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

WHEN TO MAKE A MOVE TO SAFETY

Many long-term investors wonder if they should take action when markets suffer a downturn or become volatile. Should you sell equities and turn to the safety of cash? Should you stop making regular investments? Such thoughts are understandable, but these actions can decrease portfolio value over the long term. Patience pays off During a market downturn, investors who sell equities … Read More

COVID-19 Economic Response Plan

The below is a summary of Canada’s COVID-19 Economic Response Plan, reflecting key measures announced as of May 21, 2020. All attempts have been made to include the most relevant information impacting individuals and businesses. However, for further announcements, please refer to the federal government website at https://www.canada.ca/en/department-finance/economic-response-plan.html. COVID-19 Economic Response Plan The federal government has enacted the following acts … Read More

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