My Best Financial Tip

Some people use their credit cards and never pay interest, how you say – by paying the entire balance of the statement on or before the due date. Many Canadians today only pay the minimum required amount that is stated on their credit card bills, even though this practice usually ends in misery for the cardholder and puts unnecessary strain on their family. Credit cards generally have very high interest rates compared to conventional loans, for example – bank loans, lines of credit and car loans. Credit card interest can accumulate quickly at 28.8%, however when considering compound interest this increases the outstanding balance even quicker making the cardholder feel more anxiety and despair.

Here is a list of 10 things that you could do to not fall into the credit card trap. 
Read More

Inheritance With Tax-Advantage Life Insurance

Are you thinking about leaving an inheritance for your children and grandchildren? You’ve worked hard to achieve a degree of financial success and have set aside non-registered investment funds. These funds are an inheritance for an adult child or a grandchild. You don’t want the tax burden and probate fees to reduce the legacy. Although you’re unlikely to ever need the money yourself, you’re concerned about the safety of your investments. This means you want access to the funds should your circumstances change. Also, you’re in a high marginal tax bracket and are frustrated with paying significant annual taxes on the growth of these assets.

Set Up Tax-Advantage Life Insurance as Inheritance

Purchase a tax-advantaged permanent life insurance policy with your adult child as the life insured and the designated contingent owner.

Read More

Financial Planning for Children or Adults with Special Needs

Planning to meet the needs of children or adults who have special needs is often complex. Special financial planning techniques may be needed so you don’t jeopardize any government benefits they may be receiving. Many who have special needs require advice and protection throughout their lifetime from someone with legal authority. This person has the authority to act on their behalf. For most persons with special needs two types of protections are required:

1. protection of the estate left to the individual;
2. protection of his or her person in some form of guardianship.

In practice, provisions for these two types of protection often overlap.

Why should families plan?
Read More