In a typical estate plan, each spouse leaves their assets to the other. When the second spouse passes away, assets are distributed to the children. However, an estate plan is not usually typical when you remarry and have children from a prior marriage.
Read MoreYou may think the vast majority of couples retire at the same time. However, the last time Statistics Canada reported on Canadians retiring together or not, only about 30% of couples retired together.
Here’s a look at why couples retire together or apart and how each choice comes with its own benefits and concerns.
Read MoreThe Bank of Canada’s interest rate cut in June was slight yet significant. It was the first rate reduction in more than four years and a signal of cuts to follow, which we’re already seeing.
One of the first things that interest rate cuts bring to mind is lowering the cost of borrowing, but they can also affect investment performance.
Read MoreInterestingly, spouses with very different—even opposite—investment personalities may quite easily develop an investment program that’s just right for the couple. Yet, in some cases, partners who view investing the same way may need to proceed with caution.
Read MoreFinancial behaviourists have identified well over 20 investment biases that can tempt or lead individuals to invest in a particular way. Generally speaking, none of the biases is good news for investors.
Fortunately, investors who have an advisor aren’t vulnerable to making poor decisions out of fear, hope or any number of irrational reasons. However, understanding investment biases is still valuable. You’ll gain insight into portfolio decisions and better appreciate why not all investments hyped as winners are good opportunities.
Read MoreWhether the amount is small or large, whether it applies to a couple of years or many, Canadians don’t like their Old Age Security (OAS) pension clawed back.
The clawback is officially known as the OAS pension recovery tax. A taxpayer repays 15% of the amount by which their taxable income exceeds the threshold amount, which is $90,997 for 2024. Here are some common ways to manage the clawback.
Read MoreWhen choosing how to make a large charitable gift, the number of available options can seem overwhelming—especially when each brings its own financial benefits.
To simplify matters, here are personal situations you may relate to, along with donation methods for each.
Read MoreNaming a beneficiary in a will may be seen as the most common way to leave an inheritance to a loved one.
However, in certain situations, many people choose to give an advance on an inheritance during their lifetime or have the funds distributed in the years following their passing.
Read MoreRelationships depend on trust, and yet research consistently shows that couples aren’t always completely open with each other about their finances. For example, TD’s 2021 Love and Money survey found that 28% of Canadians in committed relationships had a financial secret they hadn’t shared with their partner—and 64% of those with a secret said they have no plans to ever tell their partner about it.
Read MoreEach loyalty program has its own rules about whether points can be transferred to a beneficiary, so check your programs’ policies. When allowed, list the loyalty program in your will and name the beneficiary of the points. Also, provide your executor with each loyalty program’s login information.
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