the financial market of a group of traded securities’ prices are rising or expected to rise for extended periods. Securities, especially equities also held in mutual funds and ETFs, can benefit from a bull market …
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Avoid RRSP Over-contributions*
The registered retirement savings plan (RRSP) is a tax-deductible retirement plan which gives flexible control of your investments in the account. Until age 71, you can contribute to your RRSP, or of your spousal/common-law partner to their age 71.
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Advanced At-Arm’s-Length Buy-Sell Strategy
Consider using life insurance purchased on the life of an elderly principal buyer of your business. Don’t confuse this with an inter-partner buy-sell agreement. It is instead an at-arms’-length buy-sell strategy presented during a selling/buying negotiation on the fly. Talk …
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Advantages and disadvantages of a home equity line of credit
Advantages of home equity lines of credit include: easy access to available credit often lower interest rates than other types of credit (especially unsecured loans and credit cards) you only pay interest on the amount you borrow you can pay …
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Two strategic ways to contribute to your RRSP
Many people invest in their RRSP by purchasing a lump sum investment prior to the annual deadline.
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How Lifespan impacts Retirement Funding
In good health or declining vigor, we ought to be just as aware of the sobering fact that we have a certain number of days in which to live in retirement, depending on our life expectancy.
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What are the steps to selling a business?
Selling your business can be a time of stress and uncertainty. Here are some tips which can help make the transition easier.
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RRSPs: The importance of investment time
The Canadian government regulates the Registered Retirement Savings Plan (RRSP) program, allowing it to have unique tax benefits as you save for your retirement. Annual RRSP contributions can reduce the amount of income tax you pay in the year of …
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What is the importance of a Status Certificate when buying a condo?
It is important for a purchaser to obtain an up-to-date status certificate for the unit and have it reviewed by a real estate lawyer. Real estate agents generally make the agreement of a condo purchase and sale conditional upon a satisfactory review of the Status Certificate.
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Financial Planning and Life Insurance
We do our best not to get ourselves involved in too much risk. When driving, do not exceed the speed limit. Safe boaters wear a safety vest. While skiing, icy surfaces are avoided. When creating a financial plan, build …
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Making the Most of Your Government Pensions
Government Retirement Pensions Canada Pension Plan (CPP) and Old Age Security (OAS) are Canadian government pensions which you can receive in your retirement. CPP can be acquired for a lifetime beginning between age 60 and age 70. The Old Age …
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Tax Snapshot: Tax-Free Savings Account (TFSA)
You cannot deduct contributions that you make to a TFSA, and your investment gains are not taxable. Though you can register several TFSAs, combined contributions cannot exceed your cumulatively available TFSA contribution room. TFSA contribution limits Your TFSA contribution room …
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The RRSP Deadline for 2019 is Mar 1
In Canada, the government has established the Registered Retirement Savings Plan (RRSP) which allows certain tax benefits for saving for retirement.
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Plan your 2018-2019 Investor Tax Breaks like a Chess Pro
RRSP and TFSA Numbers Update The RRSP Maximum contribution for 2018 is $26,230; for 2019, $26,500. In 2018, the annual TFSA limit is $5,500 giving a total of $57,500 for someone who has never contributed and has been eligible …
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The Joy of Cash Flow Planning for Wealth
The household debt ratio rose in the second quarter of 2018. Canadians owed $1.69 in credit market debt per dollar of household disposable income.1 Demand for consumer credit increased while mortgage or non-mortgage loans decreased due to interest rate hikes. …
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Planning your CPP: Review 2018-2019
The Canada Pension Plan (CPP) provides contributors and their families with partial replacement of earnings in the case of retirement, disability or death. Almost all individuals who work in Canada outside Quebec contribute to the CPP. Calculating your CPP while …
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Using both RRSP and TFSA incentives
What are some of the differences between a Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP)? The tax benefits of the Tax-Free Savings Account (TFSA) The TFSA is a registered savings account that makes it easy for Canadian …
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What are you looking for in a home?
Before you start searching for a home, you need to think about your needs both now and in the future. Here are some things to consider.
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Plan your RRSP Ahead to Reduce Taxable Income
Every year we publish legislative and current updates to the Registered Retirement Savings Plan (RRSP) and Pooled Registered Pension Plan (PRPP) and Specified Pension Plan (SPP).
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Tax Difference of RRSPs and TFSAs
What are some of the differences between a Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP)?
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Financial Planning and Your Net Worth
Here is why preparing your net worth statement is smart.
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Implementing an investment plan
An investment plan will include tactical implementation and ongoing monitoring.
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Certainty of Income: The key to a Happy Retirement
This makes it clear that a good financial plan that offers a solid retirement income is the key to a happy retirement.
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Why investors benefit from long-term investing
We need to sincerely acknowledge the fantastic opportunity that investment time provides the investor. Most people have had lots of time within which to invest. At age 35 we cross over the halfway mark of the time remaining to invest; …
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Many worry about impending retirement
Anxiety over inadequate retirement funds is a stress needling many who are approaching the period of not working — meaning retiring and reliant upon saved monies to supply a monthly cash flow. It’s not checking off the bucket list that …
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Family Capital Legacy: Strategies to consider
You may want to include multi-generational strategies to include estate plans and long-term provisional care with your senior family members who may depend on tax planning ahead of time. Family Capital-Transfer Strategy Seniors may be able to transfer capital to …
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Mortgage insights navigating new rules
Typically when you are considering buying a property: a house, condo, or duplex, you may be concerned if you have enough money. With the new mortgage rules in play, get all the knowledge you can as you begin to plan. …
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Good financial plans use life insurance
In the event of the death of the insured, life insurance is designed to create capital. It provides a precautionary measure in a financial plan to stabilize the financial security of loved ones reliant on your income or your capital provision. If you have a spouse or children, make sure you have adequate life insurance coverage.
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Minimize your capital gains tax exposure
Do your heirs expect to inherit an old homestead property, a family cottage, a residence, your farm, an art collection, furniture, or business shares? They may have to be liquidated by the estate, perhaps at a loss, to pay any existing tax liability. Life insurance can pay tax-free benefits, can side-step probate, or estate administrative tax, and can cover any estate liabilities that could impinge on bequests that you want to make to your loved ones.
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Dollar-Cost-Averaging (DCA) is a perfect investor mini habit.
Dollar Cost Averaging (DCA) gets your RRSP or TFSA money working earlier. A strategic process engages a habit easy to do all year round, well ahead of, and therefore, eliminating the annual RRSP deadline frenzy. This investment also works well …
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Federal Budget 2018 Snapshot
Finance Minister Bill Morneau has tabled his third federal budget on Tuesday, February 27, 2018 which engages the spending of $21.5 billion. A few highlights are: The deficit is projected to be $18.1 billion for 2018-19 to reduce to $12.3 …
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Passive Investments and the 2018 Federal Budget
Passive investment income tax changes apply to the wealthiest 3% of corporations Morneau says.
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Aiming at a debt-free lifestyle
Debt can affect all other plans in life. Money poorly managed has ruined close relationships and made men mortal enemies.
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Tax changes that may affect you
How might the Federal government tax changes directly affect you?
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It’s RRSP Top Up Time
It is that time of year when you weigh your tax bill against the contributions to an RRSP which can be deducted from your taxable income. This allows you to pay less tax on the money you make, hence leaving more money to invest for retirement.
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Taking the long-term view
Consider these ten points when planning your investments. Understand the influence of business and market cycles
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When Permanent Insurance makes sense
As the children get older and move out on their own, and your mortgage and other debts are nearly paid off, the need for life insurance capital designed to replace income for dependents decreases.
Read ArticleWealth Viewpoint Quarterly
Does the Canada Pension Plan (CPP) offer a death benefit?
The CPP may offer a small death benefit but is not designed for providing a retirement income, or looking after a surviving spouse as he or she ages. Your spouse or common-law partner may be eligible to receive the CPP …
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Why widows need a financial plan
The widow population over the age of 65 is one of the fastest growing demographics facing poverty! Senior widows outnumber widowers four to one and represent about 45% of all women aged 65 and over.
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CPP and Business Owners
CPP and Business Owners Business Income As well if you have any other income such as business investments, rental income, etc., this may affect CPP payments. It is important that your accountant advise you along the way just how important …
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What is the CPP’s Child-Rearing Provision?
If you stopped working or received lower earnings to raise your children, you may be able to use the “child-rearing provision” to increase your CPP benefits.
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Have a Happy and safe Holiday!
Have a safe and joyous holiday! Looking forward to working with you in the New Year!
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Does the CPP pension continue at death?
The CPP may offer a small death benefit but is generally not designed for providing a retirement income, or looking after a surviving spouse as he or she ages.
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Using both RRSP and TFSA incentives
What are some of the differences between a Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP)? The tax benefits of the TFSA The TFSA is a registered savings account that makes it easy for Canadian taxpayers to earn …
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Video Financial Lesson – Intoduction to Inflation
Inflation is the rate at which the general level of prices for goods and services increases, affecting a falling purchasing power. Though some inflation is good, central banks attempt to stop severe inflation to keep the excessive increase of prices to a minimum.
As inflation rises, every dollar will buy a smaller percentage of any particular good or service. For example, if the inflation rate is 1%, then a $1 bottle of water will cost $1.0 1 in a year.
Life View
Plan how you shop to save money
With all the sales going on in the year’s final quarter such as Black Friday, Cyber Monday, Christmas and Boxing Day, we need to watch for undisciplined spending. We may also have the desire to fly south to find warmth, sun, fun and relax. There are services purposely to help you sort through a barrage of sales.
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Can fake news affect financial media?
There are times when the market is flying high and other times when there are corrections. What the sub-prime financial crisis has taught us is that traditional economic indicators are poor predictors of a stock market trend. One of those indicators is the news.
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Advice by Design: Retirement Planning
Retirement planning is strategic There are many factors to consider to develop a strategic financial plan. This is why financial advisors apply their trained expertise to organize a strategy in the following key categories designed for your future retirement security: Net …
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Your goals inspire what we do
We believe in the very best strategies designed to apply to your own life – no one else but you, and if applicable, your family. 1 Clarify Your Vision Your needs are unique and drive what motivates you. Gaining …
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Live well today, thrive tomorrow
The objective of a financial advisor is to strive to advance your financial security so you can live now and thrive tomorrow, enjoying the current and future life you want. Our mandate is to deliver such a plan that you …
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Potential solutions to minimize investor risk
In business and investments, greater gain can be accompanied by greater risk. Important risk factors are examined below, along with constructive ways to deal with them
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Current Market Update
Here we provide a snapshot of some important financial indices for your perusal. The market indices herein information is provided “as is” and solely for informational purposes, not for trading purposes or advice, and may be delayed.
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What type of home should you buy?
There are several home types to consider before buying your new home:
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How much will the new home really cost?
Once you have figured out the home price range you can afford and the type of mortgage you qualify for, you will need to calculate all of the associated costs of the transaction to make sure you are financially ready.
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High debt ratios can destroy your retirement
Many people get into serious debt, way over their heads, because they don’t keep their debt manageable—meaning they can’t repay their debts. For this reason, many cannot begin to save sufficient income for retirement.
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Life insurance insures large tax liabilities in the final return
As the population ages, more people will face tax liabilities in their estate. Planning ahead is the only key to lessen the impact on your heirs. Capital gains taxation due in the final tax return can amount to thousands and often millions of dollars. We will look at the sources of these liabilities and then look at the solutions.
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Have you had your financial health checkup recently?
To know the state of your fiscal health, you must have a personal financial health check up. Your financial advisor will help put perspective on your diagnosis and how in shape you are for retirement.
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Many seniors are being ripped off by fraudsters!
Consider that major Internet websites of Google, Yahoo, Twitter, the US Government have been compromised — any site online is hackableConsider that major Internet websites of Google, Yahoo, Twitter, the US Government have been compromised — any site online is hackable.
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Won’t get fooled again!
The Whos song “won’t get fooled again” won’t help if you have been held hostage by a ruthless scammer!
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Homeowner Mortgage Default Insurance
Canada Mortgage and Housing Corporation (CMHC) provides Homeowner Mortgage Loan Insurance, which is required by law to insure lenders against default on high-ratio mortgages.
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Investor Insight
Increment to increase your retirement income
You may be making your own or employee sponsored contributions to your RRSP. If you increase your contributions by just 3% per annum, you can increase your accumulation over 30 years!
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Does Dollar-Cost Averaging limit risk?
By investing in mutual funds over specific periodic intervals such as monthly or quarterly, you may or may not reduce risk.
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Executor planning and the family business
If you own a business or a partnership, which has a buy-sell agreement with partner-beneficiaries, this portion of the estate needs a trusted executor who is privy to your business.
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Naming co-executors of your estate
Co-executors share authority to oversee the distribution and probate of your estate. Before naming or agreeing to act as an executor, consider the level of complexity of your estate. If you name your spouse or child as an executor, a …
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Federal Budget 2016-2017
In its first budget, Bill Morneau, the Minister of Finance revealed the new government’s 2016-2017 Federal budget.
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Understanding mortgage amortization
Amortisation refers to the number of years it will take to repay your mortgage in full. When you use 20% or more of the purchase price as your down payment, you can select up to 30 years over which to …
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Powering up life insurance benefits
Where one child inherits the family cottage or another asset of significant value such as a business, consider leaving equivalent cash assets to other siblings. If there will not be enough cash in the estate, life insurance can be purchased …
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Understanding asset allocation
Affecting both risk and return, asset allocation is the procedure of apportioning investments among various categories of investment fund assets to design the most advantageous counterbalance of risk versus reward. The objective is to reduce risk while maximising the …
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Understanding Executor Powers
An executor carries out the instructions in your Will. Jurisdictional laws define what the executor must do, whether they are a friend, relative, professional, or a trust company—however, the Will can specify even more extensive powers. The executor may have …
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Life insurance helps create a smart estate plan
Where life insurance planning is in place, cash benefits can redeem your share’s value upon your death, and your partners can take over the business. Debts can be redeemed, and key-man insurance can ensure that there are funds available to sustain the transition or expansion.
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Avoid emotional rollercoaster investing.
It is important to invest with calculated thinking, with a written financial plan utilising experienced investment guidance.
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The real rate of return of a death benefit can enhance your estate planning.
If you do the mathematics on the internal rate of return that can be received tax-free on Term to 100 life insurance policies, you quickly learn that developing a death benefit for your estate can be an effective tax tool.
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Is owning a home right for you?
Remember that buying a home is one of the biggest emotional and financial decisions you’ll ever make, so prepare yourself to make a knowledgeable decision.
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Control your Estate Tax Liabilities
Plan to reduce taxes in your estate. When transferring your assets using a will, try to pass as much value as possible to your heirs. If you hold equity investments such as stocks, they may have accrued capital gains.
Read Article Tax-Free Savings Account (TFSA)
A TFSA is a registered savings account that makes it easy for Canadian taxpayers to earn investment income, as the title states, tax-free. A TFSA allows you to save money while avoiding taxation on investment income on the after-tax monies …
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Teach your children about strong financial values
Peer pressure can directly influence how much it will cost to raise your children. Teach them how to develop good stewardship now so monetary responsibility becomes a part of their character development.
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Are you investing for your retirement to last a lifetime?
Will you be ready to retire financially independent for 20, 30 or more years? Are you carefully planning using mathematics?
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Establishing your Mortgage down payment
Accumulating a down payment for first-time homebuyers, and/or a reno can be a challenge. Many younger adults have other obligations such as student loans, rent, and basic monthly expenses.
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Business Partners collaborate to form a Buy-Sell Agreement
Whether you own a partnership or corporation, a buy-sell agreement is essential.
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Investing for your long term goals
When you have a longer time horizon before retirement or sending your children off to university or college, there are some things to consider about your investment portfolio.
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Thought about selling your business if you are disabled?
Let’s take a look at two preventative financial maneuvers to guard against potential liabilities if a shareholder became disabled.
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Students offered loan repayment relief
Approximately 750,000 students were repaying Canada Student Loans over the period of 2013 to 2014. As reported by CTV News the federal government of Canada is offering to assist post-secondary graduates paying student debt. Employment and Social Development Canada, as of Nov. 1, informs that Canadians will not have to repay their Canada Student Loan if they are earning under $25,000 a year.
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6 Ways to Add Muscle to an Out-Of-Shape Retirement Plan
The need for income for the long run, the exhausting effect of inflation, the worry of potential medical or long-term care, and retirement costs may now haunt you.
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7 Ways that Income Replacement Insurance Protects the Family
If you were to become disabled, where would your income come from? An Income Replacement Insurance policy can solve that problem. Here are 7 things you should know about this financial planning tool designed to protect your income.
Read Article How can you find the right home?
Once you figure out what you can afford to pay for a house and obtain a pre-qualified mortgage, you are ready to start your search.
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Are you watching your vacation expenses?
The typical adult spends up to $300 per day to travel on the road out of his or her region, for auto or transit; hotel or resort; art galleries and entertainment; souvenirs and dining.
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Business: Group Benefits and employee addictions
Ten percent of the Canadian population report symptoms consistent with substance dependency.
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Guarding your retirement income plan
You have worked hard to achieve your retirement savings to date, and as you approach retirement, it will be increasingly important to protect your nest egg that will provide your future income stream.
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Ask 12 Questions Before Insuring Your Home Mortgage
Here are several questions for you to ask if you consider buying mortgage life insurance through a lending institution or the alternative route to gain control.
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The new Canada Child Benefit (CCB)
As of July 20, 2016, Canadian families can find out what the potential value of their monthly payments from the new CCB will be.
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