Fearless Retirement

03/03/2022

01/07/2022

As a wise man once said - "It's not what you earn that is most important for your lifestyle, it's what you get to keep!" Taxes are a huge expense for Canadians, so it's important to understand some of the basics.

A new year brings a new set of tax numbers, and here are the important figures you need to know for 2022. Inflation adjustment factor Each year, most (but not all) income tax and benefit amounts are indexed to inflation. The Canada Revenue Agency in November 2021 announced the inflation rate used to...

01/06/2022

Great to see Canadians focusing on debt reduction and emergency savings in 2021. At the same time almost half of overall respondents (47%) described financial wellness as “living without financial stress.” Yet 70% of overall respondents did not have a planning session with their financial advisors in the past year". Perhaps leveraging an advisors expertise and advice would help increase Canadians feelings of financial wellness.

Among survey respondents who took on more debt in 2021, 37% said their expenses exceeded their monthly incomes

05/06/2020

Something many families don't really think about during such a stressful life transition.

Can your client claim the PRE after moving to assisted living?

04/08/2020

I came across some interesting context for for what the world is experiencing today in terms of the effects the Pandemic is having on the global economy. This came from a little book called Day By Day with James Allen where he wrote: " There is significant economic evidence that the Great Depression might have been avoided but for the "panic" that swept over the country (and the world) after the 1929 stock market crash. What should have been no more than a deep recession, altered our world forever because of the prevailing thoughts of doubt and fear. So great were the thoughts of fear that President Roosevelt felt compelled to deliver a speech about it.... where he said "the only thing we have to fear is fear itself". Thats worth thinking about!

04/08/2020

"Thoughts of doubt and fear can never accomplish anything. They always lead to Failure" As a Man Thinketh

08/08/2019

It may surprise some, but taxes are now the average Canadians largest expense. Even greater than housing.

By Jake Fuss and Milagros Palacios, Special to Postmedia NetworkAs October’s federal election draws near, the cost of living has become a top issue for many Canadian families. Because home pr…

06/24/2019

We're here to help!

Plus, how a financial plan impacts a client's retirement outlook

06/05/2019

Central bank says it has "no connection to this scam"

04/15/2019

A new report by the Canadian Institute of Actuaries puts forward a very progressive idea to address the real issue of longevity in retirement. Interestingly other countries have adopted this stance as a necessity to help retirees live a more financially secure future. Yet in 2015 one of the first things the Trudeau government did was roll back the retirement age to 65 from 67 which the Conservatives had changed not more than a year earlier. The other progressive retirement strategy the Liberals dismantled at that time was to cut the TFSA limit in half, because they said "it only favours the rich". It's my belief that the Conservative government had it right as this new report would seem to support.

Canada’s governments should consider updating the current retirement age to match the reality of today’s workforce, according to a new report by the Canadian Institute of Actuaries. “Canadians are living longer than ever, and many are choosing to work beyond age 65,” said John Dark, presiden...

04/15/2019

Why 8000 may be the most inportant number to consider in your retirement! Great article from Forbes Magazine.

https://www.forbes.com/sites/josephcoughlin/2019/04/13/why-8000-is-the-most-important-number-for-your-retirement-plan/amp/

Retirement planning is shaped by a story of what we think retirement should be. The prevailing narrative describes life after work as a short period of respite and leisure. In fact, it is likely to be about 8,000 days, or a full one-third of adult life, requiring more than financial planning alone.

04/12/2019

Some more good news from the 2019 Ontario Budget. Ontario is to eliminate probate on estates under $50,000. They will also extend the deadline for filing the final estate returns. While this will save only $250 in probate fees for estates under $50,000, it will eliminate the need to do the complex filings for those smaller estates. The bigger savings will come from not having to pay legal fees to probate these small estates. I saw a recent quote from a law office of $3,500 to do a simple estate.

The provincial budget also said the government would extend the deadline for filing estate returns

11/10/2018

Dreams are like the "Chinese Bamboo Tree", listen to Les Brown as he explains.

08/15/2018

This latest Fraser Institute study confirms what clients have been feeling for years - significant tax pain. Certainly a change of government at the federal level would bring significant relief, but in the meantime if you're investing there are strategies to help relieve the pain. Working with a professional Certified Financial Planner, like at True North Retirement Counsel you will be able to see which ones might be right for you.

The average Canadian family spent 43 per cent of its income on taxes in 2017, said a new Fraser Institute study released Aug. 14. This amount exceeds the cost

08/01/2018

Opinion: Family members now have to convince the tax authorities that their contributions are meaningful enough to justify their dividends

06/27/2018

As with "rules of thumb" in general, this isn't necessarily best for all retirees. An individual "Retirement Income Plan" created by a professional certified financial planner is the best way to determine if this strategy is right for you.

A new report by the C.D. Howe Institute says retirement savers would benefit from greater flexibility and security with a longer Canada/Québec Pension Plans

04/23/2018

Planning early for this expense can make a huge difference.

Clients who risk outliving their retirement savings have several options to protect themselves

02/05/2018

Caveat Emptor applies in this case. The new tax efficient ETF's use a complex "swap structure" that sounds eerily similar to those that were stuck down not too long ago by CRA in the mutual fund world.

When investors check out North American literature espousing the benefits of exchange-traded funds (ETFs), they inevitably come across information extolling how

11/23/2017

Here's this years Top 10 list of places to retire in Canada from MoneySense Magazine

Looking for the best places to retire in Canada? These cities offer cheap rents, great access to healthcare and more. See where you should retire.

09/27/2017

There’s great trust in advisors as more than half of investors surveyed said they would follow their advisors if they switched firms By Leah Golob | September 26, 2017 14:20   Trust in financial advisors runs high among investors, according to Natixis Global Asset Management's 2017 Individual Invest...

09/27/2017

If the analysis in this article doesn't make the case for how unfair the proposed tax changes are to those who have small business corporations, then I don't know what will. For anyone who believes the drivel coming from Justin and Bill, give this a good read and take a moment to reflect on it.

Any reasonable analysis of Minister Morneau’s conception of equality must include a comparison between an incorporated professional and a career civil servant

09/26/2017

Canadians understand the proposed new tax rules—that’s why they’re mad

Canadians are mad, and here are six compelling arguments against the Liberals business killing tax change proposal.

The problem with the federal goverment’s tax reform proposal isn’t that they’ve failed to explain it. People do get it, which is why they’re protesting.

09/26/2017

For the subset of middle income families consisting of couples with children, 89 percent now pays higher income taxes ($919 on average), since the Liberals came to power! Now they want even more as the kill small business in Canada with their latest tax "fairness" proposal. So much for their promise to help the middle class!

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09/24/2017

Financial Advisor and Financial Planner are not the same thing.........

Cary List is president and CEO of the Financial Planning Standards Council (FPSC), a not-for-profit organization based in Toronto that develops, promotes and enforces professional standards for financial planning in Canada through the certified financial planner (CFP) designation.