Stay informed
Stay informed with what’s going on. Browse posts that might be helpful to you or check out an event happening in your area. Come back regularly as this page is kept up-to-date with a lot of relevant information.
Proper professional financial consultation and strategies could have easily netted this family at least $1 million more for their estate and their adult children.
https://www.sudbury.com/beyond-local/ontario-woman-says-government-took-every-cent-of-parents-savings-11130734
"$659,126 combined tax bill from RRSP and an investment property" after both parents passed away in a single year.
The RRSP account had $715k, which meant that in Ontario the tax on RRSP comes to just under $375k, so the investment property's capital gain tax was $285k, which meant that the capital gain on the investment property was just under $1.2 million.
Combined, the year of both parents' passing, their "deemed disposition income" comes to around $1.9 million, and therefore paid a total of $660k in taxes.
Two adult kids got $50k in life insurance payment each which mostly went to cottage maintenance and final expenses for their parents.
This is a classic case of having inadequate financial planning in place, unfortunately, especially having both the relatively large RRSP account AND an investment property with significant capital gain value.
The parents had a lawyer and an accountant, yet for one reason or another, the financial planning aspect was sorely lacking (lawyers and accountants can't actually do financial planning without specialized training or licensing), and they ended up paying an amount of tax that is almost equal to their entire RRSP value saved up over the years.
Not to mention that they won't see a single dollar paid to them from their CPP except the $2500 per person for passing away, which they certainly paid into it for roughly 40 years.
https://www.sudbury.com/beyond-local/ontario-woman-says-government-took-every-cent-of-parents-savings-11130734
"$659,126 combined tax bill from RRSP and an investment property" after both parents passed away in a single year.
The RRSP account had $715k, which meant that in Ontario the tax on RRSP comes to just under $375k, so the investment property's capital gain tax was $285k, which meant that the capital gain on the investment property was just under $1.2 million.
Combined, the year of both parents' passing, their "deemed disposition income" comes to around $1.9 million, and therefore paid a total of $660k in taxes.
Two adult kids got $50k in life insurance payment each which mostly went to cottage maintenance and final expenses for their parents.
This is a classic case of having inadequate financial planning in place, unfortunately, especially having both the relatively large RRSP account AND an investment property with significant capital gain value.
The parents had a lawyer and an accountant, yet for one reason or another, the financial planning aspect was sorely lacking (lawyers and accountants can't actually do financial planning without specialized training or licensing), and they ended up paying an amount of tax that is almost equal to their entire RRSP value saved up over the years.
Not to mention that they won't see a single dollar paid to them from their CPP except the $2500 per person for passing away, which they certainly paid into it for roughly 40 years.
When inflation rises during retirement, it's important to take proactive steps to protect your purchasing power and financial stability. Here are some strategies to consider:
- Diversify your investment portfolio
- Reassess your withdrawal strategy
- Look for senior discounts
- Delay old age benefits, if possible
Remember, the key is to be proactive and adaptable. Reach out to review your financial situation and make necessary adjustments.
- Diversify your investment portfolio
- Reassess your withdrawal strategy
- Look for senior discounts
- Delay old age benefits, if possible
Remember, the key is to be proactive and adaptable. Reach out to review your financial situation and make necessary adjustments.
When inflation rises during retirement, it's important to take proactive steps to protect your purchasing power and financial stability. Here are some strategies to consider:
- Diversify your investment portfolio
- Reassess your withdrawal strategy
- Look for senior discounts
- Delay old age benefits, if possible
Remember, the key is to be proactive and adaptable. Reach out to review your financial situation and make necessary adjustments.
- Diversify your investment portfolio
- Reassess your withdrawal strategy
- Look for senior discounts
- Delay old age benefits, if possible
Remember, the key is to be proactive and adaptable. Reach out to review your financial situation and make necessary adjustments.
Have you started a side gig to supplement your full-time income? Here are some tips to help you out on the financial side of things:
- Separate your personal and business finances
- Keep detailed records -Save receipts
- Think about tax implications
- Consider insurance
If you have questions about how to handle your new income, reach out!
- Separate your personal and business finances
- Keep detailed records -Save receipts
- Think about tax implications
- Consider insurance
If you have questions about how to handle your new income, reach out!
Have you started a side gig to supplement your full-time income? Here are some tips to help you out on the financial side of things:
- Separate your personal and business finances
- Keep detailed records -Save receipts
- Think about tax implications
- Consider insurance
If you have questions about how to handle your new income, reach out!
- Separate your personal and business finances
- Keep detailed records -Save receipts
- Think about tax implications
- Consider insurance
If you have questions about how to handle your new income, reach out!
10 tips for healthy eating on a budget
Suffering from sticker shock at the supermarket? Here are some expert tips on how to eat healthy for less.
With the summer break wrapping up, it’s a great time to think about your child’s RESPs. Get in touch to discuss your contributions and if you’re on track to set them up for success in their future.
When you’re bringing in a high income, it’s important to manage it effectively. You want to make sure you’re making your hard earned money go as far as possible.
Let’s connect to discuss your strategy.
Let’s connect to discuss your strategy.
When you’re bringing in a high income, it’s important to manage it effectively. You want to make sure you’re making your hard earned money go as far as possible.
Let’s connect to discuss your strategy.
Let’s connect to discuss your strategy.
当您拥有高收入时，开展有效管理至关重要。您一定希望让您辛苦赚的钱实现价值最大化。 诚邀您与我们共同探讨您的财富策略。
当您拥有高收入时，开展有效管理至关重要。您一定希望让您辛苦赚的钱实现价值最大化。 诚邀您与我们共同探讨您的财富策略。
當您的收入達到較高水平時，對其進行有效管理顯得尤為重要。您無疑希望將您辛苦賺來的錢花得盡可能合理且富有價值。 讓我們建立聯繫，共同探討相關策略。
當您的收入達到較高水平時，對其進行有效管理顯得尤為重要。您無疑希望將您辛苦賺來的錢花得盡可能合理且富有價值。 讓我們建立聯繫，共同探討相關策略。
Check out these tips to help your retirement savings go farther:
- Maximize government benefits
- Manage withdrawals from RRSPs to minimize taxes
- Consider downsizing your house
- Understand healthcare coverage
Let’s chat and explore your options.
- Maximize government benefits
- Manage withdrawals from RRSPs to minimize taxes
- Consider downsizing your house
- Understand healthcare coverage
Let’s chat and explore your options.
Check out these tips to help your retirement savings go farther:
- Maximize government benefits
- Manage withdrawals from RRSPs to minimize taxes
- Consider downsizing your house
- Understand healthcare coverage
Let’s chat and explore your options.
- Maximize government benefits
- Manage withdrawals from RRSPs to minimize taxes
- Consider downsizing your house
- Understand healthcare coverage
Let’s chat and explore your options.
Freelancers - are you loving the freedom of being your own boss but feeling overwhelmed by the financial side of things?
Irregular income, self-employment taxes, and saving for retirement can be tricky when you're flying solo. But don't worry – you don't have to navigate this alone!
Let’s work together to help manage cash flow, set up an emergency fund and explore retirement options and insurance protection.
Get in touch to get started.
Script: Let's help make your freelance dreams financially sustainable
Irregular income, self-employment taxes, and saving for retirement can be tricky when you're flying solo. But don't worry – you don't have to navigate this alone!
Let’s work together to help manage cash flow, set up an emergency fund and explore retirement options and insurance protection.
Get in touch to get started.
Script: Let's help make your freelance dreams financially sustainable
Watch video
We understand the unique needs of those with diabetes. Sun Life’s innovative Term Insurance for Diabetes offers higher chances of approval compared to conventional life insurance and includes a Diabetes Care Program. Apply now to enter our monthly $5,000 giveaway! Message me for details on how to protect your family's future. #DiabetesCare #InsuranceInnovation
*Certain terms and conditions apply.
*Certain terms and conditions apply.
We understand the unique needs of those with diabetes. Sun Life’s innovative Term Insurance for Diabetes offers higher chances of approval compared to conventional life insurance and includes a Diabetes Care Program. Apply now to enter our monthly $5,000 giveaway! Message me for details on how to protect your family's future. #DiabetesCare #InsuranceInnovation
*Certain terms and conditions apply.
*Certain terms and conditions apply.
Sun Life's Term Insurance for Diabetes offers a higher chance of approval and affordable premiums compared to conventional life insurance. Plus, enter the Protect to Win Contest for a chance to win $5,000!
#DiabetesAwareness #FinancialProtection
*Certain terms and conditions apply. Contact me for more information.
#DiabetesAwareness #FinancialProtection
*Certain terms and conditions apply. Contact me for more information.
Sun Life's Term Insurance for Diabetes offers a higher chance of approval and affordable premiums compared to conventional life insurance. Plus, enter the Protect to Win Contest for a chance to win $5,000!
#DiabetesAwareness #FinancialProtection
*Certain terms and conditions apply. Contact me for more information.
#DiabetesAwareness #FinancialProtection
*Certain terms and conditions apply. Contact me for more information.
If remote work is here to stay, then it’s time to adjust your financial strategy to match your lifestyle. You may be saving more money on commuting and work attire, while spending more on your home office and utilities.
Let’s assess where you’re at and build a strategy that helps you reach your goals.
Let’s assess where you’re at and build a strategy that helps you reach your goals.
If remote work is here to stay, then it’s time to adjust your financial strategy to match your lifestyle. You may be saving more money on commuting and work attire, while spending more on your home office and utilities.
Let’s assess where you’re at and build a strategy that helps you reach your goals.
Let’s assess where you’re at and build a strategy that helps you reach your goals.
Are you feeling squeezed between caring for your aging parents and supporting your own children? You're not alone.
Balancing multiple financial responsibilities can be overwhelming, but there are strategies to help.
Reach out and we can address your family's needs while helping to safeguard your own financial future.
Script: Don't let the pressure of being "sandwiched" compromise your financial well-being.
Balancing multiple financial responsibilities can be overwhelming, but there are strategies to help.
Reach out and we can address your family's needs while helping to safeguard your own financial future.
Script: Don't let the pressure of being "sandwiched" compromise your financial well-being.
Watch video
With the rising cost of living, have you had to take on a second job or side hustle? It might be time to create a financial roadmap so your can understand your spending habits and start working towards you goals. Let’s work together to help make your money go further.
Disability insurance helps protect you financially by replacing a portion of your income if you’re ever diagnosed with a covered medical illness, mental health issue, or injury that prevents you from working.
Getting an individual disability insurance policy can be beneficial for you even if you don’t work in a physically demanding role. As an example, if you are diagnosed with major depression that prevents you from working, your policy could replace a portion of your income while you focus on your mental health.
Interested? Let’s talk about if it’s right for you.
Getting an individual disability insurance policy can be beneficial for you even if you don’t work in a physically demanding role. As an example, if you are diagnosed with major depression that prevents you from working, your policy could replace a portion of your income while you focus on your mental health.
Interested? Let’s talk about if it’s right for you.
Disability insurance helps protect you financially by replacing a portion of your income if you’re ever diagnosed with a covered medical illness, mental health issue, or injury that prevents you from working.
Getting an individual disability insurance policy can be beneficial for you even if you don’t work in a physically demanding role. As an example, if you are diagnosed with major depression that prevents you from working, your policy could replace a portion of your income while you focus on your mental health.
Interested? Let’s talk about if it’s right for you.
Getting an individual disability insurance policy can be beneficial for you even if you don’t work in a physically demanding role. As an example, if you are diagnosed with major depression that prevents you from working, your policy could replace a portion of your income while you focus on your mental health.
Interested? Let’s talk about if it’s right for you.
Want to teach your kids about money management this summer? Try the Three Jar Method. Help your children divide their allowance or summer job earnings into three jars:
1. Spend
2. Save
3. Share
This simple system introduces budgeting, saving for goals, and the importance of giving back. It's a fun, visual way to start important money conversations with your kids during their time off from school.
1. Spend
2. Save
3. Share
This simple system introduces budgeting, saving for goals, and the importance of giving back. It's a fun, visual way to start important money conversations with your kids during their time off from school.
Want to teach your kids about money management this summer? Try the Three Jar Method. Help your children divide their allowance or summer job earnings into three jars:
1. Spend
2. Save
3. Share
This simple system introduces budgeting, saving for goals, and the importance of giving back. It's a fun, visual way to start important money conversations with your kids during their time off from school.
1. Spend
2. Save
3. Share
This simple system introduces budgeting, saving for goals, and the importance of giving back. It's a fun, visual way to start important money conversations with your kids during their time off from school.
Divorce isn't just emotionally challenging — it can take a major toll on your finances too.
Some costs you may need to consider are:
- Legal fees
- Dividing your assets and debts
- The cost of shared custody of children
If you’re going through a divorce, it’s a good time to assess how this will affect your finances now and into the future. Let’s make a plan that you feel confident in.
Some costs you may need to consider are:
- Legal fees
- Dividing your assets and debts
- The cost of shared custody of children
If you’re going through a divorce, it’s a good time to assess how this will affect your finances now and into the future. Let’s make a plan that you feel confident in.
Divorce isn't just emotionally challenging — it can take a major toll on your finances too.
Some costs you may need to consider are:
- Legal fees
- Dividing your assets and debts
- The cost of shared custody of children
If you’re going through a divorce, it’s a good time to assess how this will affect your finances now and into the future. Let’s make a plan that you feel confident in.
Some costs you may need to consider are:
- Legal fees
- Dividing your assets and debts
- The cost of shared custody of children
If you’re going through a divorce, it’s a good time to assess how this will affect your finances now and into the future. Let’s make a plan that you feel confident in.
Turning 71 soon? It's time to talk about your RRSP. Did you know that by December 31st of the year you turn 71, you must convert your RRSP to a RRIF or annuity? This marks an important shift from saving to spending in retirement.
Key things to consider:
- Minimum annual withdrawals
- Tax implications
- Investment strategy adjustments
Let's chat about these upcoming changes and how we can navigate them together.
#RetirementPlanning #RRSP #RRIF
Key things to consider:
- Minimum annual withdrawals
- Tax implications
- Investment strategy adjustments
Let's chat about these upcoming changes and how we can navigate them together.
#RetirementPlanning #RRSP #RRIF
Turning 71 soon? It's time to talk about your RRSP. Did you know that by December 31st of the year you turn 71, you must convert your RRSP to a RRIF or annuity? This marks an important shift from saving to spending in retirement.
Key things to consider:
- Minimum annual withdrawals
- Tax implications
- Investment strategy adjustments
Let's chat about these upcoming changes and how we can navigate them together.
#RetirementPlanning #RRSP #RRIF
Key things to consider:
- Minimum annual withdrawals
- Tax implications
- Investment strategy adjustments
Let's chat about these upcoming changes and how we can navigate them together.
#RetirementPlanning #RRSP #RRIF
In the face of economic challenges, it’s important to do what you can to protect your business, your employees and your income.
Get in touch today to discuss how you can protect your business.
Get in touch today to discuss how you can protect your business.
In the face of economic challenges, it’s important to do what you can to protect your business, your employees and your income.
Get in touch today to discuss how you can protect your business.
Get in touch today to discuss how you can protect your business.
Have questions?
Here to help answer your questions, provide clarity about products and get you started on the road to achieving your goals.