Financial Facts 2020 – Quebec

Financial Facts 2020 – Quebec

Due to COVID 19 the RRIF minimum withdrawal has been modified down. See the 2020 rates at the end of this article Age 2020 RRIF Factors 55 2.15% 56 2.21% 57 2.27% 58 2.35% 59 2.42% 60 2.50% 61 2.59% 62 2.68% 63 2.78% 64 2.89% Age 2020 RRIF Factors 65 3.00% 66 3.13% 67 […]

It Pays to Stay Invested…

It Pays to Stay Invested…

Saving taxes on RRIF withdrawals

Saving taxes on RRIF withdrawals

Income from a RRIF qualifies for the $2,000 pension credit on your income tax return. You can take out as much as you want from a Registered Retirement Income Fund (RRIF) since there’s no maximum, but keep in mind that every dollar out is considered taxable income in that year. This is why many retirees […]

Consider the potential taxes when you plan your estate

Consider the potential taxes when you plan your estate

Many Canadians save and invest not just to build a better future for themselves but also to leave a financial legacy for their children or grandchildren. Without proper planning, however, much of that legacy could wind up going to the government in the form of taxes. For example, suppose you own a vacation property (that […]

Why stay invested (even in a down market)?

Why stay invested (even in a down market)?

The following graph shows the rolling returns (returns over X consecutive years) for 1, 5, 10 and 20 years. The green lines are positive returns and the red are negative returns. Each consecutive line shows more green lines and fewer red lines thus showing that the longer you stayed invested, the better chance of positive […]

Financial planning for special needs children

Financial planning for special needs children

How to support their care for a lifetime. Most families are concerned about planning for their children’s financial futures, but for families with special needs children, financial planning strategies have a different and often more complex dimension. The cost of supporting an individual with special needs adds up quickly – from therapies, medical equipment and special […]

Which investments can reduce your tax bill?

Which investments can reduce your tax bill?

Taxes may be inescapable, but your choice of investments can have a huge impact on how much tax you pay. It all depends on your personal situation and how you structure your investment portfolio. 3 types of investment income and how they work A basic investment portfolio can generate three types of income: Interest income. […]

QUEBEC 2019 FINANCIAL FACTS

QUEBEC 2019 FINANCIAL FACTS

8 money management tips for couples

8 money management tips for couples

Are couples and money incompatible? Is financial planning a relationship killer? Here’s some advice on managing money together without destroying your relationship. 1. Break the money taboo Did you know that money is one of the main sources of conflict in couples? For love and money to coexist, you cannot bury your head in the […]

Staying invested in the market

Staying invested in the market

POSTED BY PETER WOUTERS of Empire Life A common piece of advice for investors is that long term success doesn’t hinge on timing the market. It’s time in the market that may make the bigger difference. Most investors aren’t professionals. Accredited investment specialists devote their education, training, time and resources to studying the markets and individual companies. […]

How to keep the fear of missing out from messing up your finances

How to keep the fear of missing out from messing up your finances

By Renée Sylvestre-Williams @ sunlife.ca   Giving in to FOMO can wreak havoc on your bank account. Here’s how to fight it with a genius budget trick – and a little help from your friends. From scrumptious brunches framed just right to party photos heavy on the merriment and glam, other people’s lives as shared […]

Diversification: risk and opportunity

Diversification: risk and opportunity

I’m sure many of you have heard the following statements. Perhaps you have made them yourselves. “I don’t like taking risks with my money.” “I can’t accumulate the amount of money I need by simply putting it all into a savings account or term deposits.” “What happens if I put all of my money into […]

5 things you may not know about TFSAs

5 things you may not know about TFSAs

By Denise Barrett sunlife.ca Did you know if you’ve never opened a TFSA, you can contribute up to $57,500 today? The tax-free savings account (TFSA) lets you stash extra cash for just about anything — rainy-day savings, a new house or retirement — without paying any tax on the growth within the account or on withdrawals. Still, […]

Financial tips for your younger self

Financial tips for your younger self

Written by Peter Wouters Do you ever wish you could talk to your younger self about lessons you’ve learned, more than a few of them the hard way? There are the mishaps you could have avoided, the errors in judgement you could have missed and the regrets you wouldn’t hold. How much better would you feel […]

Financial planning or wealth management?

Financial planning or wealth management?

By Susan Yellin – sunlife.ca It takes financial planning to create wealth, but you needn’t be wealthy to plan. So what’s the difference between planning and wealth management? A financial plan is not a single-purpose, one-time task. In fact, when you embark on this crucial strategy, it’s important you think of it as a multi-step, […]

Don’t let the news affect your retirement planning

Don’t let the news affect your retirement planning

The alarming headlines of 2017 might be tempting investors to take drastic action. But it’s smarter to take a deep breath and a longer view. For Canadian investors, 2017 has provided plenty of potential worries, with an erratic U.S. president given to Twitter eruptions being arguably the largest. The real danger for investors is that […]

Do you understand your NEW investment statement?

Do you understand your NEW investment statement?

Client Relationship Model, Phase 2 (CRM2) is an industry-wide regulatory initiative mandated by the Canadian Securities Administrators (CSA). What is CRM2? CRM2 is an industry-wide regulatory initiative that the Canadian Securities Administrators (CSA) have mandated under National Instrument 31-103. Starting in July 2014 and over the next two years, a number of changes will be […]

How to save for tomorrow when you’re not sure about today

How to save for tomorrow when you’re not sure about today

By Kim Armstrong – sunlife.ca Job insecurity doesn’t have to mean financial insecurity. These 5 tips will help you improve your financial health and plan for a brighter future. Sophia Erikson is a 26-year-old who, for the past 2 years, has had to live away from her family and friends, moving from one contract job […]

RRSPs turn 60: a birthday review

RRSPs turn 60: a birthday review

By Susan Yellin   In 2017, the venerable registered retirement savings plan (RRSP) turns 60. Like any 60-year-old, the RRSP has its strengths and weaknesses. Happy birthday, RRSPs. Introduced in 1957 (even before the Canada Pension Plan), registered retirement savings plans (RRSPs) were devised as and continue to be a way for Canadians who don’t […]

Money Facts 2017

Money Facts 2017

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