CRA poll: Wealthy are favoured when it comes to income tax
Wealthy Canadians receive favourable treatment in avoiding paying income tax. This is the opinion of those that work at Canada Revenue Agency (CRA). The CRA is our tax collector. A union-sponsored survey was conducted by the Professional Institute of the Public Service of Canada (PIPSC). They are the union representing CRA employees. More than 1,700 […]
The importance of adviser communication skills
Does your financial adviser lack effective communication skills? The formula for success in receiving any professional advice is the quality of that advice and how it is communicated to you. Good advice poorly communicated will leave you lacking. A recent Ipsos poll conducted for Manulife provided two interesting statistics on financial advice. First, one in […]
A coffee drinker could become a millionaire
An incremental savings plan is one where you reduce, or get rid of, a recurring expense. This is how a coffee drinker could become a millionaire. It is quite easy. All it takes to understand this concept is a little arithmetic. In financial planning we spend a lot of time talking about savings. In order […]
Should Canada implement an inheritance tax?
David Macdonald, Senior Economist for the Canadian Centre for Policy Alternatives, and author of the report Born to Win – Wealth Concentration in Canada since 1999, thinks Canada should have an inheritance tax. Currently in Canada taxes are paid before an estate is distributed to its inheritors. For example, there is an assumed deemed disposition […]
Growing old has financial risks
As people grow older we expect to see physical signs of aging. The other facet of aging is declining mental ability. This needs to be better understood, particularly as it applies to a person’s ability to manage their financial affairs. We all have to make financial decisions. Now more than ever, everyone needs to protect […]
Young adult children living at home longer
Why do young adult children still live at home? Their parents often recall how they left home at an early age and now seem somewhat perplexed at why this is no longer the case. Has this generation become soft and unable to survive on their own in the real world? According to the 2016 census, […]
Cybersecurity risks due to lack of trained specialists
There is a potential problem looming in the expanding world of cybersecurity. First, consider how technology has impacted the way businesses operate. Dramatic changes have happened in a short amount of time. We are all comfortable with smart devices and ‘instant everything’. Companies are using advanced technology as a means to become more efficient and […]
Proposed changes to mutual fund fees
Proposed changes to how mutual funds are sold will benefit investors. After five years of study, the Canadian Securities Administrators (CSA) propose prohibiting deferred sales charges (DSC) on the sale of mutual funds. Many investors don’t understand how DSCs work. When a mutual fund is sold with a DSC sales commission, that commission is shared […]
Planning for retirement: how long will you live?
How long will you live? That is the million-dollar question when it comes to planning for retirement. Not understanding how long your money has to last can create a lot of uncertainty. There are plenty of statistics to show people are living longer. Zürich-based UBS group AG continues to monitor and study 5,000 of the […]
The 411 on mutual fund fees – the news isn’t good
It’s time to see if all the talk about decreasing investment fees has actually resulted in lower costs for those who own mutual funds. Don’t get your hopes up. The news isn’t good. To put mutual fund fees into proper perspective we should understand that mutual funds are very popular with Canadians. Strategic Insight reports […]