Gift Funds

Thinking About Gifting Funds to Adult Children?

Most of us have heard the statement: “back in my day, I walked uphill both ways to get to school.” But given the rising costs to own a home or earn a higher education, perhaps kids these days don’t have it as easy as we may think. If we look back 35 years, the average cost of a home was only 1.6 times annual family income; today, it has climbed to around eight times average income. Tuition costs have […]

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Investing takes grit

Investing Takes ‘Grit’

If there’s one thing the extended bull market run has taught us, it’s that investing takes “grit.” Often dubbed “the most hated bull market of all time,” as reported by the media for many years now.
Grit is about having the same goal for a very long time, and sticking to it despite setbacks or failures. Researchers have determined that it can be one of the greatest predictors of an individual’s long-term success, even more important than IQ or wealth.1
As […]

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Best GIC Rates

A Win-Win? Socially Responsible Investing

The release of Forbes magazine, 2019 Just 100 list suggests that Adam Smith’s book, The Wealth of Nations, may be more prophetic than ever. In Smith’s book, published in 1776, he used an “invisible hand” metaphor to suggest that in a free-market economy, businesses pursuing their own economic interests can end up serving the interests of society. Fast forward to today and the Just 100 list demonstrates that many large, U.S. publicly-traded corporations are successfully aligning business practices with […]

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Happiness is linked to Money

Happiness has a Dollar Value—Less than You Think

What drives our happiness? This is a question that researchers continue to investigate. Despite the oft-repeated adage suggesting otherwise, there is indeed an intrinsic link between money and happiness. However, the research might surprise you.
Each year, the United Nations (UN) measures the happiness of countries globally in its World Happiness Report. According to the UN, the variables that drive a nation’s happiness include income, social support, healthy life expectancy, freedom, trust, and generosity. Canada consistently places in the top […]

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probate fees

Keep Probate Fees in Perspective

In Canada, we don’t have a “death tax,” where significant taxes must be paid on the transfer of wealth at death. Consider that in some countries like the U.S. or Japan, estate tax can reach rates of up to 40 and 55 percent respectively!1 Yet, over the years, probate fees have become a de facto estate tax.

Estimated Probate Fees on a $1M Estate Value by Province2

Probate is the process by which a court confirms the validity of the will […]

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Budget

Budget 2019: New Housing Affordability and Retirement Planning Initiatives

In late March, the Federal Government tabled their final budget prior to October’s federal election. The Budget holds key initiatives aimed at helping young people with housing affordability, and to help seniors with retirement planning. Here are some notable changes that may impact you or your loved ones, specifically targeting the young and the old:
The Young: Housing Affordability
While many children may be hoping for support from the bank of mom and dad to purchase a home, if this isn’t […]

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Investing is a bumpy road

Investing: Never a Smooth Road

Fear and greed—the two emotions that are said to drive the equity markets. How quickly, it seems, that the sentiment can oscillate from one extreme to the other. Over recent times, Canadian and U.S. equity markets have experienced periods of remarkable advances in prices, as well as many months which seemed to forecast an Armageddon just around the corner.
It is interesting how quickly the focus of many market commentators can shift with these movements. After a volatile December for […]

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Choosing a Beneficiary

Do You Need to Revisit Beneficiary Designations?

Naming a beneficiary is a big decision that may sometimes be overlooked. At some point in your life, you may buy a life insurance policy or start a new job with a retirement plan and receive a form that includes a section for the names of your beneficiaries. Many people, unprepared, leave it blank or complete the section without much thought. If years have gone by since completing account paperwork, it may be time for a review. Here are […]

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Navigating the Passive Income Rules: IPPs for Retirement

With changes to passive income rules now in effect for small business, owners may be looking for ways to invest income earned in their corporation. Contributing funds to an Individual Pension Plan (IPP) may help to increase retirement savings on a tax-deferred basis outside of the corporation.
What is an IPP?
An IPP is a defined-benefit pension plan that is registered with the Canada Revenue Agency (CRA). While the IPP has been around since 1991, there has been renewed interest in […]

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Keeping the Elderly Safe

Are you concerned about elderly parents or relatives? A recent CBC news report provided a disturbing account of an elderly man who fell prey to an online dating scam. Over an eight-month period, he communicated with someone posing as his girlfriend and lost over $700,000 by wiring funds overseas.1
As it turns out, stories of financial abuse of the elderly aren’t as uncommon as we think. It doesn’t always happen from afar and can occur at home to acquaintances or […]

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