Asset or a Liability?
Do you have a separate recreational property or a rental property? If so this may apply to you: Some years ago, Roy and Mary bought a cottage at the lake in their home province for about $50,000 and today it is worth about $750,000. Over the years, they have spent about $100,000 on improvements to […]
Estate Plans and Your Children
After spending a lifetime managing your money to ensure that you actually have something to leave to your heirs, there are some questions that might naturally spring to mind. How much should you leave them? Should you make arrangements to give it to them while you’re still alive? More importantly, will giving them a large […]
Passing it on to Your Heirs
Ralph and Mary have accumulated a nice estate, a good portion of it in cash. They want to leave it all to their children when they die, but they also want to do something for them today. Being part of the Savings Generation, they are reluctant to give large sums to their kids today, as […]
Is Probate Right for Your Estate?
Estate planning can be an overwhelming process. Whether it is your own estate or you are the executor for someone else, the checklist can seem never-ending. A financial advisor can help make sure your checklist is complete before you start checking the boxes. One of those items on the checklist is probate, the legal process […]
Added Costs of Caring for Elderly Parents
Statistics Canada reported in 2007 that most eldercare (75%) was provided by those between 45 and 64 years of age. These Canadians, often called the sandwich generation, are increasingly finding themselves spending their own savings to care for their elderly parents, while giving money to their kids for university and trying to save for themselves. […]
What if I Can’t Look After My Affairs?
Clarke owned a small business that employed three other people besides him. He had sole signing authority on his business bank account, and personally had a joint mortgage on his home with his wife, Lois. His car was registered in his name only. Clarke was generous with gifts on special occasions and holidays for his […]
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 […]
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 […]
Inflation & Your Financial Health
To truly appreciate the role that inflation plays in your ability to build assets and achieve financial freedom one has to consider the role of its dance partner: purchasing power. You can’t have one without the other! Most people spend very little time contemplating the concept of purchasing power or the role it plays in […]
Yes, Trudy, there are death taxes in Canada
Ottawa dropped Estate Taxes over forty years ago. All the provinces did away with Succession Duties by 1985. We thought that was the end of taxes arising at death. We were wrong. Ask yourself these questions: Do you have an interest in a pension plan, or an RSP? Do you own property on which you’ve […]