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Retirement Income

Retirement Income Planning Let’s talk about the elephant in the room. Where are you on the retirement readiness spectrum? Are you someone that worries about it constantly but are in paralysis as far as plans are concerned? Are you perhaps great with your intentions and not quite the same with executing the plans you’ve got in your head? Have your circumstances changed recently, either for the better or as a setback, making your plan for […]

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Appointing an Executor: Who Will You Choose?

When appointing an executor for your estate, the person who first comes to mind won’t necessarily become your final choice. That’s because you must consider a number of factors when making this important decision. On the personal side, typical choices for an executor could be a spouse, child, sibling or close friend. On the professional side, common choices include an individual’s lawyer or accountant, or a corporate executor, such as a trust company. Any two (or more) of these choices can be named as co-executors.

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As Wealth Increases, a New Need Arises

When your net worth reaches and exceeds a level that meets your financial needs for your expected lifetime, you will require a new strategic plan. For many people saving for retirement, financial life often resembles something like this. A portfolio consists of traditional investments, generally fixed income and equities. Estate planning involves drafting a will and naming an executor. Charitable giving is conducted on an ad hoc basis year to year. A legacy for the […]

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Sandwich Generation: Are You Taking Care of Yourself?

It’s a significant life change when your roles have reversed and you’re the one helping a parent with daily living. Meanwhile, you also care for your children at home. Welcome to the sandwich generation. The term was coined almost 40 years ago by social worker Dorothy Miller to refer to women performing this double duty. And today, according to the most recent research[1], women still form the majority of family caregivers in Canada. When you’re […]

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Retirement planning: Considerations

Nearly half (48%) of the retired Canadians surveyed agreed with the statement: “I’m worried about my money lasting my lifetime”1. That’s an unsettling statistic as Canadians are living longer. The impact is that many of us are at a greater risk of outliving our savings. The silver lining is that you can still create a strong financial plan which can help you enjoy a more comfortable retirement. The best approach is allowing more time to […]

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RRSP season is here – don’t miss out!

The Registered Retirement Savings Plan (“RRSP”) is an invaluable long-term financial planning tool – you save for retirement and your contributions are tax deductible. To top it off, your money grows tax-free until you withdraw it, presumably when you are no longer working and in a lower tax bracket. Invest any tax refund you receive back into your RRSP, and you will benefit even more over the long term. The RRSP contribution deadline is Friday, March 1, and […]

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RRSP — an investment that can truly add-up

 22.5%. That’s the number, according to the latest census data (2016), of Canadian tax filers who contributed to an RRSP. The other 77.5% didn’t take advantage of this incredible savings tool. That figure is surprising when you consider the tremendous benefits of RRSP investing that include: tax-deferred growth tax deductions from contributions. As you might know, an RRSP contribution lowers your taxable income in the current year. Rather than paying a high marginal tax rate […]

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Insurers Continue to Define Conflict of Interest By A “Do As I Say, Not As I Do” Mentality

It may be time for the regulators to step in. That’s a statement no one would usually ever want to say. CLHIA the self-governing association of insurers has built a document called G19 on the guise of producing a more fair and clear landscape for Canadian consumers. Given that all insured products flow throw CLHIA members advisor literally have no choice but to follow any rules they put in. To be clear, I haven’t talked […]

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Understanding your Net Worth

Why Understanding Your Net Worth is Important and Why It’s a Key Element in Your Financial Plan Knowing your net worth is a key factor in planning for your retirement. Knowing what your net worth is and the effect it has on your retirement plan is an essential element to any well-rounded financial plan. If someone were to ask you, would you know your net worth? It’s one of the most common terms in personal […]

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