Today's Best GIC Rates
May 25, 2016
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Whether you are decades away from retirement or if it is just around the corner, being aware of the planning opportunities will take the fear and uncertainty out of this major life event. Blue sky your retirement plans to get clarity As you approach retirement, preparation and planning become extremely important to help ensure that this period of your life will be as comfortable as possible. If you are like most, you have spent considerable time contemplating the type of retirement you wish for yourself.
The Cascading Life Insurance Strategy
If you are a grandparent wishing to provide an asset for your grandchildren without compromising your own financial security you may want to consider an estate planning application known as cascading life insurance. How does the Cascading Life Insurance Strategy work? • The grandparent would purchase an insurance policy on his or her grandchild and funds the policy to create significant cash value;
March 3, 2016 at 4:38 pm | by Alex Preswick
The new rules governing CPP were introduced in 2012 and they take full effect in 2016. The earliest you can take your CPP Pension is age 60, the latest is 70. The standard question regarding CPP remains the same - should I take it early or wait? While you can elect to start receiving CPP at age 60, the discount rate under the new rules has increased. Starting in 2016, your CPP income will be reduced by 0.6% each month you receive your benefit prior to age 65. In other words, electing to take your CPP at age 60 will provide an income of 36% less than if you waited until age 65.
One of the most common investment questions Canadians ask themselves today is, “Which is better, TFSA or RRSP”? Here’s the good news - it doesn’t have to be an either or choice. Why not do both? Below are the features of both plans to help you understand the differences. Tax Free Savings Account (TFSA) • Any Canadian resident age 18 or over may open a TFSA. Contribution is not based on earned income. There is no maximum age for contribution.
January 5, 2016 at 10:20 am | by Alex Preswick
Permanent life insurance, such as Whole Life or Universal Life, has long been accepted as a tax efficient way of accumulating cash for future needs. Soon the amount of funds that can be tax sheltered within a life insurance policy will be reduced by new tax rules which take effect January 1, 2017. These changes may make 2016 the best year to buy cash value life insurance.