Advisorsavvy Blog

Are you in the market for estate planning services? If you’re not yet, you should consider it! According to a recent survey, almost half of Canadians have a will, but only 30% have an estate plan. Creating wealth in your lifetime is one thing, but building generational wealth is another thing which requires a holistic, well thought out estate plan. One estate planning service that’s trusted in the Canadian market is Willful.co. To learn more, continue reading for the complete Willful.co review. What is Willful.co? Wills are kind of like taxes — it’s tempting to put them off. Why? Because people don’t like uncomfortable processes and confusing financial records or paperwork. Then there’s the cost and consideration of hiring someone to help you. Still, the consequences of dying without a will could be catastrophic for taxes, inheritances, and your family’s relationships. Fortunately, the percentage of Canadians with up-to-date wills increased from 26.2% in 2016 to 32.58% in 2021; a solid

As pet owners know, furry companions are not free, and sometimes can be very expensive. This is particularly true when you run into an unexpected vet bill, such as emergency surgery or an unplanned vet visit. But what do you do when you can’t cover the cost incurred by your pet? Fortunately, you can always turn to pet financing in Canada. Learn about what pet financing is, the different types available and what happens if you struggle to pay in this article. Continue reading to ensure your pet gets the care they need! What is Pet Financing? In Canada, having a pet means additional costs. Things like food, kitty litter, toys, annual vet check-ups, shots and other day to day expenses for your furry friend usually don’t break the bank. But emergency surgery or an unexpected visit to the vet can cut deep into your pockets. These expenditures are the responsibility of the owner and can only be subsidized by

Wondering what happens when you hit 65? Hopefully, you’ll have enough saved up to retire and enjoy your last few decades in peace. You might stop working and rely on savings from an employment pension plan, reverse mortgage, or investments you’ve accumulated over the years. Canadians over 65 are often eligible for Old Age Security (OAS) payments. Fortunately for eligible seniors, there will be an old age security increase in 2023. This monthly payment is meant to offset the costs of living once retired, though it can’t cover everything completely. A financial advisor consults people on various financial topics, including retirement. They’re happy to help you figure out a budgeting plan with OAS and other retirement income supplements, if you don’t have one already. So, does Old Age Security rise in value with inflation? How much money can you get in Old Age Security? We’ll give you the lowdown on OAS, eligibility, maximum amounts, and the Old Age Security increase

If you have gone through the process of debt relief, you likely have heard the term Licensed Insolvency Trustee (LIT). If you haven’t needed the services of one before, you may or may not understand what that means, and how they can help you. An LIT is afederally regulated professional who provides advice and services to individuals and businesses with debt problems. Continue reading to learn more! This article was written in collaboration with Bromwich + Smith, a dedicated team of Licensed Insolvency Trustees and Debt Relief Specialists. What is a Licensed Insolvency Trustee? Licensed Insolvency Trustees are regulated by the Office of the Superintendent of Bankruptcy Canada, a branch of the federal government. They are professionals who have trained to oversee the filing of consumer proposals andbankruptcies in Canada. Both a consumer proposal and bankruptcy are legal contracts which must be filed by a Licensed Insolvency Trustee. They must adhere to the laws and regulations in the Bankruptcy and

It’s something that is on everyone’s mind right now: what is a recession in Canada? There has been tons of talk about inflation, soaring housing prices, lay offs, and much more about the health (or lack thereof) of our economy. As Canadians, we all want to make sure we are making the wisest investments and consumer decisions in our current economic environment. Unfortunately, there are times when an economic downturn can occur – often referred to as a recession. After all, what goes up, must come down! Let’s take a closer look at just what defines a recession in Canada, how it affects individuals and investors alike, plus ways you can prepare yourself for such an eventuality. Continue reading to learn more! What is the definition of a recession? A recession is defined as a temporary period of economic decline. Trade and other gainful activity slows during a recession. In other words, people lose their jobs, experience a decline or

Are you aware of the importance of financial literacy and how this knowledge can be applied to manage your finances? Financial literacy is a powerful tool that everyone should be armed with, regardless of their current level of income or financial security. Knowledge about budgeting, savings, borrowing money and planning for retirement are all components of sound financial literacy skills. Being able to understand these concepts can make a huge difference in helping Canadians live debt-free and achieve their long term goals. In this blog post, we will explore what is financial literacy and why is it important as well as basic principles surrounding financial literacy in Canada. Continue reading to learn more! What is the meaning of financial literacy? Financial literacy is defined as the level of ability to understand and effectively apply financial knowledge and skills. Many define financial literacy as financial awareness, attitudes and behaviors related to decision making around money as well. This could include an

In modern day society, money is a valuable tool that allows us to achieve life’s greatest objectives. Avoiding personal finance may limit you from being able to buy a home, retire, start a family or go to school. For this reason, personal finance should be considered, including income, spending, saving, investing and debt. In this article, we’ll explore what is personal finance and why is it important. In addition, we’ll cover the basics of personal finance and some tips and tricks to get you started on your journey. What is personal finance? Personal finance is a broad term that encompasses the process of managing your own money at the individual or family level. This includes activities like budgeting, earning income, paying for living expenses and debt, building an emergency fund, investing, obtaining insurance coverage, retirement planning and much more. Personal finance can also be defined by the knowledge, tools and tactics utilized to manage your money. What is a personal

People are going out again as pandemic restrictions loosen up. Canadians are dining in fancy restaurants, taking luxury vacations, and making large purchases after feeling pent up during COVID. But guess what all the spending hype, mixed with soaring inflation and increased costs of living means for Canadians? Debt — and lots of it. You probably feel it when you look at your credit card statement or go out for dinner. Financial woes are at an all-time high, whether from mortgages, credit cards, or student loans. Curious about how your debt compares to other Canadians? You might wonder: What is the average debt in Canada? In this article, we’ll cover everything you need to know about the average debt in Canada. We’ll also cover different types of debt, along with helpful advice to pay it off quickly. The Current State of Canadian Debt Canadian household income steadily increased in late 2022. But so did consumer debt. Disposable income, also known as available

Do you want to watch film and TV show content that follows real financial events or stories inspired by the world of finance? Look no further! We’ve compiled a list of the 10 best finance TV shows and films based on authenticity and unique stories within the financial world. Ready to enjoy a blockbuster with some popcorn tonight? Continue reading to find a film or TV show that suits your taste. What makes a good finance TV show or film? Given that TV shows and films are artistic creations, the answer to this question can vary depending on who you ask. However, we’ve based our list on authenticity and unique stories within the financial industry. In our opinion, a good TV show or film gives insight into what it’s like to be a part of the finance industry for someone who’s an outsider whether it’s real or fiction. Related Reading: How to Invest in Mutual Funds in Canada 10 Best

With tax season just around the corner, it’s important to understand the different types of tax returns in Canada. Each tax return has a different purpose as well as varying inputs to calculate your tax liability. To understand more about which tax returns you need to file and when, continue reading below. What are tax returns in Canada? Tax returns are annual, quarterly or monthly forms used for tax compliance and payment. Inputs, such as income and expenses, determine your tax liability or refund. Most Canadians only file taxes on an annual basis, but it depends on your unique circumstances. Taxation is typically the largest source of income for the government, including in Canada. Financial data and taxes are collected by the government using tax returns. How taxes in Canada work In Canada, taxes apply at the federal and provincial/territorial levels. Before calculating tax, you must determine your taxable income which is the sum of your income less any deductions

Ever avoided looking at a credit card statement after the holidays? Or ignored your skipped TFSA contribution, again? You’re not the only one. Finances and mental health in Canada go hand in hand. Plus, financial stress translates into a host of mental health issues and daily struggles — and money avoidance is only one of them. Doctors have found links to anxiety, depression, and even psychosis when people experience immense financial turmoil. Tack on inflation, rising mortgage interest rates, and skyrocketed grocery bills? Even the middle-class 9-5er is going to feel some strain. Unfortunately, financial stress only worsens if you don’t deal with it. But if you want to avoid the mental health issues that come as a result, building awareness is a great place to start.In this article, we’ll explore the relationship between money and mental health in Canada, as well as how you can take action when you have the money blues. Stats at a glance: How finances

Life’s busy, but we make time for the odd doctor’s appointment — a health check just to make sure we’re alright.But what is a financial health check? A financial health check is similarly essential, yet easy to forget about. Think of it like a check-up on your financial life, from debt and income to spending and budgeting. Here’s a small example: You have a solid roster of streaming and food delivery services to pick from, but you might pay for subscriptions you don’t use as much anymore. Today’s average consumer underestimates their subscription spending by $133! A financial health check would help you catch that before you go years without realizing it. Today, we’ll cover the ins and outs of a financial health check, what to look out for, and how to improve your financial health. What is included in financial health? Financial health encompasses the state of every aspect of your finances. This includes debt, income, credit score, investments,

If you’re approaching retirement, estimating and forecasting monthly retirement income is important. The amount of income you expect to receive impacts your lifestyle in retirement. Many Canadians will receive the Old Age Security, or OAS for short, benefit. Normally this benefit comes into effect when Canadian citizens reach age 65. But how do you determine the amount you’ll receive? In this blog post, we’ll explore what exactly OAS is, the eligibility requirements when it comes to receiving OAS benefits, and how to calculate OAS in Canada. Continue reading to learn more! What is OAS? Old Age Security (OAS) is a pension program run by the Canadian government that provides monthly income to seniors over the age of 65 who meet the requirements. To qualify for Old Age Security, applicants must: To receive full OAS pension payments, applicants must have lived in Canada for at least 40 years after turning 18. Otherwise, applicants will likely receive a partial benefit. The Old

If you’re like most people, you probably don’t want to work forever. If you’re considering ways to invest in your future and retirement, a pension plan is the best option to consider. Pension plans are a long-term investment strategy worth exploring. While they may seem complicated at first, a well-planned pension can provide the financial security required for retirees in Canada to enjoy their golden years without financial stress. In this blog post, we’ll take a look at some of the best pension plans in Canada. By the end, you’ll have a better idea of what pension plan is best for you! What is a pension plan? A pension plan, or fund, is any program or system that provides retirement income. Unfortunately, retirement is expensive and it takes a lot of resources to finance it. This is from both the individual and institutional level. However, it is important that we consider our elder generations and ensure they can live comfortably

Ever wondered why nobody questions the traditional investment or loan landscape? It feels like banks have overarching power and control, permitted the privilege to dive deep into your history and reject you based on stringent policies.The world of DeFi stands up to the limitations of traditional lending. But what is DeFi lending and how does it work with cryptocurrency? Keep reading to find out! What is DeFi? DeFi is a decentralized financial system. Hang on, are we talking about Bitcoin or other cryptocurrency here? In a way, yes, but DeFi is the bigger picture. DeFi encompasses all financial services performed on a decentralized system, often a blockchain. Imagine conducting your regular day-to-day banking through Ethereum. We’re talking mortgages, personal loans, savings accounts, insurance policies, and pretty much any other financial service as an alternative to traditional banking. Your mind might wander to Coinbase and other cryptocurrency exchanges, but that’s not quite DeFi. Instead, DeFi takes on the ambitious goal of