A Locked-In-Retirement Account is created when proceeds from an employer sponsored pension plan is transferred to an individual RRSP. This type of transfer occurs when an employee’s participation in the pension plan terminates (usually at the end of employment). Under the current pension legislation there are specific restrictions which guide the access to this money. […]

Buying a new car may be your second largest purchase after your house. It is common for buyers to borrow money to buy a car as very few are able to pay cash. In fact, most car manufacturers own financing companies so you don’t have to deal with a retail bank. Don’t be fooled by […]

Do you ever wish you had more disposable income? Negative cash flow occurs when your living expenses exceed your overall income. The opposite is called positive cash flow, when you have a surplus of cash after paying all the bills. Developing strategies to help you keep more of what you earn will provide more cash to help you achieve your Bucket List dreams. […]

For those investors who have maximized their RRSP contributions and are still looking for other tax deductions, consider borrowing money to invest. There are certain guidelines to follow to make sure that the interest cost can be deductible. The Canada Revenue Agency makes it clear that the investor must have an expectation of profits from […]

You may have considered leaving a financial inheritance to your children, or to a charity, in your Will. If you have made a provision to leave your legacy to a charity, consider giving while you are living in order to maximize the tax credits, just be aware that you may lose those tax credits after death. Many Canadians are interested in leaving […]