Got a refund?  Think RRSP If you anticipate receiving a tax refund, you may already be dreaming about how to spend it – maybe a trip or a new IPad.  Here’s a better idea:  use your refund to top up your RRSP (Registered Retirement Savings Plan) and enjoy a bigger nest egg when you need it. If you contribute now for the current year, you will be putting your money to work almost a year earlier than those who wait until the the last minute.  You will maximize the tax savings and tax-deferred growth that make RRSPs so attractive in the first place. Let’s say your reinvest your tax refund of $2,000 in your RRSP.  You will then have a $2,000 tax deduction for 2010 representing a $700 tax savings (assuming a 35% marginal tax rate).   Not bad for reinvesting the government’s money!  If you invested this $2,000 tax refund for 30 ...

www.SmallBizAdvisor.ca, brought to you by the editorial teams at Benefits Canada and the Advisor Group, goes live today. This one-stop destination for advisors with small businesses or entrepreneurs as clients addresses important issues surrounding the group benefits and retirement industries from the small business perspective. Featuring regular news articles and in-depth features on relevant small business topics written by Canada’s top experts in the group benefits and retirement markets, www.SmallBizAdvisor.ca is poised to become the go-to resource for Canadian small business advisors. Creative Planning Financial Group's president, Rob Franklin, and Darren Hanser provided www.SmallBizAdvisor.ca with two articles which can be found by following these links: Article 1:  Introduction To Taxation Of Group Benefits Article 2:  A Benefits Plan Or Larger Salary? Visit www.SmallBizAdvisor.ca today to read these and other stories.

With the current economic uncertainty, many people are looking for ways to reduce expenses.  A relatively painless way to reduce your monthly expenses is to have a second look at the way you’re managing your debt. Over time, most of us take out a variety of loans for different purposes.  These can include things like credit card debt, car loans, home renovation loans and, of course, the mortgage.  And if you have more than one loan, you’re most likely paying a different interest rate on each loan.  One of the easiest ways to reduce your monthly interest costs is to consolidate your debt at the lowest rate.  Typically, your lowest-rate debt will be a loan that is secured by an asset, such as your home.  If you have sufficient equity built up in your home, consider switching to a product that allows you to access your equity, such as a home-equity line-of-credit.  ...

Provided by:  Joan Morrow & Jay Llave, advisors at Creative Planning Financial Group Last June’s unexpected death of music icon Michael Jackson offers good lessons on estate planning. What he did right Jackson had a will.  Many people do not.  In Canada, if there’s no will, the provincial law is applied for distributing wealth and it’s up to the courts to select a guardian for minor children. Jackson’s will was revised in 2002 after the birth of his youngest child.  A will should be reviewed after every major life change and whenever property is acquired or sold. Jackson named competent executors. He named a guardian for his minor children and an alternate to replace that guardian, if required. The will establishes a trust for his three children.  Testamentary trusts enable parents to set standards for care and ensure their children are looked after.  Trusts can save tax for the beneficiaries.  Trusts make it harder to challenge the ...

In support of the Daily Bread Food Bank's annual holiday food drive, we will be organizing a group from CPFG to help sort food at the Daily Bread Food Bank on December 9th from 12:00 noon to 4:00pm.   The Vision and Mission of the DBFB: Fight to end hunger in our communities Provide food and resources for hungry people Mobilize greater support, involvement and action Create social change to reduce poverty through research, education and advocacy Visit the Daily Bread Food Bank's website directly to find out more about what they do and how you can help provide food for those in need.

The past week was full of discussions about the impact of financial advice on Canadians, the regulation of financial advice in Canada, and many other topics of interest.  Advocis (The Financial Advisors Association of Canada) held a symposium on The Regulation of Financial Advice in Canada.  Speakers included Presidents and CEOs of the Investment Industry Regulatory Organization of Canada (IIROC), Investors Group, the Alberta Securities Commission, Executive Director of the Insurance Council of British Columbia, and many other influential leaders.  The lunch session included an address from The Honourable Dwight Duncan, Ontario Minister of Finance. The topic of commission disclosure around the world and hightened consumer financial literacy were a large focus of the day.  We have included links to some articles posted following the symposium, along with others that include valuable information on current issues in the financial services arena. IFIC Report:  "The Value of Advice" No need ...

Of course it is!  Often quoted pension actuary, Malcolm Hamilton, finds in the Nov 27, 2009 Retirement Savings Research Program that for a 65 year old opposite-sex couple: at least one will live to approximately age 90; approximately 10% of couples will have one partner that lives 8 years beyond the normal life expectancy; approximately 1% of couples will have one survivor who lives 14 years beyond the normal life expectancy.  That's impressive! What does this mean to you? Couples entering retirement at age 65 can expect to have at least one partner still receiving income at age 90.  That's 25 years of income that needs to be provided by all sources.  This could be from the Canada Pension Plan, Old Age Security, RRSP/RRIF income, private pensions and other investment assets. In partnership with Investor ...