10 Reasons to Work with a Financial Advisor
The first step to developing an effective financial plan is meeting with a qualified wealth advisor. Below are 10 reasons that working with a wealth management professional will benefit you and your family.
The First Home Savings Account Has Arrived
Canadians have gotten a boost to save for buying a home. The new registered plan, the First Home Savings Account (FHSA), became available on April 1, 2023, and was included in the last budget from the governing Liberals.
What We Know About the Tax-Free First Home Savings Account (FHSA)
Canadians will soon get a boost when it comes to saving for their first home. Starting in April of 2023, the Tax-Free First Home Savings Account (FHSA) will be available to those who have dreams of owning a home. This account is part of a campaign promise by the Liberals in the last election. Here is what we know so far.
6 Recession Tips.. it is never too late to plan
Depending on who you ask and the definition they use, a recession has occurred or is about to occur. The traditional definition is two consecutive quarters of economic decline measured in Gross Domestic Product. A more complex definition is a slowing of economic activity and an increasing unemployment rate.
Financial and lifestyle preparations for a recession should be undertaken now to lessen the effects should it occur. And if it does not, then you will be even better prepared for any economic shock that could unexpectedly occur.
Pay-down Your Mortgage or Top-up Your TFSA
The question of reducing debt or contributing to savings will continue to be debated for as long as people plan to retire in Canada.
Of course opting for both: reducing debt and increasing savings is the ideal. As for which is better, however, really depends on the individuals involved, their goals and feelings, and their unique financial situations.
If you find you just can’t decide whether to save or pay off, start by contributing to a TFSA; those deposits can easily be withdrawn and applied to your mortgage in the future.
How To Protect Your Assets Against Inflation
Ever feel like your money is not going as far as it used to? Do not worry, you are not imagining it. You can blame inflation. Inflation is the rising price of goods and services over time. This rise impacts your purchasing power. Though it can be discouraging to think that inflation is eating away at the value of your assets, economists consider a small amount of inflation indicative of a healthy economy. Inflation encourages consumer spending and corporate productivity.
What to Consider When Drawing Down Your RRSP
If you have been a good saver and contributed religiously to your RRSP, you should be rewarded with a sizeable six or seven figure RRSP that would make your retirement that much more enjoyable. The only issue now is – how do you get the money out of the RRSP without paying more tax than you should? Typically, it is advised that investors leave their RRSPs alone for as long as possible to take advantage of the tax-free growth. While this can be true for many people, it is important to crunch the numbers before you retire to make sure this makes the most sense for your unique retirement situation. Many retirees, especially those with a high net worth, may find there could be a more efficient way to withdraw retirement income.
Retirement Myths Debunked
We are experiencing a silver Tsunami. The leading edge of the Boomers turned 65 six years ago. On average, 1,250 Canadians turn 65 years old every single day. Most Boomers were born between 1961 -1965. That’s why you feel everyone has been turning 50. And people are living longer, much longer. With all of this happening, it’s small wonder that the media, politicians and the financial services business are all talking about retirement. That kind of focus may be good, because of what it means for savings habits and pressures on goods and services. There are a lot of myths we have to be wary of if we want to ensure we have an adequate retirement income that lasts a lifetime.
What You Need to Know About Guaranteed Minimum Withdrawal Benefit Annuities
Guaranteed Withdrawal Benefits, or GMWB, are options in some segregated fund contracts that allow the policy holder to receive a guaranteed income for life. These types of contracts can be appealing for retirees looking for a guaranteed income stream and who are nervous about market fluctuations.
The Value of Participating Life Insurance
Participating insurance can serve a variety of purposes for both individuals and businesses. For business owners, it may work well as a tax planning vehicle. For individuals, it may serves as a way to provide a modest inheritance to their loved ones after they are gone. Whatever the purpose of the policy, Participating insurance comes with a set of characteristics that offer great value to the policy owner.
