Recent Articles

The Power of Compound Interest

Posted on: August 9, 2021

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“Money makes money. And the money that money makes, makes more money.”¹ This quote by Benjamin Franklin is referencing the power of compound interest. Albert Einstein extolled the wealth-building virtues of compound interest as well. He is reputed as saying he considered it to be man's greatest invention and the eighth wonder of the world.² A much simpler way to describe compound interest is that it is an excellent way to watch your investments grow exponentially over time.

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Protecting Your Financial Well-Being Post-Divorce

Posted on: August 9, 2021

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divorce

"After 38 years of marriage, I was blindsided when my husband asked me for a divorce," says Patricia, 61. "I didn't see it coming and was shocked at how fast and efficiently he left the life we had built together."

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TFSA Notices And Penalty Risks

Posted on: July 12, 2021

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tfsa

cra

The latest Federal Budget included an administrative rule change¹ that allows CRA to automatically send you notices electronically without your prior permission or registration. The risk, as noted in the recent case of a B.C. taxpayer, is this may lead to penalties for TFSA over contributions. It is your responsibility now to regularly check your CRA My Account site.

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Getting Back to Basics

Posted on: July 12, 2021

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retirement planning

Recessions, stock-market declines, housing market bubbles, joblessness and, most recently, a global pandemic have created a series of challenges for people trying to start, grow or maintain a retirement savings plan. Given this rollercoaster, it's natural to wonder if you're doing all you can to protect your retirement nest egg. Taking a “back to basics” approach can empower you and help keep your financial plan on track during uncertain economic times and beyond.

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Be Careful with RRSP Beneficiary Designations

Posted on: July 12, 2021

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rrsp

When Margaret and James married in 2005, it was a second marriage for both of them. They had no children, so when they did their financial planning, their wills were clear that 100% of their estates would go to the other. Believing this was sufficient protection, they built a life and continued to grow their wealth.

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How to Pay Less Tax With Life Insurance

Posted on: July 7, 2021

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insurance planning

Ray had thought of his life insurance purely as a protection plan. The anti-avoidance rules and general restriction of tax benefits applicable to most shelters prompted him to take a new look at his life insurance for tax deferral as well.