Canada is undergoing the most significant wealth transfer in history, with growing numbers of Baby Boomers hitting retirement and an estimated $1-trillion expected to change hands to the next generation. However, how smoothly that transfer goes can vary significantly from family to family—and many Canadians are vastly underprepared.
You might be able to plan for many of your retirement expenses, but there are likely going to be unexpected things that come up.
On March 25, the Canadian federal government passed legislation, as part of its COVID-19 Economic Response Plan, that reduces the Registered Retirement Income Fund (RRIF) minimum that must be withdrawn by 25 per cent for 2020.
A systematic investing plan provides discipline and the potential for better returns.
When receiving an inheritance, you’ll likely experience a flood of emotions. However, you have many options when it comes to being a good steward of your inheritance and you shouldn’t make these big decisions alone.
A goals-based approach targets financial planning to meet objectives throughout life.