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What you need to know about TFSAs and estate planning
Sorting out “successor survivor” vs. “designated beneficiary” When you open a Tax-Free Savings Account (TFSA), you’ll likely be asked whether you wish to specify something called a “successor holder” or whether you want to designate a beneficiary. If you’re not...
Money Makeover: Should she rely on rental income in retirement?
Robyn Thompson is regularly featured in The Toronto Star’s “Money Makeover” series by Deanne Gage. Money Makeover takes a look at Gina, 63, has recently purchased a preconstruction investment property to help fund her retirement in 2 years time. Gina says she is...
Annuities as an RRSP maturity option
Is an annuity right for you? As a growing number of Baby Boomers retire, the question of what to do with maturing Registered Retirement Savings Plans is becoming more pressing. RRSPs must be shut down by the end of the year in which you turn 69, and the proceeds...
Should novice investors use ‘smart beta’ ETFs?
The difference between passive and active ETF investing Novice investors just getting started with exchange-traded funds often ask whether they’d get more bang for their buck with a couple of “smart beta” funds added to the mix. But I generally advise thinking...
The ABCs of RESPs
How to use RESPs to save for post-secondary schooling May and June bring thoughts of summer vacations, the end of the school year, and graduations. For many students, post-secondary education is only a few years away. And their parents are often worried they won’t...
Are your savings safe?
What Canada Deposit Insurance covers…and what it doesn’t Are your savings safe? Given the recent run on deposits experienced by troubled Home Capital Group Inc., many people with large amounts of cash stashed in savings accounts, term deposits, and guaranteed...
When to trigger your retirement income streams
Making the pension decision is not so cut-and-dried The big question most retirees ask is whether they’ll outlive their money. As you age, healthcare costs rise, and the question of long-term care can become a problem. Will you be able to afford to stay in your...
The lure of ‘haven’ assets
The danger of investing by headline We’re once again seeing the geopolitical situation heating up – North Korea, U.K. elections, French elections, Trump’s trade threats, and so on. Is it time to sell stocks and switch to gold and bonds? How did that strategy work...
Investment expenses: deductible or not?
Here’s what you can deduct…and what you can’t Investors have recently been getting more information from their advisors about the fees and charges they pay. This is likely because of new rules imposed on the financial services industry by securities regulators....
Does an RRSP withdrawal make sense for first-time homebuyers?
When to take advantage of the Home Buyer’s Plan First-time homebuyers who have RRSPs often look to supplement their down payment by taking advantage of the RRSP Home Buyer’s Plan. But frequently, they have only a sketchy idea of how it works and whether it’s even...
Are you ready to be the family financial guru?
Here’s what you need to take on that role You’ll probably know of friends or colleagues who are unable to balance their chequing account on a monthly basis. I’ve had clients come to me who regularly simply close their out-of-control (and usually overdrawn) chequing...
Don’t fall prey to the “binary options” scam!
How to avoid getting conned, scammed, bilked, and defrauded online Do-it-yourself investors may have run across investing websites that promise huge returns if you trade something called “binary options.” They make it seem like a pretty easy way to make a quick...