Connect Wealth | 13-2970 King George Blvd. | South Surrey, BC V4P 0E6, Canada
Phone: 604.542.4298 | Toll Free: 877.542.4298 | Fax: 604.542.4289
Author: Andrew Gordon, CFP® – Certified Financial Planner® “It was the best of times, it was the worst of times.” If you’re a fan of Charles Dickens, this line might ring a bell. It was taken from “A Tale of Two Cities” which was published in 1859. Although it doesn’t compare to the current marketplace; it does […]
The majority of people we talk to do not understand how Tax-Free Savings Accounts (TFSA) work or how to best utilize them. This is partly due to how TFSA’s have been marketed by the banks. Here are some key things to know about these valuable tax shelters the government implemented in 2009.
Are RRSPs overrated?
For many years RRSPs (Registered Retirement Savings Plans) were viewed as the best option available for retirement savings. However, the truth is that there are several variables to consider for your best investment options.
Here is a short list of questions to ask yourself:
(more…) Read more
Would you be surprised to learn that the stock market has out performed real estate in Vancouver over the last decade? According to the MLS Home Price Index , which began collecting data 11 years ago, real estate prices throughout the greater Vancouver area have grown on average from 100bps in January 2005 to 187.75bps in January 2016. This growth represents a 5.89% annualized rate of return and a total return of 87.75%.
If you are a business owner:
1. You are a tax collector (payroll taxes, GST, PST).
2. The government is your business partner (corporate taxes).
As a family, taxes are often your largest expense:
1. Income tax (as high as 45.7% of every dollar you earn).
2. Sales taxes (GST, PST).
3. Property taxes, and so on.
Fortunately, the government has provided different vehicles to help us plan when we pay our taxes (RRSP, TFSA, pensions, IPPs). These can all be great vehicles to help us defer, smooth out and/or lower our tax bills.
In a world of constant investment changes, it’s hard to keep up with all distinctions between the various fund options. Mutual funds tend to be fairly straightforward, but when it comes to segregated funds, they do offer some distinct differences that some people may not be aware of when differentiating the two. What is a segregated fund you ask? In simple terms, it’s a mutual fund wrapped around an insurance contract with a tidy bow on top. But what does that actually mean to me as an investor?
Segregated Funds offer three fairly distinctive advantages and disadvantages: Read more
For many Canadians the perfect retirement includes owning a vacation property. For some the decision to buy turns out to be a dream come true but for others it can be an expensive nightmare. Here are some things to consider before making the emotional decision to buy a vacation property.
Why do you want it?
Possibly owning a vacation property will allow you to spend more time at a destination you love, it will become a place where you can take your family and friends or you feel it will be a great investment. Whatever the reason, it is important to understand what your motivation is and then evaluate if that’s realistic and reasonable given your current situation. Read more
Financial Difference Makers…
How can I build wealth? How can I save enough for retirement?
As a financial planner I hear these types of questions on a regular basis. People in general want to know, what is the secret to success?
I find that I like to look at clients that we have that are already in retirement to see the traits that have led to their financial success. We can learn a lot from our history, and I find it interesting to hear about people’s lives. Read more