WHEN SHOULD YOU OPEN A RRIF?

There’s no minimum age requirement to open a Registered Retirement Income Fund (RRIF). As for  the maximum age, retirees who wish to convert their Registered Retirement Savings Plan (RRSP) to a RRIF must do so by the end of the year they turn 71. When to wait In fact, waiting until age 71 to open a RRIF is often the … Read More

MISSING ANY TAX CREDITS OR DEDUCTIONS?

When filing a personal tax return, you want to take advantage of every break available, so we’re alerting you to tax deductions and credits that are commonly missed. Medical expenses. The medical expense tax credit is designed to benefit individuals, couples and families with significant medical expenses. Either spouse can claim the couple’s or family’s combined expenses incurred in any … Read More

HOW TO CHOOSE THE METHOD OF MAKING A CHARITABLE GIFT

When you’re confident you have provided financially for yourself and your loved ones, you may begin thinking about helping others through charitable giving. If you’re making a significant donation, you’ll find there’s a wide variety of ways to give. And it’s your personal wishes and  financial situation that point to the donation methods that suit you best. Wishing to experience … Read More

WHEN A FAMILY MEMBER NEEDS SPECIAL CARE

When you raise a child who has special needs or look after another family member with a disabling medical condition, you spend a lot of extra time providing care. If you also take on the extra financial matters that are involved, it can just be too much. We encourage you to ask for our assistance, so we can make things … Read More

WHAT’S YOUR RETIREMENT PERSONALITY?

If you take a minute to think about any retired individuals or couples you know of, you’ll probably note a variety of different retirement lifestyles and personalities. There are adventurers, flying off to tour Spain, returning home to visit their children and grandchildren, then taking off to Iceland. There are the happy homebodies, quite content to leave decades of work … Read More

Watch Out For the Windfall Syndrome

A sum of money lands in your lap, perhaps a tax refund or an inheritance, and you’re overcome with the urge to splurge on lavish purchases. That’s the windfall syndrome – if it’s not from your regular paycheque, it’s free money. In fact, you may experience this very temptation just around now if you’ve already received or are about to … Read More

Quick, Name your most valuable Asset

Did you name your house? Your Registered Retirement Savings Plan (RRSP)? An investment account? Your most valuable asset is arguably what funds everything else – your income. It stands to reason, therefore, that your income should be protected. That’s where disability insurance enters the picture. In fact, disability insurance is often referred to as income protection insurance. Disability insurance provides … Read More

Couples Without Children Approach Financial Planning Differently

When you think of the messaging and imagery in financial media stories and advertising, do you ever get the impression that financial planning is mainly for a couple with three kids, a new SUV and a dog? Yet the latest census tells us the socalled traditional family is no longer Canada’s most common household – that title now belongs to … Read More

RRSP Versus TFSA: Did you ever have to make up your mind?

If you make your maximum allowable contributions each year to your Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA), you won’t face the often difficult RRSP versus TFSA decision. But many families have one or more members who must decide which vehicle is best for their available investment dollars – quite often a lower-income spouse or adult child … Read More

End of Year Reminders and Strategies

Several routine financial planning items must be completed by December 31. For example, make any charitable donations that you wish to report on this year’s tax return. Contribute to a Registered Education Savings Plan (RESP) to trigger the annual Canada Education Savings Grant (CESG). If you turn 71 this year, you have until December 31 to make your final Registered … Read More