Category Archive for: ‘Financial Planning’

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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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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