Events in your life or changes involving the person you designated may call for a review of your executor—also known as a liquidator, estate trustee or personal representative, depending on the province.
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Whenever you have a chance to defer paying tax, a common thought is, “Why pay tax now when I can pay it later?” However, there’s more to the story than simply postponing the tax bill.
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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.
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You 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.
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The 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.
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Interestingly, 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.
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Financial 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.
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Whether 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.
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When 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.
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Naming 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.
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