Are Tax Free Savings Accounts Misnamed?
Excerpt from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® “Ok, smarty pants, what about TFSAs? How do they fit in?” I added. Sandra glared at me and continued. “TFSA stands for Tax Free Savings Account. You don’t get any tax deduction for the money you invested into a TFSA; however, […]
The Real Affect of Taxes and Inflation on Investment Returns
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® Over the long term, taxation and inflation reduces your real purchasing power. The result can be quite dramatic and must be taken into consideration when investing. How do Taxes and Inflation affect investment returns? “You haven’t considered the other risk factors […]
The Essential Steps as You Prepare for Retirement
Download the White Paper: How to Make the Transition to Retirement HERE. Typically, within 5 years of your projected retirement or work-optional date, it’s important to start taking key steps to ensure a smooth transition. This is a critical period to begin aligning your financial strategies with your future lifestyle goals. While everyone’s situation is […]
What are the Two Main Types of Risks when Investing?
For your FREE Copy of Preserving Wealth, CLICK HERE Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® There are basically two main types of risk: Capital Preservation Risk and Inflation Risk. “Capital preservation risk is the risk that your capital is not there when you need it. Let’s say […]
Exploring the New FHSA: A Savings Plan for Your First Home
Written by Jack Lumsden, MBA, CFP®, Financial Advisor, Assante Financial Management Ltd. Additional editing by ChatGPT. Are you a Canadian resident dreaming of owning your first home? (unfortunately, with housing prices and mortgage rates today, often it is only a dream.) As of April this year, a new savings plan has been introduced to help […]
Chapter 5: Protecting Your Family
For your FREE Copy of Preserving Wealth, CLICK HERE The following weekend, Sandra and I woke up early on Saturday. The water was still, and the sun was just beginning to burn off the morning haze. We decided to slip down to the water for a quick swim before the kids woke up. When we […]
Ontario Staycation Tax Credit
If you are travelling in Ontario this year, be sure to keep track of your accommodation expenses as they can help you reduce your taxes. For 2022 Ontario has introduced a tax credit up to 20% of your accommodation expenses for stays in a hotel, campground, and/or cottage. WHAT CAN YOU CLAIM: You can claim up […]
Why Invest in the Stock Market?
With the current stock market gyrations, people may wonder why they should invest in the stock market at all since stocks are not guaranteed and their values can go up and down. To help frame it better, it may be useful to replace the words “stock market” with the word “companies.” If you own a […]
How to Navigate a Market Downturn for Retirees
With the market decline this year, people want to know what they can do. The following are suggestions and actions you can take to help navigate a market downturn. Key Suggestions Complete a Portfolio Performance Review The first step is to find out if other portfolios with a similar investment mix have declined about the same […]
Paying Your Income Taxes in Retirement
When making the transition from your working years to retirement, a common concern or question that comes up is, “How do I pay my taxes in retirement?” I had this conversation with two clients recently as many retirees are unsure of how taxes work in retirement. Key Takeaways: As a retiree, you pay your income […]