My grandfather was frugal. I recall my father telling the story of a time when he needed $25 and approached my grandfather for the money. “Twenty five bucks? What do you need 25 bucks for? I only have 10, here, have five,” Grandpa said. Loans…
If you own a cottage or plan on purchasing a cottage your insurance broker should be well versed in property and liability insurance that is specific to that market. While it might seem a cottage policy would mirror that of a primary homeowner’s policy, there…
No matter how well someone crafts her estate plan, ex-spouses, disgruntled business partners, estranged children and misguided family members can still challenge her wishes. Estate professionals must anticipate such backlash. AN IMPORTANT ISSUE Bulletproofing an estate against potential disputes is a serious concern, says Dana…
If a client wants to keep her cottage in the family, she should consider claiming the principal residence exemption when she transfers or sells the property to family members. This way, she’ll be able to pass the property tax-free. This applies whether the cottage is transferred, sold…
Charley Tsai can’t help but smile as he thinks back to a story he heard about succession. The client was a business owner and was thinking about passing his company on to his son. “He was a real estate developer in his 80s,” says Tsai,…
No two family scenarios are the same, and this is especially true when it comes to clients with significant sources of wealth. Their wealth may come from operating or selling a successful business, an inheritance, a wise investment or other sources. They may have children…
For the majority of Canadians, a home is the largest investment they’ll ever make. Therefore it’s only natural that most people seek out insurance plans to protect their investment. But is mortgage insurance or life insurance the better option when safeguarding your home? While both…
Being an executor involves lots of responsibility, pressure and risk. It’s not a job you’d expect someone to do for free. So how do you place a dollar figure on the work involved, and upon which criteria should you base compensation? A COMPLEX JOB Some…
Investment diversification protects your money from adverse stock market conditions. When it comes to investing, savvy money managers advise that you spread your money around — that is, “diversify” your investments. Diversification protects you from losing all your assets in a market swoon. The sharp…
Do your snowbird clients have up to date insurance to protect them during their southern stay? Half of Canadians aged 50 and over checked their travel insurance policy before leaving for vacation, and 16% called their insurance provider to determine if they needed to update…