The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
Latest News
Are ETFs a good investment for an all-weather portfolio? + MORE Feb 2nd
For retirees and near retirees, it can sometimes seem like there’s no such thing as a “safe” investment—especially now. Even bonds and bond funds, typically considered the safest of investments—suffered losses in 2022, as central banks hiked interest rates. Meanwhile, stocks look determine.... More »
RESPs 101: The RESP withdrawal rules + MORE Aug 16th
With a new school year here and academic fees due soon, you might be budgeting for the next eight months and planning a withdrawal from your registered education savings plan (RESP). While an RESP is the best way to save for just about any post-secondary education—more on that shortly—there are .... More »
Myths and facts of reverse mortgages + MORE Sep 30th
A reverse mortgage is exactly what the name implies: accessing the existing equity you have built in your home by granting a mortgage to a lender without the need to make monthly payments.
And yet, there are many misconceptions about this financial product, which allows Canadians to borrow up to 5.... More »
How the Liberals’ re-election impacts RRIFs, taxes and more May 6th
The Liberals held on to power in the recent federal election, and this has tax implications for Canada’s seniors and other taxpayers—in particular, for retirees and their strategies for their registered retirement income fund (RRIF) this year and possibly in the future.
Reduced RRIF minimum w.... More »
Joe Rogan’s podcast headed to Spotify, exclusive deal reportedly worth $100 million - MMA Mania May 19th
Joe Rogan’s podcast headed to Spotify, exclusive deal reportedly worth $100 million MMA ManiaJoe Rogan Signs Exclusive Podcast Deal With Spotify Yahoo Canada FinanceThe Joe Rogan Experience podcast to become Spotify exclusive BJPENN.COMJoe Rogan Calls 6ix9ine the '.... More »
Planning for an inheritance
– moneysense.ca
My mother passed away three days after her 66th birthday, leaving me with an inheritance I never expected.
Until two years ago, I assumed she would live into her 80s. But she had a terminal illness that progressed significantly in the final months of her life. Her care costs were minimal. We had great support from family and from government-funded resources.
But I have also seen things go the other way. Families burn through savings to cover full-time care for an aging parent at costs that can exceed $10,000 per month. In those cases, at the end of an aging relative’s life, there may be no inheritance left to pass along to loved ones.
At our financial planning practice, one thing we ask clients is if they are expecting an inheritance; it’s a question on our intake form. We ask because it is relevant, both for retirement planning and discussion purposes. But as the two scenarios I’ve just described show, the most we can ask for is a best-guess answer. On the benefactor’s side, nobody knows how long they will live, nor what potential long-term care costs may be incurred during one’s later years—so a beneficiary may or may not receive an intended inheritance…
Until two years ago, I assumed she would live into her 80s. But she had a terminal illness that progressed significantly in the final months of her life. Her care costs were minimal. We had great support from family and from government-funded resources.
But I have also seen things go the other way. Families burn through savings to cover full-time care for an aging parent at costs that can exceed $10,000 per month. In those cases, at the end of an aging relative’s life, there may be no inheritance left to pass along to loved ones.
At our financial planning practice, one thing we ask clients is if they are expecting an inheritance; it’s a question on our intake form. We ask because it is relevant, both for retirement planning and discussion purposes. But as the two scenarios I’ve just described show, the most we can ask for is a best-guess answer. On the benefactor’s side, nobody knows how long they will live, nor what potential long-term care costs may be incurred during one’s later years—so a beneficiary may or may not receive an intended inheritance…
