Summer is upon us, which means spending longer days in the sun and enjoying your cottage with your family and friends. This is also the time that you may start thinking about the future of your cottage and your plans to pass it down your family. If you have decided to bequeath your vacation property to your children in your will, you may know that there could be substantial capital gains taxes due. Where does the money come from? Let’s consider some alternatives.
Did you know that financial abuse is the most common form of elder abuse in Canada?1 In this segment of Life & Money Matters video, Peter shares some of the signs of elder financial abuse and how to safeguard against it.
As Millenials graduate and seek employment, many parents still feel the burden of financially providing for their children. Studies found that more than four in ten Canadians say their top source of stress is money1. Specifically, nearly half of Canadian parents admit that supporting their adult children is causing them emotional and financial stress2.
People can go to great lengths to avoid probate costs, sometimes making them turn a blind eye to much bigger costs that can be created by passing assets outside of the estate. Let's take a look at a recent case concerning an elderly gentleman and his son.
How secure do you feel about life after work? Even if work will continue to form part of the next phase in your life, how comfortable are you with your plans and savings for all those tomorrows? Will your plans work, even under adverse conditions?
It’s tax time again. You may be in the habit of completing your own tax return or having a professional do it for you. Either way, make sure you have the details and supporting documentation to get the most out of these five tax credits.
I’m sure many of you have heard the following statements. Perhaps you have made them yourselves.
“I don’t like taking risks with my money.”
When saving for retirement, you may get sick or have an accident, suffer a critical illness, require long term care or pass away. These factors should be considered when looking at savings and spending during retirement. Contingency planning plays a key role in comprehensive retirement income planning.
I have been seeing more and more of my friends retire over the last couple of years. As prepared as some thought they were about leaving their work behind, six months or so later, they found themselves struggling with what their version of the next phase of their life and themselves would look like.
What's the biggest cheque you or your estate will ever write? When do you think that might happen?
