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If you talk to people who have achieved financial security, chances are that they work with a professional advisor. An advisor provides immense value in a number of areas, not the least of which is helping you create and maintain a robust investment plan. It’s beneficial to have a customized plan that addresses your financial objectives and other circumstances that are unique to you. A plan takes into consideration your key financial goals, and guides you by listing tangible

One of the best indicators of future wealth is whether or not a person works with an advisor. In recent years, studies have shown that people who benefit from financial advice tend to build more wealth than unadvised individuals. In fact, the additional accumulation of assets can be significant over time, leading to a more secure financial future. So, why is working with an advisor a sensible plan for building wealth? The key is in the word “plan”. Many people fail to grow th

As the summer months approach, many people want to hit the open road – especially given that most of us have been largely house-bound for the last couple of years. Getting a new vehicle can be exciting but stressful. What make and model will you choose? Which colour and options do you want? Which dealership will you go to? How will you negotiate? Another important decision is whether to buy or lease. Both methods of acquiring a vehicle have their advantages and disadvantages,

The Tax-Free Savings Account (TFSA) was introduced in 2009 to give Canadians access to a registered account that can help them save for the future. Let’s consider five good reasons why a TFSA may strengthen your financial circumstances. Complement your RRSP. Although the TFSA has different features than the Registered Retirement Savings Plan (RRSP), both are tax-favourable investment vehicles. RRSPs generate a tax deduction for contributions and grow over time in a tax-deferr

These days, people seem to have more work responsibilities than ever. People are being so taxed at their job that the last thing they need is to be heavily taxed by the Canada Revenue Agency (CRA). While income taxes help support your quality of life through health care, social programs, infrastructure upkeep and more, it’s always valuable to find ways of reducing your personal tax burden. Here are a few tax-efficient strategies to help you accomplish this goal. Take advantag

Summer has arrived and with it comes hotter days and warmer evenings – perfect for getting outdoors, travelling or gathering with family and friends. Although it’s tempting to pack these sun-soaked summer days with activity after activity, be sure to keep your finances in mind. It doesn’t take much to derail a budget. The cost of taking a vacation or two, enjoying regular meals or drinks on restaurant patios, and attending special occasions like weddings, concerts and sportin

When you get a tax refund, it’s very tempting to see it as a windfall you can guiltlessly spend on things you want rather than need. And while there’s usually no harm in setting at least part of it aside for such expenditures, the reality is that, for most Canadians, the lion’s share of the refund is best used in other ways. 5 ways to allocate your tax refund Pay down debt. Sending money to creditors isn’t much fun, but it may help relieve some anxiety by reducing your debt o

Even though nobody enjoys carrying debt, most people will borrow money at some point in their life. If used wisely and for the right purpose, borrowing can make sense for your particular circumstances. Let’s consider some common types of debt and a few tips on reducing borrowing costs. Who doesn’t have one or more credit cards stashed in their purse, wallet or digital wallet? These cards allow the user to make a purchase or pay for a service while deferring payment. However,

It’s no surprise that stock prices experience short-term declines in response to factors like an overheated market, geopolitical issues, deteriorating economic conditions or even a global pandemic. If stock prices always climbed in a straight line without the occasional dip, every investor would be incredibly wealthy. However, markets do decline – sometimes dramatically. In the past couple of decades alone, we witnessed a major market crash in 2000 (technology “bubble”), 2008

While many people want to purchase a home, it’s become a greater challenge in today’s economic environment. Consumers are financially stretched by high inflation that’s lifted the price of food, fuel and just about everything else. On top of that, central banks have raised interest rates to help control inflation, leading to soaring mortgage rates. Never mind that real estate valuations – while largely off their peak – remain high, especially in large urban centers. What’s a

As we approach year-end, it’s a great time to assess your expenses with the goal of setting yourself up to be financially stronger. New year, fresh start. When expenses are under control and you’re in a position to build wealth instead of spiraling deeper into debt, it helps you work toward reaching your short-term and longer-term financial goals. So, how can you resolve to manage expenses at year-end? Here are a few tips to get you on your way. Create a wealth plan. If you

Investing can help build long-term wealth, but to maximize the benefit you should aim to minimize the tax you pay on your investments. For many people, a good first step is to invest in registered accounts like a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA). Both account types provide tax breaks. When you contribute to an RRSP, you get an immediate tax deduction to lower your income tax, plus any income and growth in your plan will be tax de

It’s true that life doesn’t always unfold according to plan. In fact, as the saying goes, life is what happens when you’re busy making other plans. One example is post-secondary education. While you may have envisioned your child heading off to university or college, sometimes they don’t. Everyone takes a different path through life and your child’s path might not include post-secondary education. However, if you enrolled your child in a Registered Education Savings Plan (RES

Recognizing that higher inflation is a concern for many people as the cost climbs for a number of goods and services, the federal government has boosted the 2024 contribution limit for the Tax-Free Savings Account (TFSA) to $7,000, an increase of $500 from 2023. It’s not a huge increase, but the additional amount coupled with the potential for compounding growth can make a difference over the long run. How TFSAs work The TFSA was introduced in 2009 as a tax-effective savings

As the world shifts to becoming more socially and environmentally conscious, people have begun to not only adopt these behaviours in their daily lives, but also look to invest in companies that share these principles. This growing class of investments is collectively known as “socially responsible investing”, or SRI, and it is attracting attention from people who want to invest in organizations that are making a positive impact on our environment and our social well-being. Wh

It’s that time of year again. Tax time is right around the corner, and the sooner you get your slips, receipts and forms in order, the smoother everything will go. Preparing well is crucial First off, you want to make sure you file your tax return on time. If you owe money, you won’t incur an interest penalty on your balance if it’s paid before the deadline, which is typically April 30, but this year it’s May 1 since April 30 lands on a Sunday. If you’re entitled to a refund,

While some people love their job so much they never want to retire, for a lot of us the only thing better than saying goodbye to the rat race is doing it sooner than expected. But before clocking out early, there are a few boxes to check to ensure you’re making the right choice. Figure out your finances The first thing to consider is whether retiring early is financially feasible. Working with an advisor to assess your wealth plan may identify issues affecting your long-term

When thinking about family gatherings, you might focus on special occasions like holiday meals, birthday parties and anniversary celebrations. These are all good reasons to bring generations together, but there’s another gathering that’s equally important: the family financial meeting. Granted, discussing your health care needs and estate plans can be difficult and uncomfortable, but it benefits the entire family when everyone’s on the same page regarding your intentions. Fin

The holiday season is a great time to give, but that doesn’t mean indiscriminate and excessive spending on gifts. Sure, when someone you care about needs or really wants something, it’s hard to resist buying it for them. If it’s within your financial means, why not? However, it can be helpful to think about giving gifts in broader terms to maximize the impact. If we commit to spending wisely and with intention over the holidays, we can make a meaningful difference in someone’

Higher education provides many benefits to students, such as building a career foundation, expanding social skills and learning responsibility. However, this education can come at a steep cost. The price tag will depend largely on whether or not your child attends a nearby school. If your child is still years away from post-secondary education, you’ll need to budget for inflation as well. Major expenses With proper planning and budgeting, many families can manage an investmen