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The basics on the new ‘tax free savings accounts’

Sunday, November 30th, 2008

Things to know about the new Tax Free Savings

• Starting January 1, 2009, the Tax Free Savings Accounts are available for Canadian residents who are at least 18 years of age.
• You can contribute up to a maximum of $5000 a year. Any unused contribution room gets carried over to the following year.
• Withdrawals from your Tax Free Savings Account will not affect your ability to qualify for Federal income tested benefits like the Child Tax Benefit or the Guaranteed Income Supplement.
• You can open a Tax Free Savings Account and invests in GICs, mutual funds and other investments and not be taxed on any of the growth or earnings.
• You can have more than one Tax-Free Savings Account with different institutions but you cannot exceed your allowable contribution limit. (more…)

Live by design – how to create the life you want

Wednesday, September 24th, 2008

Are you living the life today that you envisioned you would be living 5, 10 or even 20 years ago? Are you content with most, if not all, of the many components that make up your world: your family, friends, career, health, finances, spirituality and community? If yes congratulations, that is no small feat to accomplish and probably didn’t happen by chance. Most likely you achieved this through purposeful goal setting, hard work and perseverance. (more…)

Tips to spring clean your financial house

Tuesday, April 1st, 2008

The flowers are blooming and the birds are singing – Spring seems to have finally sprung. It’s a great time to start new and clean out those cobwebs hiding within each nook and cranny of our homes. And although our intentions start off good, somehow we always find an excuse to dodge the hefty job of cleaning our ‘financial house’. This is usually the largest and most cluttered areas that we need to sort through.

Here are three simple strategies to help make decluttering and reorganizing your financial papers a less daunting task: (more…)

’9 important questions to ask before you retire’

Thursday, March 6th, 2008

If you’re like most, you probably don’t have the time to assess your future retirement needs. However, with increasing life expectancies and concerns over the stability of our health care system and government/private pension plans, early retirement planning is a must.

To help you get started, here are some questions to think about: (more…)

Essential lifestyle planning tips for your retirement years

Friday, February 15th, 2008

When thinking about your retirement, it is important to look beyond just the financial aspects and take some time to think about the kind of life you envisioned having. What makes you happy and brings enjoyment to your life? What would you like to spend more time doing and less time fretting about? How will you replace the benefits you currently get from your work environment- friendships, validation, purpose and structure? Retirement lifestyle planning looks at all the facets of the life you wish to have including your finances, health, relationships, career and personal growth needs. Ask yourself: (more…)