How Inflation Impacts Your Retirement Plan “Just surviving day to day has become a big concern of mine”, “Yes, I can afford what I’m doing right now, but I’m starting to panic. I’m starting to think, ‘How am I going to keep paying for everything?” - Morgan (65 years old retiree) In a survey done in April of 2022 for 1001 Canadians, data indicated that due to inflation, 54% of households are cutting back on dining out, 51% looking at flyers are looking for sales, and nearly half ^47%) are putting off purchases like clothing. Some households...read more
Inclusion In The Workplace As social beings, we experience the need to feel included and an accepted member in a group. Inclusivity is very essential in our lives: without it, we are vulnerable to having poor mental health and experiencing feelings of loneliness and isolation. Our healthy self-worth and self-esteem are tied to feeling included in a group or community. When we feel like we don’t belong anywhere, it can lead to stress, anxiety, and depression. Let’s First Define Inclusion & Belongingness… The sense of belonging is defined...read more
Will Preparation & Estate Planning “As wise as my own father was, he never got around to creating a will, or documenting his assets and their locations. He died in 2001 and all these years later, I am still trying to finish up his estate. It was a monumental detective work just to try to figure out exactly what he had and where. To make matters worse, the assets were in multiple countries, and continents.” - Kashif Ahmed– Real Stories from Financial Advisors Do you know how to prepare a will? Have you made your will, yet? Do you know the...read more
Four Tips to Manage Your Mental Health & Wellbeing During COVID-19 “This disease [Coronavirus] destroys you. I was mentally devastated more than physically. The loneliness of the illness makes it that much more difficult. I was in absolute isolation the entire time. That was tough. I was thinking that I was going to die. I have lived very well, I have had a wonderful life, but maybe now it’s over. My only problem was leaving my wife alone.” - Antonio Sales Martínez (COVID19 Survivor) How have you been feeling lately? Are you feeling...read more
Financial Knowledge & A Financially Secure Life Learn to Manage Your Finances “There [are] a lot of things I didn’t know about [financial management], such as credit. I am learning how to manage and budget the money better. Most of my pain comes from the unmanageability of my finances. I almost didn’t come back [to the Financial Literacy workshop] because of the pain around it. That is probably why a lot of people didn’t come back; they felt shame and guilt around their finances.” - Attendee to Financial Literacy Workshop If you are...read more
The Benefits of Plan Member Online Registration Accessibility & Your Benefits Coverage Your Group Benefits plan plays a vital role in your and your family's overall health and wellbeing. You should have easy access to your benefits whenever you need them. Online registration to your plan helps you access your coverage easily and better manage your information. • Submitting health claims efficiently; saving significant time. • Learning about your plan coverage; viewing benefits details and balances. • Receiving claims reimbursements faster...read more
Critical Illness insurance is a “Living Benefit,” that provides you with a Tax-Free lump sum payment upon diagnosis of a critical illness. It can be purchased to cover you and your family (children between 15days-17 inclusive) for up to 30 qualifying conditions. The coverage is designed to mitigate financial struggles when an individual is unexpectedly diagnosed with a life-threatening condition such as;read more
Being Smart with Your Finances Starts with Understanding Your Retirement Plan & Having an Investment Strategy
Being Smart with Your Finances Starts with Understanding Your Retirement Plan & Having an Investment Strategy A pension plan is a valuable component to any retirement plan. If you are participating in a pension plan at work, you should be receiving a pension plan statement at least annually from your pension plan provider illustrating the performance of your pension plan. Read your statement carefully, often it will include an estimate of the projected income you could expect at retirement.read more
The TFSA was introduced to us on January 1, 2009 by the Conservative Government to curb the growing belief that Canadians are becoming inherent spenders, not savers. Since then, the TFSA allows Canadians to contribute in a tax sheltered and ultimately tax-free environment. Any investment growth, interest and capital gains accumulated within the investment are considered effectively “Tax-Free”.read more
Registered Retirement Savings Plan contributions are arguably one of the most beneficial tax deductions available to Canadians.
RRSP contributions for 2016 must be made by March 1, 2017, and they can be done either in advance or to catch up on a previous year’s available contribution room. Here some information on how to reduce your income tax, and learn more about the maximum contribution limits!