Financial Highlights for Canadians
This Report attempts to set the record straight for this and other public policy issues where advice plays a role. Throughout the Report, the values we attribute to advice are supported by fact-based, independent, third-party research available from credible, published sources. The aim is to provide a clear, unbiased view of what advice means to the financial well-being of Canadians and their confidence in the future. In so doing, it is hoped that this work will enable public policy-makers to better assess the impact of measures that would impair or constrain the advice market.
Tax Free Savings Account (TFSA) New for 2009
A Tax-Free Savings Account (TFSA) is a flexible investment account that can help you meet both your short- and long-term goals. Investment income in a TFSA—whether you’re earning interest, dividends or capital gains—are not taxed, even when withdrawn. This tax-free compound growth means that your money grows more quickly inside a TFSA than in a taxable account.
Click here for the government of Canada's website for the new Tax Free Savings Account information.
Registered Education Savings Program (RESP) Changes for 2009
With the help of an RESP you, as a parent, friend or family member, can start putting aside money for a child’s post-secondary education. Your contributions can grow surprisingly quickly when you use this special savings account, as the Government of Canada offers the Canada Education Savings Grant and the Canada Learning Bond exclusively to RESP subscribers.
Click here for the Government of Canada's website for RESP's.
Nine Tax Savings tips for Canadians
Many of the clients we deal with are particularly interested in various forms of tax savings that could help in long term financial planning. Below you'll find nine great methods you may consider:
Mortgage Insurance Protection, is it protecting YOU or your LENDER?
If you have a mortgage on your home, chances are good you also have mortgage insurance. The idea is that if you should become seriously ill or die before paying off the mortgage, the coverage will kick in and pay it off for you. The reality falls a little short of that.
Click here for information on how IMPORTANT it is to own your own Mortgage Insurance.
Banks aren’t allowed to sell Insurance, so how do they get away with
Some pundits portrayed Scotiabank’s act as “skirting” the Bank Act rules and thumbing its nose at Ottawa. The rules cover what banks can and cannot sell in their branches, and they can’t sell insurance in the same branch that grants credit to consumers.
RRSP Limits for 2009
Generally, the amount you can contribute to your own RRSPs or your spouse's RRSPs, or your common-law partner's RRSPs for a given tax year without tax implications is determined by your RRSP deduction limit. This is often called your "contribution room".
Click here for the Government of Canada's website on RRSP Limits for 2009-2010
Investment Frauds and Ponzi Schemes
More than one million Canadians have lost money to some kind of investment fraud but most victims didn't report it, a survey done on behalf of the country's market regulators suggests.
Click here to learn about frauds against Canadian Investors
Why is a Broker Better?
Agents are authorized to sell only the products of the companies they work for. An independent broker, on the other hand, maintains relationships with several insurance companies. He or she will carefully assess your insurance needs, then search for the product that best meets your requirements. If your circumstances demand it, your broker will negotiate a tailor-made policy for you.
Click here to learn why it is SO IMPORTANT TO WORK WITH AN UNBIASED PROFESSIONAL.
Is Manulife ONE for me? What is YOUR Manulife One number?
Manulife One could save you thousands in interest costs and help you become debt-free years sooner compared to your old way of banking. But don’t just take our word for it..
Click here to find out if Manulife One right for you?
What is a Guaranteed Minimum Withdrawal Benefit (GMWB) Pension?
The guaranteed minimum withdrawal benefit (GMWB) or guaranteed lifetime withdrawal benefit (GLWB) products have recently been receiving a lot of attention in the Canadian marketplace.
Learn More about GMWB Pensions and Retirement Options…