Tools

Will the Money Last?

Will the Money Last?

You have been saving your money diligently over the years, but one question remains: "Will my money last?" You have no clear answer. You are unsure if you will have enough money to maintain your lifestyle and it's is making you anxious, worried, and overwhelmed. You don't know what to do, and have no clear direction, so you are not…
TFSA or Taxable Investment?

TFSA or Taxable Investment?

In a perfect world, we all want a great investment return without paying any taxes! Because it is so rare to get a perfect tax break, people are often suspicious of the Tax Free Investment Savings Account, or TFSA for short. We run the danger of neglecting a very valuable tool that could save us a fortune in taxes over…
Deciding Whether to Invest Into TFSA or RRSP

Deciding Whether to Invest Into TFSA or RRSP

So you have a bunch of money that you are planning to invest. The problem is that you don't know if you should put it in your TFSA, RRSP, or an investment account. This is leading you to not do anything with this money. Delaying any further could be costing you money! (click here to use our Cost of Waiting…
Taxes and Investment Income

Taxes and Investment Income

We all strive to maximize our investment income in the most tax-effective way. The problem is that in a non-registered account, each type of investment income is taxed differently. Capital gains, interest, dividends and rental income all have different tax treatments. This especially leads to frustration when you could have made a different investment decision had you known the tax…
Calculate Your Income Tax

Calculate Your Income Tax

Ideally, we would like to pay no tax while receiving as many benefits as possible. Since that is impossible, let's use every legal means possible to try and reduce our taxes! Canada's Federal income tax act is over 3000 pages long. Only a team of tax accountants and lawyers can come close to understanding this complexity. This can leave us…
Savings Growth Factors

Savings Growth Factors

You invest money with the intent of it growing, right? There are many factors that impact the growth of your investment that you may be unaware of. This can lead to drastic differences in the future of your wealth. These uncertainties are often barriers to acting on our investment plans. Although you may feel overwhelmed and uninformed by the impact…
Calculate Your RRSP Tax Savings

Calculate Your RRSP Tax Savings

With day to day expenses and the cost of living in general, it can be difficult to save money for your retirement. The underlying difficulty here is finding cash flow to support your savings. After you add up the expenses and taxes, there may not be any money left at the end of the month. Often, there's a lot more…
Understanding Your RRIF

Understanding Your RRIF

You have saved diligently for your retirement through your Registered Retirement Savings Plan (RRSP). You have retired or are anticipating retirement and may be planning on or have already opened up a Registered Retirement Income Fund (RRIF). You want to know how much money you can take out each year and how long your RRIF will last. You may also…
Calculating Your Retirement Income

Calculating Your Retirement Income

Retirement is a phase in life that we often spend many years working and dreaming for. You want your retirement to be secure and free of unpleasant surprises. The problem is that you may be uncertain about what retirement will look like. You may not know if you have enough to retire, if you will need to continue working during…
Understand Your Net Worth

Understand Your Net Worth

Whether it be a number to track financial progress, being able to call yourself a millionaire, multimillionaire, etc., your net worth is an important number to know. After all, net worth is a great measure of all your hard work to date. Net worth is a “snapshot” of what you own vs. what you owe. This helps to create a…
Understanding “Real Rate of Return.”

Understanding “Real Rate of Return.”

Everyone wants to get a high return on investments, but there is a double-whammy in your way! Taxes and Inflation have a serious impact on your investment returns! It is frustrating to come to the realization that the money you have diligently saved and invested is not worth as much as you thought. While taxes are a necessary evil and…
Understand the impact of the fees you pay

Understand the impact of the fees you pay

Most investors are willing to pay a fair fee for the financial and investment advice they receive in pursuit of their goals and dreams. There comes a point though when the impact of excessive fees outweighs the value received. An advisor should be aligned with helping to achieve a clients' dreams, not sabotaging them. We all know that building wealth…
Understand the corrosive effect of inflation

Understand the corrosive effect of inflation

We all want to be able to support our lifestyles both today and in the future, whether we are still working or when retired. However, there's a silent enemy working against us. Its name is "Inflation." Inflation is like dry rot. We know it's a problem out there but we don't see it in our own lives until we open…
Understand the high cost of waiting to invest.

Understand the high cost of waiting to invest.

We know that a solid investment plan is important in achieving our long term goals. The big problem is in the waiting for perfection. We continue to put off till tomorrow what we know deep down we need to do today because we're waiting for the perfect solution. The longer we wait, the deeper our discouragement gets. We cannot get…
Cash Flow Confidence

Cash Flow Confidence

Everyone wants to get ahead financially by saving for the important goals in life and by paying down debt. Many others want to get ahead by convincing us we should buy everything they offer! The result is that we take the bait and open our wallets too often! Our expenses become greater than our income and we risk being consumed…