Category Archive for: ‘Coaching Tips’

Why The Urgent Need to Plan for Your Wealth Transfer

wealth transfer

We spend a lifetime building our wealth, but we don’t always put the same amount of time and effort into having a serious conversation with our family members to discuss our wishes, or develop any formal plans to transfer our wealth to the next generation in a tax efficient manner. A recent bank report estimated that $750+ Billion of wealth …

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“Pay Cheques & Play Cheques” in Retirement


As legions of Canadian baby boomers approach retirement there is an urgent need for them to develop a customized retirement plan to ensure enough money to fund their retirement. Consider this simple question: Which day of the week do we spend the most money? For most of us it’s Saturday.  But when you retire, every day is Saturday! The first …

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Retiring? – Should you set up a RRIF or annuity?

RRIF or annuity

The year you turn 71 you will have until December 31 of that year to convert your RRSP into a RRIF or annuity. Which begs the question, how do you choose? RRIF Option: Firstly, let’s review the basics with setting up a RRIF. The year after you set up your RRIF you must start withdrawing the mandatory minimum amount, (Boomer & …

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Why You Need to Review Your Insurance Policies Now!

insurance review

The Federal Minister of Finance has revised the tax rules for life insurance policies, so new regulations will come into effect January 1, 2017. All policies issued prior to then will be grandfathered under the current tax rules which will prove very beneficial for current policy owners. To take advantage prior to these changes applying, policyholders should be get a review done …

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What’s The Best Age to Start Taking My CPP Payment?


What’s The Best Age to Start Taking My CPP Payment? The Canada Pension Plan withdrawal rules are changing to provide you with the incentive to wait until your 65 or older before starting to take your pension. If in 2016 you’re planning to start drawing your CPP pension early at age 60, you will get 36% less pension than if …

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How Much Life Insurance Do You Need?

life insurance

When trying to decide how much life insurance you need, there are many variables to consider including your age, health and lifestyle issues that could affect your premium. What the insurance is needed for affects what insurance product type is suitable. Is it to cover debt, replace lost future income earning ability or to cover post secondary education costs for …

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Lessons We Can Learn From the Canada Pension Plan


It’s expected that the CPP will grow to $1 trillion before the middle of this century. Just 17 years ago, in the first year of the plan’s Investment Board, they had just $18 million in the bank. All that money was invested in Canadian government bonds. Today, the CPP is a global giant, closing in on $300 billion and projected …

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Have Life Changes Impacted Your Estate Plan?

estate plan

I can’t stress the important of reviewing your estate plan on a regular basis, especially after any changes to your personal circumstances. Here are some questions you should ask yourself. Have you got divorced or re-married? Depending on your province of residence, divorce may affect the provisions of your will, but separation has no impact. Also depending on your province, …

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Why Millennials Need Income Protection


Why Millennials Need Income Protection If you are part of the millennial group, you may be familiar with the debt burden of student loans, car loans and credit card debt. In a recent Facebook study, almost half indicated that their most important financial goal is paying down debt.  But paying down debt requires income. What if that income is interrupted by …

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Estate Planning With The Impact of Increasing Land Values

estate planning

The latest Farm Credit farm land values report shows that Alberta had the 2nd largest increase of any province in 2015 of 11.6%, just behind Manitoba. So what’s driving these differences within provinces? Higher values of farm cash receipts can account for some of these variations. For example, 2015 receipts for pulses and special crops are estimated to be up …

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Seniors Health Care Costs

health care

For decades, research has documented the implications of the bulge of baby-boomers followed by years of low fertility and smaller families. Despite some scare mongering in the media, there won’t be a sudden, overwhelming impact on health care costs. The boomers will reach age 65 over a period of almost 20 years, which represents a relatively slow pace of demographic …

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Is it Time for Your Farm Sale or Succession Talk?

succession planning

At a seminar we held in Stettler recently, several farm families came to learn about the solutions we come up with to resolve some of the farm succession planning issues we run into from time to time. First of all, my suggestion to farm or small business families is, don’t keep putting it off. One of the biggest difficulties we …

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Watch For These Estate Planning Tax Issues

estate planning

  Many of us ditch our tax records after seven years not understanding this could cause tax issues in the future. We often run into situations when working with farm and small business clients where better record keeping would save a lot of detective work! Gifts and inheritances: Say for example you would like to gift some property to a child …

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Think of Life Insurance as Another Asset Class

asset class

  There are many benefits of using life insurance as an asset class to compliment your existing investments. Providing an attractive return on investment is one, but it’s important to have properly structured coverage. Life insurance payouts are tax-free, private and bypass probate. But just as importantly, most life insurance products in Canada come with premiums and a face amount …

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Divorce & Your Finances


There are some things to think about if contemplating getting a divorce, as the financial fallout of divorce extends far beyond legal costs, alimony and child care expenses. Canada Revenue Agency (CRA) considers you separated when you live separate and apart from your spouse or common‑law partner for a period of 90 days or more due to a breakdown in …

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Are Small Businesses Confused With Employee Benefit Rules?


  When your business hires individuals and pays them salary, bonuses or commissions and provides employee benefits, you become an employer and assume specific responsibilities. Today’s complex tax rules impact employee benefits such as group health and dental insurance, group term life insurance, training expenses, motor vehicle allowances, gifts and awards. These are the most common employment benefits offered today …

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Tax Benefits of Home Ownership

home ownership

The biggest investment most of us will make in our lifetime is our home. While providing a roof over our heads, it’s also likely to increase in value, which can be a significant source of tax-free gain. When we sell it for more than what we paid for it, the profit is not subject to tax, thanks to CRA allowing …

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CRA is Changing the Tax Rules for Life Insurance in 2017


It seems that all good things either come to an end or get changed, and life insurance taxation is no exception. Deemed now to be too generous by CRA, they are changing the rules, which will impact retirement and estate planning strategies using life insurance and annuities. Permanent life insurance plans used for the purpose of tax sheltering and distributing …

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Insurance Protection for Single Parents, Housewives, Contract Workers and Farmers (Part 2)


  Continuing from last week, let’s review the importance of more insurance options for this cohort of people. Critical illness insurance: This pays out a lump sum if you are diagnosed with life-threatening illness such as cancer, heart attack or stroke that is covered by the policy. Subject to certain conditions such as surviving for a specified length of time, …

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Insurance Protection for Single Parents, Housewives, Contract Workers and Farmers (Part 1)

insurance protection

For those of you who are the sole earner and provider for your family, you have to make every dollar count. So to this end there are a number of insurance options to consider what will protect your family financially should you become unable to work for an extended period of time because of sickness, disability or worse – death. …

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