Rules for RESP withdrawals

What if your child decides not to go the post-secondary route?

If you’re tapping into Registered Educations Savings Plans this fall to pay for your kids’ post-secondary schooling, keep in in mind that there are plenty of rules about how RESPs are administered. And some parents will have to deal with the question of what happens to the RESP if their child decides not to go on to post-secondary school just now. Here’s a look at what’s involved.

READ MORE

The lure of record high stock markets

Review your portfolio before jumping in

The Dow Jones Industrial Average is reaching all-time record highs. So is the S&P 500 Composite Index – amidst a pandemic and a recession, no less. And smaller investors are jumping on the bandwagon. Should you join the fun?

READ MORE

Individual Pension Plans can supercharge retirement income

Professionals, executives, business owners can benefit

The defined benefit pension plan has pretty much gone the way of the dodo. With one exception: the Individual Pension Plan (IPP). If you’re a business owner or executive, or an incorporated professional, such as a physician, dentist, lawyer, accountant, and so on, and you are over age 40 in your peak earning years, you might consider an IPP. Its many advantages for people in this group certainly outweigh its drawbacks. And as tighter rules for passive investments in private corporations have limited the availability of the small business tax rate, an IPP offers some business tax advantages as well.

READ MORE

Is there CERB relief for teachers?

Watch Robyn Thompson on BNN’s “Ask the Expert” feature on The Open, discussing whether a teacher still on a summer payroll is eligible for CERB.

Gold: safe haven or dead weight?

The lure of gold in troubled times

Gold has in recent weeks become more interesting to investors. After a lengthy period during which an ounce of gold traded around US$1,500 per ounce, it notched up slightly after the March stock market meltdown, to around US$1,700. Since the beginning of June, though, it has been climbing steadily, edging toward a historic high of US$2,000 per ounce in the final days of July.

READ MORE

Navigating a pandemic divorce

Financial planning for divorce during lockdown

The COVID-19 pandemic lockdowns have added to the stress of couples undergoing separation or divorce. And with court services limited to very urgent cases involving custody of children, options for settlement proceedings are limited. Divorce proceedings are already often contentious, emotionally fraught, and never easy. The lockdown over the past few months has made it even more difficult to settle on a fair division of financial assets, and newer cases are being delayed or deferred until the lockdown ends and courts can begin to clear the divorce case backlog.

READ MORE

Is there a CERB clawback clause?

Watch Robyn Thompson on BNN’s “Ask the Expert” feature on The Open, discussing whether CERB is pro-rated if you earn over the $1,000 monthly threshold.

The hard lessons of market risk

Get a fix on your true level of risk tolerance

Until very recently, things had been looking up in the U.S. The Labor Department reported that the U.S. unemployment rate dropped to 11.1% in June, as millions of Americans began returning to work. That helped lift investor sentiment on hopes that the economy would start to recover. But a resurgence in COVID-19 cases in the U.S. over the past couple of weeks could derail that. This past week, over 77,000 new COVID-19 cases were reported in the U.S. in a single day.

READ MORE

Managing financial stress: a CFP professional weighs in

Robyn Thompson is featured in this FP Canada interview, discussing practical strategies for dealing with financial stress during the COVID-19 pandemic.

Choosing between CERB and CESB

Watch Robyn Thompson on BNN’s “Ask the Expert” feature on The Open, discussing which form of financial aid works best for someone who is both a seasonal worker and a student.

older