Many clients assume money put into RRSPs will stay there until retirement. That’s the goal, but life isn’t always so tidy. People who blindly contribute, without thinking about whether they’ll need the cash before turning 65, are doing themselves a disservice because withdrawals trigger steep…
Millennials will work forever–but they may be happier for it Many millennials worry that they will never retire. The bad news is that traditional retirement may, indeed, be out of reach for a good portion of today’s young workers. The good news is that society might be…
With oil prices creeping back upward, brave investors are re-examining energy stocks. But be prepared for some volatility along the way The time to buy tulip bulbs is when they’re dull blobs, not when the flowers sprout in spring. Investors would be wise to take…
Baby boomers in Canada will inherit approximately $750 billion over the next decade, finds a new CIBC Capital Markets report, which notes this will be the country’s largest-ever transfer of wealth. More than 2.5 million Canadians are older than 75, and 45% of them are widowed, adds the report. Overall,…
Life insurance can be a useful tool in estate planning to offset tax liabilities and supplement the assets that may otherwise be available to leave to a surviving spouse or other family members. An article by Michael Grob, featured in the most recent issue of…
The problem with the typical retirement plan is that it focuses on long term savings. This approach emphasizes getting high returns on investments, and cutting back on expenses to create a bigger pool of savings. Instead, the key to creating sustainable income is to use…
Looking to become wealthy one day? Pay close attention to what high-net-worth (HNW) investors do with their money. By following the moves of people who have demonstrated the ability to create wealth, you stand a much better chance of creating some for yourself. One useful…
This year’s federal budget proposed measures that impact certain transfers of life insurance policies. But the broad nature of the proposed changes creates collateral damage in a number of areas. The government has proposed changes to subsection 148(7) of the Income Tax Act (the Act), which governs the…
Clients who need access to cash will come to you for solutions. If they have permanent life insurance, one option is cashing out the policy. But while it won’t affect future insurability, there’s a tax hit if a client surrenders his policy prior to death….
As the number of years Canadians spend in retirement continues to rise, the way that retirement funds are invested is increasingly important. Developing strategies that mitigate against the financial risks associated with retirement and provide clients with financial security into their 80s and 90s is…