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Home Archive for category "Financial Health Blog" (Page 4)

Financial Health Blog

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…

 

Five Reasons to Rethink Retirement Investment Planning

The retirement landscape has shifted in more ways than one. For starters, living longer is forcing us to change how we invest. Why it’s time to rethink life’s next stage You may have heard something about a retirement crisis. Now, your reaction may have been to look at your RRSP balance and think, “Yup, that’sRead More…

 

When is it time to incorporate your business?

For most businesses, the question is not if, but when, to incorporate. There are many pros and cons of incorporating a small business, depending your individual situation.  But too many businesses fail to revisit the question of whether to incorporate.  As your business matures, and the realities of your legal and tax situations change, askingRead More…

 

How do employee pension plans work?

Defined benefit, defined contribution, group registered retirement savings plan? Here’s what you need to know To be employed by an organization that provides one or more retirement savings plans to its people is one of the greatest financial advantages you can enjoy in Canada. These plans come in a variety of shapes and sizes, butRead More…

 

Politics could shrink TFSA contribution room

CRA says the $10,000 TFSA contribution limit is effective immediately, but there’s some concern a new government could make the extra contribution room disappear. Liberal leader Justin Trudeau says that if he’s elected this fall, he would lower the TFSA contribution limit back to $5,500. He says the increased limit disproportionately benefits wealthy families. AnalysesRead More…

 

Top 10 challenges facing boomers

As Baby Boomers we are extremely fortunate. Relative to previous generations, we have been blessed with an endless selection of places to go, things to do, things to have and things to be. We can do things and go places that our parents could only dream of. At the same time, we have been givenRead More…

 

Start a family conversation about elder care

Starting a conversation about someone’s age is a sure way to be the least popular person in the room. But while this is a no-go territory for cocktail party chatter, it’s a conversation you need to have with your parents. Statistics Canada tells us that in 2007, people aged 45 to 64 paid for 75%Read More…

 

Five ways to reduce the cost of probate in Ontario

Reduce costs, speed up distribution, and simplify estate administration Probate taxes in Ontario are set at $250 for the first $50,000 ($5 for each $1,000, up to $50,000), and at 1.5% of the estate thereafter. This translates into about a $15,000 fee for every $1 million in value of an estate.  Probate calculator. There areRead More…

 

The Life Insurance Retirement Plan (LIRP)

The objective of a Life Insurance Retirement Plan (LIRP) is to provide investors supplemental retirement income via a life insurance policy featuring market appreciation, re-invested policy dividends, tax-deferred accumulation, and a life insurance death benefit.  Permanent participating whole life insurance is often used as a vehicle for a Life Insurance Retirement Plan. Designed to takeRead More…

 

Planning for your later years now

Long term care Long term care insurance is a solution focused on planning for the health risks associated with later retirement and the realities of aging. Fortunately, most of these changes aren’t dramatically different from one day to the next – it’s more of a gradual process. The level of health care and personal assistanceRead More…