July 2021 Book a Meeting
 
 
TFSA Notices and Penalty Risks

The latest Federal Budget included an administrative rule change that allows the CRA to automatically send you notices electronically without your prior permission or registration.

The risk, as noted in the recent case of a B.C. taxpayer, is this may lead to penalties for TFSA over contributions. It is your responsibility now to regularly check your CRA My Account site.

Let me explain. The proposed change to the law will allow the CRA to send some Notice of Assessment (NOA) forms electronically. The change will apply to...

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Getting Back to Basics

Recessions, stock-market declines, housing market bubbles, joblessness and, most recently, a global pandemic have created a series of challenges for people trying to start, grow or maintain a retirement savings plan.

Given this rollercoaster, it’s natural to wonder if you’re doing all you can to protect your retirement nest egg. Taking a "back to basics” approach can empower you and help keep your financial plan on track during uncertain economic times and beyond.

Consider these tried and tested tips that wise financial advisors use to help people like you plan for a secure and enjoyable retirement...



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Be Careful with RRSP Beneficiary Designations

When Margaret and James married in 2005, it was a second marriage for both of them. They had no children, so when they did their financial planning, their wills were clear that 100% of their estates would go to the other. Believing this was sufficient protection, they built a life and continued to grow their wealth.

Sadly, Margaret’s sudden passing in 2019 exposed a serious hole in their estate plan. Her registered retirement savings plan (RRSP), worth $450,000 and the bulk of her estate, listed her first husband as beneficiary. To make matters worse, her RRSP would not only go to someone she was no longer married to, but her estate would also be required to...



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Start where you are. Use what you have. Do what you can.
Arthur Ashe
 
The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting, or professional advice. Readers should consult their own subject matter experts for advice on the specific circumstances before taking any action. The opinions expressed are those of the owners and writers only. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus of the mutual funds in which you invest. Mutual funds and segregated funds provided by the fund companies are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. All other products and related services are offered through Mayrak Financial Solutions Inc.
 
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