When you are Mid-way through life, juggling your time and your money, sandwiched between caring for kids and parents, it helps to have a Coach in your Corner. That's what a Certified Financial Planner does. You get the benefit of someone who lives and breaths investments, insurance and alternatives, and does continuing education every year - And it's worth it! Studies show that Canadian Households with a Financial Advisor accumulate 2.5x more assets over the long term than non-advised households.
Benefit from a Budget!
A budget can reduce your stress and allow you to avoid debt and stay on track to achieving your goals. A budget can help you be prepared for unexpected expenses and save for your future. The Financial Consumer Agency of Canada has prepared this interactive budget tool. There are many apps that you can choose from to track and categorize your expenses. The first step in managing your money is knowing where it is going.
Here's the Plan
When you're midway through life, juggling savings and debt, family and career, the present and the future, it helps to have a Financial Plan. Just like looking at a road-map for your road-trip, it helps to have a written financial plan to project your potential investments and income, as well as detours and roadblocks that may occur as life unfolds. Take a look at this presentation outlining the benefits of having a Financial Plan.
Is your Mortgage covered?
Would your mortgage be covered if you passed away? Are you sure? Would your family be forced to sell? Are you getting good value?
If you buy insurance to cover your mortgage at the bank or credit union, rather than through an independent advisor licensed in Life Insurance, you may not have the coverage you want. There are several problems with mortgage insurance:
- your mortgage may not be paid out if post-death underwriting says you didn't qualify
- the benefits go down each year, even as premiums remain level
- you don't own the policy that you're paying for
- you don't choose the beneficiary
- mortgage insurance is not portable should you move your mortgage
Basics of Life Insurance
When do you need term insurance? When might it be better to use permanent insurance such as whole life or universal life or term to age 100? They are for different purposes, and you'll want to look closer at the strategy most suitable to you. Check out this video explaining the basics of term and whole life insurance and then give us a call to discuss.
Introducing Manulife Vitality
Manulife Vitality life insurance can help you Live Healthy, Earn Rewards, and Save Money. For the first time, your life insurance has the potential to save you money and reward you for living a longer and healthier life. And best of all, it's fun and easy - so go out and get living!
Vitality is a trademark of Destiny Health Inc., and is used by The Manufacturers Life Insurance Company and its affiliates under licence. Points levels for each Vitality Status and activity are subject to change.
Family Term 101
Family Term insurance is Manulife’s low-cost option which helps meet the traditional protection needs of most individuals and families.
For example, Term insurance provides protection for things like:
- Income replacement
- Mortgage and debt coverage
- Coverage for funeral expenses
- Financial security for a family’s future
- Child Protection Rider
- Total Disability Waiver Rider
- Accidental Death and Dismemberment Rider
- Guaranteed Insurability Option Rider
- Parent Protection Rider
To learn more, click here.
Health and Dental
If you are one of the millions of Canadians not fully covered by a group or employer health plan, you and your family are vulnerable to healthcare expenses not covered by your provincial health insurance plan. When you have to pay routine expenses like trips to the dentist and prescription drugs, the out-of-pocket expenses can add up very quickly. Select the type of benefits and level of coverage that suit you, your family and your budget. Flexcare offers seven different health and dental plans (3 of which are guaranteed issue) and many add-on benefits so that you can design a health plan that best meets your needs. Click the image to find out more, get a quote, or apply on-line.
Registered Education Savings Plans (RESPs)
A Registered Education Savings Plan (RESP) is an investment vehicle primarily used by parents to save for their children's post-secondary education.
The primary benefits of using an RESP to save for your children's education include access to the Canadian Education Savings Grant (CESG) and the ability to shelter the RESP's growth from taxes until funds are withdrawn.
There's lots to know about RESPs and how they fit into your family's overall financial picture. For more information, please feel free to contact us.
Registered Education Savings Plans (RESP)
Find out about the RESP and Canada Education Savings Grant!
Canada Revenue Agency's RESP information is here.
Additional details on the Canada Education Savings Grant and Canada Learning Bond are found on Service Canada.
More than 64% of Gen-Xers - those between the ages of 35 to 50 - say the uncertainty that accompanies retirement planning keeps them from taking any action to help secure their financial future. According to a Canadian study, more than a quarter of Gen X members have not started saving for retirement. The cost of living, raising school-aged children, large mortgages, and a lack of employer pensions, all post challenges and add to financial stress. The good news is that Canadians who work with a financial advisor are three times more likely to have saved more than $100,000 for their retirement than those without one. If you are caught mid-life, and find you need to start getting serious about planning financially for your future, talk to us.
Tax Free Savings Accounts (TFSA)
The Tax-Free Savings Account (TFSA) allows Canadians, age 18 and over, to set money aside tax-free. Each calendar year, you can contribute up to the TFSA dollar limit for the year. The 2018 TFSA contribution limit is $5,500 but if you have not contributed since the program began, unused contribution room up to 2018 wold be $57,500. All income earned and withdrawals from a TFSA are tax-free, so your federal benefits and tax credits are not impacted by withdrawals. It's a great way to save if you expect your taxable income to be about the same at the time of deposit and the time of withdrawal.
Registered Retirement Savings Plan (RRSP)
An RRSP is a retirement savings plan that you establish, that is registered with the Canada Revenue Agency, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax.
Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you receive payments from the plan.
To learn all the facts, please contact us.