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Rules for withdrawing tuition funds from RESPs
Special rules apply to non-residents When a Registered Education Savings Plan (RESP) matures, the beneficiary of the plan (usually the child for whom the plan was opened) can withdraw the funds for post-secondary tuition. Because they will likely be in a very low...
Fixed-income investing in a rising rate environment
Carefully selected bond funds as part of a diversified asset mix If you haven’t checked your portfolio for a while, you may have noticed that the performance of your bond mutual funds and ETFs has been lagging a bit. And you may be thinking of selling or switching....
The right financial advice doesn’t cost, it pays
Choosing the best financial advisory team Once you’re established in your profession or career, and you’re accumulating a sizeable nest-egg, getting financial advice from your second cousin or the bank teller just won’t do. You need to get some professional money...
Investing: How to deal with market risk
Can you really “live with the risk”? In this day and age of “robo-advisors” and passive index investing, many investors seem to have forgotten the single immutable truth that equity markets are inherently risky. That’s simply because the share prices of stocks...
How to cut the cottage-sale tax bill
The ABCs of the ACB Thinking of selling your cottage, cabin, or recreational property? Unless it’s truly your principal residence, the Canada Revenue Agency (CRA) will want its share of any capital gain you make on the sale. It calculates the capital gain as the...
Money Makeover: No plan and a high-risk portfolio threaten their retirement security
Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. This month, Money Makeover takes a look at Victor and Shelly, who hope to retire next year, but have a risky investment portfolio and no plan. Read Robyn Thompson’s...
Businesses increasingly use DPSPs and Group RRSP combo benefits
Employer contributions and tax savings can really add up Employers often use group benefits as a way to attract and retain their best employees. The most popular group benefits typically offer the most flexibility for employees and the lowest costs for employers....
Oops! The CRA wants more – now what do you do?
You can fight with a Notice of Objection Taxpayers start getting tax refunds from the Canada Revenue Agency in April and May. That may be a cause for celebration. But if you get a Notice of Re-assessment, it can contain a nasty surprise, complete with demands for...
Financial planning for newlyweds
How a financial planner can help with “the money talk” There’s a lot to think about when you’re preparing to get married. And very likely, financial planning isn’t at the top of the list. That’s where a good financial planner can be invaluable. In my own practice,...
Have GICs become an investment choice to consider?
The lure of rising rates and market-linked returns Current 5-year GIC rates are being advertised as high as 3.50%. Given that most savings accounts offer much less than 1.00%, some investors have been wondering whether it’s time to move funds into GICs as part of...
Real-world advice for new grads
A (very) short post-graduate course in personal finance Here’s a commencement speech you won’t hear at most graduation ceremonies: As a new grad, the most important lesson you’ll have to learn after leaving school is to live within your means and not spend more...
Compare apples to apples when benchmarking performance
How to compare your portfolio with an index A benchmark is a market yardstick independent of your portfolio against which your performance can be evaluated. It’s usually an index that tracks the performance of the broader market, like the S&P/TSX Composite...