Search
Close this search box.

Diversification is Key

07 2024 1

As with many retirement savers, it took two major stock market events (Global Financial Crisis, Global Pandemic) to convince Adam and Sonya that trying to ‘time the market’ or pick specific sectors was a costly exercise in futility. But, with the value of their RRSPs nearly halved in the 2009 Financial Crisis, they also recognized […]

Estimating Retirement Expenses

07 2024 3

By far one of the most crucial financial strategy steps is accurately estimating retirement expenses. Correctly accounting for retirement living expenses is critical to ensuring that retirees do not outlive their money. For those already retired, there are usually few good options for creating new income sources later in life. Getting retirement spending projections correct […]

Asset Building Strategies

06 2024 1

In the last article Sue had a capital shortfall of $400,000 in order to support her desired retirement lifestyle. This amount will vary for each individual and will be larger or smaller depending upon your income, age and ability to save money as a percentage of your earned income. Broadly speaking there are only two […]

Needs vs. Wants

06 2024 2

There are things you need to live a healthy life, like a place to live and food to eat. There are also things that you’d like, such as a warm vacation or new ski boots. It’s possible to have it all, but not all at once. If you can’t afford to pay your bills for […]

You’ve Retired. Now What?

06 2024 3

Canadians are living longer, healthier lives. According to Statistics Canada (2018), the average life expectancy is 80 years for men and 84 years for women. This means your retirement years may almost equal your working ones. Family therapist Rhonda Katz suggests taking some time before retirement to identify what you find enjoyable in life and […]

Strategic or Target-Based Planning

Financial success methodologies have evolved over the past 30 years with the advent of increasing computational power. Originally, planning was a simple spreadsheet projection of your current situation, plus some assumptions, such as savings rates, tax rates, investment returns and inflation rates. This would give you an idea of what your final destination would look […]

Role Reversal – The New Reality

Our parents raised us; we moved out, had children of our own and raised them. Then our children moved out and had children of their own to raise. It was supposed to stop there for us, but then one day we had to look after one or both of our parents. According to a 2020 […]

Beware of These Scams Aimed at Seniors

According to the Canadian Anti-Fraud Centre1, in 2023 there were over 62,000 reported fraud victims. Seniors in Canada are get bilked out of more than $500 million every year. It is estimated that as many as one in five seniors have lost money to fraudsters and most don’t report it. Even though seniors today may […]

Financial Success Simplified: Introduction

The purpose of this series is to educate consumers on some simple principles that will take the mystery out of the often complex world of managing one’s financial affairs. The first distinction is to realize there are only seven key variables that can be managed in creating your financial future and wealth. These variables are: […]

Planning Ahead Eases Tax Audit Worries

A letter arrives from Canada Revenue Agency (CRA). You are being audited. Panic ensues as you wonder what you did wrong and why the CRA is targeting you. ‘There must be bigger fish to fry,’ you might say to yourself. The first thing you need to do is relax and take a few deep breaths. […]

What’s Your Retirement Planning Mindset?

Recent studies * reveal that a large majority of so-called Baby Boomers are uncertain about their preparation for retirement. Arguably, the have it my way generation did not all follow in their parents’ footsteps when it came to saving for the future. As well, some major bumps along the way (a housing crisis, a stock […]

I Want it All and I Want it Now

The neighbors have a shiny new sport utility vehicle to tow their travel trailer. They take a two-week tropical vacation every winter. Their family room is equipped with the latest large screen TV and surround sound stereo system. Many people believe this is a sign of wealth. In fact, this is usually a sign of […]

The Five Insurance Must Haves

Insurance is, and has always been, a tool to manage risk. If you cannot afford to ‘lose’ something, it is best to insure it. As with many other financial situations there are various solutions design to protect against financial losses. The five types of insurance everyone should have are: Life Insurance – The primary reason […]

These Financial Mistakes Can Cost You

Some financial decisions are made without enough thought given to the long term consequences. TIME – a critical element for any successful long-term financial strategy – can affect different situations quite dramatically. Here are some financial mistakes you should try to avoid: Mortgage amortized too long: With lenders offering 30 year amortization periods, it may […]

Personal Finance & Job Transfers

These days, having a career presents many more new rewards and challenges than it ever used to. What we used to take for granted – including our work location – can sometimes change dramatically as companies continue to change and adapt to new economic situations.   This can be great for a business and its […]

Maximizing Your Retirement

02 2023 3

Bob and Lisa are wondering just how their retirement will turn out. After all that’s happened over the past few years, their RRSP accounts haven’t grown as much as they had expected. Even in the best of times, they weren’t saving as much as they could have been, at least for all their post-retirement desires. […]

A Fresh Look at RRSPs vs. TFSAs

01 2024 1

The Tax-Free Savings Account (TFSA) contribution limit increased to $7,000 (from $6,500) for 2024. This new limit means that a taxpayer who has never contributed to a TFSA and has been eligible for one since its inception will have a cumulative contribution room of $95,000.   TFSAs are now a serious portfolio and investment planning […]

Make 2024 Your Best Financial Year Yet

Many of us reflect on our yearly financial goals as the calendar turns to a New Year. But bringing goals to fruition can’t happen without a clear plan of action and determined effort.   This is especially true as we continue to live with lingering effects of above-average inflation and the highest interest rates in […]

Avoid the Boomer-Widow Financial Syndrome

It is seldom planned or wished for, but it is a reality and something that requires discussion – the illness and/or death of a spouse or partner. As the so-called Baby Boomer generation ages, there is a marked increase in widows suddenly left with financial situations that they do not fully understand.   There are […]

Five Pillars of Financial Literacy

November is financial literacy month – a great time to reflect on your relationship with money and the decisions you make that guide you toward a secure future.   Financial literacy is a set of five key skills that help Canadians navigate the complex world of personal finance with clarity, empowering them to achieve their […]

Year End Tax Planning Ideas

With the year’s end fast approaching, here are some ideas to minimize your 2023 tax bill.   The first idea is to look at harvesting any tax losses in an investment portfolio to help offset any capital gains you may have triggered. Even if there are no capital gains, non-registered tax losses can be applied […]

All-Weather Investing

There is almost always chatter in the media about the next possible correction or recession. The most recent buzz is about a possible US recession where Canada would likely follow suit. The chatter also includes opinions about a “soft” versus a “hard” landing, etc.   The primary challenge for individuals trying to build wealth is […]

Tips for Dealing with Higher Inflation

Inflation is a reality of modern life, and in recent years, it has become increasingly challenging to manage personal finances in a higher inflation environment. Higher inflation can lead to higher prices for goods and services, which can in turn make it harder to save money and plan for the future.   However, there are […]

CPP at 60? Pros and Cons

As individuals approach retirement, they must decide when to start receiving their Canada Pension Plan (CPP) payments. While the standard age to begin receiving CPP payments is 65, it is possible to start as early as age 60 or delay until age 70.   This decision should never be taken lightly, as it can significantly […]

Who is Your Trusted Contact Person?

Monica was alarmed to hear from her mother’s financial advisor expressing concern over some unusual financial requests. She called her mom, who seemed fine, but Monica couldn’t get the conversation with the financial advisor out of her head.   She travelled to see her mom in person and was dismayed to discover numerous unpaid bills […]

Interest Rates and Your Financial Strategy

Working towards financial independence includes assumptions about how the world operates and how we navigate within that environment. These assumptions work best when the world remains the same allowing you to make reasonable future projections.   Challenges come when changes occur in the operating environment which may require reassessing wealth building strategies. The disruptions from […]

How to Get Income Out of Your RRSPs

Roger and Linda, like many Canadians, have saved for years for their retirement. They took advantage of RRSPs and now have a substantial amount of savings. As Roger will turn age 71 this year, they need to decide on the best strategy for using their RRSPs for their retirement income needs.   Until now, Roger […]

Tips and Traps for Handling Estates

Here are some common TIPS Canadians should consider when assisting family members with handling their financial affairs while alive. And some common TRAPS that may occur once an Executor is working on distributing the Estate assets to the heirs.   It is a common practice to have all of Mom’s or Dad’s bank accounts set […]

Financial Resilience

You’ve likely heard the term “financial resilience”. You may even know it refers to a household’s ability to navigate and overcome financial stress and hardships that life inevitably throws at you. But did you know that financial resilience can be measured? This calculation is based upon key indicators that include household savings, stress levels around […]

Retirement Income Planning: Simplified

Retirement is a significant life event that requires careful planning and preparation. One of the most important aspects of retirement planning is figuring out how to generate income during your post-work years.   In this article, we will discuss some wise retirement income strategies that can help you make the most of your retirement savings. […]