I’m still seeing way too much life insurance being purchased for investment purposes. I think this is a huge waste of money, and the only way that it’s going to stop is if the public stops buying it. If you need insurance, buy insurance. How much depends on what risk you’re trying to cover. How long…
A PRPP is a Pooled Retirement Pension Plan. In June of this year, Bill C-25, an Act Relating to PRPPs, received Royal Assent. Bill C-25, which applies to PRPPs, sets out the broad framework for the operation of these new vehicles for retirement savings. The basic structure is similar to a defined contribution pension plan,…
People have been taught to think of risk as losing your money. “If I invest in the stock market, I might lose my money,” is a common fear, but is that really what you have to worry about? I don’t think so. When you retire, you will need income. At the same time you have…
In my book The Financial Navigator: Managing your Success, I wrote that when something is working for you, why would you change it? Successful people don’t change what works for them, so why should you? I was recently reading a great book written by Charles D. Ellis titled Winning the Loser’s Game: Timeless Strategies for…
There’s an interesting discussion going on in the financial services industry right now that could affect every investing Canadian. The discussion is between the Canadian Securities Administrators (CSA), the financial services industry and the public. The topic? The Standard of Conduct For Advisors and Dealers: Exploring the Appropriateness of Introducing a Statutory Best Interest Duty…
In the spring of 2012, the BC Government brought in a wonderful new tax credit specifically for BC Seniors. The BC Seniors’ Home Renovation Tax Credit is a refundable personal income tax credit worth 10% of eligible expenditures to assist seniors with the cost of permanent home renovations that improve accessibility or help a senior…
With the end of the 2012 calendar year a mere few weeks away, we thought it an opportune time to remind our clients of deadlines which are fast approaching. Conversion of an RRSP to a RRIF If you turned 71 in 2012, you must convert your RRSP to a RRIF by December 31st of 2012.…
One of the main tenets of investing is diversification. Traditionally, investment advisors define diversification as being in many different asset classes, such as stocks, bonds, preferred shares, etc. These are called paper assets. What they usually won’t mention, however, is another class: real estate, or hard assets. The reason many investment advisors won’t mention real…
RESPs were created to encourage Canadians to save for their children’s post-secondary education. The encouragement comes in the form of the Canada Education Savings Grant (CESG) paid into the plan by the government. With proper planning, the CESG can total $7,200 per child over the lifetime of an RESP. RESP Basics RESPs are similar to…
We’re happy to announce the launch of our new website. Please check out our new look at www.tpcfinancial.com. We’ve been working with Upanup Studios in Victoria, BC for a few months in order to provide you with a more functional and informative site. We’re often asked, “What exactly is it that you do?” As our…