Financial Library

Feel Good Tax Relief

Carl and Cathy are well aware of the substantial tax advantages of making charitable contributions as well as the good feeling they get by helping their favorite charity. In addition to their annual contributions, they would like to bequeath more substantial amounts to their chosen charity in their wills. Some of their more affluent friends do this. However, Carl and Cathy do not feel that they are able to.

Will you put your parents' retirement at risk?

Sarah was texting while driving and lost control of her car. Fortunately, she was alone in the vehicle when she hit the ditch, and no other vehicles were involved. Unfortunately, the car rolled several times. Sarah was left paralyzed and brain injured.

Beware of these scams aimed at seniors

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.

Estate Planning Tips and Traps

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.

The Income Tax Bond

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.

Mortgage Insurance: Not Necessarily as Advertised

It's all part of the process when you are arranging a mortgage for your new home. The bank employee inevitably asks if you would like to purchase mortgage insurance. No one likes to think about their own mortality; however, we all know deep down that stuff happens. People contract terminal illnesses or suffer debilitating or fatal accidents.

Knowing that your loved ones will be taken care of can provide some peace of mind - so you decide to accept the bank's offer for mortgage insurance. But beware the policy may actually not provide the protection you are expecting.

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