15 Ways to Damage your Financial Well-Being Mid-Life

Since my 1980 start in the financial industry, I have had many clients retire only to realize a big disconnect between how they envisioned their retirement versus the assets that they have accumulated.

For most people, it is not just one mistake made over the years, but rather a multitude of poor financial decisions, many of which were implemented mid-life (from age 35 to 55).

The 15 most common reasons that financial health was negatively impacted:

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Fundamental Estate Planning Concepts

Draft a Will

Dying “Intestate” creates legal and financial obstacles for your family, something which could easily be avoided with a Will.

By not having a Will the government will use a default selection, stating how assets are to be split between your spouse and children

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Medical Expense Tax Credits (METC)

With April being the month most of us are thinking of filing our tax returns the subject of Tax Credits should be of interest to many of you.

Tax Deductions and Tax Credits are two entirely different tools to reduce our income taxes. A tax deduction lowers a person’s tax liability by reducing their taxable income.

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14 Financial Tips for Newlyweds

Whether you are getting married for the first time or planning for a second, the subject of finances will play a big role in the relationship.

Here are 14 well used tips to guide you through the process:

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RRSP Withdrawal Options at Retirement

With February being the busiest month of RRSP season, I am often asked during annual reviews “what is the best way to get the money out of my RRSP?”

Canada Revenue Agency (CRA) allows RRSP holders to defer withdrawals until the end of the year they turn 71. At this point in time, the RRSP must be turned into a pension (either an Annuity or RRIF) or it will be redeemed in full on December 31st of that year.

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Income Tax Assessments, Reassessments & Audits

In 1917, during the First World War, the Canadian Government introduced The Income Tax War Act as a temporary measure to fund the war program.

This was the first time both individuals and corporations were taxed, and taxes finally became a permanent source of income for our Government when it was enacted under The Income Tax Act in 1948.

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