TFSA: The Gen Z’s and Millennials’ Friend
The Tax-Free Savings Account (TFSA) is often called the Swiss army knife of financial accounts since it can be used for so many different purposes. Also, A TFSA can meet the specific needs of different age groups. Using a TFSA Here are some key ways millennials and older Generation Z members can make a TFSA […]
The FHSA At a Glance
Eligibility. You must be a resident of Canada, have reached the age of majority in your province and qualify as a first-time home buyer. Account duration. An FHSA can remain open for up to 15 years (or until the end of the year you turn 71). Contributions. You can contribute up to $8,000 annually, with […]
The FHSA Turns Three
When the First Home Savings Account (FHSA) was launched in April 2023, prospective homeowners reacted quickly. In its first years, well over 700,000 Canadians opened an FHSA annually. Now you could choose a unique account that offers tax-free growth and tax-free withdrawals, like a Tax-Free Savings Account (TFSA), and a tax deduction for your contributions, […]
Wealth planning for couples without children
A recent report lists Canada as having the highest percentage of couples without children among all developed nations.¹ Financial life is different for this demographic group, with unique issues and opportunities. Here’s a look at financial decisions for a couple without children across several components of wealth planning, including investments, insurance and estate planning. When […]
Will AI take over wealth planning?
From education and entertainment to medicine and transportation, artificial intelligence (AI) is having an impact on virtually every sphere of existence. That includes our financial life. AI is already making inroads into wealth planning and can be a valuable tool for advisors. For example, AI can be used to present potential outcomes of different strategies […]
When is your financial independence day?
The day when you no longer need to work to cover your current and future cost of living, including realizing your retirement dreams—that’s your financial independence day. To identify it, some people try using one of the many online retirement calculators that ask you to input information so you can find out if you can […]
Adopting a time-horizon mindset
Whether markets are trending up or down, investors can benefit psychologically and financially by focusing on their time horizon. Say it’s a period when the market is down and you’re saving for a long-term goal, such as retirement. You may feel anxious if you think only about your portfolio value, but it’s important to keep […]
Safeguarding your financial security
Life sometimes has its uncertainties. Major economic events, such as a deep recession, or personal challenges, such as job loss or divorce, can shake our financial stability. Corporations and governments establish contingency plans to protect against unexpected calamities, but individuals can also put a plan in place. Here are three ways you can help safeguard […]
Physical activity tips for seniors
Regular physical activity is important to your health, well-being and quality of life. These guidelines can help you improve and maintain your health by being active daily. Aerobic activities Engage in at least 2.5 hours of moderate to vigorous aerobic activity each week, with each session lasting 10 minutes or longer. Examples: walking briskly, cycling, […]
Consider the Timing of Leaving an Inheritance
Naming a beneficiary in a will may be seen as the most common way to leave an inheritance to a loved one. However, in certain situations, many people choose to give an advance on an inheritance during their lifetime or have the funds distributed in the years following their passing. GIVING WHILE LIVING Our increasing […]