Do I need life insurance?
Life insurance can help your loved ones deal with the financial impact of your death. The death benefit paid from a life insurance policy is a tax-free, lump-sum amount that can replace your income so your family can maintain their standard of living or provide for your children or dependents. It can also be designated to pay off expenses such as funeral costs. You may have forgotten about a life insurance policy that was paid off long ago. Sometimes a policy was purchased from a company that no longer exists. Some employer life insurance policy Agreements have payouts available even after a...
Read MoreWhat is the difference between real and personal property, and why is it important for estate planning?
In estate planning, there are two types of property: real and personal. Real property includes items such as real estate, land, and buildings.Personal property includes bank accounts, investments, heirlooms, and valuables. If your net worth is significant, carefully consider, with the advice of your financial and legal representative, the power to be granted to your executor with all your real and personal properties. Personal property held jointly with another person, such as bank accounts and homes, will not be considered part of an estate. They will pass automatically to the joint...
Read MoreA message from Lana Popham B.C;s Minister of agriculture.
To me, summers on Vancouver Island are emblematic of farmers markets, packed with local produce, patio season and afternoons spent on the beach, enjoying a picnic lunch. As the leaves begin to change and we welcome the arrival of autumn and the harvests of many B.C. fruits and vegetables, I also wanted to share some lesser-known products from Vancouver Island that feature in fall meals at my home. They are all part of the BuyBC program, which helps consumers recognize local foods through labels and marketing, making over 3000 participating products easy to identify and are a shortcut to...
Read MoreWomen’s Enterprise Centre
Supporting every stage of your small business journey. January 2022. Women’s Enterprise Centre Newsletter.
Read MoreNational child-care system
Liberals have promised to make a long-term spending commitment to create a national child-care system A new report estimates that hundreds of thousands of women could get back into the labour force if the Liberals follow through on a pledge to create a national child care system. The paper to be released Wednesday makes the case that federal spending to create a national program would “pay for itself” in the form of extra income tax, extra spending and reduced social costs as more parents entered the workforce. There is also the potential for tens of thousands of construction jobs as new...
Read MoreFinancial Elder Abuse
Isolated adults are vulnerable to elder financial abuse but conversation can help drive change. Elder financial abuse is the most common form of elder abuse. It is defined as the unlawful or unauthorized use of an elderly person’s financial assets. It is also the act of pressuring an elder to authorize consent or use of their financial assets. How to Recognize Elder Financial Abuse Personal relationships are often leveraged to perpetrate investment fraud. To gain the trust of an older adult, a fraudster will often offer help or become a close friend. Learn more about the ‘trust...
Read MoreMortgage deferrals
Ten more timely tips I hope you and your family are enjoying good health and finding some measure of happiness in this strange spring. Certainly, many Canadians are feeling the financial pressures mount as we work together to conquer this pandemic. The good news is there are strategies that can help. The Mortgage Deferral Program has been the first line of defense for thousands of homeowners looking for immediate financial relief. A Mortgage Deferral is not payment “forgiveness” that allows you to simply miss payments. While you don’t pay anything at all during the...
Read MoreTake Charge of Your Finances
November was Financial Literacy Month, and this year’s theme is “take charge of your finances!” We’re encouraging new and seasoned investors to take charge by playing more active and engaged roles when it comes to their investments. One way you can become better engaged is by understanding investment fees and charges. Whether you are a DIY investor or you’re working with a registered investment advisor, it’s important to know what you’re paying to buy, sell or hold an investment. This article can help you better understand the structure of investment fees, and how investment...
Read MorePause for thought
Did you know that almost half of the savings you have built up in your RRSP/RRIF (Registered Retirement Savings Plan/Registered Retirement Income Fund) could wind up being paid out in Tax at death. Tax free transfers to a surviving spouse will delay the inevitable, but won’t avoid it. First of all, let’s start at retirement. Say you have an RRSP you have been contributing to for years as you worked, or possibly, as your spouse worked (these contributions could have gone into a spousal plan for you). You can convert to a RRIF at the same time as you retire, but, you are not...
Read MoreHappy Halloween!
Here are some financial tips and ‘tricks’ to keep your finances in order. -maximize employment benefits – your employer may match a pension contribution up to a certain percentage, take advantage of your medical and dental insurance while you have it -spend less than you earn – simple, right? Make a budget and stick to it. -don’t automatically sign and send in the mortgage renewal document you receive from your financial institution. Many times, you are able to shop around and get a better rate and/or terms – talk to your mortgage broker. The...
Read MoreElder Financial Abuse:
Protect Yourself and Those You Love Elder financial abuse is the most common form of abuse against older adults, accounting for over half of all elder abuse situations reported. It impacts an older adult’s financial options, and ultimately, their ability to properly take care of themselves. Fortunately, through education, you can learn how to protect yourself and your loved ones from elder financial abuse. InvestRight.org, is the British Columbia Securities Commission’s investor education website. This BCSC InvestRight blog post describes elder financial abuse and provides common...
Read MoreWomen under-insured.
Whether a woman works outside the home or not, to be properly protected, the following types of insurance should be considered. 1) – Health insurance. If you are working and your company offers it, sign up. If you are self-employed, work part-time, or work at home, health insurance is important. Sickness can be expensive, for your care, and for the care of those you look after if you can’t. 2) – Life insurance. If you are working and use your income for family expenses, you need life insurance. If you are a single mom, you need life insurance. If you are a stay at home...
Read MoreNews for homebuyers
The recent federal budget included Housing AffordabilityMeasures that may be applicable to your situation, now or in the future. There are three key measures intended to help: an incentive for first-time homebuyers, an increase in the amount of RRSP funds first-time buyers can access for a down-payment, and allowing divorced individuals to use their RRSP funds under the Home Buyers Plan. Let’s take a closer look at each: FIRST-TIME HOME BUYER INCENTIVE (available Fall 2019) This new measure is basically a shared equity program designed to reduce mortgage payments for first-time buyers...
Read MoreTips for Tax Retirement Income
When it comes to tax planning, it’s the little things that really add up. Here are 5 ways in which you can save big at tax time: Have a plan – it is very important that you know where your income is coming from today, tomorrow and many years down the road. At each stage of your retirement, your primary income source may change. Having more than just a vague idea of where this money is going to come from helps make better decisions now. Create income from multiple sources – the saying “don’t have all your eggs in one basket” rings true when it comes to taxation too. Some income...
Read MoreManage your credit score
…it’s your passport to financial opportunities So maybe you let a few bills slide when things were tight. Or maybe you haven’t seen a zero balance on your credit card in longer than you can remember. Then there was that temporary line of credit… that somehow became permanent. It’s amazing how many things we do that weaken our credit score. Your credit score – the higher the better – is your passport to financial opportunities. Known as a FICO score – with a possible range of 300 to 900 — your number tells lenders what kind of a risk you are likely to be as a...
Read MoreVariable rate
This Spring we’re seeing lenders getting aggressive with their pricing for variable rate mortgages: a sign that lenders are fighting for market share, making it a great time to be shopping for a mortgage! First a reminder of the difference between fixed vs variable. Fixed rates are often well suited to first-time buyers or those who haven’t owned a home for long because they want to know with absolute certainty what their payment will be for a set number of years. A variable mortgage has an interest rate that will move in conjunction with your lender’s Prime rate, which in turn tracks...
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