Author Archive for: Advisorsavvy

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

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

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

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

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

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

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

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.

Climate change is one of the greatest challenges facing our planet and civilization today. With rising global temperatures and increasing levels of greenhouse gases changing the climate at an alarming rate, reversing global warming is at the forefront of Canadian’s minds. To combat this crisis, the Canadian government has introduced the Canada climate action incentive program as a way to encourage both individuals and businesses to reduce their emissions. Under this program, eligible participants can receive payments for taking actions such as installing energy-efficient appliances, switching to alternative energy sources like wind or solar power, or using public transportation whenever possible. Read on to learn more about the Canada climate action incentive and how you can take advantage of this important initiative. What is Climate Action Incentive? The climate action incentive program, or CAIP/CAI for short, is a government-issued, tax-free amount that goes towards offsetting the cost of federal pollution pricing for individuals and families. This applies to residents in

An emergency fund is an important part of your financial health and security. It can help you cover unexpected expenses, like a car repairs or medical bills. Plus, an emergency fund can protect you from falling into a cycle of debt. Just knowing you have funds available in the event of an emergency can provide greater peace of mind too. But what is an emergency fund in Canada exactly? And how much should you save? Here’s what you need to know about an emergency fund in Canada and why they are important. What is an emergency fund? An emergency fund is a valuable resource that can help you stay financially prepared for unexpected costs and stressful situations. This type of fund consists of money you set aside for use in the event of a sudden need, such as an injury or suddenly being laid off. Normally, an emergency fund is a lump sum of cash that’s set aside and readily

CRA audits can be an intimidating experience. But don’t worry, we’re here to guide you through it. In most cases, CRA audits are a routine procedure and nothing to fret over. In this blog post, we’ll go over what you need to know to make the process as smooth as possible. We’ll also give you some tips on how to prepare for an audit. Plus, what to do if you’re contacted by the CRA. Read on for everything you need to know about CRA audits. What is a CRA audit? A CRA audit, or a tax audit as it is commonly known, is a review of an individual tax return. The CRA can audit corporate tax returns or other special types of returns, such as sales tax returns. The purpose is to ensure all of the information provided is accurate and in compliance with current tax laws. This process involves reviewing all of the documents submitted with the tax return.

When debt gets to unmanageable levels, Canadians usually have two options to eliminate their debt. The first is a consumer proposal and the second is a bankruptcy. Both options have a lot of similarities, but also many differences. In this blog post, we will compare and contrast consumer proposal vs bankruptcy, so that you can make an informed decision about which option is right for you. Consumer proposal vs bankruptcy In Canada, personal bankruptcy and consumer proposals are two debt relief options. A consumer proposal entails legally binding terms between you and your creditors. The agreement stipulates how much is owed and when it is to be paid. If you cannot pay your bills when they are due because of economic hardship, you may file for bankruptcy instead. Let’s learn more about consumer proposal vs bankruptcy below. What is a consumer proposal? A consumer proposal is a legal agreement between you and your creditors. It is handled by a Licensed

Are you a homeowner who’s thinking of selling your property soon? If so, you may be eligible for the principal residence exemption in Canada which can save you a significant amount of money on your taxes. In this blog post, we will explain what the principal residence exemption is and how you can claim it. We will also provide some examples to help illustrate how the exemption works. Homeowners and home sellers, keep reading to learn more! What is the principal residence exemption? The principal residence exemption in Canada is a special provision in the Income Tax Act. In some ways, it behaves like a tax credit. It allows Canadian residents to exclude any capital gain realized on the sale of their primary residence from taxable income. The exemption applies to Canadian residents only. It can be claimed on only one property at a time, better known as your principal residence. The idea behind the principal residence exemption is to

If you’re new to the world of credit cards, or you’re just looking for a better way to manage your money, a secured credit card might be the right choice for you. Secured cards are designed for people who are looking to rebuild or establish their credit history. But how do they work? And which one is the best option for you? In this article, we’ll explore everything you need to know about secured credit cards in Canada. We’ll outline the different types available, what to look for when choosing a card, and how to use it effectively. Lastly, we’ll cover our top 5 secured credit card picks. Read on to learn more. What is a secured credit card in Canada? A secured credit card is a special type of revolving credit. The cardholder pays a cash deposit upfront to open the account. The credit limit for this type of card is equal to the amount deposited by the cardholder.