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Are You Prepared For the Unexpected?

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Besides 'death' and 'taxes', the other certainty in life is that life is full of unexpected events. So why aren't we more prepared for financial stresses when they occur? With the odds of an unexpected event such as a job loss, a medical emergency, a debilitating accident, or a death in the family fairly high when you consider them all together, many Canadian families are just one paycheque away…

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Debt Reduction as a Retirement Savings Strategy

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Statistics Canada recently reported the ratio of household credit market debt to disposable income reached the highest level since the agency began tracking this figure. In 1990 it was 50%, rose to 110% in 2000 and jumped to 171% by the fourth quarter of 2017. This can cause some angst for those with children reaching post-secondary school age. Sam and Marsha* are in their mid-forties and have a…

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Tick Tock: RRSP Season is Here!

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I am continually amazed at the number of people, who have high incomes and savings, that fail to take full advantage of the preferential tax treatment of RRSPs versus other types of investment or savings accounts. This is especially true for business owners who often have retained earnings in their corporations while also having massive amounts, sometimes $50,000 or more, in unused RRSP…

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Procrastination - Your Financial Dream Killer

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Despite what many people think, the number one financial dream killer isn't portfolio losses, or financial emergencies, or unemployment, and not even natural disasters. The number one reason people fail to reach their financial goals is procrastination - putting off the inevitable until the cost of your dreams or goals become prohibitively expensive. Why People Procrastinate Fear of failure: Some…

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Don't Bet Your Retirement on a Simple Approach

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You have probably heard about the old 70 percent rule that suggests retirees will need the equivalent of about 70 percent of their current income level to maintain their lifestyle in retirement. This assumes that retirement living costs will be 30 percent less during working years. While it may have been applied appropriately for retirees two or three decades ago, it is fraught with significant…

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