Hello;
One of the tax breaks the government gives to couples takes place when the first spouse passes away. That person’s RRIF can be taken over by the surviving spouse without taxes being payable at the time. So those funds continue to grow on a tax-deferred basis.
Hello;
Here are some simple common-sense guidelines to keep your financial affairs in order:
1) Know where you stand financially: Keep a close eye on your net worth: everything you own less everything you own. Make sure it is moving in the right direction.
2) Living within your means: Do not spend more money than you make
3) Pay yourself first: Every month, take a certain amount of money from your pay cheque and put it into savings
With life insurance, like other matters related to your financial well-being, a “set it and forget it” attitude is not the correct approach to take. So when is a good time to review your life insurance? Here are four instances when a review makes sense.
1) Your term life insurance is about to renew/expire.
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Getting covered through your employer can be inexpensive and convenient.1 (Empire Life Oct 2014). Relying solely on the life insurance you have through your employer can pose potential problems. Here are 5 key questions to consider:
1# Is your employer-provided life insurance coverage enough to take care of your family if you die while employed?
Hello;
There are many inherent elements that make an insurance investment an ideal option from an estate planning perspective.
If we look at someone’s non-registered assets, here are some key benefits with an insurance investment:
According to a disability planning workshop by the Mackenzie Institute, the CRA reported that more than 365,000 Canadians under the age of 49 who qualify for the Disability Tax Credit have not opened and taken advantage of a Registered Disability Savings Plan (RDSP). The result is billions of dollars in potential government grants and bonds remain uncollected. The good news is that it is possible to catch up on missed grant and bond payments! Read on to see how.
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Average retirees surveyed in the US between age 62 and 75 found that 3/4 of them had seen their assets remain the same or grow in retirement.¹ (Barron’s Dec. 2021)
Why is that? - Here are some observations:
The Deadline
