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.

Read More

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.

Read More

The Importance of a Proper Beneficiary Designation on your RRSP/RRIF

Over the years I have reviewed a handful of my client’s RRSPs who had their assets with one of my competitors, and several times I have been shocked with how poorly it was communicated to the customer how important the beneficiary selection is. 

In the last year a long-time senior client of mine sadly died unexpected and had two RRIFs. One with me showing his spouse as beneficiary (as Successor Annuitant/Owner) and the second with an online self service provider with his “Estate” as beneficiary.

Read More

Dealing with Inflation and Your Finances

On February 24th, 2022, Russia invaded the Ukraine, setting off an inflation spiral not seen since the early 1980s. As Russia is the 3rd largest producer of oil and natural gas (behind Saudi Arabia and the USA) the impact of declining reserves was immediate in the prices we paid at the pump this last Spring.

The rise in oil and gas prices in turn escalated the cost of all consumer goods, services, and food items so that the rate of inflation for June 2022 was 9.3%.

What exactly is inflation in economic terms?

Read More

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

Read More

Basic Planning for Young Families

As a young family, you will be facing a lot of new challenges that you may or may not be prepared for along the way. Whether it’s children, a mortgage, or unexpected expenses that come up, now is the perfect time to start thinking about all the potential pitfalls that may arise.

In this article we want to share some of the ways that insurance can help you stay ahead of these issues, as well as how to prepare yourself for some of life’s obstacles that you and your family may face.

Read More

11 Financial Tips for Newlyweds

Newlyweds are no longer just considered to be “twenty-something” in age as many Canadians are waiting longer to get married. In addition, many partners are getting married for a second or even third time.

Sound financial management of assets and liabilities plays a major role in any relationship, regardless of the age of the couple. Here are a few items that anyone can benefit from in order to maintain harmony over money matters.

Read More

The Need for Corporate Life Insurance

Life insurance is used for two general purposes in a private corporation – managing risk and creating opportunities.  The risk management function is satisfied as life insurance provides the corporation with a tax-free payment in the event of the death of an owner or someone vital to the success of the business.  As life insurance also allows for the tax-sheltered build up of cash value additional planning opportunities are additionally created.

Read More