Life Insurance.
Women who don’t work outside the home do not need life insurance. Women should let men decide if and how much life insurance they need for themselves. Women should let their significant other handle all of the finances. Okay, I am certain some of you immediately realized I am saying the opposite of what is true, but, unfortunately the mindset that ‘women don’t need to worry their pretty little heads about that’ is still around, although not as prevalent as years ago. Too many families rely mainly on the male’s life insurance policy; this does not factor a woman’s contribution to...
Read MoreRRSP’s, RRIF’s & TFSA’s
The holidays are approaching and 2016 will quickly be in the past. You still have time to do this year-end checklist for retirement plans; RRSPs (Registered Retirement Savings Plans), RRIFs (Registered Retirement Income Plans) and TFSAs (Tax Free Savings Accounts). 1) If you are planning a withdrawal from your TFSA in early 2017, do it now – you will be able to recontribute the amount anytime next year, instead of waiting until 2018 if you withdraw in 2017. 2) If you are 65 or older and do not have a pension to be able to claim the $2000 pension credit on your tax return, consider...
Read MoreKeeping Wills Current
Many things have changed since the ‘good old days’ but, unfortunately, some things haven’t. My Dad died overnight at age 57 from a massive heart attack; to say it was unexpected is an understatement. We were terribly unprepared, both emotionally and estate wise. My Dad had a will, but it needed updating, and everything was in my Dad’s name. The estate took almost a year and a half to settle, and, in the meantime, my Mom had never written a cheque or paid a bill in her life. I talk to many women and couples – it still surprises me how often wills are not done or updated, or, the...
Read MoreLife Insurance Tax Changes.
Hello all,time is running out before significant life insurance tax changes effective January 1, 2017. Clients who already have life insurance policies will want to ensure they keep their current status; changes that could impact grandfathering need to be done before January 1, 2017 or that protection could be lost. Here are a few items for both existing and new clients to consider: -If you are thinking of getting life insurance, the cost of insurance will be cheaper now than in January 2017 -if you plan to convert from term to permanent insurance in the future, consider doing it now so you...
Read MoreTax Free Savings Accounts
Let’s talk about Tax Free Savings Accounts (TFSA). The government does not give you many chances to save on taxes, this is definitely one you should be taking advantage of. You have been allowed to contribute to a tax free savings account since 2009, with varying maximum annual contribution limits. You do not have to contribute annually, or even the maximum annually, and all limits can be carried forward to future years indefinitely. TFSA contributions can be made all year, not to be confused with RRSP contributions which have to be made by the 60th day of the year to qualify for the...
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