Simple Goals for Living Well
This seems to be an increasingly topsy-turvy world with wacky politics and trade wars between the US and just about everyone else. And in Canada we have all just witnessed another hard-fought federal election that ended with a minority government. The question is how to navigate such tricky waters in daily life? For example, a […]
What You Don’t Know Could Cost You
The age old saying, ‘Ignorance is bliss’, may apply to many things in life. However, when it comes to your finances, ignorance can be absolutely devastating. Even the government is calling the startling low rate of financial literacy among Canadians an epidemic that can have catastrophic consequences for the nation’s economic future. A lack of […]
The Family Meeting
Phillip and Betty want their estate settled as smoothly and cost effectively as possible when the time comes. They have taken a number of steps to make sure this happens. Phillip and Betty review their wills on a regular basis and make changes as necessary. They have discussed their wishes with each other regarding funeral […]
Buy Now, Pay Big Time Later
Brent and Darlene really enjoy their ‘toys’ and their lifestyle. In the last few years, they bought themselves a big screen TV, a stereo system, two expensive new vehicles, a ski boat and took a tropical vacation, mostly on credit. They also used their credit cards to pay for numerous restaurant meals, theatre tickets, hockey […]
Beware of this Insurance Trick
Alicia was about to sign the papers on her new vehicle when she noticed an additional charge of a little over $3,400 for insurance on the Bill of Sale. When she asked the finance manager what it was for, he said, ‘Well, that’s for the life and disability insurance for your car loan.’ She was […]
Registered Retirement Income Funds
It is required by the Income Tax Act that a Registered Retirement Savings Plan (RRSP) must be closed by the end of the year in which the planholder (annuitant) reaches age 71. At that time, the annuitant must decide what to do with their retirement savings. They have three options – cash in the RRSP, […]
How Inflation Affects Your Financial Strategy
If you were going to recommend a treatment plan for a loved one suffering with alcoholism, would you prescribe more alcohol as the best course of action to help them to recover or otherwise improve? Now put this question aside for the moment. Let us look at the personal situation of the average Canadian these […]
Tax Planning Tips for the Self-Employed
If you are a solo entrepreneur or are otherwise self-employed, you are aware that it is nearly impossible to take into account all the various tax consequences of your business decisions. You have a business to run and customers to please, so decisions are often made on the fly. You hope that you will be […]
What if I Suffer a Critical Illness?
Many falsely believe they will not be victims of a critical illness like cancer, heart attack or stroke. They also believe that if they do experience a serious illness, the healthcare system will look after them. Nothing could be further from the truth. It took Darren almost 3 years and dozens of chemotherapy sessions to […]
NIRP, ZIRP and You
In his early July testimony before Congress, US Federal Reserve Chairman Jay Powell. Mr. Powell stated that the Fed funds rate will be reduced, given lower than expected U.S. inflation. This follows on the heels of President Trump’s demands for lower interest rates to help support the economy and more specifically the US stock market. […]