Occupation Student and retired police officer City Thunder Bay, Ont. Age 65 I’ve been investing since: My mid-40s Portfolio: About $300,000 in an RRIF; a home in Thunder Bay; pensions that net about $95,000 per year; roughly $100,000 worth of vintage and collectible cars and boats; small mortgage on my home. I recently sold a […]
Their tax positions could get "substantially worse"
Canadian investors reveal high hopes
StatsCan census data from 2016, released this week, shed light on your immigrant clients’ financial status, as summarized in an economics report by Scotiabank economist Marc Desormeaux. For example, immigrant incomes in 2014 were 86% of Canadian-born workers’ earnings, he finds. Last year, a StatsCan report revealed that, one year after immigration, the median employment […]
Mass-customizing solutions for your clients
Amid confusion about advisors’ titles and a move toward greater title transparency, there’s one that might prove more familiar to Canadians: certified financial planner. Read: Ontario ‘working closely’ with SROs on titles reform That’s because 85% of Canadians with financial planners say they know “for a fact” that their advisors are CFPs, reveals a survey […]
Occupation Project manager City Vancouver Age 41 I’ve been investing for: I haven’t started yet! I’ll be debt-free: By the end of summer 2018 Investable assets: About $6,000 in a chequing account, $6,000 in my wife’s RRSP, and $15,000 owed on a line of credit. Between our jobs and Airbnb-ing a room in our rental […]
Scenario: The Morneaus* are in a fix. Their 18-year-old daughter, Sarah, has been arrested for public intoxication. She smashed a store window in downtown Winnipeg one Saturday night, but luckily no one was hurt. Understandably, the Morneaus are anxious and confused. They call you for help. What do you tell them? *This is a hypothetical […]
In the first 10 minutes of a meeting,your client says: I’m in shock. My son is visiting us this week, and guess what? He’s getting married next year! At that moment Congratulate your client and ask if the son and his partner have set a date. Ask if they have family traditions and what the […]
Tell a Toronto homebuyer or an Iqaluit grocery shopper that inflation is just 1%, and they’ll laugh in your face. That’s because official inflation numbers blend hundreds of prices from across the country. To properly advise clients about rising costs, you need to look beyond economic statements. To start, let’s define key terms. Statistics Canada […]