Tax Tips From An Eager Tax Filer
Where’s my T4?!? I know it’s only mid-February but I’m eager to get started on my taxes so that I have the option to make an RRSP contribution before the deadline. But my employer has yet to issue our T4s and I can’t file my taxes if I’m missing such a key document. Surprisingly, many…
Read MoreCPP Survivor Benefits Not What You Would Expect
Enhancements to the CPP are always being suggested, largely to address the fact that fewer Canadians now have workplace pensions. The latest deal made by provincial Finance Ministers in June 2016 will boost CPP income from one quarter of pensionable earnings to one-third. The change will phase in slowly from 2019 to 2025 (when the…
Read MoreWeekend Reading: Raising Retirement Age Edition
Maybe raising the age of eligibility for Old Age Security from 65 to 67 wasn’t such a bad idea after all? The Liberal federal government reversed a controversial decision made in 2012 by the Conservative-led feds and returned OAS eligibility to 65. But now an economic advisory council is recommending Ottawa raise the age of…
Read MoreThe Three Phases Of Retirement
Retirement is often referred to as a single lifetime event. You know, you work for forty or so years, have your retirement party, or other celebration, and then head off into retirement. But your whole retirement is not going to be the same. And, while the retirement you choose will be unique to you –…
Read MoreBecoming A Better Investor: Managing Asset Allocation In Multiple Accounts
Each one of your goals (saving for a down payment on a home, RESPs) should have its own asset allocation. If you have only a single retirement account it’s pretty straightforward to select your investments and keep them balanced in the future. But, investors are most likely to have multiple accounts for their retirement goals. …
Read MoreWeekend Reading: Banning Mutual Fund Commissions Edition
The Canadian Securities Administrators has for several years debated whether or not to ban embedded commissions from the sale of mutual funds. Activity ramped-up last year with the release of two reports from the Brondesbury Group and Dr. Douglas Cumming that looked at the nature of financial advice and whether commissions influence mutual fund sales. The conclusion was clear:…
Read MoreFinancial Planning For Couples – Estate Planning: You Can’t Take It With You
According to an Ipsos Reid poll commissioned by the CIBC, only 30% of Canadians have a formal estate plan in place. The reasons for not having one vary – some people think they are too young, or don’t have enough assets. Some believe that their belongings will automatically go to their spouse. Many couples think…
Read MoreWe’re Buying New Vehicles At A Record Pace, And It’s Killing Our Finances
The auto industry is thriving as Canadians bought 1.95 million new vehicles in 2016, the fourth consecutive record-setting year for automakers. Yet despite the robust sales figures some dealers already seem desperate to keep this new car buying binge going. For years we’ve been bombarded with 0% financing offers, cash back incentives, used car buy-backs,…
Read MoreWeekend Reading: Credit Card Trickery Edition
It’s rarely a good idea for a business to outsource its sales and promotional activities. Loblaws found this out the hard way when customers complained about the aggressive and sometimes shady tactics used by employees to coax them into signing up for PC Financial credit cards. The employees actually work for SDI Marketing, a firm hired…
Read MoreCan This Late Starter Get Her Retirement Goal On Track? A Boomer & Echo Financial Makeover
Is it possible to attain your retirement goal when the majority of your income producing years are behind you? It’s never too late to improve your financial situation. Profile Louise Gates (58) is the head of a marketing team for a small manufacturing company in Kelowna. After renting for most of her working life she…
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