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Court Decision Impacts RRIF Beneficiary Designations
Posted on:In December 2015, an Alberta court decision raised the need for Advisors and their clients to review their existing Beneficiary designation of RRIF accounts as well as RRSPs and life insurance in order to ensure that the Designations on file properly reflected the wishes of the current account holder. Without getting into too much depth, the case of Morrison v. Morrison (Re Morrison Estate)…
Read MoreMoney Saving Mortgage Strategies
Posted on:Mortgages today are not like they were when our parents or grandparents bought their homes. As most of us don't have the cash to buy a home outright, we need to borrow from a lender. There are a number of strategies you can use to get the best deal, pay it off more quickly and pay off the debt in the event of premature death. Using a mortgage broker - The days of walking into the branch of one of…
Read MoreLong Term Care Protection
Posted on:Many mistakenly believe that if they need Long Term Care, either in their home or in a facility, the cost will be covered by provincial health care or other government agencies. While certain programs are available, a large portion of these costs become the responsibility of the patient or their family. Ted and Martha had been retired for about ten years when Martha became cognitively impaired.…
Read MoreFederal Budget Impacts Investment Taxation
Posted on:The recent Federal Budget included measures to close a favorable tax rule for investors in investment accounts or through corporations, trusts and holding companies, who have proposed rules to curb the tax advantages of “corporate class” mutual fund shares. Corporate class funds are organized as “switch funds” that offer different types of asset exposure such as Canadian equities, global equities…
Read MoreFinancial Future Worries?
Posted on:If you are concerned about your future finances, you are certainly not alone as noted in a global survey of 19,000 adult in over 19 countries (including Canada). Nearly 68% (or two thirds) of the 1000 Canadians interviewed in the survey conducted by the Financial Planning Standards Council (FPSC) said they still had concerns about their personal finances. For those in mid-life, anxiety caused by…
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