We are almost in 2019! Here are 5 financial planning tips as we head towards the end of the year to help optimize your situation. While some actions should be done by the end of the year in order to qualify for this year’s taxes, there are some actions that are good practice to do once a year. The end of the year (and the beginning of next year) is a great time to look at it.
TFSAs are greatly overshadowed by the RRSP as a retirement account. The RRSP program has long been the default retirement program for most Canadians but is it the best retirement solution? Although it has been around since 2009, the TFSA program, with a 2019 limit of $63,500, is sizeable enough to be given serious thought as a retirement or long-term savings plan.
The phrase "Financial Independence" has been gaining popularity as it does not carry the same baggage as the word "Retirement". Financial Independence gives you the freedom to choose how your time is spent (paid or not) and for some, can be reached in their 30s and 40s. Read this article to see what are the key pillars to FIRE.
There are only an estimated 300 Fee-for-Service Financial Planners in Canada, compared to over 100,000 other financial advisors - the majority working for financial institutions that sell commissioned products. Even the best of these will be confined to their company's objectives. A Fee-for-Service Financial Planner is hired by you, the client, to create a Financial Plan and to help coach you towards your life goals without the pressure of product sales.
In Canada, married couples have the opportunity to use income splitting strategies. The idea is to minimize taxes your family pays by moving income from one spouse (who is at a higher tax rate) to the other spouse (who is at a lower rate).These audit-friendly strategies can help you achieve success as epic as Jean-Claude's split.
In this article, I offer some tips on how training your mind can actually help you save money in the new year. Making changes to your mindset will really help change some habits and produce positive results. It might not be as dramatic as taking the red pill in the Matrix, but are you ready to learn about the reality behind spending?