Category Archive for: ‘Coaching Tips’

Dealing With The Retirement Conundrum!

Fall Walk

Often the hardest decisions people face when it come to saving for retirement is deciding what they want to do after they quit working. Considering that for two healthy 65 year olds today one could live to 90 or older, they must figure out how much they can spend each month while leaving enough to cover increasing health costs for …

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What is Financial Planning?

financial planning

The financial planning process is built around five key planning areas depending on the stage of life a person has reached. Lifestyle needs: Financial planning helps people organise their personal or corporate finances so they can enjoy the lifestyle they envision for themselves and their family. It provides education on how to negotiate mortgages, loans and lines of credit with …

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Is there part of your estate you want to keep private?


It can be difficult to find estate planning solutions that are suitable for the complexities of blended families. Consider a family who has a financially dependent disabled child, or a blended family with multiple step children, or someone wanting to leave money to people other than their immediate family or to a charity. Parents may be worried about creating family …

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Are You Really Financially Prepared for Retirement?


  Several recent surveys by banks and other financial entities have revealed that almost three-quarters of Canadian farm families and small business owners have saved less than $100,000 in savings to carry them through their retirement years. Just 10% said they had saved more than $500,000. This would indicate that many farmers and small business owners are woefully under-prepared financially …

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The Importance of Regular Insurance Review

insurance review

  Of the less that half of Canadian families that have life insurance, very few do an insurance review on a regular basis. Most policies sit in a filing cabinet gathering dust and ignored until someone passes away. Most Canadians today are more concerned about outliving their money than dying prematurely. Unfortunately, many fail to appreciate the randomness of sickness …

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Avoiding the Pitfalls of Blended Families Finances

blended family

Blended families represent 12% of families with children in Canada. Many of these face financial and estate planning challenges, which can be further complicated by emotional factors. This can be both tumultuous and overwhelming, but there are ways to avoid these and streamline the transition to a blended family. Update your wills: One common mistake is neglecting to update wills …

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Are We Reinventing Retirement?


  As the tidal wave of baby boomers enter their retirement years across Canada, there are two major forces reshaping our view of retirement. Longevity: We are living longer and healthier. The average life expectancy today is age 82, with females even longer. National Geographic recently featured a cover featuring a newborn baby today who could potentially live to 110 …

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Having “the talk” with your adult children


Fidelity Investments recently interviewed a significant number of families who had a parent over age 55 and an adult child over age 25. The key findings are very interesting; what parents want and what their children think their parents want is very different. The result was that 40% of the families surveyed disagreed on the roles and responsibilities children should …

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Learn From the Habits of Wealthy People


It’s all too easy to get sucked into thinking that we can shortcut the road to wealth, by way of things such as winning the lottery, setting up the next dot-com company, or finding the next great investment. Considering that 80% of the wealth in Canada is in the hands of 20% of the people, what are those 20% doing …

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Would Increasing Interest Rates Leave You Struggling with Payments?

interest rates

A credit rating company recently reported that almost a million Canadians, including some who currently have excellent credit ratings, could have significant problems paying their monthly debts should interest rates rise by 1%. Credit scores measure past financials, not the impact of future stress caused by cutbacks or job losses, so even those who have excellent credit ratings could experience …

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Tax & Other Changes to Life Insurance Coming January 1st

tax and life insurance

This is an important notice to all holders of term life insurance policies who may be wishing to upgrade their coverage, convert some or all of their coverage to a new permanent plan, or who are just looking to apply for new permanent life coverage. There are some important changes coming that could impact your future life insurance choices. Effective …

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Challenges for Executors Today


Every day over a thousand Canadians turn 65. 70% don’t have current or valid wills, and 45% have not given any thought to their estate settlement issues. Very few understand the complex issues that their executors will face when dealing with their estate. Many people designate one or more of their children or a trusted family friend as their executors. …

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Insurance Options for First Time Home Buyers


With increasing home prices, millennials considering their first home need to consider the insurance they need to protect them and their families against illness, injury or premature death. Today’s inflated house prices coupled with low down payments are putting many young families at serious risk should they or a spouse be laid up due to illness or injury, or worse, …

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Finding Income in Today’s Low Interest World


A quick scan of current five-year GIC rates shows most are below 2%. After factoring inflation at 4% and the interest income fully taxable, it makes sticking your money under the mattress somewhat appealing! What are the alternatives for investors or seniors looking for secure income today? Annuities verses GICs: A 68 year old couple investing $300,000 into an annuity …

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2017 Tax Changes to Life Insurance

tax changes 2017

Tax Changes are coming in January 2017 that will affect how life insurance is taxed.  As well, life insurance rates will be increasing.  Now is the time to book an appointment to review how these changes will affect your individual situation.   Watch this short video for a quick summary of some of the changes coming.  

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Tough Lessons Families Are Learning During This Downturn

tough lessons

Life’s tough lessons: One of the tough parts of what I do is meeting with young families who have got themselves into a financial mess trying to live the “Canadian Dream”.  Unfortunately, our younger generations are not being taught finances in school or at home.  Every high school graduate should be schooled in basic finance and economics. When I ask …

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Prepare for Upcoming Tax Changes

tax changes

Governments cannot run big deficits without raising taxes.  We are seeing some tax changes coming in 2017 with more to come. Check into life insurance and annuities before year end:  Tax changes are coming for corporately owned permanent life insurance. If you are considering a sale to a third party or transition to the next generation, you should check into …

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Keeping the Cottage in the Family


Owning a cottage provides a getaway, a place where friends and family can gather far from the hustle and bustle of everyday life. When the time comes to figure out what will become of it after you die or are no longer able to use, family bliss can very quickly transform into worry or outright war. If the parent’s wish …

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Things to Consider When Getting Financial Advice

finacial advice

A recent article by the Ontario Securities Commission (OSC) highlighted their concerns that some financial advisors are not gathering adequate information about their clients, and some are making inappropriate use of client testimonials. The regulator also has concerns about the quality of financial advice being offered to seniors and other vulnerable investors. Although the OSC addresses advisors, these issues are …

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Wealth Creation & Conservation Using Life Insurance

wealth creation

Today more Canadians, especially high income earners have an increasing need for death benefit protection but at the same time have access to a wider variety of retirement investment options. Life insurance is a valuable tool that can be used as one of these options. This begs the question, how can life insurance help high income people better manage increasing longevity …

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