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Every life event requires time, money, and financial planning to tie everything together.A life event could be anything from buying a home to getting married and starting a family to partaking in a dream vacation. But here’s the thing: your Excel budget sheet isn’t enough to adequately cover financial planning. Plus, personal financial planning looks different depending on your generational status. Don’t know where to start? Keep reading — we’ll cover personal financial planning for baby boomers, millennials, Gen Z, and Gen X. The goal is financial freedom, and personal financial planning helps you get there.Learn more below! What is personal financial planning? Personal financial planning is creating strategies and plans to align your financial scenario with your life goals. It covers everything from day-to-day budgeting, savings targets, investments, real estate, debt management, and long-term desires. Why is learning about personal financial planning important? Learning about personal financial planning promotes overall well-being. For instance, Forbes tells us that financial health

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

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,

Income varies greatly from person to person in Canada. According to a 2020 study by Statista, the median household income in Canada was $96,220. However, this number can be deceiving as it does not account for the vast wealth and poverty that exists across the country. Some earn well below this amount while others earn well above it which can skew the data. So what is the average annual income in Canada? In order to get a better understanding of how average Canadians fare financially, we need to take a closer look at the data. Read on to learn the ins and outs of average annual incomes in Canada! What is the average annual income in Canada? The average hourly wage for a Canadian household was $36.28 in 2020 for a full-time employee. When you multiply that by 8 hours, the average daily wage comes to $290.20, or weekly it’s around $1,451. Therefore, the average bi-weekly salary is about $2,902

Financial security is important at any stage of life, especially retirement. One of the financial benefits Canadian retirees rely on is Old Age Security (OAS). However, there is a clawback to consider which may reduce the amount of OAS money you receive. So, what is the clawback for OAS? In simple terms, the OAS clawback is a tax that applies when recipients of the benefit surpass a certain annual income threshold. Read on to learn more about the OAS clawback, how it might affect you and what amount of tax you can expect to pay. What is Old Age Security (OAS)? The Old Age Security (OAS) pension is a government-provided monthly income for seniors. To be eligible for the OAS pension, individuals must be 65 years of age or older and legal residents of Canada. The OAS pension is not means-tested, which means that it is not based on the applicant’s income or assets. Rather, your age and residency are

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