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 […]
When Should I Start Receiving CPP?
If you apply on your 60th birthday, you’ll get about 36% less of the age 65 monthly pension. But, if you wait until you’re 70, you’ll get about 42% more. Should you hold out for the higher income, or start early? Start early and you’re sure to get it. If you wait, and die before […]
The Magic Wealth Ingredient
There is a legend about a successful financial advisor in Warren Buffett’s stomping grounds of Omaha, Nebraska. It is reported that this advisor has learned the art of communicating the basics of wealth building with the local farmers. The advisor, who we will call Fred Smith, greets clients in his office with a window behind […]
Improving Investment Returns
One Saturday, famed investment manager Peter Lynch was working at the office when he decided to answer the phone. The caller was a holder of his mutual fund who was calling to cash in the investment. Peter explained how he was excited about the growth prospects for the economy and his fund and asked him […]
Building Wealth
There are many definitions and meanings for the term ‘wealth’. It is often said that it is easier to build wealth over time than it is to keep it! Some confuse high incomes with wealth while others point to assets owned as an indicator of wealth. And, many people use the terms ‘assets’ and ‘wealth’ […]
The Five Insurance Must Haves
Insurance is, and has always been, a tool to manage risk. If you cannot afford to ‘lose’ something, it is best to insure it. The five types of insurance everyone should have are: Life Insurance – The primary reason to have life insurance is to replace an income that will be lost on death and […]
So, You Got a Tax Refund
According to the Minister of National Revenue, the average tax refund is over $1,500 for the 2011 tax year. Surprisingly, many Canadians are thrilled about getting a big refund. While certain situations can lead to an unusual tax refund, far too many Canadians lend large sums of money to the government at 0% interest year […]
Reaching for Yield in a World of Low Interest Rates
While we can talk about concepts such as inflation and purchasing power the struggle for many people today is earning enough income on their savings to meet their lifestyle needs. Interest rates and the earnings from capital through dividends, bonds and real estate rental income have dropped dramatically in the past few years. Government bond […]
Education Savings: Start Early
A new baby in the family brings many hopes, dreams and expectations. This can often include thoughts about how their lives can be better than that of their parents. And that often includes hopes about careers and the education that goes with them. It is also the time to start planning how to finance the […]
How NOT to Plan your Estate
Your death will create problems. There will be three types – emotional, legal and financial. You can do certain things now, while you’re alive, to reduce or increase these problems and make your heirs either love you or hate you. EMOTIONAL PROBLEMS You can increase the emotional upset after your death by leaving your affairs […]