News, Articles, & Events

Last summer, Old Age Security (OAS) benefits permanently increased for the first time in almost 50 years. The payment increase is 10% and applies to seniors aged 75 and older. This increase gets a further boost when seniors delay starting their OAS benefits. Monthly payments increase by 0.6% for each month you delay payments beyond the traditional age 65 start … Read More

It’s a challenge no one minds facing: determining what to do if a lump sum comes your way. With a smaller windfall, the decision often focuses exclusively on how to use the money. A larger windfall brings larger issues into play. BONUSES, TAX REFUNDS AND MORE Some of the smaller windfalls may seem like found money, swaying you to spend … Read More

When you have two or more children, naming a child as your executor1 can become an involved decision. Here are the key benefits and potential problems when naming one child as executor or two or more children as co-executors. NAMING ONE CHILD Key benefits. The process is streamlined with just one executor—there’s no need to discuss and reach an agreement … Read More

When you leave an inheritance to your loved ones, you intend to give each person some welcome help in meeting their financial and life goals. No one wants an inheritance to cause discord among the beneficiaries. Unfortunately, that can happen in certain situations if plans aren’t shared with beneficiaries in advance. By communicating your plans, you can find out if … Read More

Ever since the Tax-Free Savings Account (TFSA) was launched in 2009, many Canadians have used it as a general savings account. However, to make the most of a TFSA, it should be targeted to reach a specific financial goal. Only when you identify a goal can you align your TFSA investments with your financial objective, time horizon and risk tolerance. … Read More

It’s only human nature to want to take maximum advantage of a bull market and resist investing in a bear market. But our natural inclinations aren’t always the wisest investment choices. WHEN MARKETS ARE STRONG Say that an investor is enjoying solid returns from their equity investments during an extended bull run. This person has a high-interest savings account to … Read More

If someone suffers a cognitive decline and loses their ability to manage their financial affairs, it’s a common misconception that a loved one can automatically step in and take over. That’s only the case when the person in need has made a power of attorney for property. The “power of attorney” is the legal document, and “attorney” refers to the … Read More

Each year, you’re required to make a minimum Registered Retirement Income Fund (RRIF) withdrawal, calculated as a percentage of your RRIF assets. The percentage is based on your age, and it increases each year. Every withdrawal is taxed as regular income, but several strategies can help reduce the impact of the tax liability. Use your younger spouse’s age. When you … Read More

Your child is eligible to have their own credit card at the age of majority, which is 18 or 19, depending on the province. Here’s a list of do’s and don’ts every new credit card owner should know. DO’S Keep track of your purchases, making sure you can cover the monthly bill. Aim to pay your bill in full and … Read More

Financial literacy month—November, in Canada— is just around the corner. We have reason to be proud: Canadian youth rank among the top in the world for financial literacy. Every three years, the Programme for International Student Assessment (PISA) conducts a survey among 15-year old students in 20 countries. In the most recent results, Canada tied for second place. One key … Read More