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What is Insurance?

Posted on: June 14, 2011

Insurance surrounds each of us every day: When you get in your car, when you come home to your residence, and while you work. Insurance is always in the background discreetly doing its job. Most of us, however, do not think about it much or realize the very important function that all types of insurance provide. In fact, the role of insurance is so important that it is the focal point of a wise financial strategy.

Risk Transfer:

Tags: 
insurance planning

Using a Trust To Avoid Probate

Posted on: May 9, 2011

Estate planning is a complex topic, and there are many different facets that have to be considered. One overriding concern many people have is doing something with their assets so they reduce the amount of income tax that may be owed. This is an obvious area for expert advice. However, it is important to realize there are several other factors which have to be taken into account when organizing your estate.

Tags: 
estate planning

RRSP vs TFSA: Which is Better?

Posted on: February 14, 2011

Millions of Canadian make RRSP contributions each year for the sole purpose of getting a big tax refund cheque each spring. If this is your only reason for investing in RRSPs, there may be situations where making RRSP contribution isn't your best option.

With the arrival of the Tax-Free Savings Account (TFSA) in January 2009, Canadians now have a viable alternative to RRSPs when saving for their retirement. Simply put, the TFSA is the mirror-image to an RRSP - you don't get an upfront refund, but all your future withdrawals are 100% tax free.

Tags: 
retirement planning

Beware of these scams aimed at seniors

Posted on: November 8, 2010

According to recent news reports, seniors in Canada get bilked out of as much as $300 million every year. It is estimated that as many as one in five seniors have lost money to fraudsters and most don't report it.

Tags: 
fraud protection

Estate Planning Tips and Traps

Posted on: October 8, 2010

Julia wants to make sure that her estate passes to her heirs with as little hassle and cost as possible when she dies. She knows she needs a will and decides to buy a do-it-yourself will kit. When she opened it, she soon discovered some serious shortcomings.

Tags: 
estate planning

The Income Tax Bond

Posted on: September 7, 2010

Don, 65, and Marie, 63, are about to retire. They have accumulated about $500,000 in their RRSPs and own their home, free and clear. They want to leave as much as possible to their two children. Don and Marie realize that the value of their home should pass tax-free to their children and know their RSPs will be fully taxable at that time.

Tags: 
insurance planning

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