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
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
According to the Canadian Anti-Fraud Centre1, in 2023 there were over 62,000 reported fraud victims. Seniors in Canada are getting bilked out of more than $500 million every year. It
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
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
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
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
Uncertain economic times and rising rates of unemployment often create a new breed of desperate people. Some turn to frauds and scams as a way out of their troubles. Others
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
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
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 –
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
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
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
Many clients in their 50’s and 60’s are increasingly worried about the finances of their aging parents. This is especially true when it is difficult to predict interest income on
Most people want to be wealthy, or at least financially independent. The sad truth is that very few people are financially independent when they reach retirement. The rest are dependent
The last year or so has been a very rude awakening for many. Too many people today are so busy living a lifestyle, they forget that emergencies may need to
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
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
Clarke owned a small business that employed three other people besides him. He had sole signing authority on his business bank account, and personally had a joint mortgage on his
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
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
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
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
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
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
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
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
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
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
