Who is Your Trusted Contact Person?
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Monica was alarmed to hear from her mother’s financial advisor expressing concern over some unusual financial requests. She called her mom, who seemed fine, but Monica couldn’t get the conversation with the financial advisor out of her head. She travelled to see her mom in person and was dismayed to discover numerous unpaid bills and an uncompleted tax return.
Her mother had always been very meticulous about money, so something was off. Monica’s concerns turned out to be well-founded. Within a few months, her mother was diagnosed with dementia.
If not for the phone call from the financial advisor, things may have been more catastrophic. He was only allowed to do...
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Interest Rates and Your Financial Strategy
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Working towards financial independence includes assumptions about how the world operates and how we navigate within that environment. These assumptions work best when the world remains the same allowing you to make reasonable future projections.
Challenges come when changes occur in the operating environment which may require reassessing wealth building strategies. The disruptions from early 2020 (Covid, supply-chains, etc.) seem to have ushered in some significant changes in our world.
The most critical change since 2020 is the amount of debt in all areas - Government, Corporate and Personal. In the next 1-5 years, policy choices by Governments - and your choices as an investor and consumer - will impact how much you can save and borrow to build your...
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How to Get Income Out of Your RRSPs
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Roger and Linda, like many Canadians, have saved for years for their retirement. They took advantage of RRSPs and now have a substantial amount of savings. As Roger will turn age 71 this year, they need to decide on the best strategy for using their RRSPs for their retirement income needs.
Until now, Roger and Linda have been relying on their non-RRSP investments and government benefits so their RRSPs could continue to grow tax-postponed. Roger has to choose from the following by the end of the year or all his RRSP funds will be fully taxed:
Take the Money and Run
Roger can withdraw all, or a portion, of his RRSP funds as cash (different rules apply to ’locked-in’ funds). This is not generally recommended because heavy taxation could result. Any amount...
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Love your family, work super hard, live your passion.
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Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus and/or fund fact sheet before investing. Mutual funds are not guaranteed or covered by the Canada Deposit Insurance Corporation (CDIC). For funds other than money market funds, unit values change frequently. For money market funds ,there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated. The information in this email newsletter is general information only and is the opinion of the owners and writers. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. The information contained here may include estimates, projections and other "forward-looking statements." Actual events may differ substantially from those presented herein. We make no representation that future investment performance will conform to past performance and it should never be assumed that past performance foretells future performance. All information provided is believed to be accurate and reliable, however, we cannot guarantee its accuracy. Please consult an appropriate professional regarding your particular circumstances. Worldsource Financial Management Inc. will not be held liable for any inaccuracies in the information presented. Mutual Funds and Segregated Funds provided by the Fund Companies are offered through Worldsource Financial Management Inc. Additional products and services are provided by Northstar Wealth Management.
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Northstar Wealth Management
125 St. George St. W, Fergus, ON N1M 1H8
Ph:(226) 383-2653
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