Introduction Key Takeaways: Life insurance for children can help cover unexpected funeral costs and provide parents with financial stability during difficult times. Purchasing life insurance at a young age secures the child’s insurability, even if their health changes later in life. Various types of life insurance policies are available to cater to different needs. Certain […]

Introduction Key Takeaways An annuity can provide a steady income stream during retirement. Various types of annuities cater to different financial needs and goals. Consumer protection agencies, like Assuris in Canada, help safeguard annuity policyholders. What’s an Annuity? An annuity is a financial product designed to convert a portion of your savings into regular income […]

Introduction Withdrawing money from your Registered Retirement Savings Plan (RRSP) might seem intimidating, especially given the tax implications. However, the Lifelong Learning Plan (LLP) offers a way to tap into your RRSP funds without immediate tax consequences to help finance your or your spouse’s education. Here’s everything you need to know about this program. How […]

Introduction Many investors prefer to allocate a significant portion of their portfolio to so-called “safe” investments. This approach often stems from a variety of reasons: a cautious approach to market volatility, a focus on preserving savings, or the desire to minimize risk, particularly for those nearing or in retirement. While these investments can safeguard your […]

Introduction Exchange-traded funds (ETFs) have gained immense popularity over the past decade. In Canada alone, ETFs have grown from a market value of $66 billion ten years ago to an impressive $376.6 billion by the end of 2023. This near 500% growth highlights their increasing appeal among investors. However, despite their popularity, ETFs remain less […]

Introduction Economic downturns, such as the one Canadians faced in 2022, bring uncertainty, but your personality traits can play a significant role in navigating such challenges. The personality trait of reactiveness—how quickly or calmly you respond to stress—may influence your financial decisions and resilience during recessions. Reactiveness and Optimism Bias Reactiveness exists on a spectrum. […]

Introduction Understanding Why We Overspend The holiday season often brings with it a compulsion to splurge, driven by emotional reasons like guilt, conflict resolution, or the simple joy of giving. This tendency can be exacerbated by what experts call “mental accounting bias,” where we lose sight of the bigger picture in favor of immediate gratification. […]

Introduction A well-rounded financial plan can act as a steady anchor during life’s uncertainties, ensuring that you are better prepared to face challenges while pursuing your financial goals. Here’s how you can build a comprehensive plan that offers both stability and confidence in times of volatility. 1. Avoid Short-Term Reactions Market volatility can evoke strong […]

Introduction Reaching your 70s marks a new chapter in your financial journey, often accompanied by significant shifts in personal and financial priorities. For many, this is the decade when income from savings and investments begins to replace earnings from work, making the question of whether and how your investment strategy should change particularly critical. The […]

Introduction When Steve and Colin Wilson inherited their father’s thriving greenhouse business and valuable land in Saskatoon, they were confronted with an unexpectedly significant tax burden. Despite their father’s best intentions, having a Will was not enough to fully protect the family’s assets or ensure a seamless transfer of wealth. This experience underlined the importance […]