Financial Wisdom

January 2024

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A Fresh Look at RRSPs vs. TFSAs

The Tax-Free Savings Account (TFSA) contribution limit has increased to $7,000 (from $6,500) for 2024. This new limit means that a taxpayer who has never contributed to a TFSA and has been eligible for one since its inception will have a cumulative contribution room of $95,000. TFSAs are now a serious portfolio and investment planning alternative to making RRSP contributions. So, which is better you ask? Well, it depends…

If you are a Canadian with significant assets and savings, then maximizing your TFSA makes sense as a retirement income planning strategy. The income from it during your retirement years is non-taxable and...

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Make 2024 Your Best Financial Year Yet

Many of us reflect on our yearly financial goals as the calendar turns to a New Year. But bringing goals to fruition can’t happen without a clear plan of action and determined effort. This is especially true as we continue to live with lingering effects of above-average inflation and the highest interest rates in over 20 years. To help maximize your investment success and end this year on a financially positive note, we have put together some key ideas:

Financial Health Check-Up

Before making any big financial decisions for the New Year, it’s important to assess your current situation. This requires looking at your whole financial picture to understand what you can achieve in the year ahead. This may include revisiting your budget and examining your debts, knowing your credit score, and determining if your current emergency...

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Talking To Your Parents While There is Still Time

Many clients in their 50’s and 60’s are increasingly worried about the finances of their aging parents. This is especially true when it is difficult to predict interest income on investments. They often ask: ’How do I talk to them about their care and their finances?’

This topic raises many sensitive family dynamics including the adult child who is uncomfortable raising the topic with their parents and parents who are in denial or not comfortable discussing these personal care and financial issues with their children.

Parents’ concerns can include a fear of losing control of their money, believing it is a private matter or a concern the children may take advantage of the situation or lose their motivation to work or that they are too proud to admit there isn’t any meaningful amount of money.

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The elevator to success is out of order. You’ll have to use the stairs, one step at a time.

Joe Girard

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.

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301 - 286 Sanford Avenue North Hamilton, ON L8L 6A1
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