End of year reminders and strategies

Several routine financial planning items must be completed by December 31. For example, make any charitable donations that you wish to report on this year’s tax return. Contribute to a Registered Education Savings Plan (RESP) to trigger the annual Canada Education Savings Grant (CESG). If you turn 71 this year, you have until December 31 […]

How to choose a beneficiary for your RRSP or RRIF

One factor drives many decisions behind naming a beneficiary for a Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). When an individual passes away, remaining assets in the RRSP or RRIF are taxed as income at the marginal tax rate on the final return – unless the individual has named a “qualified […]

Decisions, decisions, decisions …

Many life decisions can be difficult, but when they involve a financial component, input from your lawyer, accountant or advisor could help in some way. Here are a few scenarios to illustrate how such input can make a difference. Caring for a parent Aila and Mark are a couple in their 50s, both working full-time. […]

Credit card do’s and don’ts

College and university students may encounter credit card sales representatives on campus. Students can get their own card at age 18 in Alberta, Saskatchewan, Manitoba, Ontario, Quebec and Prince Edward Island, and at 19 in other provinces. If your child follows these guidelines, hopefully the card won’t be seen as free money. The do’s Aim […]

Teaching your children to manage money

  Today’s youth may prefer to pick up information online, but when it comes to learning about financial life, parents still have some influence. Here are a few teaching moments. Younger ages One day your children believe money comes from the tooth fairy, and later discover they’ve got to earn it. Quite a journey, and […]

Should a retirement plan include your home?

When your home represents a sizable portion of your net worth, you might wonder if downsizing would give you a more comfortable retirement. It’s a decision that not only involves financial planning, but practical and psychological factors as well. Retirement planning versus estate planning If downsizing your home generates a large-enough net gain, you could […]