Recent Articles

Long Term Care Protection

Posted on June 13, 2016

Many mistakenly believe that if they need Long Term Care, either in their home or in a facility, the cost will be covered by provincial health care or other government agencies. While certain programs are available, a large portion of these costs become the responsibility of the patient or their family.

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long term care

Federal Budget Impacts Investment Taxation

Posted on May 9, 2016

The recent Federal Budget included measures to close a favorable tax rule for investors in investment accounts or through corporations, trusts and holding companies, who have proposed rules to curb the tax advantages of “corporate class” mutual fund shares.

Tags: 
tax
tax planning

Financial Future Worries?

Posted on May 9, 2016

If you are concerned about your future finances, you are certainly not alone as noted in a global survey of 19,000 adult in over 19 countries (including Canada).

Nearly 68% (or two thirds) of the 1000 Canadians interviewed in the survey conducted by the Financial Planning Standards Council (FPSC) said they still had concerns about their personal finances. For those in mid-life, anxiety caused by an unknown financial future is greater with a reported 79% worried, which shows it is not wise to procrastinate in your early life.

Tags: 
financial plan
financial strategy
financial planning

Asset or a Liability?

Posted on May 9, 2016

Do you have a separate recreational property or a rental property? If so this may apply to you:

Some years ago, Roy and Mary bought a cottage at the lake in their home province for about $50,000 and today it is worth about $750,000. Over the years, they have spent about $100,000 on improvements to the property and they kept all receipts to prove it. Roy and Mary, like many, think that it will be easy to pass the cottage on to their children and grandchildren. It may be far more costly than they think.

Tags: 
estate planning

TFSA Designations Matter

Posted on April 11, 2016

The method that you use to name a successor, owner or beneficiary of a TFSA makes a big difference to your estate, not only for a TFSA to maintain its tax-exempt status but also to ensure that the assets are distributed to the intended recipients.

Tags: 
tfsa

Insuring Your Mortgage Through Lenders

Posted on April 11, 2016

Marc and Lorna just bought a house and, like most home buyers, they needed a mortgage. During the financing process, they were offered mortgage insurance by the lender. They wanted to know more before taking the coverage.

Do we control the policy? Because the coverage is usually a group plan, the agreement is actually between the lender and the insurance company. Marc and Lorna would be insured under the policy and pay the premiums, but the lender would be the beneficiary and receive all proceeds on death.

Tags: 
mortgage
insurance
mortgage insurance

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