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Financial planning is a comprehensive, broad process. It’s important for a financial planner to take the big picture approach and consider every aspect of finances before recommending anything. If you’re seeking professional advice on your financial matters, make sure to work with a financial planner who knows how to balance your current needs with goals … Continue reading “Fundamentals Of Personal Financial Planning”

Proper planning is the only way to ensure financial stability when it comes to retirement. When it comes to planning, it’s inevitable to understand your current financial situation and how you want your retirement to be. The way people define retirement has completely changed. Today, retirement is acknowledged as a completely new and exciting phase … Continue reading “Factors Affecting Retirement In Canada”

Being a smoker, you probably understand what it takes to quit smoking. One-third of Canadian smokers are reported to have intentions to quit. Your intention to quit is strongly associated with the number of attempts you have taken in the past. Smoking is one of the leading causes of premature deaths in Canada. While considerable … Continue reading “How Quitting Smoking Can Improve Your Health And Finances”

Canadians are living longer. A significant rise in average life expectancy has been observed over the past 25 years. This could have a serious impact on how Canadians think about their future and retirement. It becomes challenging to plan for retirement and create sustainable sources of lifetime income. Rising life expectancy is not the only … Continue reading “How To Develop A Tax-Smart Retirement Income Strategy”

There are many issues that must be considered when planning your estate. Addressing a potential situation where a person may become mentally or physically incapacitated is one of the final parts of estate planning. Power of Attorney is a legal document that empowers a person to act on your behalf. When you become unable to … Continue reading “Power of Attorney: Here Is What You Need To Know”

If you think the role of a financial planner is only to help rich people track their income, investments, and multiple bank accounts, you need to redefine your definition of a financial planner. A person, regardless of their income or wealth, can benefit from financial planning. A certified financial planner can help you streamline your … Continue reading “How A Financial Planner Can Help You Meet Your Future Goals”

“Savings, remember, is the prerequisite of investment.”-Campbell McConnell, Economics A Registered Retirement Savings Plan (RRSP) is a type of Canadian savings account for holding investment assets and savings. Most Canadians who contribute to RRSP are familiar with the various benefits of RRSP. Home Buyer’s Plan (HBP) and the Lifelong Learning Plan (LLP) are two of … Continue reading “Benefits of RRSP: Lifelong Learning Plan (LLP) And Home Buyer’s Plan (HBP)”

So, you bought your estate for $500,000 and now you’re in a position to sell it for $600,000. You have made money and it’s time to celebrate the gain. However, you have to pay capital gains tax on your earnings. Before we go ahead and discuss strategies to reduce capital gains tax, it’s important to … Continue reading “Strategies To Reduce Capital Gains Tax”

When a person dies, his debts must be paid first before his estate or property is passed on to his family. Debts can range from any administrative expenses in settling estate matters and taxes to legal fees and funeral costs. Taxes on investments and probate fees are also some important considerations when calculating estate costs. … Continue reading “How To Minimize Estate Costs”

While it’s comforting to think that the tax season is many days away, the filing deadline is just around the corner. The time of the year when you have to report to the government your eligible expenses and income can be stressful. Waiting until the last minute is not a good strategy. Therefore, collect all … Continue reading “All You Need To Know About Tax Filing Deadline In Canada”

Canadian families have been using gift and will as a tool to distribute their wealth between generations. While it’s still effective to adopt simple and straightforward ways of transferring assets, ignoring the complexities of today’s society can create many problems down the road. How trust can streamline tax and estate planning matters The effective use … Continue reading “The Concept Of Setting Up A Trust In Canada”

Many of our decisions and situations come with some serious financial implications. Whenever an opportunity arises that can impact your financial situation, don’t forget to plan so that you can make the right decisions down the road. There are some advantages and disadvantages when you name beneficiaries of your registered retirement income fund (RRIF) or … Continue reading “Designating A Beneficiary For Your RRSP/RRIF”