WHEN A WEALTH PLAN IS FLUID

A wealth plan identifies your life goals and provides you with a personalized wealth management strategy to meet your financial milestones and achieve each objective. However, a wealth plan isn’t something you set and forget. GOALS MAY CHANGE Over the years, your goals themselves will change—one will be reached, another may be modified and perhaps a new goal will be … Read More

DO YOU CHECK YOUR BANK AND CREDIT CARD TRANSACTIONS?

Recently, a British Columbia resident discovered they had unknowingly been paying another person’s cell phone bill for five years. That’s the sort of false charge that could have been caught and stopped immediately by regularly monitoring transactions. HOW FALSE CHARGES OCCUR False charges can arise in numerous ways. The bank or credit card company may make an error. You may … Read More

TAKE ADVANTAGE OF FAMILY AND CAREGIVING BENEFITS

When you raise a child or help support a dependent family member, you’re sure to face extra costs. Here are some common family and caregiving situations and associated benefits from the federal government that can help you meet your financial needs. Expecting a child, having a newborn or adopting a child. Maternity benefits can begin after giving birth or as … Read More

HOW THE FHSA WORKS

Eligibility: To open a First Home Savings Account (FHSA), you must be a resident of Canada and at least 18, or the age of majority in your province. You must be a first-time home buyer. Contributions: You can contribute up to $8,000 annually to a maximum amount of $40,000. If you contribute less than $8,000 in any year, you can … Read More

MAKING THE MOST OF A FIRST HOME SAVINGS ACCOUNT

Months after the federal government launched the First Home Savings Account (FHSA), more than 20 financial institutions are offering FHSAs, and Canadians are opening accounts by the tens of thousands. If you have a child or grandchild eligible for an FHSA, here are some strategies and considerations to help with your and their decisions. WHEN TO OPEN AN FHSA Your … Read More

WEALTH PLANNING IS DIFFERENT WHEN YOU’RE SINGLE

According to Statistics Canada, the number of Canadians living alone has reached a record high. In fact, the one-person household is the most common household type. Financial life is different for singles compared to families or couples without children. Here are some of the ways singles can plan for those differences. CREATING A SAFETY NET Spouses in a couple have … Read More

IS AN RRSP STILL WORTHWHILE?

There’s a myth that surfaces every once in a while. It suggests a Registered Retirement Savings Plan (RRSP) isn’t worthwhile because of the tax on eventual withdrawals. The myth is based on comparing RRSPs and non-registered accounts only by the taxation of withdrawals. All RRSP or Registered Retirement Income Fund (RRIF) withdrawals are taxed as income at your marginal tax … Read More

HAVE YOU PLANNED FOR DIGITAL ASSETS?

If you haven’t accounted for your digital property in your will or another document, you’re not alone. This is often overlooked when planning an estate. Digital property can be broadly categorized as either personal or financial. Personal assets can include social media accounts, photo and video collections, blogs and personal websites. Digital financial property may include bank and investment accounts, … Read More

PRESERVING ESTATE ASSETS FOR YOUR HEIRS

The first things that come to mind when you think of estate planning might be your will, beneficiaries and executor or estate administrator. However, another key element is planning for the tax liability on your estate’s assets. The tax liability could be significant. Take the example of an estate that includes $300,000 in a Registered Retirement Income Fund (RRIF), $100,000 … Read More

WAYS TO GIVE TO GRANDCHILDREN

Giving a financial gift to a grandchild can be tremendously satisfying, knowing you’re helping to make a difference in a loved one’s life. The first step is choosing when to make a gift. You can make financial gifts to grandchildren while you’re living or upon your passing. If you give now, you’re able to experience how you’re helping out. Also, … Read More