Have you ever heard the old saying “Ride or Die”? If you were a Brooklyn Police Officer in the 1970s, it meant that when you carried your gun, you were ready to use it (ride it out, or die trying); be willing to do anything if it involves personal risk. This same saying is reflective of our individual financial habits.
When we have our financial resources in our wallet we...
The pure purpose of Estate Planning is to make an efficient transfer of wealth. Efficiency of Estate Planning is measured in two parts:1) Tax: It is important to plan your estate in a way that will transfer wealth in a tax-efficient manner—set...
We have all heard the old saying, “Two things are guaranteed in life: 1. Death 2. Taxes.”We are at an interesting time right now where prices of assets over the last 50+ years have seen a tremendous growth spurt. I always find it interesting talk...
In the unfortunate event that you or a loved one is suffering from a critical illness, having critical illness insurance provides several benefits to you and to your family. Critical illness insurance is defined as insurance that pays a tax free, lum...
1) Money needs a name: Money is fluid and always moving, that’s why we call it “currency.” If you don’t put a name to it or label what it is meant to be used for, it will find somewhere to go. We need to remember this and set up automatic pla...
Mutual Funds have become a real point of contention in the media in the last few years. I recently watched a “CBC Market Place” report where a woman went to several financial institutions and asked “how do the fees with mutual funds work?”.I...
Lets face it, no one likes buying or paying for insurance. In fact I often hear people say they feel insurance poor. From time to time I will meet people who want or already have life insurance and they say "Hey, how can I save money on life insuranc...
Last time we talked about tax deductions. The next important piece to understand is tax credits. There is a couple more moving parts to a tax credit, but it is still simple to understand.What is a Tax Credit?A tax credit is an amount of money that wi...
When financial planning - taxes become a very important piece of the puzzle in many different times in our lives. It is often best to start with the basics before we can go in to strategizing. This way, if everyone understands how things work, it mak...
A very common question - "I have heard that RRSP's arent doing well, should I do something else?"I often find people are not fully aware of what they are investing in (end all asset) with their RRSP and they get frustrated when they look at their acc...
TFSA stands for a Tax Free Savings Account.The account basically allows you to save and invest without having to pay any taxes on the returns you generate from those investments. The government created the TFSA as an incentive to help Canadians save....
It is no surprise that we are having debt issues in Canada. Most people are feeling the pressure. I have included below a piece that illustrates this reality.Much like anything in life that we are trying to fix, the first step is awareness. Be aware...
Although we may not be in the perfect definition of a recession, we can rightfully say we are in recessionary times. Unemployment is still high, interest rates are still low and economic growth has stalled.When it comes to financial decisions, most p...
In todays world with a suplus of information available, it is very easy for people to get overwhelmed on the topic of investing.Through time not much has really changed. The fundementals of how a business operates hasn't changed. Famous hedge fu...
Of 100 men at age 6554 will be BROKE (live too long)36 will be DEAD (live too short)5 will still be WORKING (no choice)1 will be RICH (money at work)Source: Statistics Canada Why the Average Family/Person is Broke !The SituationStart working: Age 30...
One of the most common misconceptions is that a Tax Free Savings Account is just a checking account that you get at the bank. Although some Banks offer a superior savings rate for a TFSA, you could be missing out on taking advantage of a great wealth...
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The pure purpose of Estate Planning is to make an efficient transfer of wealth. Efficiency of Estate Planning is measured in two parts:1) Tax: It is important to plan your estate in a way that will transfer wealth in a tax-efficient manner—set...
We have all heard the old saying, “Two things are guaranteed in life: 1. Death 2. Taxes.”We are at an interesting time right now where prices of assets over the last 50+ years have seen a tremendous growth spurt. I always find it interesting talk...
