Estate Planning using Segregated Funds

It has been estimated that close to two trillion in intergenerational wealth transfers will occur in Canada over the next decade as Baby Boomers glide through their “golden years”.  A massive shift of capital will flow through to the “Boomers” and then again to their children or another family member at death.

The key to maximizing any inheritance (either to be received or to be gifted) is to ensure taxes and estate administrative costs are kept to a minimum, specifically by avoiding the process of probate if possible.

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The Benefits of Charitable Gifting

We all want to make a difference in our lives and supporting our favourite charity with an annual donation is a wonderful start. The charity gets our cash donation, and we get a Tax Credit reducing our income tax liabilities – everyone wins!

Canadians can support a registered charity, foundation, non-profit, museum, educational institution, or religious group of their choosing. If you wish to make a meaningful contribution here are six ways to do so, regardless of your budget.

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Succession Planning for Business Owners

Business owners deal with a unique set of challenges. One of these challenges includes succession planning. A succession plan is the process of the transfer of ownership, management and interest of a business. When should a business owner have a succession plan? A succession plan is required through the survival, growth and maturity stage of a business. All business owners, partners and shareholders should have a plan in place during these business stages.

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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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Introducing Estate at Ease, offered through Canada Life

After a loved one dies, paperwork is the last thing on anyone’s mind.

Estate at Ease, offered through Canada Life makes this easier.

Managing a loved one’s estate can be an additional stress for executors who are already grieving a loss. Estate at Ease™ estate documentation and identity theft protection service can alleviate some of this burden. It’s an opportunity to help your client’s beneficiary in their time of grief.

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Considerations when Choosing an Executor

As financial advisors, we are often asked about the importance of an up to date Will, Power of Attorney and Representation Agreements. Shockingly 56% of adult Canadians do not have a current or valid Will, leading us to recommend updating these documents, along with a discussion on who should be considered as the Executor.

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When should you start collecting the Canadian Pension Plan (CPP)?

This question is usually asked of me, often as my clients get into their 50’s and the retirement horizon starts coming into focus.

My reply is that there is no one answer that is right or wrong, it really comes down to personal circumstances and the “luck of the draw’ as to what your life expectancy will be.

In 2020 the maximum CPP benefit for someone retiring at age 65 is $1,175.83. This figure is made up of contributions you and your employer have made since you were 18 and first entered the work force. Keep in mind that not all Canadians qualify for the full maximum, most receive less than the maximum.

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