Financial Library

The Many Benefits of RESPs

As busy parents, just meeting your family's needs each day can eclipse thoughts of the future. Add to that juggling act the cost of running a home, daycare, mortgage and car payments, and it's easy to see how setting funds aside for a child's future education can become something you'll "do later" when you have the time and money.

The Power of You

The key financial planning lesson that Covid-19 has taught us all, is that no matter how many planning scenarios a person considers, it is extremely difficult to get it perfectly right!

Covid has impacted Canadians' ability to hold, build and keep cash reserves. For many, it has affected their ability to work and earn a living, and for many small business owners, it has threatened their very survival. No matter how much planning small business owners did before the pandemic hit, very few set aside enough capital reserves for 12 months or more.

Fake News about Life Insurance

Throughout the last twelve to fourteen months we've heard a lot of unfounded claims regarding COVID-19 and Insurance Applications. Initially, people worried that Insurance Companies may not issue certain types of policies with a new virus spreading around the World. While some kinds of coverage did become more difficult to get during the pandemic, Canadian Insurers created new COVID-19 Questionnaires to make sure that they were properly assessing risks.

Preparing for Retirement? Learn How RRIFs Work

If you've been contributing to a pension or Registered Retirement Savings Plan (RRSP) and retirement or your 71st birthday is around the corner, you're required to convert that nest egg into a Registered Retirement Income Fund (RRIF). This benefits you because an RRIF allows you to withdraw savings as income while still letting you grow your investments and minimize taxes.

Time-Tested Money Management Strategies

As we grow up, what we learn about money from our parents can significantly influence how we earn, save, and grow our wealth. Meaghan, an elementary school teacher, credits her mother for her healthy approach to finances today. "I was lucky to grow up understanding that I could control my financial future if I was smart about it." There's a lot to be learned from a generation that knew how to manage their finances and feel optimistic about the future. Consider these time-tested principles that you can use to enhance your relationship with money.

Tax Deadline Quickly Approaching

I'm sure no-one wants to be reminded that their Income Tax Return needs to be filed after such a tough twelve months. That deadline is approaching though so it's very important that you have all your T-Slips and RRSP Contribution Receipts rounded up. For anyone with a Non-Registered Investment Loan, you'll want to use your Statement of Interest to write off any eligible Interest Expenses.