Financial Library

Divorce and Your Finances

Canadian government statistics continually show that roughly half of all marriages end in divorce. If a couple is contemplating moving forward with a divorce, it is important to carefully consider how this event will affect their overall financial situation.

Understanding how a divorce changes financial and estate plans can help reduce legal costs and reduce the complexity of an already-stressful experience. Let us look at some of the key financial issues that should be considered in the event of a divorce.

RRSP Vs. TFSA: Which is Better?

With the lifetime contribution room of a TFSA now at $52,000 for most people, TFSAs are now a serious portfolio and investment planning alternative to making RRSP contributions. So which is better you ask? Well, it depends…

If you are a Canadian with significant assets and savings then maximizing your TFSA makes sense as a retirement income planning strategy. The income from it during your retirement years is non-taxable and will not trigger any Old Age Security clawback which starts at $74,780 in 2017.

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How to Start An Investment Plan

Wouldn't life be better if it was easier to get ahead? For many, there's just too much month left over at the end of the pay cheque. After all, you've got a mortgage or rent and utilities to pay, food and clothes to buy, and a vehicle to operate.

Mental Health Impacts Retirement Planning Strategies

The unfortunate truth about aging is that the human brain deteriorates as we age. While the process is vastly different depending on the individual and their health and circumstances, the rate of deterioration cannot be predicted with any level of certainty. It doesn’t cater to genetics, family history, or life habits.

Getting the Most from your RRSP

Since its inception several decades ago, the Registered Retirement Savings Plan (RRSP) has become the most widely used retirement savings vehicle in Canada. In order to get the most from an RRSP, it is essential to plan ahead for future investments to avoid panicked deadline decisions or taking action without fully understanding the long-term impact.

In this article we examine a number of different RRSP savings strategies:

"Just-In-Time" Living

Multiple media reports note that almost 50% of Canadians have no emergency savings and are unable to cover the cost of an unexpected expense of $500 - $1000, let alone deal with an unexpected job loss. Other reports from credit agencies such as Equifax state that even a 0.25% increase in mortgage rates will cause cash flow stress for some Canadians. The good news is that changing this "just-in-time" living IS possible!

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