When you imagine the post-secondary education you’ll fund with a Registered Education Savings Plan (RESP), you may first think of a university or college. However, the government lists several hundred institutions beyond traditional universities and colleges that have programs eligible for RESP funding. A WIDE RANGE OF CHOICES Here are just some of the career paths your child or grandchild … Read More
WEALTH PLANNING FOR EMPTY NESTERS
Life is different once your children leave home and start out on their own. Whether you have a sense of melancholy or feel free and easy as you look forward to a new chapter, it’s important to recognize that various aspects of your financial life may change. More discretionary income. When your children become financially independent, and especially once your … Read More
CLAIMING HOME OFFICE EXPENSES
Are you a full-time employee who works from home? You’re eligible to claim expenses if you spend more than 50% of your work hours at your home workspace for at least four consecutive weeks. AGREEMENT WITH YOUR EMPLOYER The work-at-home arrangement doesn’t need to be mandated by your employer. You can request a formal arrangement, and the agreement can be … Read More
SAVING TAX ALL YEAR
Tax season is approaching, which means looking for credits and deductions to pay less tax wherever possible. However, other opportunities are available to save tax that may be implemented at any time during the year. Here are various tax-saving strategies—some familiar and others specialized. Perhaps one or more might benefit you, now or in the future. Income-splitting with TFSAs. You … Read More
WHY DRAWING RETIREMENT INCOME IS PERSONAL
How much annual retirement income can you safely withdraw? Which source of savings should you access first? When should you start government benefits? What guidelines can you follow? There is no cookie-cutter approach to withdrawing retirement income. Here are just some of the factors that make one retiree’s income plan different from another’s. RISK TOLERANCE Say there are two retirees, … Read More
WELCOME TO FORECAST SEASON
If there’s one thing we can count on every January, it’s financial forecasts for the upcoming year. Whether online, in the business press, on television or on the radio, predictions abound on markets and the economy. The question is whether you can always trust these media reports. If you hear or read enough predictions, you’re sure to notice conflicting views—and, … Read More
DO YOU AND YOUR SPOUSE SEE INVESTING THE SAME WAY?
Interestingly, spouses with very different—even opposite—investment personalities may quite easily develop an investment program that’s just right for the couple. Yet, in some cases, partners who view investing the same way may need to proceed with caution. APPROACHES FOR DIFFERING VIEWS Take the case of a conservative investor and an aggressive investor who share a non-registered account to save for … Read More
HOW TO AVOID OR MINIMIZE THE OAS CLAWBACK
Whether the amount is small or large, whether it applies to a couple of years or many, Canadians don’t like their Old Age Security (OAS) pension clawed back. The clawback is officially known as the OAS pension recovery tax. A taxpayer repays 15% of the amount by which their taxable income exceeds the threshold amount, which is $90,997 for 2024. … Read More
PROFIT BY OVERCOMING INVESTMENT BIASES
Financial behaviourists have identified well over 20 investment biases that can tempt or lead individuals to invest in a particular way. Generally speaking, none of the biases is good news for investors. Fortunately, investors who have an advisor aren’t vulnerable to making poor decisions out of fear, hope or any number of irrational reasons. However, understanding investment biases is still … Read More
DETERMINING WHICH DONATION METHOD SUITS YOU BEST
When choosing how to make a large charitable gift, the number of available options can seem overwhelming—especially when each brings its own financial benefits. To simplify matters, here are personal situations you may relate to, along with donation methods for each. You want to experience the reward of giving now. You may want the satisfaction of helping out during your … Read More