In determining how much life insurance one really requires, there are a number of factors that need to be examined. The need for life insurance can be divided into two categories – capital needs and income needs.
If you are a grandparent wishing to provide an asset for your grandchildren without compromising your own financial security, you may want to consider an estate planning application known as “Cascading Life Insurance” that will generate:
Will Rogers, the American humorist, when talking about the investment schemes in North America at the time, said, “I am less concerned with the return on my money, than I am with the return of my money”. Will was aware of the truth that the higher the potential rates of return on an investment, the greater chance of loss.
Last month, we discussed how much risk you could tolerate depending on your life situation. This month, we consider other risks to which each of us are exposed:
Over the past two months we have examined some of the risks that challenge most of us. It is almost impossible to avoid risk entirely. Knowing where the pitfalls lie and planning for them will certainly help.
November is Financial Literacy Month and the week of November 16th–22nd is hailed as Financial Planning Week. Prominent not-for-profit organizations, Financial Planning Standards Council (FPSC) and the Institut québécois de planification financière (IQPF) strive to raise awareness of financial planning as fundamental to the financial well-being of Canadians.
When the Canadian government first introduced the Tax Free Savings Account (TFSA), it was most often used as a regular bank savings account where the interest was not taxed. But it can be so much more useful than that:
For most people “financial independence” is a goal. Achieving it relies on gradually converting our “Human Capital” capacity to work, through savings, into a lifelong cash flow. Having financial security or freedom of choice, means having an income, independent of government, employer and family, throughout our lifetime.
In the most recent federal budget, there were some interesting and progressive changes. The most obvious to many was that the TFSA annual deposit limit was changed from $5,500 to $10,000. While this is very helpful for many people, let’s talk about the changes to the RRIF withdrawal rates. Over the years, there have been … RRIF withdrawal rates
Today, we recommend that our clients enlist the services of mortgage brokers when buying property or renewing their mortgages. Gone are the days of automatically renewing one’s mortgage or leveraging a long-standing relationship with a local bank branch to secure financing. While, in the past, this was the business norm, in the highly competitive mortgage arena, clients get the best combination of rates and terms by having a professional mortgage broker shop the market for them.
