DO YOU HAVE ASSETS THAT CAN’T BE DIVIDED?

A vacation property owner has always intended to hand down the property to her two children. However, she’s planning her estate and faces a challenge. Her adult daughter regularly vacations at the lakeside property, but her son lives three provinces away and is no longer interested in the property. The equal split no longer works. Family farms and businesses are … Read More

PREPARE YOUR EXECUTOR

Unless you prepare properly, your executor could end up feeling more like a detective. Where are receipts for the final tax return? Where’s the life insurance policy? What, there’s an old bank account from 20 years ago? The job of the executor is involved enough without having to search for information and documents that could’ve been placed at their fingertips. … Read More

WILL YOU NEED LIFE AND HEALTH INSURANCE IN RETIREMENT?

During your working years, many types of insurance are usually considered to be necessary. For example, life insurance protects your family’s financial security and disability insurance protects your income. In retirement, life and health insurance is to a large extent optional, but may still be regarded as essential to many retirees. DISABILITY AND CRITICAL ILLNESS INSURANCE You won’t be getting … Read More

TIME FOR AN RESP CHECKUP?

Set it and forget it. That’s an easy trap to fall into after opening a Registered Education Savings Plan (RESP). Simply choose your investments, make regular contributions – being sure to trigger the maximum annual Canada Education Savings Grant (CESG) – and watch your investments grow. The reality, however, is there are things to do. You should check an RESP … Read More

INVESTING IN THE HOME STRETCH

For most people, investing changes as retirement approaches. The number one concern is usually wealth protection. If markets suffer a severe downturn just before your planned retirement, you want to know your nest egg will remain intact and you’ll still retire on time. Safeguarding a nest egg was easier a generation or two ago. Thanks to higher interest rates, you … Read More

CLAIMING HOME OFFICE EXPENSES

Thankfully, the Canada Revenue Agency (CRA) has made it easy for employees to claim home office expenses if you spent more than half of your working hours at home for at least four consecutive weeks in 2020 due to COVID-19. Here are the options available to claim a deduction. FLAT-RATE METHOD With the temporary flat-rate method, you can claim a … Read More

THINKING OF PURCHASING A VACATION PROPERTY?

It’s a curious fact that we Canadians, depending on where we live, call a vacation home by different names – a cottage, chalet, country house, camp or cabin. But what they all have in common is that so many owners call their vacation property a source of cherished family time and lifelong memories. If you ever consider such a purchase, … Read More

WHEN SHOULD YOU START CPP/QPP AND OAS BENEFITS?

Start government benefits sooner and you collect a smaller monthly benefit, but right away and for a longer time. Delay the start and you receive a larger monthly benefit, but must bridge the waiting period with other resources. Knowing when to start isn’t always easy, and even many financial experts offer vastly different opinions. Some retirement planners say to begin … Read More

WAYS TO USE A TFSA IN RETIREMENT

During income-earning years, a Tax-Free Savings Account (TFSA) can be used to fund numerous expenses: a child’s education, family trips, a wedding – just about anything. Once you retire, you’ll discover that a TFSA is just as versatile, helping you to meet a variety of needs unique to retirement. CONTINUE TO CONTRIBUTE Many people in traditional retirement years still earn … Read More

THE PANDEMIC AND THE PIGGY BANK

Just over 12 months ago, provinces and territories responded to the COVID-19 pandemic by declaring states of emergency. Restrictions and lockdowns have affected Canadians in different ways, and one of the starkest differences involves savings. Some people needed to tap into their savings, while others saw their savings accumulate. WHEN INCOME DECREASES Business owners, professionals and employees working in sectors … Read More