Imagine you woke up today and could no longer go to work – Would you be able to pay your bills? What if you are diagnosed with cancer and must travel for treatments? Could you afford to lose your income and pay for healthcare expenses?
For most Canadians, the answer is no. A survey conducted by RBC found that 50% of Canadians could not afford to take time off work if needed. Luckily, there is a solution available.
tend to neglect the insurance part of their portfolio, but it is one of the most important tools you can have as a part of a financial plan. Just like your investments or other assets it should be reviewed regularly to ensure it is still protecting you in the ways that you need it to. The steps below will help you get started on your own life insurance audit.
Every investor wants to know the answer to the question, “How much money will I need to retire?” Many factors contribute to this determination and it is unique for everyone. For example, someone who earns $70,000 per year will likely be able to live comfortably on $60,000 per year in retirement, but another person who makes $200,000 each year will likely not find that income level realistic. There is a simple way to discover the amount of retirement income you and your family will require, and it is called the Financial Independence Number.
Retirement Planning is not the same for both women and men. Women face unique hurdles and risks that do not affect their male counterparts. These risks include outliving their money, earning less but having more financial obligation, and aversion to take risks with their money.
We are experiencing a silver Tsunami. The leading edge of the Boomers turned 65 six years ago. On average, 1,250 Canadians turn 65 years old every single day. Most Boomers were born between 1961 -1965. That’s why you feel everyone has been turning 50. And people are living longer, much longer. With all of this happening, it’s small wonder that the media, politicians and the financial services business are all talking about retirement. That kind of focus may be good, because of what it means for savings habits and pressures on goods and services. There are a lot of myths we have to be wary of if we want to ensure we have an adequate retirement income that lasts a lifetime.
The Covid-19 pandemic has upset the habits and routines of many people. Staying safe and healthy has become a constant concern. The effects of the pandemic are taking a toll on people’s health, both mental and physical. It is more important than ever to eat right, stay active, and do things that make you happy. When it comes to creating a healthier lifestyle for yourself, getting started is the hardest part. Here are a few tips to help you navigate all the information available on diet, hobbies, and fitness!
With a new year comes new tax numbers! Below is a quick reference of important tax numbers for three years, including 2021. CRA has utilized a 1% indexing (inflation) for those numbers subject to that condition.
Covid-19 has stopped the world in its tracks. Many Canadians are feeling the stress of volatile markets, job insecurity, loss of income, and fear of contracting Covid-19. You may be feeling like you need the advice and support of your advisor now more than ever. The good news is your advisor is here to see you through these tough times; business might just look a little different!
Having a child with a critical illness can take both an emotional and financial toll. Having a critical illness policy on your child can give you the peace of mind that if your child become seriously ill, you’d have the financial resources to care for them.
Disability insurance is designed to help you and your family cope financially in the event that you become disabled and are unable to work. The purpose of this type of insurance is to protect your earning potential, therefore protecting your savings and lifestyle. Not all disability policies are created equal and it’s important to understand the differences between group and individual disability policies.