Category Archive for: ‘Financial Planning’

RRSPs, TFSAs and Overall Investing


As we approach the crazy RRSP rush deadline for another year I can’t help but wonder why so many investors are doing a lump sum deposit rather than monthly deposits. Contributing monthly to either an RRSP or TFSA by way of an auto debit plan is both painless and called “paying your-self first!” RRSPs or Registered Retirement Plans are long-term …

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What to Include in Your Estate Planning Checklist


As we age, so grows the importance and urgency of having an estate planning checklist every passing year. None of us want to think about dying, but if we don’t plan for our final days we could cause our family or friends we leave behind unnecessary stress, especially so at a time they’ll be grieving. Following is a list of …

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Why a Valid and Current Will is Essential


We live in a complicated and litigious world, so it’s essential to have a will and to keep it current. There are some things to consider as life events happen and at different stages of life. If you get married or divorced, if you own a business or capital property, be sure to get proper legal advice. Your 20s and …

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Make 2017 the Year You Start Your Financial Fitness Program

financial fitness

As you start into this New Year thinking of the things that you might want to change to better your situation, why not develop a personalized financial fitness plan? In reviewing the Bank of Canada’s recent comments, the one big cloud on the horizon is the ever growing household debt held by Canadians. Many things we do in life come …

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Tips to Make Your Retirement Funds Last


As ever larger numbers of the boomer generation start to retire, fixed income options, once the staple of retirement cash-flow planning, are no longer delivering the way they used to. Add to this that we’re living longer, although a welcome development, means those of us planning to rely on Registered Retirement Income Funds (RRIFs) for income may need to take …

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Tax Deadlines to be Aware of in 2017

tax deadlines

January heralds the start of the annual panic of gathering up all those documents that we need for the income tax deadline and review with our accounting professionals. Many of us are focused on this while forgetting that good tax planning should happen year-round. There’s no time like now to get started. Filing our returns is backwards-looking, and there are …

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What can we expect in 2017?


As we start into 2017, here are some comments on what investors should consider in the coming year. Investors may benefit by taking a more cautious approach, but at the same time realising it’s not all doom and gloom out there. There are three key trends to consider relating to equities; fixed income, earnings and economic fronts, with the consensus …

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Make Charitable Gifting One of Your 2017 Resolutions

charitable gifting

Here’s a good New Year’s Resolution, why not consider charitable gifting to help those less fortunate, both here at home and around the world? As a Rotarian, I am very cognisant of both the global and local reach of the many projects we support and the long term benefit that these provide. Global polio eradication is an important one, along …

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Teaching Your Kids about Money


Almost on a weekly basis young couples stop by my office asking about life insurance or investing. When we get into the nitty-gritty of their finances it usually becomes apparent that they are living paycheque to paycheque. They are “renting” their lifestyle while drowning in debt, like a hamster in a wheel going round and round and getting nowhere. By …

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Important Budget Tips for Retirement


When developing a retirement budget, anticipating every expense one might face can be difficult, as it’s easy to underestimate how much will be needed to maintain a comfortable lifestyle. If unexpected expenses aren’t allowed for, one could end up short and wondering where all the money went. Below are some examples of these types of expenses. Health insurance and medical expenses: …

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Good & Bad Reasons for Leveraging Home Equity

home equity

For many of us, our home is our most valuable asset. So it’s no wonder some might consider that any increase in their home equity is cash in the bank.  However, before deciding to refinance to access some cash or set up a home equity line of credit (HELOC), you need to consider what you want the money for. Is …

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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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