As you know, the cost of owning a home continues to rise. Young adults are struggling as years of savings are becoming more inadequate towards their first home goals. To address this, Budget 2022 proposed a new Tax-Free First Home Savings Account (FHSA), a new registered account to help individuals save for their first home. […]
https://www.youtube.com/watch?v=GcUfmQ5PmPE Are you nearing retirement age and considering downsizing your home? Nowadays, there’s so many different approaches to downsizing and how you go about it depending on your unique needs. We work with a lot of folks in Southern Ontario to help them answer the question: Do I have enough? In other words – is […]
When it comes to investing and real estate, many clients who are purchasing property or real estate ask whether they are better off borrowing money from the bank or selling their investments to make these types of purchases. This is a common dilemma that many investors face when trying to balance their real estate investments […]
https://www.youtube.com/watch?v=pwkxcp9Hkqk Today’s housing market remains challenging, leaving many first-time home buyers hard-pressed to come up with a down payment. So, quite often, parents or grandparents want to help out. As of April 1, 2023, a new avenue has opened to help fund a down payment: the First-Home Savings Account (FHSA). Although you can’t contribute directly […]
https://www.youtube.com/watch?v=ltEuoPcV71w&t=1s Your son asks if you’ll be a co-signer so he and his wife can qualify for a mortgage. Or a friend who’s struggling financially wants to know if you’ll co-sign a car loan. If anyone asks you to co-sign a loan, it’s not a decision to take lightly. You would be obligated to make […]
https://youtu.be/eETB1fSWIWA If someone suffers a cognitive decline and loses their ability to manage their financial affairs, it’s a common misconception that a loved one can automatically step in and take over. That’s only the case when the person in need has made a power of attorney for property. The “power of attorney” is the legal […]
If you were to imagine someone establishing a trust, you may picture an individual leaving their hilltop mansion and being driven by their chauffeur to stately law offices visited only by the rich and famous. In reality, a trust can be used by just about anyone to meet a variety of estate planning needs. One […]
Each year, you’re required to make a minimum Registered Retirement Income Fund (RRIF) withdrawal, calculated as a percentage of your RRIF assets. The percentage is based on your age, and it increases each year. Every withdrawal is taxed as regular income, but several strategies can help reduce the impact of the tax liability. An individual […]
Did you know Canadian youth rank among the top in the world for financial literacy? Every three years, the Programme for International Student Assessment (PISA) conducts a survey among 15-year-old students in 20 countries. In the most recent results, Canada tied for second place. One key finding of the survey is that students who talked […]
If you’re like most couples, each spouse ends up assuming responsibility for certain roles. Usually, that’s all well and good – but not when it comes to financial life. Here are several reasons why you’re better off when both spouses are involved in wealth management. Approach goals more effectively Very often in money matters, two […]
