TAPPING AN RRSP FOR A HOME OR AN EDUCATION

At some point, a family member, or even you, may consider the Lifelong Learning Plan or Home Buyers’ Plan. Both allow Registered Retirement Savings Plan (RRSP) withdrawals on a tax-free basis, provided funds are repaid according to plan rules. An individual can withdraw up to $20,000 under the Lifelong Learning Plan to help cover their own or their spouse’s education … Read More

SAVE TAX BY SPLITTING INCOME WITH CHILDREN

When you think of income splitting, what first comes to mind is likely moving taxable income to a lower-income spouse. But several income splitting opportunities with children are available and worth exploring. The more income you can transfer to others in a lower tax bracket, the more tax you save as a family. TAX SAVINGS WITH MINOR CHILDREN Under attribution … Read More

RETIREMENT PLANS CHANGING? EVALUATE AND PIVOT

Retirement Plans Changing

It’s always helpful to have a retirement date in mind and imagine how you want to spend your retirement years. But there can be turns in the road. Situations may arise that cause you to change your plans in order to achieve your retirement goals. Here’s a variety of fictional scenarios reflecting real-life situations that lead to changes in retirement … Read More

STRATEGIES AND TIPS TO BOOST YOUR RRSP

Boost your RRSP

With the Registered Retirement Savings Plan (RRSP) contribution deadline around the corner, it’s only natural to have contributions on the mind. But there’s more to RRSPs than making regular contributions. Here are some ways to help you or a family member get more from an RRSP, now or in the future. INVESTING YOUR RRSP TAX REFUND To appreciate how you … Read More

HOW DID YOU REACT TO MARKET VOLATILITY?

Market Volatility

When your investment program was established, you answered questions that helped determine how much risk you were able to tolerate. You had to imagine how you would react to a significant loss in portfolio value. But imagination isn’t needed when reality hits – just take yourself back to the COVID-19 fallout of March 2020. Major stock markets tumbled by 30 … Read More

WHEN SELLING AN INVESTMENT IS A TAX WIN

Over time, it’s inevitable that some investments will underperform, with promise turning to disappointment. This year, due to COVID-19, there’s an increased chance of underperformance – especially for holdings in the hospitality, retail, entertainment and transportation sectors. However, there can be a silver lining to an investment losing value. Tax-loss selling. When the current price of a non-registered investment has … Read More

WHY THE MONEY TALK MATTERS

It’s never been easy discussing financial matters with family members, whether talking to your parents or adult children. But quite often, there’s one important reason to gather your courage and have the money talk. If you don’t address the issue when it’s on your mind, you may allow problems to develop down the road. Preventing problems. Here are just a … Read More

HOW TO MINIMIZE TAX ON RETIREMENT INCOME

When you’re retired, you need an income strategy that balances today’s cash flow needs with an investment strategy to safeguard your ability to produce income in the future. Tax-saving strategies You will also want to pay as little tax as possible so that you keep more of your hard-earned savings. Here are four ideas to help you minimize the tax … Read More

DOES YOUR GROUP INSURANCE NEED A BOOST?

A person gets injured in a skiing accident, can’t return to work for more than two years, and still needs the same income replacement. Another individual who’s working on estate plans needs a solution to cover taxes payable on estate assets. Someone else just recovered from a heart attack but wants extra time to recover before going back to the … Read More

MAINTAINING FINANCIAL PEACE OF MIND

When fears over COVID-19 sent markets plummeting in March, investors felt the initial shock. But markets rallied in the following weeks, turning shock to a sense of hope. The trouble is, however, no one knows how long the rebound will take – and it’s been marked by volatility. As an investor, how can you have peace of mind while you’re … Read More