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Canadians often have many different investment options to choose from, but one of the essential pieces of the puzzle for many families is the Registered Retirement Income Fund(RRIF). What is a RRIF? An RRIF is when you convert your RRSP into an income-producing tool. These accounts allow you to withdraw money from them every month…

Professional certification is an essential milestone in anyone’s life. It may only validate your skills and is also another way to differentiate yourself from others, especially in the job market. However, when it comes to professional certifications in finance, do you need one to manage your finances successfully? Many Canadians have always had the misconception…

Financial independence is the dream for most Canadians. Many people start to save, but then the pressure of running the household and other commitments gets in the way, and they end up spending their money and can never seem to get the financial footing they seek.  To achieve financial independence, you have to plan your…

Do you want to control the allocation of your property even after your death? Well, a will is an excellent way of achieving this. Creating a will is not a walk in the park. There are several things that every Canadian should know about a will. First and foremost, it’s essential to understand that your…

Debt management is a process typically spearheaded by a financial counselor who helps individuals who find themselves spiraling in debt, particularly unsecured debts such as credit card debt.

Understanding Family Economics Family economics represents the health of your personal financial life on one of the things you value the most- your family. It is how you handle finances to satisfy your family needs. It is crucial to understand how your family life, the decisions you make, and spending patterns impact your overall financial…

Major life events may prompt you to make necessary updates on your estate plans and life insurance. And, a divorce is no exception. In the process of dividing assets, ensuring your children adjust smoothly, and getting your life together as a single parent or grandparent, making necessary changes on your estate plan and life insurance…

Canadian retirees are in the midst of the most significant intergenerational wealth transfer ever. As of 2012, the percentage of Canadian families who received inheritance stood at approximately 28% across all provinces in the country. Moreover, this number is only expected to grow. By 2030, an estimated $1 trillion will have changed hands in the…

What is ROI ? Return On Investment (ROI) is the measurement of how profitable an investment is. An ROI calculation should help evaluate the efficiency of an investment. By comparing how much you put into an investment versus what you earned from it, you can assess performance. Every investor invests with one specific goal in…

What is a personal balance sheet? A personal balance sheet Also referred to as a personal financial statement, a personal balance sheet is a document that outlines an individual’s personal financial position at a given time, detailing the liabilities, assets. Do you know your net worth? Find out your worth by creating a personal balance…

What are Individual Retirement Accounts? Canada has many types of retirement accounts that are available. The most commonly discussed around the water cooler are the TFSA and RRSP. However, there are many more to note. You may even have one of these or end up with one in the future. There are LIRA accounts which…

Tax deductions are sought after by most Canadian families and businesses to reduce our taxable income for the year are critical. But beware..the taxpayer is always the one who is impacted if they do something incorrectly. So always consult a proper tax advisor before “taking a little bit of information and reaching an absurd conclusion,”…