Financial Library

These Financial Mistakes Can Cost You

Mar 05 2012

Some financial decisions get made without enough thought given to the long term consequences. Here are some financial mistakes you can avoid:

Mortgage amortized too long:

With lenders offering 30 year amortization periods, it may look attractive to go with a smaller monthly payment to get into a larger house, but the extra interest charges only benefit the lender.

financial strategies

Government Benefits Can Boost Retirement Income

Jan 10 2012

In a 2010 report to the Minister of Finance, it was found that approximately 160,000 Canadian seniors were not aware of the full range of benefits they were entitled to in their retirement years. In fact, nearly $1 billion in retirement benefits from the Canada Pension Plan (CPP), Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) have not been paid out to eligible recipients.

retirement planning

TFSAs: Flexible Wealth Building Strategy

Dec 12 2011

The Tax-Free Savings Account (TFSA) was introduced in the February 2008 Federal Budget and became available January 1, 2009. It is touted by the Government of Canada as 'the single most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP).'

wealth management

RDSP offers a bonus

Sep 02 2011

Starting in 2011, the registered disabled savings plan (RDSP), which is open to Canadians who qualify for the disability tax credit, offers a tremendous bonus to those who are eligible.

disability

Using a Trust To Avoid Probate

May 09 2011

Estate planning is a complex topic, and there are many different facets that have to be considered. One overriding concern many people have is doing something with their assets so they reduce the amount of income tax that may be owed.

estate planning

Estate Planning Tips and Traps

Oct 08 2010

Julia wants to make sure that her estate passes to her heirs with as little hassle and cost as possible when she dies. She knows she needs a will and decides to buy a do-it-yourself will kit. When she opened it, she soon discovered some serious shortcomings.

estate planning