Investment Strategies for First Time Home Buyers

For many Canadians the thought of home ownership is a pipedream, and their reality will not include what many generations have taken for granted.

Others see home ownership as an obtainable goal, but the priority now is to get a substantial downpayment to get “in the game”.

For those that don’t have the luxury of using “the bank of mom & dad” here’s how they should prioritize their savings program.

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The Importance of the “Preferred and Primary” Beneficiary Class

A long-time client passed away within the last 2 years and I helped his widow settle his financial affairs. However, she was horrified to find out he had appointed “The Estate” as beneficiary on his RRIF which he purchased online through a DIY platform.

The other RRIF and TFSA he had with me listed his spouse as “Successor Owner/Holder” and she took over the contracts with one signature. The RRIF my late client held through my competitor, took more than 4 months to transfer to his widow, as the estate needed to go through probate.

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Seniors First BC

Sadly, we have all heard stories of a senior who has been financially, emotionally, or physically abused, by a stranger or even a close family member.

Seniors First BC is a charitable, non-profit society that provides information, legal advocacy, support, and referrals to older adults across BC who are dealing with issues affecting their well-being, as well as those who care for them.

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What I would tell my 19-year-old self about Finances & Money

Imagine having the opportunity to go back in time and talk to the 19-year-old you, having the knowledge you do now? I turned 69 this year so going back 50 years to when I was 19 and having that “talk” with myself would have had a dramatic effect on my over all financial health.

Here are 8 things I learned and would do differently:

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Getting to Know More on Sustainable Investing

A recent survey showed that 73% of Canadian investors wanted to learn more about how their investments inside RRSPs, TFSAs or non-registered holdings can contribute to positive social change.

Sustainable investing, can be done individually through DIY platforms or through Mutual or Segregated Fund purchases, takes into consideration environmental, societal, and corporate governance (called ESG) issues.

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Step by Step Checklist for the Executor

Many years ago, you may have agreed to be a family member or friend’s executor when they drafted their Will.  Well, the time has come, the individual has passed away, and you are asked to preform your duties as the executor of the estate. Where do you start?

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Introducing the Multigenerational Home Tax Credit

As all Canadians know, home ownership is getting more unaffordable regardless of
the buyer’s age. Rental suites are becoming increasingly expensive as rents in major markets soar and short-term rentals, like Airbnb, replace traditional units which normally would have been available.

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Saving Income Taxes for those in the new Gig Economy

The Covid pandemic forever changed the way Canadians viewed their relationship to their employer and working from home rather than a traditional office. Many ventured into the world of being self employed either as a full-time independent contractor or on a part time basis, and the term Gig Economy was born.

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What to Know About a Power of Attorney Agreement

In a previous newsletter we pointed out the glaring fact that less than 55% of Canadians have a valid Will, and an even smaller percentage have a Representation Agreement and Power of Attorney.

A common misunderstanding is that POAs are only for seniors, but this is inaccurate as a POA is a solid financial tool that any adult can benefit from.

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