Skip directly to content


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

Reminder on Re-contribution to Your RRIF

on Sat, 11/07/2015 - 05:44

In light of changes made by the federal government in its budget handed down in May 2015 regarding the minimum RRIF withdrawal amount, lots of financial institutes offered their clients to be able to make a new contribution in 2016, which corresponds to the difference between the previous and the new minimum RRIF withdrawal amount for 2015.

Specifically, the minimum RRIF withdrawal percentages applied starting at age 71 (and over) will be reduced retroactive to January 1, 2015. We suggest clients make a re-contribution to compensate for the difference.

Re-contribution criteria

To be

What expenses do we expect when we are the caregivers?

on Fri, 10/23/2015 - 18:26

After I put up Other expenses health care givers encounter, there were questions on "what expenses do we expect when we become a caregiver in the family?"

We all know there are different reasons lead to immobility, getting older is only one of the cause. Depending on what the reason is, there is forst and foremost the medical expenses on that to start with... Here, I have included also some typical expenses which might arise (as much as I can find, for reference only)... No one wants to encounter into these but there is little we can control. 

Hospital upgrades 
- Standard ward room to

What does Trudeau’s administration means to our finances?

on Tue, 10/20/2015 - 22:00

Canada went to pull on Oct 19 and elected Liberal party in charge of the country for the next 4 years. So, what does it actually mean to you and me personally?

Personal tax - 
1. TFSA contribution limit will decrease back to $5,500
2. Cancel family income splitting
3. Replace CCTB with Canada Child Benefit
4. Increase income tax on income earners over $200k by 4% (29% to 33%)
5. Decrease income tax on income earners from $44,700 to $89,401 by 1.5% (22% to 20.5%)
6. Reinstate Labour sponsored funds tax credits
7. Loosen HBP’s rules allowing more home buyers to be able to purchase their homes

The economic impact of aging workforce

on Thu, 10/08/2015 - 23:19

In the next 2 decades, we will have a very different family structure in our society. We will have more and more seniors and our working environment will be very different.

Dr. Patrik Marier, Professor and Canada Research Chair in Comparative Public Policy, Department of Political Science of Concordia University concludes at the Retirement Investment Summit Canada 20151 that: Aging population has “multifaceted consequences” 2. One of the consequences must be the impact and the complexity of workforce together with the economic effects…

During the period of 2000 to 2013, 10% of topics on

What to do to save tax in Canada?

on Mon, 10/05/2015 - 22:55

As a financial advisor, I always have discussion with clients and prospect on cashflow management, tax strategies and saving strategies. Whereas tax strategies seems to be one of the most brought-up issue (knowing that we pay high tax in Canada, this probably not surprising). 

The Canadian taxation system is a gradual system, the more income you earn, the more tax you pay. If you are not sure how much tax you should pay, CRA has listed what percentage how much income should be taxed. If you want to know the exact amount you need to pay based on your income, Ernst & Young has an online

Alternative ways of funding nursing home

on Wed, 05/06/2015 - 08:53

Not too sure whether you are aware... like any of us, some seniors are wealthy and some are not in a good financial position. The difference is, seniors do not work and it is a lot harder to get the improvement going on. However, health care expenses and retirement home/nursing home fees are not getting cheaper. In April 2015, CARP released a survey in response to the New Brunswick government that 67% of CARP members reject the prospect of means-testing support for nursing home fees, 80% say that it’s unfair to be forced to mortgage or sell the family home to pay nursing home fees.

I can't

Other expenses health care givers encounter...

on Sun, 01/25/2015 - 16:05

*Updated Nov 23, 2015

We all know there will be expenses when we need to take care of a dependent, whether it was an elderly who needs long term caring or a dependent child. In order to make sure your home suitable for disabled persons or an elder who lost his/her mobility... there are lots of modifications needed. Those are probably things anyone can track but there are more to a health care giver will encounter with...

Most people will, at some point in their lives, help a family member or friend with a long-term health condition, disability or problems related to aging, at times, there

Obesity among seniors

on Sat, 12/27/2014 - 11:18

I am currently taking a course regarding elder care and the importance of understanding the needs of older clients and the responsibilities of their families... Obesity is the leading cause of related illnesses and death in North America!! This an a preventable illness. Elders can slowing become obese even though they were not overweight when they were young because they are no longer as mobile as they were young... Everyone needs to understand the impact of obesity...

Obesity is a leading cause of preventable illness and death in North America.

Year End Financial Moves - 2014 update

on Sun, 12/14/2014 - 21:45

We have still about 2 weeks to go before 2014 leave us for good. Other than what I had written last year, I am adding a couple of moves this year :)

Make RSP withdraws

We talked about RSP meltdowns from time to time. If that's something you are considering and should your (projection) income in 2014 is lower (relatively) than your previous years, you might want to consider withdrawing a portion of your RSP before the year ends.