The financial business can be confusing and overwhelming, and it’s easy to freeze and do nothing. As time ticks on, it’s easy to lose sight of the potential damage to one’s future financial situation through loss of time and missed opportunities.
According to the Canadian Anti-Fraud Centre, there have been a number of COVID-19 related scams aimed at the most vulnerable by taking advantage of fear and misinformation. It’s important to keep yourself and your loved ones, especially those who may be more susceptible to fraud, armed with the facts.
We can feel bombarded with responsibilities screaming for our attention daily. Worries of not having a financial plan with RSP and/or TFSA investments can loom in the background. Sometimes the thought of climbing a mountain seems overwhelming but the thought of taking just one step is manageable. Focus on taking the first step.
Christmas is noted as one of the most stressful financial times for people, and rightfully so. Christmas in our culture seems to carry with it a financial burden that can be hard to swallow.
1 in 4 indebted Canadians admit to making poor progress on paying down their debt. Having a budget and debt repayment plan can go a long way to reversing this trend. The first step is to pay attention to where your money is going. You may not even realize how much you are spending.
We need to represent women and their finances appropriately but sometimes by broad based differentiating, we somehow create a separation in ways that aren't necessary. Personal difference unique to individuals are far greater than any difference by gender.
Taking time off work to care for your child often means leaving the work force, or working fewer hours. If you do so, you will naturally have less contributions toward your Canada Pension plan than if you worked full time and contributed fully into CPP during those same years. For the stay at home parent, this may lead to a lower CPP pension payment in retirement.
Life insurance can make all the difference to the survival of a family after a death helping them to make ends meet.
The idea of a de-registration strategy is to draw registered funds from your RRSP or RRIF in a manner that is to your best benefit from a tax planning perspective.
After years of building RRSP savings, the next step is to think about how and when to draw on these savings for your retirement spending needs.
Who doesn’t want to pay less tax? But, how do you do that? Do you know what tax strategies you should consider for your personal situation?
An RRSP isn't for everyone. The basic building block is saving money. The next step is deciding where to put that money and an RRSP is only one of many options. For some it is the perfect choice, and not for others.