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Group-Life-Insurance

Group Insurance – Only Part of the Solution

Ownership of individual life insurance at its lowest level in 30 years

The Life Insurance and Market Research Association (LIMRA) 2013 study shines a light on a developing problem for Canadian households:

  • Individual ownership of life insurance was at its lowest level in 30 years;
  • 3 in 10 households did not have individual life insurance at all;

Why group life insurance may not be all that you need

If your goal is to replace income for your family for more than 2 years, you may want to add an individual policy to your group insurance coverage. Read more

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TFSA or RRSP?

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.
  • Maximum contribution is $5,500 per year starting in 2013 ($5,000 per year for the period of 2009-2012).  The contribution must be made by December 31st.
  • There is carry forward room for each year in which the maximum contribution was not made.
  • The deposit is not tax deductible, but the funds accumulate with no income tax payable on growth.
  • Withdrawals may be made at any time on an income tax-free basis.  Withdrawals create additional deposit room commencing in the year after withdrawal.

Read more

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Is it Time for your Insurance Audit?

Has it been awhile since you last looked at your insurance portfolio? Are you a little sketchy in your recollection of all the coverage you have and why you have it? Are you uncertain as to whether or not your portfolio reflects your current situation? If this is the case, this might be the ideal time to have an audit of your insurance policies. Circumstances can change over time and making sure your protection keeps pace is a worthwhile exercise.


A comprehensive audit should review the following:

  • Is the total death benefit of your life insurance appropriate to your needs? A current capital needs analysis can help to determine this.

Read more

New-Years-Resolution

A New Year’s Resolution You Shouldn’t Break – Saving For Retirement!

Many of us set New Year’s resolutions for ourselves and often those resolutions have to do with finances. January is the month we say, “Ok, this year I am going to save more and spend less”. This article won’t tell you how to spend less, but it will outline two government sponsored programs available to help you save for retirement or even just a rainy day! Of course these are not the only vehicles you can accumulate money with – those include anything from putting dollars under the mattress to the most sophisticated tax shelter schemes – but these two are the most popular. Read more

ARTICLES OF INTEREST

17
Oct

A new way to look at banking

Manulife bank

For a limited time, earn 2.25% when you open a high-interest Advantage Account for your everyday banking and savings needs. You’ll enjoy great features, plenty of flexibility — and an exceptional rate on all your money!

If you’d like to take advantage of this offer – click this link.

12
Apr
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5 Recent Tax Changes for the 2015 Tax Season

Tax time is almost upon us and there are some recent changes which will affect many Canadian residents.  The important changes to keep in mind are as follows:

The Family Tax Cut

This is the watered down version of income splitting plan that was introduced by the Harper government in 2011.  The provisions allow couples with children under the age of 18 living with them to shift income from a higher income spouse to a lower income spouse so that the combined taxes payable will be reduced.  The most that can be taxed in the lower-income spouse’s hands is $50,000 resulting in a federal non-refundable tax credit which will provide maximum savings of $2,000. Read more »

12
Apr
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Protect Yourself Against Identity Theft

By Carla Hindman, Director of Financial Education, Visa Canada

A fast growing and ominous crime in Canada today is identity theft, where someone steals your personal information and uses it to open a bank account or take out a loan, make purchases, secure false identification, or commit other offenses. Victims are often unaware it’s happened for months, by which time their credit may have been damaged – or worse.

How do identity thieves get your information? It could be as simple as rummaging through your trash, snatching your purse or stealing your mail, or as “high-tech” as hacking into your email account or your employer’s computer system. Thieves sometimes steal receipts from dumpsters and have even been known to watch with binoculars as people enter their personal codes into telephones or ABMs. Read more »

12
Apr
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The Single Most Important Thing You Can Do For Your Stress