Articles

How Much Do I Need to Retire?

This is the most commonly asked question at retirement planning seminars.  It is also one of the hardest questions to answer generally. 

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Tax Planning

Tax Brackets In Canada, we have a progressive tax system.  This means that the higher your income the greater your tax rate. 

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How Much Life Insurance Do You Need?

In Canada, two out of every 1,000 persons age 40 are expected to die in any one year. No one can determine exactly which two will die.

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How Do I Pay For Education Costs?

Top 10 Education Savings Strategies Invest Children’s Own Money If the Canada Child Benefit cheques are put in a separate bank account for the children, Revenue Canada then assumes that this money belongs to the children. 

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What’s Best – Pay Off My Mortgage Or Contribute To An RRSP

One of the more difficult financial decisions individuals must make is whether to contribute money to an RRSP or use that money to pay down their mortgage. 

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What’s Better – Paying Down My Mortgage Or Contributing To A TFSA

If you have made the maximum contributions to your RRSP (or you are in the lowest tax bracket where RRSPs may not benefit you), the next option for your long term saving is to either pay down your mortgage or contribute to a TFSA. 

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How Will You Use The TFSA?

What is a Tax Free Savings Account (TFSA)?  Well, it is not necessarily a savings account!  It is a trust account that you can use to save for anything you want. 

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Types of RRSPs

How do you choose an RRSP? First you must realize that an RRSP is not an investment. It is simply a type of trust account that has been set up to receive your tax-deductible contributions.

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Investment Vehicles

Listed below in order of safety and liquidity are a number of investment options.  Mutual funds are described last.  They are as liquid as Canada Savings Bonds (redeemable daily) but they are only as safe as the underlying investment. 

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Creating Cash Flow From Your Investments

As you reach retirement, creating cash flow from your investments becomes more important.  First you need to determine how much, how often and when during the year you will need cash flow from your investments. 

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Pension Options

In Alberta, the money that is held for you in a pension plan must be used to provide you with a lifetime income when you retire.

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What Can I Do With My LIRA?

The money that is in your Locked In Retirement Account can be used to create income in either of two ways. 

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Which Account Should I Draw First In Retirement?

Many clients will ask which account they should withdraw money from to be as tax efficient in retirement as possible. 

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Are You 71 This Year?

If so, remember that, by law, this is the year that you must transfer your RRSP to a Registered Retirement Income Fund or purchase an annuity. 

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What Happens if You Die Without a Will

If you do not have a will, each provincial government has legislated intestacy provisions which will tell the administrator (appointed by the court) who will inherit your estate. 

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