Author Archive for: Advisorsavvy

How to Retire Without a Pension in Canada

Pensions are a powerful tool when it comes to retirement, but what if you don’t have one? Is it possible to retire without a pension? These are all great questions to ask yourself when preparing a financial plan for retirement. Fortunately, it is possible to retire without a pension in Canada, but you may have to do some additional planning and preparation compared to your peers who have a pension. In this blog post, we’ll explore how to retire without a pension in Canada including the resources available and extra steps to take to ensure your retirement fund is sufficient. Does every Canadian get a pension? In terms of a workplace pension, the answer is no, not every Canadian receives or is entitled to one. Not all employers are required to provide a pension to their employees. Instead, offering a pension to employees is a choice of the company. With that said, workplace pensions are common across certain industries, but

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Estate Taxes in Canada

A death in the family is a difficult experience to endure on its own. Additionally, financial implications make the situation even more of a burden to handle. That’s right — someone has to manage the affairs of the estate when someone passes on. Inheritance wishes and tax obligations can clash, families argue due to the emotionally charged situation, and sometimes, people feel confused about how to proceed with the estate once someone passes.Curious about how estate taxes in Canada work? We’ll help illuminate some of your obligations by describing estate taxes in Canada, what to expect, and how to file your estate tax return. Are there estate taxes in Canada? Here’s the good news: Canada doesn’t have a dedicated estate or inheritance tax on the federal or provincial levels. Only a few states in the US impose taxes like these, like Hawaii, Connecticut, Vermont, and New York, which is why Canadians sometimes believe there is an estate tax.On the contrary,

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Investment Ideas in Canada

As an investor, there are a variety of opportunities available to you in Canada to grow your wealth. Whether you’re looking for stable income investments or growth-oriented options, this country has something to offer everyone. In this post, we’ll take a look at some of the best investment ideas in Canada right now. So, whether you’re a seasoned investor or a beginner exploring your options, read on for inspiration! Investing in Canada: An Overview Canada is a great place to invest considering it’s reliable economy and opportunity for growth. The country has a strong banking system and a well-developed infrastructure. Thereby making it an attractive destination for foreign and local investors alike. In addition, there is a plethora of investment ideas in Canada that you can access. Let’s take a closer look at investing basics in Canada before we get into investment ideas. Why is investing important? Investing is an important part of financial planning. It can play a pivotal

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5 Best Green Energy Stocks in Canada

As the world becomes increasingly conscious of climate change and the environment, it’s important to invest in stocks of companies that prioritize sustainability. This is especially true if you’re passionate about environmental issues. Investing in what you believe in is important! Luckily for Canadian investors, there are a number of excellent green energy investments to choose from. In this blog post, we’ll take a look at some of the best green energy stocks in Canada. If you’re looking to make your portfolio more sustainable, be sure to read on! What is green energy? Green energy refers to any form of renewable energy that is produced and consumed with minimal impact to the environment. This includes a wide range of sources, including solar, wind, geothermal, hydropower, and biomass. Solar power is the most well-known sustainable resource, as it captures and distributes energy from the sun’s rays. Wind turbines convert the kinetic energy of wind into mechanical or electrical power. Geothermal energy

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Group RRSP: What to Know

Group RRSPs are a great way to save for retirement. If you’re part of a group of employees who want to join together to save for retirement, a group RRSP might be the right option for you. Often, group RRSPs are set up by an employer as a part of your employment benefits. Perhaps you’re here to learn more about how they work before enrolling. In this article, we’ll discuss what group RRSPs are and how they work. We’ll also look at some of the benefits of using a group RRSP. What is a group RRSP? A group Registered Retirement Savings Plan (RRSP) is a savings vehicle. It combines the experience of investing with your peers and the administrative ease of an employer-sponsored plan. It functions as an employer-sponsored retirement plan, allowing employees to jointly contribute and control their collective investment strategies to maximize their retirement income. The contributions are pre-tax, which means that tax deductions are immediate. Thereby allowing

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Eligible vs. Non-Eligible Dividends

Canadians have two main sources of income they must declare and pay taxes on. Income from employment or self-employment are the most common. But another type of income is dividends, which is a form of investment income. In Canada, there are eligible vs non-eligible dividends and each has its own tax implications. Do you have a few Apple or Tesla stocks? Or maybe blue-chip stocks, shares in stable businesses like banks?Every month, quarter or year, you might earn dividends on your shares. Depending on the size of your portfolio and what kinds of stocks you own, the amount of dividends you earn can vary a lot. Here’s the thing: dividends are taxable. We’ll walk you through eligible and non-eligible dividends, what you owe for taxes, and how to avoid paying as much of those taxes as possible. Let’s start with the basics: What is a dividend? A dividend is a lump sum profit you earn from your owned shares in

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Best Dog Insurance in Canada

Dogs are a source of companionship and love for many families in Canada. In fact, dogs are often considered a member of the family. Although, they are expensive to care for, which is why it’s important to have the best dog insurance possible. In addition, insurance for your canine companion can ensure you are able to cover the cost of any illnesses or accidents which can rack up to a few thousand dollars. This article will explore some of the top options for dog insurance in Canada. It will also provide tips on how to choose the right policy for your furry friend. So, if you’re looking for the best protection for your pooch, keep reading! What is dog insurance in Canada? In Canada, dog insurance is a type of pet insurance that helps to cover the cost of your dog’s medical care. Like other types of pet insurance, dog insurance plans typically have a monthly premium and a deductible.

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10 Best Mutual Funds Canada

If you’re looking for a solid investment option to begin your investment journey or diversify your portfolio, mutual funds are a great choice. With so many different funds to choose from, it can be tricky to know which ones are the best, especially if you’re new to mutual funds. Here is a list of the 10 best mutual funds in Canada, based on performance and stability. If you’re ready to start investing, be sure to check out one or more of these funds! What is a mutual fund? A mutual fund is an investment vehicle that pools money from numerous investors. The funds are used to invest in a portfolio of securities. These can include stocks, bonds, and other assets. Mutual funds are managed by a professional money manager who makes decisions about where to invest the funds. The fund’s performance is dependent on the performance of the underlying securities. Mutual funds offer investors several advantages. They provide diversification, which

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What is an executor of a will?

If you’re a Canadian, there’s a good chance you’ve thought about what would happen to your assets after you pass away. Part of this process is creating an estate plan and a will. Estate planning is an important part of life, especially if you have acquired assets throughout your existence. Making sure your loved ones know who will administer your will is also critical. So, what is an executor of a will? Read on to find out! What is an executor of a will? An executor of a will is the individual tasked with carrying out the final wishes of the deceased as outlined in their will. This includes distributing assets, paying debts and taxes, and closing accounts. This person is also called an estate representative, trustee, or in Quebec, a liquidator. The executor is responsible for ensuring all instructions in the will are carried out in a timely and efficient manner. In order to be appointed, one must be

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Business Structure Types in Canada

When starting a business in Canada, you need to decide on a structure for your company. Some business structures are better than others depending on your idea and what stage you’re at with operations. Keep in mind that one structure may be good now, and in the future you may want to change it. For instance, if you’re just starting out, a sole proprietorship might make sense. But in a few years, incorporating may be the best move. The business structure you choose determines how the company is taxed and how much paperwork you will have to do each year. There are four business structure types in Canada: sole proprietorship, partnership, corporation, and cooperative. Each has its own benefits and drawbacks, so it’s important to choose the one that’s right for your business. Let’s take a closer look below. What are business structure types in Canada and why does it matter? The business structure of a company refers to the

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How is your credit score calculated in Canada?

Credit scores are used by lenders to decide whether or not to give you a loan and what interest rate to extend. Your credit score is also an important factor in how much you pay for car insurance, and can even affect your ability to get a job. For these reasons, it’s important to understand how your credit score is calculated in Canada. The two credit bureaus use slightly different algorithms to calculate your credit score, but they all take into account your payment history, debt levels, and age of credit history. In other words, your credit score considers the same factors, regardless of the credit bureau. Understanding how your credit score is calculated can help you make decisions that will build your credit. For example, if you know that you have a low credit score because you have missed payments in the past, you can work on making all of your payments on time and in full from now

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How many millionaires are there in Canada?

Do you ever wonder how many millionaires live in Canada? According to a recent study, there are around 1,681,969 millionaires living in Canada. The nation’s population is roughly 39 million which means approximately 4% of Canadians are millionaires. That’s a lot of wealth! This number is expected to grow in the next few years as well. If you’re looking to become a millionaire, now might be the time to move to Canada and mingle with local wealth. Curious to learn more about the millionaires that walk among us? Keep reading for more interesting facts about the millionaire status in our country. What is a millionaire? A millionaire is an individual with a net worth of at least one million dollars. Net worth is calculated as the total value of all owned assets less outstanding financial obligations, such as mortgages or loans. This can be achieved through a variety of means, such as investing in stocks and real estate, starting a

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Financial Advisor Qualifications Canada

Making sound financial decisions is important for individuals and families, which is why many Canadians work with a financial advisor. But what are the qualifications of a financial advisor in Canada? How do you know if an advisor is right for you? Education is just one thing to consider, but there’s also experience and the dynamic you have with the advisor. This blog post will explore the financial advisor qualifications in Canada and provide tips on how to find the right professional for your needs. What is a financial advisor? A financial advisor is a professional who provides guidance and advice regarding financial matters. These advisors can assist individuals, families, or businesses with everything from budgeting and saving to investing and tax planning. Their objective is to help their clients achieve their financial goals by offering expert insights, recommendations, and strategies. Financial advisors work one-on-one with their clients. They get to know them individually in order to tailor their services

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How to Become a Certified Financial Planner in Canada

There are a ton of financial designations available in Canada, one of which is a certified financial planner. Becoming a certified financial planner in Canada can be a very fulfilling experience. It is a demanding process that requires hard work and determination, but the end result is worth it. In addition, the profession aims to help others with their finances which can be a rewarding career path. This article will outline the steps necessary to become certified. As well as how much can be earned by doing so. If you’re looking to make a career out of helping others with their finances, read on! What is a certified financial planner in Canada? A certified financial planner is a professional who has the specialized expertise and training needed to provide financial advice to individuals and organizations. These professionals typically hold degrees in finance or related fields. They have extensive knowledge of both the financial markets and various investment options. Certified financial

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How legitimate is financial coaching?

There are a ton of financial experts out there who offer services related to money management. These experts can advise you on an appropriate debt load, budgeting tips, asset allocation and much more. One type of service that has become popular recently is financial coaching. But how legitimate are these services and can you trust a financial coach with important monetary decisions? Continue reading to find out. What is financial coaching? Financial coaching is a broad term that describes a wide range of services aimed at helping individuals and organizations improve their financial situation. At its core, financial coaching involves providing guidance and support to people as they work on managing or improving their finances. This can include activities like setting and tracking goals, developing better budgeting skills, identifying new sources of income or implementing long-term savings strategies. Financial coaches draw on a variety of different tools and resources to help clients achieve their goals. This includes budgeting and spending

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Best Cat Insurance Canada

Have you ever brought your cat to an emergency vet?Those gut-wrenching sounds of illness and the horror in your cat’s eyes at the vet’s office is enough to make you sick to your stomach. At the end of it all, you’ll be served with a bill which may make you feel sicker — if that’s even possible! The best cat insurance Canada offers can help mitigate vet care costs for your precious kitty.That way you only have to worry about getting your feline the medical attention they need, and not the crazy high cost. In this guide, we’ll walk you through how cat insurance works, whether it’s worth it, and three of the best cat insurance Canada plans you can choose from.Keep reading to learn more. Cat Insurance in Canada: What to Know Did you know high costs are one of the top reasons for surrendering cats in Canada? Unfortunately, many aspiring cat owners don’t consider the additional expenses they

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5 Best Money Market ETFs in Canada

Money market ETFs have been growing in popularity as an investment vehicle in Canada. These ETFs provide investors with a way to park their money and earn interest, without the risks associated with traditional investments like stocks and bonds. In this blog post, we will take a look at what money market ETFs are, and discuss some of the pros and cons of investing in them. We will also explore some of the best money market ETFs available on the Canadian market today. If you’re thinking about adding these products to your portfolio, read on! What is a Money Market? The concept of a money market refers to the various forms of short-term debt that are available in the global financial system. Short-term is usually defined as a year or less. Some of the most common examples include government treasury bills, certificates of deposit (CDs), commercial paper, and repurchase agreements. A key characteristic of these financial instruments is they tend

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15 Best Finance Podcasts Canada

In today’s modern world, there are many different ways to learn about personal finance. Some people prefer to read articles or books, while others may opt for online courses. However, one of the best ways to learn about finance is by listening to podcasts. There are a number of great finance podcasts in Canada. In this article, we will cover some of the best ones. Whether you are just starting out on your financial journey or you have been managing your money for years, these podcasts will provide you with valuable information and insights. If you’re looking to become financially savvy and learn something new, be sure to give these podcasts a listen! Top 15 Finance Podcasts in Canada Here are 15 of the best Canadian finance podcasts you should be listening to. Covering everything from investing basics to advanced money management tactics, these shows will help you take control of your money so you can reach your financial goals.

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Trupanion vs Petsecure: Which one is better?

If you’re a pet owner, you know taking care of your furry friend can be expensive. Between vet bills, food, toys, and other necessary items, it’s easy to rack up a bill of several hundred dollars each year. That’s why many pet owners are looking for the best pet insurance policy with optimal coverage. Two common providers in Canada are Trupanion and Petsecure. So, which company should you choose: Trupanion vs Petsecure? In this article, we’ll compare the two companies and help you decide which one is better for your needs. Keep reading to find the best coverage for your furry companion. What is pet insurance and why do I need it? Pet insurance is a type of coverage that helps to pay for veterinary expenses associated with injuries, illnesses, and other medical conditions your pet may experience in their lifetime. Many people underestimate the costs involved in taking care of a sick or injured pet, and as such, many

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