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How to Save for Retirement

How To Save For Retirement Saving for retirement isn’t easy, especially when we have so many other financial commitments, not to mention trying to save for a home, vehicle, education, vacation or otherwise. When I speak with clients about their financial goals, including retirement, I always get the same question: “How much will I need for retirement?” It’s a difficult one to answer since everyone has different goals. We have to consider how long they plan to work, what they

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Two Benefits of TFSAs That Everyone Should Know

Two Benefits of TFSAs That Everyone Should Know TFSA stands for Tax Free Savings Account, but its name is deceiving. It’s not really a savings account in the traditional sense of opening an account and earning a fixed interest rate at a financial institution. A TFSA is a savings plan registered with the federal government that can hold cash AND investments like GICs, ETFs, stocks, bonds, mutual funds and more all in one place. The government has set annual contribution

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What Happens to Your RESP When You Die?

What Happens to Your RESP When You Die? The first important thing to understand is that the RESP you set up belongs to you (and your joint subscriber, if for example you opened it with your spouse). It does not belong to the person you intend it for (beneficiary), which is usually your own child or grandchild. Secondly, while an RESP can have a named beneficiary, this only means the funds are intended for them when they are eligible to

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High Interest Savings Account or TFSA?

No doubt an advertisement for a high interest savings account (HISA) has crossed your path in the last few months. As of July 23, 2019 I’ve seen banks offering between 2.3% (EQ Bank) and 2.8% (Motive Financial) in interest, which to those earning a measly 1% or less, is a great deal. And while HISAs do have an important role to play in your financial plan, it’s also important to consider when a TFSA would be a better option and/or

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