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Financial Library

Inflation & Your Financial Strategy

Posted on: March 7, 2022

In a December 2021 poll, 87% of Canadians surveyed reported that the rising price of everyday goods was their top source of anxiety1. The last period that caused this level of financial concern for Canadians was the 1990s2, when inflation reached a high of 5.5%. Today, it sits at about 4.8%, primarily due to transportation and supply chain issues and a sharp rise in energy prices. The associated increase in cost is passed along to Canadian consumers, who are concerned about how to pay for it.

Where's the Money?

Posted on: March 7, 2022

When Dora died on August 1, 2018, most of her assets passed by Will to her adult children and were therefore subject to probate. $250,000 was in GICs and a fairly rapid transfer of this money to her heirs was expected. But that was not the case. They had to wait until March 2020 for it. That's right, almost two years.

Tags: 
estate planning

RRSPs, Taxes and Profitable Investing

Posted on: February 7, 2022

The RRSP deadline for 2021 deposits is fast approaching on March 1st. Some of the basics of the benefits of RRSPs are worth repeating, especially for Millennials and other younger, or beginner investors.

The goal of building investment assets is to someday (retire) be able to sustain your desired lifestyle without having to work to earn an income. This is often referred to as passive income where the assets generate the monthly income needed to maintain your standard of living.

Tags: 
investment planning

Being Thrifty Can Be Fun

Posted on: February 7, 2022

A year ago, Faye and David decided to get smart around saving money. "We both love the idea of retirement," says Faye. "But we could never seem to close the gap between what we earn and what it costs to run our life to increase our savings." As the couple approached their fifties, they decided to find innovative ways to save. "One of the ways we could do that was to spend less on the things we needed," says David. "We love a challenge, so we decided that we wouldn't make any major purchases for a year without comparison shopping or a money-saving coupon."

Tags: 
investment planning

It won't happen to me. Yeah, right.

Posted on: February 7, 2022

Ross and Janis lived a typical Canadian life. They were married, had two children, Melissa and Kyle, and both worked outside the home.

An avid golfer, Ross also went on fishing trips with friends and helped coach his son's hockey team. Janis played the piano, enjoyed bike rides with her friends, and was treasurer for her daughter's soccer team. They played in a mixed curling league.

Tags: 
insurance planning

Passing it on to Your Heirs

Posted on: January 13, 2022

Ralph and Mary have accumulated a nice estate, a good portion of it in cash. They want to leave it all to their children when they die, but they also want to do something for them today. Being part of the Savings Generation, they are reluctant to give large sums to their kids today, as they are part of the Spending Generation. Ralph and Mary also want to treat their children as fairly as possible.

When someone dies, their estate falls into three basic categories:

Part 1 - Proceeds that can be passed on by way of a named beneficiary designation.

Tags: 
estate planning

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