Financial Wisdom

April 2023

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New Tax Planning Opportunities

Canadians have various existing tax reduction opportunities to consider for their own personal situations and one NEW strategy arrives this spring: First Home Savings Account (FHSA).

The FHSA has a few unique features versus the already existing Home Buyers Plan. To start, any Canadian over the age of 18 (who qualifies as a first-time home buyer) can make tax-deductible contributions up to the yearly maximum of $8,000 or the lifetime maximum of $40,000. All growth in the plan is tax deferred and withdrawals from the plan are tax free and never need to be repaid if used to buy a home.

Also, if an individual contributes to an FHSA but never purchases a home, they can roll the...

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Budgeting Your Way to Financial Independence

Financial independence is an important goal that many Canadians aspire to - but achieving it can feel like an overwhelming task. However, with the right mindset and a few key strategies, it is possible to budget your way to financial independence.

We have listed several time-tested strategies below:

Understand Your Income and Expenses

The first step to budgeting your way to financial independence is fully understanding your income and expenses. You need to know how exactly much money is coming in and where it is going. We recommend creating a budget that includes all your income and expenses, including fixed costs like rent or mortgage payments, utilities, and car payments, as well as variable expenses like groceries, entertainment, and clothing. This data will help to identify any spending...

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Are You Ready to Retire?

According to a 2022 survey,1 only 35% of Canadians aged 50 and older feel they’re financially ready to retire. Sixty-two percent report being unprepared or unsure if they have the resources. In a similar survey, Bromwich+Smith and Advisorsavvy2 report that 71% worry they will never be able to save enough to retire comfortably. Sixty-two percent are delaying retirement indefinitely.

A 2023 Scotiabank financial readiness survey3 reports that 73% of Canadians feel the cost of living is rising faster than their income. Increasing prices from gas pumps to grocery stores require money that could be funnelled into savings. Interest rate hikes to combat inflation have also made servicing debt more expensive. Forty percent of Canadians are putting off retirement because they are saddled with debt and need to keep working.

While these surveys paint a bleak...

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Commissions, trailing commissions, management fees and expenses all may be associated with segregated fund investments. Segregated funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus of the segregated funds in which you invest.

axiz financial solutions inc.
301 - 286 Sanford Avenue North Hamilton, ON L8L 6A1
Ph: (905) 522-7393