When children are grown up, parents provide food, shelter, and the resources they need to grow up to be responsible adults. We assume that our children will grow up, leave the nest and strike out on their own at some point. They will finish their education, establish their own families and we’ll have a quieter, […]
Even though we have become more open about many subjects, the topic of money is one that many of us find difficult to discuss, even when our children have grown up. You should introduce your adult children to your financial advisor once you have established a good working relationship. It will benefit all of you.
As soon as the temperature starts to warm up, we start to think about cleaning out those those cobwebs hiding all the nooks and crannies of our homes. And although our intentions start off really well, somehow we always find an excuse to dodge the hefty job of cleaning our “financial house”. This is usually […]
If you are caring for your own children and your elderly parents, you are not alone. Welcome to the Sandwich Generation – and you’re in good company. According to a survey conducted by Ipsos-Reid, one in three Canadians between the ages of 45 and 60 are caring for older family members. The brunt of this […]
Do you remember the good old days when spending our tax refund frivolously wasn’t such a big deal? Our jobs were stable, house values seemed to be on a never-ending climb and the stock market was booming. Well, we are all feeling a little less certain about our financial stability these days; our portfolios have […]
Are you confused about “RRSP carry-forwards”? If so, you’re not alone. A Registered Retirement Savings Plan (RRSP) is a way for taxpayers to save money, which can provide a source of future income, as well as provide an immediate tax deduction. The “carry-forward” part of that term simply means that taxpayers have some flexibility in […]
Having a good financial strategy is an essential part of preparing for a comfortable retirement. Contributing to a Registered Retirement Savings Plan (RRSP) should be part of your plan. Unfortunately, there are a number of RRSP myths and misconceptions which can get in the way of your getting the maximum benefit from these financial vehicles. […]
Registered Retirement Savings Plans (RRSPs) are an important part of your overall financial plan. They allow you to invest funds that will grow on a tax-free basis until they are withdrawn. To get the most out of your RRSPs, you need to understand how they will benefit you.
A spousal RRSP is a savings vehicle where one spouse makes a contribution to a plan opened in the other spouse’s name. It allows couples to split income in retirement so that each person has a similar amount of income. This strategy helps to lower the income tax the couple pays in retirement.
You’re in your mid to late 50s, and are looking forward to the day when you can make some permanent life changes. You’re reached the peak of your career and highest earning years but you can’t seem to set aside any savings. You are hoping ‘retirement’ is around the corner but you know deep down […]