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Home Posts tagged "Cash flow solutions"

Cash flow solutions

Save thousands in interest on your mortgage!

Most Canadians manage their finances by doing two things: Depositing their income and other short-term assets into chequing and savings accounts. Borrowing when they need to, through mortgages, lines of credit, personal loans and credit cards. Sounds simple enough. Unfortunately, they usually receive low or no interest on the money they deposit, while they payRead More…

 

The Insured Annuity: Maximize your lifetime income and leave a legacy

If you want to get a guaranteed income for life at a rate of return that is significantly higher than GICs, and still leave an inheritance behind when you pass away, then the insured annuity is a strategy you should consider. First let me explain how an annuity works: When you establish an annuity, youRead More…

 

Conservative investors: Fixed Income Portfolio

Steady return, no equities The accepted wisdom is that investors need a portfolio of stocks, bonds, and cash to get the maximum long-term return from their investments. However, many people are uncomfortable with the stock market because they don’t have the time, interest or knowledge to make informed decisions, or because they are just plainRead More…

 

What’s your probability of disability or critical illness before age 65?

Statistics show that workers between the ages of 35 and 65 are many times more likely to become disabled for an extended period than they are to die. For example, for a 45-year-old female the probability of becoming disabled before age 65 is 31%, her probability of being stricken with a critical illness is 17%Read More…

 

Life-Long Learner: Use your RRSP to pay for your education…

The Canada Revenue Agency encourages continuing your education via the Lifelong Learning Plan, or LLP.  Under this program you may make a tax-free withdrawal from your RRSP when you are entering an educational program as a full¬time student for at least three consecutive months in a given year. The Lifelong Learning Plan allows you toRead More…

 

Should you take early CPP retirement benefits?

Before talking about the financial implications of taking your Canada Pension Plan benefits early, you should know that if you pass away before you elect to take your CPP benefit, your spouse will not be entitled to the survivor’s benefit.  And if you have a pressing financial need to take CPP early, then you mayRead More…

 

Divide and conquer: An income splitting strategy that could save you thousands

CRA sets prescribed loan rate at 1% The current low interest rate environment has created a simple income-splitting opportunity that could save you thousands of tax dollars – and provide a better way for you to fund your family’s aspirations. Like education, travel, business investment etc. Here’s how it works: A high income earning individual,Read More…

 

Canada Debt Survey: Homeowners indicate more comfort with debt than parents

Highlights: Homeowners in their fifties are almost five times as likely to say they are more comfortable with debt than their parents. Those whose parents taught them a lot about debt management are twice as likely to report their debt is in good or great shape Eight in 10 homeowners indicate being or becoming debt-freeRead More…

 

Strategies to reduce impact of the OAS clawback

Old Age Security (OAS) benefits are available to anyone in Canada 65 years of age and older as long as they meet specific residence requirements. You do not need to be retired and employment history is not a factor when determining eligibility. The Old Age Security program is financed from Government of Canada general taxRead More…

 

What is the Pension Income Tax Credit?

The Pension Income Tax credit is available to you if you are 55 years of age or older. Basically, it enables you to deduct, from taxes payable, a tax credit equal to the lesser of your pension income or $2,000.00. Depending on which province you live in, this equates to $440-$720 in actual tax savingsRead More…