When you retire, financial literacy expands
Wealth planning doesn’t retire when you do—it just changes. Now financial life is largely about making the most of the wealth you’ve accumulated. You’ll be learning about new rules, products and strategies that involve a broad range of financial considerations. Fortunately, your expanding financial literacy doesn’t have to happen all at once. You can acquire […]
Split your income to save tax
As an individual, you can save tax by using credits, deductions, exemptions and registered investment accounts. As part of a couple or family, you have opportunities to save tax by transferring money to your spouse or a child who’s in a lower tax bracket. [Section A] Here are some of the more common methods of […]
Should you co-sign a loan?
Your son asks if you’ll be a co-signer so he and his wife can qualify for a mortgage. Or a friend who’s struggling financially wants to know if you’ll co-sign a car loan. If anyone asks you to co-sign a loan, it’s not a decision to take lightly. You would be obligated to make any […]
Managing a windfall, large or small
It’s a challenge no one minds facing: determining what to do if a lump sum comes your way. With a smaller windfall, the decision often focuses exclusively on how to use the money. A larger windfall brings larger issues into play. Bonuses, tax refunds and more Some of the smaller windfalls may seem like found […]
Prepare your children for financial responsibility
Financial literacy month—November, in Canada— is just around the corner. We have reason to be proud: Canadian youth rank among the top in the world for financial literacy. Every three years, the Programme for International Student Assessment (PISA) conducts a survey among 15-year-old students in 20 countries. In the most recent results, Canada tied for […]
Beware of fraud targeting seniors
A person claiming to be a lawyer phones a targeted senior with an urgent request. Their grandchild crossed the border and got into legal trouble. They need $5,000 to avoid jail and said please don’t tell mom or dad. The grandparent scam is an old one that’s now making a resurgence across Canada. And there […]
Buy low, sell high—the challenges and opportunities
Buy low, sell high is one of the most famous mantras in investing. It’s the investment ideal, if you could do it regularly and successfully. The trouble is, if you aim to buy low and sell high by trying to time the market, you’ll face conditions that are unpredictable. Challenges of market timing Let’s start […]
Can your risk tolerance change?
Risk tolerance can be described in several ways, but it often comes down to this question: How much of a decline in the value of your investments are you comfortable accepting in exchange for higher potential returns over the longer term? For most people, risk tolerance doesn’t change—at least not until retirement nears. However, certain […]
Managing Financial Life in a Second Marriage
According to Statistics Canada, more than one in four Canadians in a couple is in a second or subsequent marriage or common-law relationship. For most people getting together as a new couple, financial life will change. Here’s a look at several financial and wealth planning matters that may be different the second time around. Yours, […]
Control the inheritance you leave to your heirs
If you were to imagine someone establishing a trust, you may picture an individual leaving their hilltop mansion and being driven by their chauffeur to stately law offices visited only by the rich and famous. In reality, a trust can be used by just about anyone to meet a variety of estate planning needs. One […]
