How easy it is to settle your estate and whether the outcome will honour your wishes often comes down to how diligent you are in crafting the various documents required and keeping them up to date. While no estate plan can be guaranteed bullet-proof, understanding what can go wrong and planning for it will go a long way to ensure your estate is settled as you intended.
CURRENT ISSUE - Spring 2015
Thanks to new rules implemented in time for the 2014 tax year, income splitting has been getting a lot of attention lately. Income splitting can give a big boost to families where one partner’s income puts them in a higher marginal tax rate than the other and there are several effective strategies for lowering a household’s tax bill. Here’s a look at the key opportunities for Canadian families of all ages.
Modest economic growth, low interest rates, greater longevity and subdued inflation are challenging decades old assumptions about retirement income planning. But the fact is, when it comes to withdrawing a retirement income from your portfolio, one-size has never fit all. Prudent planning and flexible spending remain the keys for making your money last.
For some time, 4% has been the rule-of-thumb for many retirement income planners. This strategy entails withdrawing 4% of your portfolio’s value at the start of retirement and continuing to take this original dollar amount out (adjusted annually for inflation) in each subsequent year. First developed in 1994 by Bill Bengen, an American financial planner, it was a conservative measure that sought to set the level of withdrawals from a portfolio that had a 90% chance of being sustained over a 30-year period.
The after-effects of the oil shock in Canada have come quickly and, in contrast to the U.S., it is having a negative impact
on Canada’s economy. The positive offsets of lower oil prices will come more slowly and their scope and magnitude are
After my uncle passed away, my parents chose me to be the executor of their estate, and, frankly, I’m a little stressed out. How will I know what to do?
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