If you’ve been a regular supporter of good works throughout your life, you may have been thinking about making a legacy gift through your estate. But perhaps you’re concerned that giving to charity could end up shortchanging your family. As a presentation at T.E. Wealth’s Spring Speaker Series revealed, you can take care of your family as well as support the causes you care about through your estate.* And, as a result, you will be less generous to the silent beneficiary of your estate – Canada Revenue Agency.
CURRENT ISSUE - Summer 2015
When MoneySense magazine first launched their Great TFSA Race in 2013, they wanted to see what Canadians had been able to do with the Tax Free Savings Account (TFSA) opportunity. Plenty, apparently, especially if you were willing to make a big bet when investing your contributions. By the time the 2014 Great TFSA Race rolled around, the magazine found a couple who had turned their combined $62,000 in contribution room into more than $1-million by putting it all in a single penny stock.* We certainly wouldn’t recommend taking this kind of risk, but the key with your TFSA is to emphasize growth. And thanks to an increase in the annual TFSA contribution limits to $10,000 starting this year, the TFSA has become a serious wealth creator – and completely tax-free!
Growth leadership is needed from the export sector to boost Canada’s economic performance.
Fortunately, a sustained economic expansion from our largest trading partner will lend a helping hand.
by Valerie Pippy, CFP, R.F.P., Senior Vice President, Toronto and St. John’s
When T.E. Financial Consultants (the predecessor to T.E. Wealth) was founded more than 40 years ago, the focus was clear – busy executives needed financial planning and we had the expertise to help them. Our trademarked FEE-ONLY™ difference meant that clients received financial advice that was both objective and unbiased, and not compromised by commissions or product quotas. In the early days, the concerns of our clients centered on how to pay less tax, manage their mortgage and make sure their family would be taken care of. Many had never heard of an RRSP and few had much in the way of investments. Times have clearly changed!
I’m expecting to retire in the next few years and will need to tap into my portfolio to supplement my income.
What should I be doing now to make sure the money will be there, as I need it?
Transitioning from the security of a regular paycheque to having income come from a variety of sources, and not all of them guaranteed, can be a big challenge for people facing retirement. As you approach retirement, it’s important to evaluate your potential sources of income and determine how much income you will need from your investments. Then you can develop a tax-efficient income plan and structure your portfolio accordingly.
The debate continues to wage on whether actively managed portfolios or those that passively track an index are better. We believe that you can have both working for you.
Opinions regarding passive versus active investment management strategies are firmly entrenched. Proponents of passive, or index investing, claim that it is impossible for the average active manager to beat the index after fees are taken into account. On the other hand, there are actively managed funds that continue to defy the odds. Furthermore, reducing risk or achieving higher returns – even by small degrees relative to the index – can significantly enhance wealth accumulation over time. Both camps are supported by numerous studies that seem to prove their position is indeed correct. How can this be?
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