Financial Success Simplified: Introduction

The purpose of this series is to educate consumers on some simple principles that will take the mystery out of the often-complex world of managing one’s financial affairs. The first distinction is to realize there are only seven key variables that can be managed in creating your financial future and wealth. These variables are:

1. Career Earned Income
2. Lifestyle
3. Savings as a percentage of gross income
4. Risk Management
5. Tax Planning
6. Rate of return on invested savings
7. Legal and other considerations

The first three variables are entirely within the control...

Planning Ahead Eases Tax Audit Worries

A letter arrives from Canada Revenue Agency (CRA). You are being audited. Panic ensues as you wonder what you did wrong and why the CRA is targeting you. ’There must be bigger fish to fry,’ you might say to yourself.

The first thing you need to do is relax and take a few deep breaths. If you have a qualified tax advisor on your team, you have nothing to worry about. If you don’t, now is a good time to contact a professional tax planner to review your returns and assist you with the audit.

Unless you have filed your tax returns with gross negligence or displayed willful non-compliance, you are not in any ’real’ danger from the taxman. At the same time, no one wants to pay additional taxes and penalties due to an oversight. That’s why tax planning is so critical. Instead of scrambling for deductions to reduce your taxes...

What’s Your Retirement Planning Mindset?

Recent studies * reveal that a large majority of so-called Baby Boomers are uncertain about their preparation for retirement. Arguably, the have it my way generation did not all follow in their parents’ footsteps when it came to saving for the future. As well, some major bumps along the way (a housing crisis, a stock market crash, a global financial crisis and a pandemic) have reduced many retirement ’nest eggs.’

There is a new normal retirement being forged that is changing all of the old retirement rules, and raising new questions about what the ’golden years’ should look like. With time being their most precious commodity, wise decisions made by Baby Boomers today are becoming much more critical. This is where a proper retirement planning mindset becomes critical. One can choose to either move forward with eyes glazed over, or wide open to enjoy the ride...