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Why Small Businesses Should Consider a Financial Advisor
– canadianbusiness.com
In communities across Canada, small-business owners are always trying to adapt and grow.
Often described as driven and passionate, business owners have to embody those traits—and more—as they continue to face challenges that test their resiliency.
“Businesses have completely changed their operations,” says Drew Collins, a Co-operators Financial Advisor based in Brandon, MB, “like moving much more heavily into the digital side of things and reimagining the way they deliver service to clients.”
Co-operators Financial Advisor Drew Collins
Staying afloat during the pandemic meant frantic action on deck. “One minute, you’re an accountant. The next, you’re dealing with a client or you’re managing risk,” Collins adds. “I think it’s really important for small-business owners to seek qualified assistance. You wouldn’t wire a house yourself if you didn’t have that technical expertise and understanding.”
This is why Collins is so passionate about working with small-business owners, providing expert advice on protecting their assets with a tailored insurance policy, growing a healthy financial buffer and more…
Financial planning in your 70s
– moneysense.ca
Here are a few financial planning strategies for those approaching or into their 70s. If you are not there yet, bookmark this for future you, or share it with older family members for whom it may apply.
RRSPs
An account holder can only have a registered retirement savings plan (RRSP) until December 31 of the year they turn 71. By that time, they must either convert their RRSP to a registered retirement income fund (RRIF) or purchase an annuity from an insurance company that provides a regular payment for life.
The conversion age used to be 69, but was increased to the current age 71 in 2007. I find in the course of my work as a Certified Financial Planner that some people still think it is 69. It often makes sense to take RRSP withdrawals prior to age 72, and even convert your RRSP to a RRIF as early as age 65…
