The intent of an RRSP is for your retirement. TFSAs were designed for any type of financial goal such as travel, buying house, emergency savings, and so on. You need to earn income to contribute to an RRSP but not with a TFSA. When you contribute to an RRSP, those contributions are tax deductible against… Read More…
Canadian Business Owners and Retirement: Consider an Individual Pension Plan
In February 2018 the Federal government introduced new rules surrounding the Small Business Deductions (SBD) and how it treats passive income over $50,000. This change caused great concern for many small business owners across Canada, especially those who have always planned to use that income for retirement. One possible solution is what’s called an Individual… Read More…
Your Year End Investment Statement Shows A Negative Return…
Most Canadians will have received their December 31st investment statement in the mail and noticed that their investments have not had a great run in 2018. If that’s you, what do you do next? First, do not panic. Instead, ask yourself these 3 questions: When was the last time you met with your advisor and… Read More…
What is Financial Literacy and How Do You Get There?
If you have not heard, November is Financial Literacy month in Canada and so my blog this month is centred on what I believe are the 5 essential components to financial literacy. The definition from Wikipedia: “Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed… Read More…
Are You Financially Healthy? Really?
Do you make good money and want to keep more of it? Do you have a debt and spending strategy? Do you have a savings plan for retirement? Do you have the right size safety net? Answer the following questions truthfully based on what you and your family are doing today. We save 10% of our net income…. Read More…
Why Do Canadians Fail When It Comes to Personal Finances?
A 2017 survey (CIBC polled of Canadians with household incomes above $100,000) says almost half of Canadians have no financial plan in place at all. Nothing detailed that tells them how they will reach their goals. When I talk about personal finances, I try hard to stay away from the word ‘budget’. Why? Because there… Read More…
5 Reasons to Buy Life Insurance Today Instead of Tomorrow
Reasons to consider Life Insurance – now rather than later: It provides protection and security for your family. It helps replace income to maintain your family’s standard of living should you die. It assists in paying for funeral expenses. It may help pay off outstanding mortgages or loans, such as car or lines of credits…. Read More…
Are You going through a Divorce? Here is a Financial Checklist
One of the most often asked questions, when someone is going through a divorce, is, “What financial documents do I need?” Here is a checklist for clients to use so that all the important financial information is collected. >> Checklist for Separation and Divorce [social_warfare]
Can You Get Affordable Life Insurance If You Have Been Denied?
There are many reasons why Canadians maybe denied life insurance. The primary reasons for this are medical conditions (cancer, heart disease, PTSD, etc.) or life style issues (foreign travel, drug use, hazardous recreational sports, etc). The answer to the question is YES. If you find yourself in this predicament of being denied life insurance, you… Read More…
5 Good Reasons to Trust ME as Your Financial Advisor
I am not employed by any Bank, Trust or Insurance companies, I give you independent financial advice. I will never sell you a debt product such as a credit cards and lines of credits. I specialize in cash flow (disposable income) so for most of my clients we spend time understanding where your money is… Read More…