Did you know that in Canada someone is diagnosed with cancer every two minutes, every seven minutes someone has a heart attack and every 10 minutes someone has a stroke. Chances are you know someone who has suffered a critical illness such as a heart attack, life-threatening cancer or a stroke. The chances are also high that this same person survived and that you may, one day suffer from a critical condition as well.
Before continuing, ask yourself these four questions. What would happen to my financial situation if Read More…
If you hold a Registered Retirement Savings Plan (RRSP), you face a major decision in the year you turn 71 – what to do with your money.
There are basically two choices:
- Cash in your RRSP and claim it all as taxable income
- Transfer your RRSP to a Registered Retirement Income Fund (RRIF)
The first choice generates a hefty tax bill and eliminates many of the advantages of having an RRSP Read More…
Many of us go to our Doctor every year for an annual check-up. With this is mind perhaps you should take similar care of your financial health with regular check-ups as well. It doesn’t have to be a long process; it can simply be over a cup of coffee on a Saturday morning in a lot of cases. What I’ve done below is laid it out over a 12 month period. Not all of these checklist items will apply to everyone so there are certain months you can take off for good behaviour!
January – It’s a new year and a great time to put together your annual budget. Have a look at your income and expenses, and plan what you will do to make up any shortfalls or to responsibly spend or save any excess earnings.
February – Traditionally known as RRSP season in the investment industry, this is a good month to top-up your contributions in order to have them deducted from last year’s earnings. It may also be time to adjust monthly savings goals to keep up with inflation and higher earnings. Read More…