Over the past decade or so, the government has introduced a number of new savings vehicles and made enhancements to existing ones. Obviously having more options is a positive thing, but with choice comes decisions and complexity. And indeed, having more options has made the decision of which type of account to use for your retirement savings much more complicated. Something … [Read more...] about Retirement Saving Plans: should you contribute to an RRSP
Finances
Get your foot in the door of your brand-new home
by Ben Machel, CFP® For this month’s article we have a special treat – rather than my regular column I’ve brought in a guest writer. My son, Ben, joined the family practice seven years ago, and because the topic of this article is aimed at younger Canadians, I thought it would be best to hear from someone in that demographic. Read on for Ben’s thoughts about the Canadian … [Read more...] about Get your foot in the door of your brand-new home
Calling all people with Type 1 diabetes
Do you know any people under the age of 50 with Type 1 diabetes? Maybe someone you live or work with? Maybe your friend or neighbour? If you do know someone who fits this description, you NEED to read this and pass it on to them. When I first started in the industry back in 1995, I remember Registered Education Savings Plans (RESPs) were a terrible deal. I regularly … [Read more...] about Calling all people with Type 1 diabetes
Trust issues: Do you have a trusted contact person?
“Hey Arnold, can I get you to cash out another $15,000 for me?” “Of course,” I replied. “But Jane, forgive me, I just have to ask. This is the third time in three months that you asked to withdraw a large sum. Now, obviously, it’s your money and you can do with it as you like, but at this rate you are burning through it fairly quickly. Can I ask what’s going on? I know you … [Read more...] about Trust issues: Do you have a trusted contact person?
Charitable gifts: Tax credits and how they work
Some time ago, I had a conversation with a regular charitable donor that went something like this: “What a rip off! It’s not like it used to be. The government only gives a 29% tax credit for my charitable donation. I get way more than that for an RRSP contribution. I used to get a deduction for the full amount of my charitable contributions, just like my RRSPs.” “You’re … [Read more...] about Charitable gifts: Tax credits and how they work