The Basics of a Successful Financial Strategy
Before a sky scraper can reach for the clouds, it needs a very strong foundation. Once the building is complete, the foundation is virtually unseen. The same goes for a financial strategy. The following are the basics of a strong financial foundation: Budget – Governments and businesses use budgets to properly allocate resources. It’s known […]
Healthcare and Retirement
We are all familiar with the following perennial adage: “health is wealth”. Regardless of any financial circumstances you may have, optimum health allows you to enjoy long trips overseas, partake in your grandchildren’s life, physical activities such as golf as well as looking forward to your retirement years. No one wants to have to worry […]
Global Economic Challenges
One of the world’s richest men, Warren Buffett, acquired his wealth by following a very simple rule during times of market volatility: “Be fearful when others are greedy, and be greedy when others are fearful.” With mass media websites trumpeting headlines like “Oil collapse and global stampede out of stocks trample loonie” (Financial Post) and […]
Protecting your Most Valuable Asset
Most of us take for granted that we will be able to get out of bed every morning and go to work to earn a living. We base all of our financial plans on this seemingly obvious concept. Our most valuable asset is the ability to earn an income. Unfortunately, it is also one of […]
Inheritance Doesn’t Have to Wait
The Baby Boomers are making history as the largest retirement migration ever seen. However, it’s their parents who hold the most massive accumulation of wealth which is now being transfered to future generations. Estimated to be well in excess of a trillion dollars, the traditional rules of inheritance are changing. More than half of Baby […]
Taxes, RRSPs and You!
A recent media headline marveled at how far TFSAs have come and how they are catching up to RRSPs as a preferred investment vehicle for Canadians. Often however, this choice is made at the expense of contributions to an RRSP. With the RRSP contribution deadline fast approaching on March 2nd, it is time to take […]
Overlooked RRSP Strategies
There are a number of common RRSP strategies that many of us use on a regular basis. These include making regular monthly deposits, borrowing to make RRSP contributions and making contributions at the beginning of the year instead of the end of the year. Here are some strategies that may get overlooked: Take advantage of […]
Wealth Transfer Tips
Wealth transfer can be a complex process for most families but especially wealthy ones. The range of issues involved can include family values, objectives and relationships; business continuity; investment strategy and insurance, taxes and ownership structures, amongst others. At the same time questions of control, responsibility and timing are raised. Not surprisingly, most people, including […]
New Year. Fresh Start.
With the holidays behind us, and the credit card bills arriving as testimony to your celebrations, perhaps now is a good time to reflect upon some potential Resolutions for the coming year. Goal setting is best done when goals resonate with your life plan! You need to be specific about what, when, where and who […]
Five Common RRSP Mistakes
The following are relatively common mistakes that Canadians make annually when contributing to their Registered Retirement Savings Plans. 1. Reporting RRSP contributions based on a calendar year. While your taxes are based on a calendar year, the reporting of your RRSP contributions extends 60 days into the New Year. Imagine, for RRSP purposes, that you […]