George Tey
B.Sc., MBA, CFP®
B.Sc., MBA, CFP®
We live in a busy world with the increasing stress of overwork, concerns for our children’s fiscal and career futures, ageing parents, and our retirement, ageing and health concerns. Others are dealing with grief over a family death. Stress weakens …
The risk/reward concept states that the higher the risk of a particular investment, the higher the possible return. Although there usually is some risk with any equity investment, it is essential to assess just how much risk your portfolio should carry. Risk involves the potential for gain or loss of monies invested.
Permanent Life Insurance can provide wealth protection that becomes especially attractive after clients have maxed out both their registered retirement savings plans (RRSP) and tax-free savings accounts (TFSAs) with money to spare which can pay for the ongoing premium. When considering your potential future tax liability, compare it to the effect that inflation may have on the life insurance's future lowered buying power.
The Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Plan (TFSA) offer two different tax advantages to allow your money to grow. Let’s compare to see which or if both are preferred for you.
The Canadian government regulates the Registered Retirement Savings Plan (RRSP) program, allowing it to have unique tax benefits as you save for your retirement. Annual RRSP contributions can reduce the amount of income tax you pay in the year of …
Look through a wider lens to see life insurance at work. Life insurance protects you against income loss, and the adverse effect less income can have on your family if one were to die or have a disability.
Capital gains from a business, cottage, second residence, rental property, or non-registered investments are subject to taxation when the property is disposed of. How and when the property is disposed of requires serious consideration, as the tax implications can be enormous.
The registered retirement savings plan (RRSP) is a tax-deductible retirement plan which gives flexible control of your investments in the account. Until age 71, you can contribute to your RRSP, or of your spousal/common-law partner to their age 71.
The incoming generation of investors will be younger and much more diverse, with women now partaking of an increasingly prominent role in building and growing family and personal wealth. This includes millennial women, single mothers, and entrepreneurial women owning or …
You don't need to be rich or famous to get involved—everyone can! For example, for just dollars a day you can help feed a child through World Vision. Talk to your advisor about the tax benefits of charitable donations.
Understand your risk tolerance Each of us has a personal level of risk tolerance which indicates how much risk one is willing to take while investing in markets that always go up and down. Your advisor can help you establish your own unique governing guideline.
When establishing a financial strategy involving other stakeholders, such as paying down a mortgage, develop a written plan that all parties agree on. You can create written point-form agreements for each to sign in areas of investing, registered vehicle planning, debt repayment, etc.
Between the late-1970s and the mid-1990s, the most significant generation in the Canadian workforce referred to as millennials (or Generation Y) was born. As the largest generation by population size in North America, by 2025, three out of every four …
It is important to plan the most efficient manner of leaving hard-earned assets to heirs. Try to attend to these concepts to maximize your legacy. Keep your testamentary trust (your will) updated. Without an updated will, deceased heirs may be …
Facts about an RESP A Registered Education Savings Plan (RESP) is a savings plan registered with the government that can help you save for your child’s post-secondary education. Money invested in an RESP grows tax-deferred. The government helps contribute to …
The individual should include some form of disability coverage to replace his or her income.
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