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Four Financial Promises to Keep

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We've had a few weeks to make and break our New Year's resolutions. Now is a good time to make some promises to give your finances an extra boost in 2018 and help see you better off by year-end. 1. Promise to make the biggest RRSP contribution you can. When it comes to improving both your immediate and long-term financial position, an RRSP deposit could help. First, you are putting money away for…

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The Magic Number!

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The conversation with clients about retirement income planning is much different from those conversations that occur over the years while they are building retirement assets using vehicles such as pensions, RRSPs, LIRA's, TFSAs and so on. Often, their focus is on being “conservative” because their understanding from public sources suggest that this is the appropriate approach to managing their…

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A Little Knowledge Can Make Life Less Taxing

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It doesn't take long after receiving your first paycheck to realize that all of your money is not your own. The Canadian government is an active partner in your earnings, and the more money you make, the larger it takes. A better understanding of taxes and how they apply to you can result in hundreds of dollars of savings back into your pocket each year. Tax planning is not just for the rich. The…

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Grandma and Grandpa Santa

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Is it Christmas again already? Time passes too fast when you achieve grandparent status, and George and Grace are wondering once again what to give their grandchildren. Some years ago they realized they had no idea what toys were suitable, so started giving them cash. It seemed to get frittered away on things that soon became boring or obsolete. Now George and Grace wonder if there's some way to…

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Government Pensions and Retirement Planning

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Canadian couples rely upon Government pensions, CPP and Old Age Security (OAS) for a significant portion of their total retirement income planning, which can equal 20% to 50% or more, of their actual or projected total retirement incomes. Corporate and personal pensions (such as RRSPs and TFSAs and other savings) are other sources of retirement income from a planning perspective. The maximum CPP…

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