WHAT HAPPENS IF RESP FUNDS REMAIN?

Unused funds could remain in an RESP if the child doesn’t pursue or complete post-secondary education or if they graduate without needing all of the funds. If that’s the situation, you have several choices. Support another child. If you have one or more other children under 21, the remaining funds can help cover their education costs, either through a family … Read More

HOW TO PAY LITTLE OR NO TAX ON RESP WITHDRAWALS

Withdrawals from a Registered Education Savings Plan (RESP) are different than those from other registered plans. With an RESP, some withdrawals are taxable, while others are not. This means you need to do some tax planning when you withdraw funds. YOUR RESP HAS TWO POOLS An RESP account consists of two pools of funds. One pool is exclusively your original … Read More

WHY YOU SHOULD WATCH OUT FOR PHISHING, SMISHING AND VISHING

You may think you’ll never fall victim to phishing attacks, but new technologies are making online and phone scams more dangerous. Also, other family members could be at risk. Phishing is the umbrella term for scams that fraudsters attempt through your computer or devices. Smishing, or SMS phishing, refers to text message scams. Vishing is voice phishing—scam attempts over the … Read More

HAVE YOU NAMED A TRUSTED CONTACT PERSON?

The Canadian Securities Administrators, an umbrella organization of provincial and territorial securities regulators, introduced a measure two years ago to help protect investors’ financial interests. Investors could give their advisor the name of a “trusted contact person.” MEETING A NEED An advisor can contact this individual if the advisor believes the investor may be losing their ability to make sound … Read More

TRANSFERRING THE FAMILY VACATION PROPERTY: NOW OR LATER?

Across the country, a vacation property may be known as a cottage, cabin, chalet or camp. One thing they all share is a looming tax liability. When a vacation property is sold or transferred, the owner must pay tax on the capital gain. If an individual purchased a vacation property for $300,000 and sold it for $800,000, they would realize … Read More

WE’RE HERE TO HELP YOU

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