Year-end money management strategies

These tax and investment tips could save you a bundle

Year-end is fast approaching, and with the holiday season getting into full swing, you probably won’t want to think about investments and taxes. Still, there are a few tax and investment moves you could make before Dec. 31 that could save you a few bucks in tax come next April. So here’s my annual list of favorite year-end tax and investment tips. READ MORE

Planning for the single life

Robyn Thompson is featured on CHCH TV’s “Morning Live” with six key financial planning essentials for women who are going through a divorce.

Paving the way to early retirement

Robyn Thompson is featured in The Globe and Mail’s “Financial Facelift” series by Diane Maley. This time, high earners Toby and Cheryl wonder how to achieve their goals of a luxury lifestyle now while providing for their kids’ education and targeting an early retirement. Read Robyn Thompson’s advice on how this power couple can achieve their short- and long-term goals with a tax-efficient re-set of their scattershot finances and investments into an integrated financial plan.

The seven sins of financial planning

How to stay on the virtuous path

At this time of the year, when Black Friday madness looms, and financial responsibility seems to evaporate for many people, it’s helpful to revisit what I consider to be the most common financial and planning errors most people make. Over the years, I’ve boiled it down to the seven deadly sins of financial planning. I first produced this list in my blog a few years ago. But it continues to be a popular item, so I thought I’d run it again as a refresher on how to stay financial virtuous and scale back the many temptations and excesses of the holiday shopping whirlwind. Here’s my list, then, and some suggestions for how to avoid those deadly financial sins. READ MORE

Budgeting for wealth

Little changes can make a big difference

As this is Financial Literacy month, and the theme is “Take Charge of Your Finances!”, I want to talk about the very foundation of financial literacy, the building block of successful financial management: the budget. I can sense eyes glazing over right now, but before you click away to another more interesting page or a funny cat video, let me talk about lattés instead. READ MORE

Should you buy hard assets now?

Precious metals, gems a risky way to hedge risk

The headlines are hard to miss. There’s the seemingly endless tariff war between China and the U.S. Then there’s the truly endless sabre rattling in the Middle East, most recently between Turkey and the Kurds in Northern Syria. How about the tit-for-tat oil tanker attacks and hijackings between Saudi Arabia and Iran? Brexit anyone? Efforts by Democrats to impeach U.S. President Donald Trump. Mass rioting in Hong Kong, Chile, Bolivia. Separatist sentiments rising in Canada following the election of a weak minority Liberal government. For some investors, it’s all a bit much, and many are asking if market risk has cranked up to new highs. Is now the time to switch at least some of your funds to so-called portable hard assets, like gold and gemstones, which tend to keep their value in times of turmoil? READ MORE

Creating an income stream when your RRSP matures

Three basic RRSP maturity options

Unlike a Tax-Free Savings Account (TFSA), a Registered Retirement Savings Plan (RRSP) does not last forever. In fact, it has a specific date by which you must collapse the plan and choose one of three main options for what to do with the proceeds. Here’s a look at how this works. READ MORE

Protection against investment loss is hard to come by

Guarantees are expensive, insurance is limited

As stock markets gyrate alarmingly in this season of market volatility, novice investors often start to have second thoughts about their investment strategy, especially those novices who don’t have a financial plan, an investment strategy policy, or a clue about their real tolerance for risk. That’s when financial advisors start to get questions about “guaranteed” investments and deposit insurance and segregated funds, and other types of vehicles that seem to offer safe haven or some protection against loss. Let’s take a look at some of these, and see what’s really involved.

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Do you need all that insurance?

The big business of life, mortgage, and critical illness insurance

Insurance is a numbers game. Anyone who has ever purchased any kind of life or health insurance knows this firsthand. But here’s one number you won’t often hear about: $4.7 trillion (no mistake, that’s a “T”). That’s how much life insurance coverage is owned by the 22 million Canadians who have policies, according to the Canada Life and Health Insurance Association 2018 report. In 2017, that represented $21.4 billion in premiums. And the average coverage per household is $417,000. Health insurance added another $43 billion in premiums. No doubt about it – insurance is big business in Canada. Here’s a quick look at the types of insurance advisors are asked about most frequently. READ MORE

Three first steps for the suddenly rich

Financial planning for lottery winnings, inheritances, gifts

For those few who are lucky major lottery prize winners or for those who have inherited sudden wealth, the real question isn’t how to spend it…it’s how to keep it. For people in this rarefied group, my advice is always to start with these three first steps. READ MORE

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