A colleague of mine was diagnosed with brain cancer today and when I asked whether he had a critical illness policy, he said "NO! Can you believe after all these years of telling clients how important this insurance is, that I did not stop to put my own policy in place." And then he called himself … [Read more...]
Gearing up for Back to School Financial Checkup
Given the recessionary times we've been in and are hopefully moving out of soon, I'd like to suggest a bit of a twist on the classic Back to School shopping. I'll call it Back to School Financial Checkup. Prior to setting out to buy new clothes once we realize how much our kids have sprouted … [Read more...]
What does Ontario Tax Harmonization, or OVAT (Ontario Value Added Tax), mean for your family?
People in Ontario are about to be hit with rising costs in a big way. It is difficult enough to deal with all the financial stresses in this current recession without the government adding more to our plate. Increased taxes are one of the last things Ontarians can afford and yet that is … [Read more...]
RRSP Contribution Deadline is March 2, 2009
Next Monday is your deadline for making an RRSP contribution that will count towards your 2008 tax return. I want to make an important clarification on how much one is able to contribute. If you look at your Notice of Assessment, which is the document that you are sent from CRA after you … [Read more...]
2008 – A Year in Review
There is no doubt that 2008 will be remembered as one of the most remarkable years in the history of the global stock market (and not in a good way). Events have occurred that almost nobody could have predicted, although many seem obvious in hindsight. However, we must move forward. We can't dwell … [Read more...]
Chatting with the Wealthy Barber
I recently had David Chilton, author of The Wealthy Barber, come to Toronto to speak to my clients. His message was very timely because the one main point he makes with his book is that to achieve financial success, you must always spend less than you make. This is the lesson my parents … [Read more...]
NEW! Tax Free Savings Accounts
Earlier this year, the Federal Government announced its plan to introduce a Tax Free Savings Account (TFSA) for Canadians, starting in 2009. A TFSA is a flexible registered savings plan that will improve savings and assist nearly all Canadians with their different savings needs throughout their … [Read more...]
NEW! Tax Free Savings Accounts
Earlier this year, the Federal Government announced its plan to introduce a Tax Free Savings Account (TFSA) for Canadians, starting in 2009. A TFSA is a flexible registered savings plan that will improve savings and assist nearly all Canadians with their different savings needs throughout their … [Read more...]