RRIFs and Retirement Strategy

The RRIF and Your Retirement Withdrawal Strategy

Many of us contribute to a Registered Retirement Savings Plan (RRSP) to achieve tax deductions and tax-deferred growth to plan for retirement. When the RRSP must be collapsed, funds are often converted to a Registered Retirement Income Fund (RRIF), which requires minimum withdrawals prescribed by the government based on age (please refer to Canada Revenue Agency for withdrawal rules). RRIF withdrawals are treated as taxable income.
If you plan on holding a RRIF, some forethought should go into your withdrawal […]

Managing Cashflow

Do You Have Visibility Over Your Cash Flow?

Regardless of your life stage or income level, creating a personal cash flow statement can be a valuable exercise. In a basic sense, it is a snapshot of your sources of income, as well as what you’re spending and saving.
Do you know how much you spent last year, or how much was spent on each type of expenditure? Although many of us have good visibility over our income, we may not have a clear picture of where funds are […]

Digital Security - Tips

Online Accounts: Tips to Improve your Digital Security

As technology advances, online crimes continue to improve in sophistication, and our digital security is increasingly being challenged. If our choice of passwords is any indication, we may not be doing our best to stay secure. According to a recent report, 23.2 million people who had their online accounts hacked were still using the password, “123456.”1
Ways to Improve Our Digital Security
Here are some basic tips to improve your digital security. While many of these tips may seem obvious, this […]

Teaching kids about finances

Teaching Kids About Finance in the Digital Age

If you’re having a hard time pulling your (grand)child away from their smartphone, you’re not alone. A recent CBC article shed some light on the complications emerging from smartphone use. Meal delivery services have become so ubiquitous that high-school students are ordering meals to school. One high school reported 50 to 70 deliveries in a day before a ban was put in place.1
It may seem harmless, but there are concerns that deeper behaviours are being cultivated. In this age […]

Prioritize Estate planning

Make Estate Planning a Priority in 2020

Have you made your estate plan a priority? If not, why not resolve to do so for the year ahead.
An effective estate plan ensures the efficient distribution of assets according to your wishes to maximize the legacies to your family or other beneficiaries. With the realities of complicated family structures or business ownerships, and the intricacies of tax and succession laws, forward planning can help promote efficient administration and minimize expense down the road.
A well-prepared estate plan offers benefits […]

Lifespan for retirement plan

Impact of Longer Lifespans on Retirement Plans

There are many factors that can affect the amount you need to save for retirement. One factor that is often overlooked is the increasing average life expectancy.
Here is a great article about the impact of longer lifespans on our retirement plans:

Canadians are living longer and it’s changing the financial equation for retirement
By Kate MacDonald
“…Today, one of the most taxing challenges that is often left out of the conversation is the impact of the change in average lifespan. According to […]

RESP for Grandchildren

Funding an RESP for Grandchildren

With the rising costs of education, many grandparents have been asking about funding a Registered Education Savings Plan (RESP) for a grandchild’s post-secondary education. While it is possible for grandparents to open an RESP for grandchildren, it is important to exercise caution, for two reasons:
1. Don’t Exceed Maximum Allowable Amount
If multiple RESPs exist for the same child, total contributions need to be carefully monitored so they don’t exceed the maximum of $50,000 per beneficiary, as penalties will apply.
2. Know […]


The Yield Curve and Interest Rates: What Do They Mean?

If you’ve been paying attention to the markets or the media lately, there has been a lot of talk about the yield curve.
What is the Yield Curve?
Simply put, the yield curve is a graph that plots the interest rate yields of bonds over time. Usually, longer maturity bonds have a higher yield than shorter maturity bonds because investors are compensated with higher returns for tying up their money for a longer period of time. However, in March of this […]