Q – The markets seem to go in one direction these days – down. Is now the time to invest my money, or should I wait? – Craig R., East York, Ontario A – There’s actually no “right” answer to that question. When you invest your money in stocks, bonds, or mutual...
Q – As an avid investor, I pay particular attention to my investment portfolio. I am looking at purchasing a life insurance policy as an investment. Do you recommend this? – Lyn H., North York A – There are many types of life insurance policies. “Term-life”...
Q – I am 27 years old, just finished university, and I want to create an investment plan for my future. Where do I start? Thanks. Jim S., Toronto, Ontario A – The key is to know where you want to end up. I know this sounds like putting the cart before the horse,...
Q – I am single and in my early 30s. I hope to one day settle down and get married, but as luck would have it, I have yet to meet my prince charming. Do you have any advice on how a single person can secure retirement and still be able to pay their mortgage?...
Q – I’ve completed my tax return, and I actually had taxes owing. It was a shock, and I had to scrape up the money from funds that I had earmarked for other purposes. I don’t want to go through that again. What can I do now to reduce my tax burden for this year? –...
Q – What happens if I miss the tax-filing deadline? – Susan H., Uxbridge, Ontario A – The tax-filing deadline for your 2011 tax return is on or before April 30, 2012. If you’re self-employed, your return for 2011 has to be filed on or before June 15, 2012. However,...
Q – I’m in the process of filing my 2011 tax return. Are there any tax breaks to help offset the cost of raising a family and going to work? – Ray S., Scarborough, Ontario A – In fact, there are a few deductions available. Here are the most popular ones: Childcare...
Q – I have had my mutual fund portfolio managed by an advisor for the past 10 years. His performance is disappointing, and by the time I pay fees, I am only ahead marginally. Recently, my portfolio has been in negative territory. I would like to try and manage my...
Q – In March, I will turn 71. What happens to my RRSP? Do I need to withdraw the entire amount? – George B., Paris, Ontario A – The rules state that by the end of the year in which you turn 71 (this is the year for you, George), you will need to collapse your RRSP....
Q – I am trying to figure out how to reduce my income taxes, so that I can invest more in my RRSP. Is there anything I can do now to reduce my 2011 tax bill, or is it too late? – Lisa R., Virgil, Ontario A – There are a few ways that you might still be able to save...
Q – I have a financial advisor. How do I know that I am getting value for my money? – Robin H., Toronto, Ontario A – There’s no easy answer to this question. As advisors, we aim to provide a valuable service to individuals seeking to make sense of what can be a...
Q – I am a procrastinator when it comes to contributing to my RRSPs. Every year, I make my contribution on the very last day. Do you have any tips so that I don’t find myself doing this again next year? – Lillian G., Winnipeg, Manitoba A – I urge my clients to make...