Wealth planning in this new chapter of your life involves many decisions you haven’t faced before. However, with our help, you’ll find that your financial life during retirement goes smoothly. Stay informed. We’ll educate you on each new topic so you feel comfortable, not intimidated. Explore options. When a wealth planning matter arises, we’ll outline the available options. For example, … Read More
WHEN YOU RETIRE, FINANCIAL LITERACY EXPANDS
Wealth planning doesn’t retire when you do—it just changes. Now financial life is largely about making the most of the wealth you’ve accumulated. You’ll be learning about new rules, products and strategies that involve a broad range of financial considerations. Fortunately, your expanding financial literacy doesn’t have to happen all at once. You can acquire new knowledge gradually as needs … Read More
WAYS TO SAVE FOR A CHILD’S EDUCATION
A Registered Education Savings Plan (RESP) is widely acknowledged as the number one way to save for a child’s education. However, many Canadians use an RESP as the foundation and complement the plan with another investment vehicle. Why would parents or grandparents choose an additional way to invest? Usually, it’s to accumulate more savings or gain enhanced flexibility. WHEN COSTS … Read More
IS DOWNSIZING THE RIGHT DECISION?
When retirement is on the horizon or you’re already retired, you may start to think about downsizing. Often, it’s a difficult decision that involves considering a variety of financial, psychological and practical factors. SELLING VERSUS STAYING Homeowners are commonly motivated to sell when their home represents a sizable proportion of their net worth and they wonder how unlocking that capital … Read More
SHOULD YOU CO-SIGN A LOAN?
Your son asks if you’ll be a co-signer so he and his wife can qualify for a mortgage. Or a friend who’s struggling financially wants to know if you’ll co-sign a car loan. If anyone asks you to co-sign a loan, it’s not a decision to take lightly. You would be obligated to make any payments your family member or … Read More
SPRING CLEAN YOUR BENEFICIARY CHOICES
Say that the holder of a Registered Retirement Savings Plan (RRSP) names their spouse as the beneficiary. Later, the couple divorces. The RRSP holder removes their ex-spouse from their will. However, with all the activity surrounding the divorce, they neglect to change the RRSP beneficiary designation from their ex-spouse to their child. If the RRSP holder passes away before converting … Read More
INCOME-SPLITTING IN RETIREMENT
One or more of these methods may be relevant to you during your retirement years. PENSION INCOME-SPLITTING In retirement, you can save tax by having up to 50% of the higher-income spouse’s eligible pension income taxed at the other spouse’s lower tax rate. At age 65 or older, the most common types of pension income eligible for incomesplitting are Registered … Read More
SPLIT YOUR INCOME TO SAVE TAX
As an individual, you can save tax by using credits, deductions, exemptions and registered investment accounts. As part of a couple or family, you have opportunities to save tax by transferring money to your spouse or a child who’s in a lower tax bracket. Here are some of the more common methods of splitting income. HAVING THE LOWER-INCOME SPOUSE INVEST … Read More
INVESTING DURING A MARKET RECOVERY
When markets have been below their peak for some time, it’s helpful—psychologically and financially—to keep in mind that down markets have always been followed by recoveries. Psychologically, you’ll feel reassured that better days are ahead. Financially, you’ll be able to continue investing while prices are lower. No one, experts included, knows when a bear market will end. What we do … Read More
HELP YOUR CHILD PURCHASE A HOME WITH AN FHSA
Today’s housing market remains challenging, leaving many first-time home buyers hardpressed to come up with a down payment. So, quite often, parents or grandparents want to help out. As of April 1, 2023, a new avenue has opened to help fund a down payment: the First Home Savings Account (FHSA). Although you can’t contribute directly to an adult child’s FHSA, … Read More