When do you need a power of attorney?

Hopefully, you’ll never suffer an illness or disorder that seriously impairs your cognitive functioning. But if you ever suffer such a condition, you may lose the ability to manage your finances – from paying bills to making investment and income decisions. And you could be vulnerable to financial fraud. This is when you want a […]

Leaving more to your heirs

Imagine a $1 million estate including $200,000 of stocks in a non-registered account, a $300,000 Registered Retirement Income Fund (RRIF) and vacation property valued at $500,000. But it’s not $1 million to the heirs. There’s a $100,000 capital gain on the stocks and a $300,000 capital gain on the vacation property. At a 50% marginal […]

When life changes, so do financial plans

The federal government has recently taken away several tax advantages enjoyed by individual Canadians and businesses, from ending tax-free switching of corporate class funds to removing key benefits of income sprinkling. Though some immediate tax-saving methods are gone, tax-deferral methods remain – and that may be the next best thing. Deferring tax is not just […]

When you own a business

If you’re a business owner thinking of retirement, finding a successor isn’t your only concern. You need to determine whether you want to remain involved with the business. For some owners, it’s an easy decision – they’re ready to make a clean exit. But for others, the business remains part of their identity. They prefer […]

Retiring gradually

According to the 2016 census, one in five Canadians aged 65 and over were working, with 30% of this group working full time. Some continued in their regular jobs, while others became consultants, entrepreneurs and new business owners. Although many seniors work strictly for income, others are motivated by the wish to keep physically and […]

How to keep your TFSA aligned with your goals

This year, you can contribute $6,000 to your Tax-Free Savings Account (TFSA), bringing the cumulative total of allowable TFSA contributions to $63,500, or $127,000 between a couple. This means that a TFSA can help meet any investment objective. Your first decision You need to look at all components of your financial plan and decide where […]