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

TSFA What is it?

A tax-free savings account (TFSA) should be called a tax-free investment account. Why? Because the connotation with the words savings is that you can’t lose. Within this particular replenishable investment vehicle, you can buy anything from a GIC to mutual funds to individual stocks, and everything in between. As long as they are Canadian stocks – all growth through capital … Read More

DOES IT PAY TO RENOVATE?

One spouse wants to modernize the kitchen with a quartz-topped island, sleek push-open cabinets and built-in appliances. But the other spouse wants to make the basement into a home theatre with a state-of-the-art projection system, surround sound and reclining theatre-style seats. If this couple had to choose one renovation based on adding value to their home, the new kitchen wins. … Read More

CAN YOU RETIRE EARLIER?

Today, to change a retirement plan often means postponing the date, not moving it up. After all, we’re living longer, and early retirement adds even more years to fund. But there are special circumstances when retiring earlier than planned becomes an option to consider. When earlier is viable You don’t need to win the lottery to retire earlier. Here you’ll … Read More

WHEN TO REVIEW YOUR ESTATE PLAN

It’s easy to think you can put off changes to an estate plan – the plan doesn’t even take effect during your lifetime. But it’s important to avoid delay because many changes call for strategies best implemented sooner rather than later. Also, you make estate planning changes now for the same reason you made a will and purchased life insurance: … Read More

HOW TO MAKE TAX-SMART RESP WITHDRAWALS

When it’s time to withdraw funds from a Registered Education Savings Plan (RESP), tax planning may be involved. It’s all because an RESP is composed of two pools of money, one taxable and one non-taxable – and you choose the pool for each withdrawal. One pool is your original contributions. Post-secondary education contribution withdrawals, as they’re called, are non-taxable because … Read More