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Life Insurance Industry Sees Assisted Dying in Different Light than Suicide

on Sun, 05/22/2016 - 08:56

Anne was a visitor to trufinancial's web site and she likes what she sees, she approached me willing to contribute. Of course, I am always open to collaborations!

The Canadian Life and Health Insurance Association (CLHIA) has informed the government that its members are willing to honour policies for persons who have died through physician-assisted death. They are also aiming to remove the two-year exemption for suicide, which states that if a person commits suicide within the first two years of an insurance contract, the beneficiary would not receive the death benefit.

Tips To Consume Less Energy and Avoid Climate Change

on Wed, 04/27/2016 - 07:58

Marie came to me and offered me a guest post after my post regarding me having solar panels on my roof* :) As usual, I am open to develop new relationships as well as new ideas, especially if it can improve my blog!

Late last year, Beijing China issued a red alert warning to its residents about air pollution. The city was stricken with smog and its air quality index was 10 times higher than the recommended AQI levels.

The air quality was deemed to be unhealthy and extremely dangerous hence, drastic measures, such as closing of schools and construction sites were implemented to keep people

The federal disaster to small businesses and working class

on Wed, 03/23/2016 - 17:13

"Entrepreneurship and Small Business" series, #9 (#8 Last minute tax saving for corporations; #7 Business budget made easy; #6 The advantage of a business account; #5 How to pay yourself effectively; #4 How to manage your business; #3 Things to consider when you start your business; #2 What you should do before you quit your full time; #1 What needs to be prepared before you start your business) 

The Liberal government tabled their first federal budget on Tuesday by Liberal Finance Minister Bill Morneau. What I think - as a financial advisor for lots of small businesses and working class -

Canadian healthcare system seriously needs change

on Fri, 03/18/2016 - 21:47

Healthcare had been a hot topic at both federal level and provincial level, especially after the Canadian Health Care Accord had expired in 2014. Even though the Health Care Accord had received lots of criticisms, at least there was something in placed. We need urgently to review and revise our healthcare system which is currently broken in all aspects.

I was shock to find out how many of us have no idea on how Canadian healthcare system works. There is a yearly report - International Profiles of Health Care Systems, 2015 done by the Commonwealth Fund explained thoroughly on our healthcare

What to do if you still haven't receive all your tax slips

on Tue, 03/15/2016 - 18:07

By now, you should have already received your T4/T4As, T3s and T5s, majority of us would have gotten your RRSP receipts for your 2015 RRSP contributions. Some of you, however, might still be waiting on their first 60 days RRSP contribution receipts. If that’s the case, this is the time you can start calling the financial institutions for them.

In most cases, all companies have till the end of February to issue any T4s/T4As to our employees or associates. Bear in mind, if you miss the deadline, CRA will penalize you, not to mention you might screw up your employees or associates’ tax filing.

To buy or to rent?

on Mon, 03/07/2016 - 10:56

Been having more and more discussions with clients, prospects and associates on housing prices and whether is it a good time to buy properties in the last year and half. 

Since a good couple of years, many of us had been saying the house prices are very high and that the housing bubble will be boosted. 

My viewpoint, as a financial advisor, is that, this is not a good time to buy. Regardless whether you think there is a bubble or not.

<-- Housing prices verses the multiple of an average Canadian family is at all time high.

What is the most urgent financial resolution for YOU?

on Tue, 01/05/2016 - 04:19

While the new year just rolled around, most of us would have thought of a "new year resolution". Regardless what is your resolution, improve your finances should be a part of it. Improve - there is always room for improvement :)

No matter where you are financially, you should start/continue to save in TFSAs, since our Liberal government had rolled back our 2016 TFSA contribution room, if you were 19 in 2009 (and had done absolutely nothing on it), you would have accumulated $46,500 TFSA contribution room by now.

Last minute tax saving for corporations

on Sat, 12/19/2015 - 09:07

"Entrepreneurship and Small Business" series, #8 (#7 Business budget made easy; #6 The advantage of a business account; #5 How to pay yourself effectively; #4 How to manage your business; #3 Things to consider when you start your business; #2 What you should do before you quit your full time; #1 What needs to be prepared before you start your business; #9 The federal disaster to small businesses and working class

If you hold a corporation, there are some strategies at the year end you can consider to lower your tax bill:

Return income back to corporation

Over the year, you probably had

Year End Financial Moves - 2015 edition

on Sat, 12/19/2015 - 01:00

Yes, I am doing this yearender at the last 2 weeks once again... I always thought we had gone through them before, we don't have to do this again, I am just so wrong on this...

Direct deposit request

We have talked about this last year but this is even more important this year as the CRA (as well as a whole list of Canadian governmental bodies) is going to stop sending cheques to us to cut cost from April 2016. Since it takes time for them to get things changed, do make the request to CRA before the tax season kicks in. If you don't, I am afraid, you won't get your tax refund anymore!

The losing party of Liberals' decrease on TFSA contribution

on Tue, 12/08/2015 - 20:41

So, finally, the day came... the Liberals announced the rollback of Tax Free Savings Account's contribution room to $5,500 (from $10,000) in 2016, such a sad thing.

As stated in the Globe & Mail report dated Monday Dec 7th, Darren Coleman, senior vice-president and portfolio manager with Raymond James Ltd, "It’s unfortunate when we are given a tool to provide better investment planning and now it’s being taken back from people who want to work towards having their own financial independence"... I totally agree with him.

I really don't know since when people have this misconception of "TFSAs