How much annual retirement income can you safely withdraw? Which source of savings should you access first? When should you start government benefits? What guidelines can you follow?
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Tax season is approaching, which means looking for credits and deductions to pay less tax wherever possible. However, other opportunities are available to save tax that may be implemented at any time during the year.
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If there’s one thing we can count on every January, it’s financial forecasts for the upcoming year. Whether online, in the business press, on television or on the radio, predictions abound on markets and the economy.
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With the winter holidays fast approaching, many media campaigns are asking us to remember the less fortunate in our communities and beyond, and to donate generously to help support them.
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If you own or plan to own a U.S. property, seek legal and tax advice from an advisor specializing in cross-border estate planning to ensure your wishes on death are realized in the most tax-effective manner.
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When a person dies, decisions regarding the funeral are left to that individual’s executor (liquidator in Quebec). Practically speaking, funeral planning normally falls to the family. Without clear instructions, this may result in distress and uncertainty.
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Events in your life or changes involving the person you designated may call for a review of your executor—also known as a liquidator, estate trustee or personal representative, depending on the province.
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Whenever you have a chance to defer paying tax, a common thought is, “Why pay tax now when I can pay it later?” However, there’s more to the story than simply postponing the tax bill.
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In a typical estate plan, each spouse leaves their assets to the other. When the second spouse passes away, assets are distributed to the children. However, an estate plan is not usually typical when you remarry and have children from a prior marriage.
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You may think the vast majority of couples retire at the same time. However, the last time Statistics Canada reported on Canadians retiring together or not, only about 30% of couples retired together.
Here’s a look at why couples retire together or apart and how each choice comes with its own benefits and concerns.
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The Bank of Canada’s interest rate cut in June was slight, yet significant. It was the first rate reduction in more than four years and a signal of cuts to follow, which we’re already seeing.
One of the first things that interest rate cuts bring to mind is lowering the cost of borrowing, but they can also affect investment performance.
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Interestingly, spouses with very different—even opposite—investment personalities may quite easily develop an investment program that’s just right for the couple. Yet, in some cases, partners who view investing the same way may need to proceed with caution.
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Whether the amount is small or large, whether it applies to a couple of years or many, Canadians don’t like their Old Age Security (OAS) pension clawed back.
The clawback is officially known as the OAS pension recovery tax. A taxpayer repays 15% of the amount by which their taxable income exceeds the threshold amount, which is $90,997 for 2024. Here are some common ways to manage the clawback.
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Financial behaviourists have identified well over 20 investment biases that can tempt or lead individuals to invest in a particular way. Generally speaking, none of the biases is good news for investors.
Fortunately, investors who have an advisor aren’t vulnerable to making poor decisions out of fear, hope or any number of irrational reasons. However, understanding investment biases is still valuable.
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When choosing how to make a large charitable gift, the number of available options can seem overwhelming—especially when each brings its own financial benefits.
To simplify matters, here are personal situations you may relate to, along with donation methods for each.
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Naming a beneficiary in a will may be seen as the most common way to leave an inheritance to a loved one.
However, in certain situations, many people choose to give an advance on an inheritance during their lifetime or have the funds distributed in the years following their passing.
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Relationships depend on trust, and yet research consistently shows that couples aren’t always completely open with each other about their finances. For example, TD’s 2021 Love and Money survey found that 28% of Canadians in committed relationships had a financial secret they hadn’t shared with their partner—and 64% of those with a secret said they have no plans to ever tell their partner about it.
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Each loyalty program has its own rules about whether points can be transferred to a beneficiary, so check your programs’ policies. When allowed, list the loyalty program in your will and name the beneficiary of the points. Also, provide your executor with each loyalty program’s login information.
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It’s called the retirement risk zone—the period of several years before your retirement date and the initial years of your retirement. The risk is a severe market downturn and its impact on your retirement savings.
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Find money-saving opportunities this tax season
year, inevitably, April 30 rolls around. In the weeks leading up to the personal income tax return filing deadline, many across Canada brace themselves for the ordeal of getting their financial paperwork in order. Few enjoy the process of preparing to file their taxes. But what may seem like a chore is also an excellent prompt to discover tax-saving strategies that can help you this year and in years to come.
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