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Criminal Acts at Christmas

tim@fdgi.ca (Tim Ramsay) — Thu, 07 Dec 2017 16:45:17 GMT

Are you breaking the law?

Not exactly something that we plan to do. But something that far too many people do at this time of year.

In honor of the Anniversary of the 1st Taxicab in use in London (December 6, 1897), I want to talk to you about a very important issue that may impact you and/or your family.

Taxi cabs are a part of everyday life.

Some people use them for all their transportation, others use them infrequently for times they want to go out and have a little ‘cheer’.

We are in the midst of the busiest shopping season of the year… as well as the busiest party season of the year.

Alcohol is freely enjoyed and used during the Holiday season.

You may even be having a get-together at home, or taking others out for dinner and drinks (both of which are fine, but care must be taken).

The opportunities are everywhere… company parties, supplier parties, family get-togethers, friends gathering… each of them a fun time.

For the coming month, I wanted to extend some ideas to make your holiday season a little safer for you and your family.

First, the facts:

Every day, almost 30 people in the United States die in motor vehicle crashes that involve an alcohol-impaired driver. This amounts to one death every 51 minutes.
Impaired driving is the leading criminal cause of death in all of Canada;
In 2012, 10,322 people were killed in alcohol-impaired driving crashes, accounting for nearly one-third (31%) of all traffic-related deaths in the United States.
In MADD Canada estimates that at least 1250 motor vehicle accidents were alcohol impairment-related;
The rules apply to the water as well! It is suspects that 37% of boating fatalities were alcohol related.

Some tips to make your month safe:

Know the limits! Some provinces are now at .05 blood alcohol level. Depending on the size of person, that can be one single drink that makes it a criminal act to drive.
Report bad or impaired drivers you see on the road. If you don’t, how can you be sure it isn’t someone you know that they run into a couple miles down the road? A friend? Family member? Call the police immediately if you see any signs of impaired driving.
Be a responsible host. If you are having others over for some Christmas cheer, make sure you are prepared. First, have lots of hearty food available for people to snack on. Breads and dips or sandwiches are perfect for parties. Watch what is happening. You are the host and part of your job as a host is to pay attention to how much people are drinking. If they are driving, make sure you let them know that you have taxis or driving services available. Even offer to make it easier for them to get their car the next day. If you are entertaining people that are drinking, it IS your responsibility to ensure all of your guests stay off the roads while impaired.
Be a good person and don’t let your friends and family drive after drinking. Let them borrow a couch, or a spare bed… just don’t let them drive.
Tell your kids NOT to get in the car with someone who has been drinking – you’ll pick them up and they won’t get in trouble for calling you! As well, you should also never get in a car with a driver that has been drinking.
If you are entertaining – make sure you have all kinds of different non-alcoholic drinks as well. Coffee, pops. juice and water.

These may be common sense tips for the holiday season, but they are ideas you need to follow.

If you are having a fun event, make sure you have ample food, taxi numbers or coupons on hand, and sufficient quantities of non-alcoholic beverages available.

The point is not to put a damper on some holiday fun, but to ensure you are safe while doing so.

So enjoy… just not too much.

Taxi Cabs are the cheapest thing going… …especially when you consider the alternatives!

I See Who You Are

Thu, 07 Dec 2017 16:41:39 GMT

When we think of giving, we turn our thoughts to money, presents and perhaps even the gift of service. Donating to worthwhile causes and offering the gift of our time and talents are important contributions. How often do we consider the power of the gift of recognition – of seeing and acknowledging the unique essence and value of another person?

Giving is associated with the notion of philanthropy. When we look to the derivation of the word, we find that philanthropy refers to the love of humanity, the love of what it means to be human for both the benefactor and the beneficiary. What it means to be human goes beyond the surface of what we look like, what we know, and what we possess. Expressions of our humanity are who we are.

I had a poignant experience when a friend called to tell me that she wanted me to know that she ‘could see who I am .’ In that instant, her gentle and firm declaration stopped all my mental chatter. It took a moment to take it in.

That was probably one of the most profound gifts I have ever received! I wonder if she realized that her willingness to look to the essence of another person’s humanity (in this case, me) was the ultimate act of giving – of philanthropy. Imagine the impact of this practice! Your relationships with your family, friends, colleagues, neighbors, clients and community could take on a new level of expression. The Jewish Philosopher, Martin Buber, affirmed that our relationship with others lives in the space between us. It is our responsibility to keep this space clear of our assumptions and judgments so that we can freely walk across this space to experience the true essence of another.

Tips for The Art of Philanthropy

1) Be present. When you are with another, whether it is offering a professional service, advice, support or bagging groceries — be there. Make that individual feel that right in this moment, he or she is the most important person to you. Put aside your laundry list of ‘to-do’s and offer your full attention.

2) Set your intention that this encounter, no matter how mundane, will be about the other person — fully.

3) Suspend your beliefs, assumptions, expectations and judgments long enough to hear what the other person is really saying. The act of listening is an art.

4) Pause before you respond – don’t try to finish his or her sentences so that you can more quickly say what is on your mind.

5) Once the other person has finished speaking, check in. Repeat back what you have heard to ensure you got it right.

6) Ask what the other person wants from you next: Advice, support, or simply silence.

Finally, keep the space between you and others clear so that you can ‘See Who They Are.’

Rhonda Latreille, MBA, CPCA

Founder & CEO

Age-Friendly Business

6 Important Financial Planning Steps

tim@fdgi.ca (Tim Ramsay) — Wed, 01 Nov 2017 19:15:56 GMT

There are six important steps to the financial planning process. Yes it is a process, not an event.

These critical steps are:

Establishing and defining the relationship with the client,
Collecting all information related to the client’s objectives, needs and priorities,
Analyzing the client’s financial status,
Developing recommendations,
Implementing the recommendations,
Review, update to account for ensuing changes.

Today I would like to look at the importance of the implementation step. It can often take individuals and couples a while to get around to doing a plan. Once this process is started, the client(s) can become enthused about getting the planning recommendations in place. This is when the client can face a wall of product information, misinformation and marketing. Enthusiasm can quickly turn to frustration and concern about making a misstep. This concern about making a mistake is understandable, as it is often why clients put off doing a plan. This juncture is where an experienced, credentialed, advisor can assist clients in implementing plan recommendations to help them reach their objectives.

HOW TO DEAL WITH 4 AWKWARD MONEY MOMENTS

tim@fdgi.ca (Tim Ramsay) — Tue, 31 Oct 2017 16:24:39 GMT

We've probably all experienced the stress of an awkward money moment, whether it's at a restaurant, at a party, or even at home. But how do you defuse such a tricky situation?

Here are four typical scenarios and tips for avoiding embarrassment:

1. SPLITTING THE RESTAURANT BILL:

You regularly go out with a group of friends and everybody except you enjoys a couple of high priced cocktails along with their meal. In the past you've equally split the bill, but your portion is always much less and you end up paying more than you should. What do you do?

The solution is to speak up. You won't be the first person to reach for the tab and say, "It looks like my share is about $30." Nor will you be the first to request separate bills—ideally you’ll avoid the whole problem before you order by asking the server to tally everyone separately. By taking the lead, you make it easier for everyone. Your response, however, may depend on the size of the group and strength of your relationships. For example, you may be more open to splitting the total if it's just you and a good friend who meet for lunch often.

2. CHARITY AT THE OFFICE:

Your close friend says she has had an unexpected financial emergency with a matter of days to come up with a sum of money, and is asking for a loan. What do you do?

This is a potential relationship killer! Is the person—and the reason she wants the loan—responsible in your opinion? And is the amount something you can afford? If you can spare the money, then one option is to offer to give her the money with no strings attached. You can also offer to help her find other appropriate solutions such as organizing a budget, credit counseling or talking to a professional financial planner to create a plan to handle any future financial emergencies.

While there’s often good reason to lend money to a relative or close friend in need and real satisfaction to be gained by helping out, you’re entering a relationship minefield when you do so. If you do choose to lend money, consider creating an agreement with explicit terms around interest required, payment due dates and consequences for late payments and default. And if your friend opts for a bank loan and asks you to co-sign, carefully consider all aspects and regretfully decline if you question her ability to pay it back. You’ll be on the hook to pay if she defaults and your credit rating could be negatively impacted.

For more, read 5 tips on loaning money to family .

4. THE NOSY PARTY GUEST WHO WANTS TO TALK ABOUT YOUR FINANCES OR BRAG ABOUT HIS:

At a party, you announce that you're buying your first house. One of the other guests immediately asks, "How much was it?" What do you do?

A general answer with no specifics, such as "More than we wanted to" or "We got a great deal" may be enough to deflect a follow-up question. But if not, and you're not comfortable answering, you can say, “I'm not comfortable going into details" or "That's not something that I talk about". Talking about money isn't taboo, and people brag all the time about the bargains they scored or the investment they just doubled their money on. But it should be up to the person who made the purchase to make it clear the subject is open for discussion. Inquiring about how much someone paid, or how much he or she earns, is just rude. Don't be afraid to protect your personal information.

Being smart with your money includes not getting caught off-guard with unwanted money conversation topics or requests. Be proactive and make a plan ahead of time for how you’ll respond. Your wallet—and pride—will thank you.

For help in taking control of your finances, find a CERTIFIED FINANCIAL PLANNER® professional - Contact Me Today!

Source: https://www.financialplanningforcanadians.ca/financial-planning/dealing-with-awkward-money-situation...

4 WAYS TO ALIGN YOUR INVESTMENTS WITH YOUR VALUES

tim@fdgi.ca (Tim Ramsay) — Mon, 30 Oct 2017 19:04:49 GMT

Investments may be one of the most focused-on parts of your financial plan, with much of that attention on monetary reward. But your investments can reach well beyond the bottom line – and even your own lifetime – if your financial plan is aligned with your personal values.

Naturally, it’s important to ensure that your investments fit within your financial plan and life goals by thinking about time frame, how much risk you can tolerate and keeping cash on hand for emergency situations. But beyond that, matching your personal values to investment choices can have a big impact on your life and that of future generations, says Sucheta Rajagopal, a CERTIFIED FINANCIAL PLANNER® professional and portfolio manager with Mackie Research Capital Corporation.

Regardless of your financial and life goals—you may want to travel, own a home or leave an inheritance for your children or grandchildren—incorporating your own values takes things to the next, more meaningful level. “When you add values to the mix, the legacy goes beyond you and your family to the entire planet and what will be left behind for future generations,” Sucheta says. “It’s a big picture view of what can be done now, socially and environmentally, to make a lasting difference in the world. And ultimately it’s something that will make you feel good.”

Sucheta offers these four strategies to help align your personal values to investment choices. Discuss them with your financial planner to determine which options might be right for you.

Think about what matters to you: Clean water, literacy, underserved populations, air quality, child refugees? Look at your lifestyle, personal goals, commonalities and affinities and match them to areas of social and environmental need.
Understand the sectors and companies you’re currently invested in : Are they good corporate citizens? Do they have good governance and sustainable business practices? Are they working hard to reduce their carbon footprint or support underserved populations?
Don’t throw the baby out with the bathwater : When considering specific industry sectors, in some cases you may want to delve a little deeper to look for best-of-sector companies rather than dismissing an entire group of investments.
Don’t be misled by reports of underperformance : You needn’t sacrifice performance when you invest responsibly. In fact, research shows that socially responsible investment results are similar to or slightly better than their counterparts.

“Investing responsibly—like financial planning—is about taking a holistic approach,” says Sucheta. “People feel better and have a greater level of comfort when everything they do in life is in sync.”

A CFP® professional can help you make investment choices that not only enhance your financial well-being but match and support your personal values.

To find a CERTIFIED FINANCIAL PLANNER professional in your area, use our Find Your Planner tool .

For more on how financial planning can align with and help you achieve your goals, read 6 ways to balance your financial priorities , Live your bucket list: 8 ways to turn goals into reality and To realize your dreams faster, act now .

Source: https://www.financialplanningforcanadians.ca/financial-planning/4-ways-to-align-your-investments-wit...

Financial priorities worksheet

tim@fdgi.ca (Tim Ramsay) — Mon, 30 Oct 2017 18:55:11 GMT

This worksheet can help you fine-tune your budget and manage short-term and long-term goals.

Open A Printable FIle

Protecting retirement savings

tim@fdgi.ca (Tim Ramsay) — Mon, 30 Oct 2017 18:50:18 GMT

Volatile markets can wreak havoc on savings. A big loss in your portfolio with a short time to retire may not allow your investments to recover before you need the retirement income.

Making Tax Time Less Taxing

tim@fdgi.ca (Tim Ramsay) — Thu, 08 Jun 2017 01:18:12 GMT

f you’re a busy professional, tax time can be a stressful time of year. If you’re also retiring or recently retired, self-employed or own a business, a commissioned salesperson, or are going through another significant life change, your taxes may have a new level of complexity that often benefits from professional support. Traditionally, this help comes in the form of a bookkeeper and/or an accountant, but there is one more expert worth considering as a valuable member of your tax team: a CERTIFIED FINANCIAL PLANNER® professional.

Kurt Rosentreter, CPA, CA, CFP®, CLU, TEP, FMA, CIMA, FCSI, CIM is a Senior Financial Advisor and Associate Portfolio Manager for Manulife Securities Incorporated. As a Chartered Professional Accountant and a CERTIFIED FINANCIAL PLANNER professional, Kurt is uniquely positioned to talk about the role of a financial planner when it comes to your taxes.

AN ACCOUNTANT FILES YOUR TAXES―BUT A CFP PROFESSIONAL PLANS FOR THEM

Getting your taxes done by an accountant can be a smart move for anyone—not just those with more complex tax situations. Accountants keep on top of regular changes to the tax code and engage in ongoing professional development to ensure they’re using the best strategies for their clients at tax time.

So why would you add a CFP professional into the mix? Simply put, while an accountant’s job is to file your taxes with the maximum benefit to you at tax time, a CFP professional will make sure that your taxes fit with your short and long-term financial strategy throughout the entire year. “A CFP professional’s first task is to help clients identify the sources and types of income they have, how these will change over time, and how tax will evolve with them,” according to Kurt.

A CFP professional can also help make tax time easier by ensuring that your accountant has all the paperwork he or she needs to file your taxes correctly and on time. For example, if your accountant doesn’t know that you have a brokerage account, they aren’t going to ask you for a tax slip for that account—they just work with what you give them.

“Working with a CFP professional gives the accountant more to work with,” says Kurt. “An accountant may not see everything because they’re focused on the tax return. A CFP professional takes a holistic view of the entire financial picture, rather than just the taxes.”

THE IMPACT OF LIFE EVENTS

“Life events— career changes, marriage, divorce, children, health issues, retirement—can materially impact the taxes you pay,” says Kurt. “In particular, retirement is one that likely affects us all eventually, as we transition from our employer withholding taxes to having to pay tax installments.”

Career changes can also be a challenge at tax time. For instance, if you are changing jobs and face a change in income or benefits, your CFP professional can help you optimize your current situation through effective tax planning.

“A CFP professional will be instrumental in helping you sort out the financial impact of all the transitions you’ll encounter throughout your life,” says Kurt.

SELF-EMPLOYED PROFESSIONALS NEED MORE HELP

Kurt identifies self-employed professionals as being especially susceptible to tax challenges. In addition, “someone who’s an expert at their chosen profession isn’t necessarily good at managing taxes and tax payments,” he says. “A CFP professional can manage all the different aspects of their finances and keep things organized so there aren’t any tax surprises.”

A CFP professional can also play an important role as a “translator” between an accountant and their mutual client. “A CFP professional is a good go-between to help educate the client and ensure that tax planning fits into the client’s long-term financial strategy. This helps the client pull it all together and ultimately achieve more financial knowledge and control.”

PLANNING FOR PAYMENTS

For many Canadians, taxes are withheld and submitted by their employer. But for others, Kurt explains, it isn’t quite that simple.

“If you’re self-employed, you have to remit taxes periodically. Or if you’re retired, you may have investment income where there is no tax withheld, so you’ll need to pay it yourself. A CFP professional will help map out how taxes are paid and ensure you’re setting aside enough income tax so you’re prepared for the payments you’ll need to make. They’ll also help you avoid surprises by alerting you to events that might trigger tax bills and helping you plan the tax payments in advance.”

If you want to minimize the anxiety generally associated with tax time and avoid surprise bills and penalties, consider adding a CFP professional to your tax team.

For help with your taxes—and every other aspect of your finances— find a CFP professional in your area with our Find Your Planner tool .

For more on tax planning, read 5 ways early tax planning keeps money in your pocket , How to banish the RRSP rush and 5 top tips for making year-end donations .

- See more at: http://www.financialplanningforcanadians.ca/financial-planning/prepare-for-taxes#sthash.ery2aiHy.dpu...

4 ways to get your adult children on the road to financial independence

tim@fdgi.ca (Tim Ramsay) — Thu, 08 Jun 2017 01:17:00 GMT

With student loans, unemployment and underemployment, and rising costs across almost every aspect of life, it’s hardly surprising the bank of Mom and Dad has gone from a stopgap financial solution to a necessity for some adult children. Facing significant financial challenges at the beginning of adult life, many millennials are leaning on their parents in order to buy a car, put a down payment on a home or start a family.

While it’s okay to help adult kids on an occasional or short-term basis, supporting them financially over the long-term can hurt both sides of the equation. Parents may be putting their own financial future at risk, if they find themselves unable to meet existing obligations or realize retirement dreams. At the same time, adult children who fail to learn financial responsibility are ultimately putting their own goals and dreams in jeopardy. After all, Mom and Dad won’t be around to help out forever.

Ensuring that the future looks bright for everyone means helping adult children to realize financial independence as soon as possible, says Marc Lamontagne, a CERTIFIED FINANCIAL PLANNER® professional with Ryan Lamontagne Inc. in Ottawa.

So how can you help get your adult children on the road to financial self-sufficiency? It starts with these simple steps, says Marc:

1. SET LIMITS:

An open wallet provides no incentive to curtail spending. Set a limit on how much financial assistance you’re prepared to give and for how long. If it’s a loan, put it in writing with a payback schedule and a signature to acknowledge that it’s a real commitment. Learn how to say ‘no’ to requests for more.

2. ESTABLISH A BUDGET:

It sounds pretty simple, but it’s surprising how many young adults are unaware of their monthly expenses. Once a budget has been established, it’s easier to determine how much supplemental income they need from you—and where cuts can be made to gradually reduce financial assistance and increase savings over time.

3. WORK TOWARD A GOAL:

If an adult child wants a car or their own apartment, have them write down these short- and long-term goals. Then, take them through the steps necessary to get them there, including reducing spending or getting a part-time job. One option parents could offer is to match what their child saves, providing the motivation to help them reach a goal faster.

4. TEACH GOOD HABITS EARLY:

The sooner children learn how to manage money, credit, debt and spending the better. It doesn’t have to be a tedious discussion, just simple lessons as part of life, such as saving an allowance for a special toy.

Marc says he’s seeing a real trend toward parents bringing adult children to the annual financial review with their CFP professional. “We have a long discussion about investments, taxes and estate planning. It provides a real educational opportunity to gain a clear understanding of a parent’s financial situation and what their needs will be later in life.”

Weaning adult children off the bank of Mom and Dad may mean setting some firm boundaries and spending time on education. But the rewards will be well worth the effort.

To find a CFP professional in your area to help guide your financial future—and get your children off to a good start— use our Find Your Planner tool .

For more on families and money, watch Loaning money to your children and read How to have “that talk” about money with your spouse and family and Modern families have one thing in common: They need a plan .

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- See more at: http://www.financialplanningforcanadians.ca/financial-planning/building-financial-independence-in-ch...

3 big shifts that make financial planning more important than ever

tim@fdgi.ca (Tim Ramsay) — Thu, 08 Jun 2017 01:15:12 GMT

Planning for an uncertain future is a specialty of Mark Halpern’s, a CERTIFIED FINANCIAL PLANNER® professional, Trust & Estate Practitioner and CEO of WEALTHinsurance.com. According to Mark, Canadians are experiencing three major shifts that will impact how much we have to save and the financial planning choices we make.

1. WE’RE LIVING LONGER

Since 1980, World Bank figures show the average life expectancy in Canada increased from 75 to 81 years. And while 16% of Canadians are over 65 today, that number is expected to increase to 23% of the population by 2041, according to the University of Ottawa. That means we may have to save more than we think, especially since medical costs and associated expenses (like home care, prescription drugs, mobility aids, or modifications to our homes to allow for challenges to mobility) tend to increase as we age. Medical and everyday expenses could pile up if we live longer than originally anticipated, a reality given the advances in science and improved health care.

2. FUTURE GOVERNMENT COVERAGE MAY DECREASE

As a greater proportion of the population ages and medical costs become exponentially higher, we may not be able to rely on the government to pick up the tab for costs that are covered now. “The challenges are not a political statement, but a basic math problem,” says Mark. “They may affect things we take for granted, such as long-term care.” The longer we live, the higher these costs will be―and the greater the need to plan for them.

3. THE “MISINFORMATION AGE”

The third shift is our clear entry into an information age―Mark calls it the “misinformation age”―where we’re encouraged to showcase our lifestyles by sharing updates about newly acquired goods or expensive vacations on social media.

In addition to the lure of a consumer culture, we’re getting worse at separating good information from bad due to the sheer volume we’re exposed to on a daily basis.

HOW A CFP® PROFESSIONAL CAN HELP

Meeting with a CFP professional can pinpoint what’s really important to us and help us develop a sound plan to achieve it.

Mark says the first step is to sit down with a professional and ask how to get started. “A CFP professional will look at things very holistically. It’s a question of doing the right diagnostics―a doctor doesn’t give you a prescription without forming a diagnosis. We ask the hard and soft questions on assets, earnings, taxes, and everything else about your financial life and your personal situation and goals. And you should never hold anything back―that would be like not telling a doctor about something that’s hurting you.”

Mark believes everyone can benefit from financial planning, even those who think they have their finances under control. “Even if you think you’re organized and well-prepared, get a second opinion. It’s very rare that we’ll find someone whose plan we can’t optimize in some way,” he says. “A CFP professional will have the most current information and expertise to help you put together a new, more effective strategy for your financial future.”

For help getting through the big shifts and the smaller ones, find a CFP professional in your area with our Find Your Planner tool .

For more on the importance of financial planning and how it can help you reach your goals, read The Value of Financial Planning , Financial planning can help anyone at any life stage , and Live your bucket list: 8 ways to turn goals into reality .

- See more at: http://www.financialplanningforcanadians.ca/financial-planning/3-big-shifts-that-make-financial-plan...

3 ways to keep your finances on track in the gig economy

tim@fdgi.ca (Tim Ramsay) — Thu, 08 Jun 2017 01:14:01 GMT

There are many benefits to being your own boss: flexible work hours, choosing the most interesting projects and contracts, and vacations when you choose. Those upsides may come at a price, however. They often mean an income that fluctuates dramatically from one month to the next, along with a lack of employment insurance or benefits.

Without proper planning, that income uncertainty can make it difficult to budget, save and manage debt.

Whether you’re a freelancer, contractor or commissioned worker, there are strategies you can use to help lessen some of the challenges and set the stage for a rewarding future, says David Salloum, a CERTIFIED FINANCIAL PLANNER® professional and senior wealth advisor with RBC Dominion Securities in Edmonton.

For those facing fluctuations in income, David offers these tips to help set you on the path to financial stability:

1. BUDGET THE BASICS:

While it may seem difficult to establish a budget with an irregular income, it’s essential in understanding how much money you need for basic living expenses (think life insurance, rent or mortgage, utilities, groceries, transportation, phone and internet costs). Knowing how much you must have each month eliminates the guessing game, anxiety and constant shuffling of funds from one place to another to cover the necessities.

2. PREPARE FOR THE UNEXPECTED:

Job loss, medical emergencies, or unexpected home or vehicle repairs can all come at the most inopportune time. Creating an emergency fund with three to six months of liquid income means bills can still be paid while credit card debt, personal loans and stress are kept to a minimum.

3. KEEP CURRENT:

Revisit your budget and financial plan on a regular basis, particularly when circumstances change. These should be fluid documents, to allow for change and revised priorities. And staying up-to-date isn’t only about money matters: During slower periods, take the time to update skills and areas of expertise. And network, network, network. After all, you never know where the next opportunity is waiting and what it may bring.

These steps are just the beginning. A CFP® professional can help steer you in the right direction and ensure that you allocate funds for semi-annual or annual payments such as house insurance; secure health and benefit packages that best meet your needs; plan for income taxes, children’s education and your retirement; and manage debt.

The challenges that come with uncertainty can be greatly relieved by having a financial plan in place that covers all the bases and guides you along the path. “It will help bring control, peace of mind, and confidence in knowing that you can deal with whatever may come along,” says David.

To find a CFP professional in your area to help you stay on track regardless of income fluctuations, use our Find Your Planner tool.

For more on taking control of your finances , read 5 important financial pitfalls for millennials , Conquer your fear of missing out to get on top of your finances and I’m too young for financial planning…aren’t I?

- See more at: http://www.financialplanningforcanadians.ca/financial-planning/keep-your-finances-on-track-in-the-gi...

Wait Before You Pre-Spend That Tax Refund

tim@fdgi.ca (Tim Ramsay) — Thu, 08 Jun 2017 01:12:53 GMT

This is a subtitle for your new post

By Kelley Keehn, FPSC Consumer Advocate

Originally published by Tangerine Forward Thinking . Republished with permission.

With tax season behind you and the anticipation of a juicy refund on the way, it's hard not to pre-spend that windfall from the government. But not so fast, says CERTIFIED FINANCIAL PLANNER® professional Shannon Lee Simmons from The New School of Finance. Remember that a refund is really your money being returned to you from the government and without interest. So it's really not found money at all.

Shannon says Canadians compartmentalize money: "With found money, people tend to make less responsible decisions. It feels like a windfall, and there's nothing wrong with that. If you weren't expecting a refund, and your accountant tells you you're getting $3,000, I would argue that it's likely going to go to a lovely new patio set."

FOUND VS. UNEXPECTED MONEY

Shannon points out that while found money may be treated one way, someone's bonus from work, for example, may get a completely separate set of attention and financial planning responsibility around it, "because that's something that they 'baked' into their overall financial plan," she says.

The problem with anticipated money is that it's not guaranteed—especially with a bonus. Shannon cautions that if "they don't end up getting it, they could be in trouble." For example, even if the family is prudently pre-spending their expected bonus money, but say, not making extra payments on the mortgage or investing in an RSP or TFSA monthly because of this expected windfall at the end of the year, if they don't receive that "bonus", their financial situation could become troublesome.

Shannon advises that if you're a person counting on windfalls, "It's still really important to set up those monthly contributions just in case it doesn't arrive. Because you can't control windfalls — they're uncontrollable by their very nature."

EMOTIONAL MONEY MISTAKES AT TAX TIME

Shannon explains that many things can affect what you think will be a guaranteed tax refund. "Maybe they sold some stocks that year, or had two jobs and one didn't take off enough tax. Something happened and that refund isn't necessarily as predominant as they wanted it to be or as big as they wanted it to be, they're going to be really disappointed."

Shannon adds that a bigger problem is "A lot of time, people will make plans based on what they had last year. I find that's such a bias that we all have—if your life doesn't feel like it's changed that much, you're probably going to assume that your tax bill is the same as it was last year. So if you owed a bunch of money last year, you might be scared of tax time because you're worried you're going to owe again. And if you got a massive refund last year, you're likely expecting the same thing. But that can be dangerous. Because if you don't fully understand what's happening behind the scenes with your taxes, there's a lot of moving parts that you might not realize were affecting that."

SHANNON'S GUIDANCE

"Always keep an open mind," she says. "Whatever happens will happen, and don't spend the money until you know that it's guaranteed from the government as well. When it comes to an unexpected windfall—with tax refunds specifically—I give clients permission to, say, blow half of it on whatever makes you feel good. And with the other half, let's try to do something to better your financial situation and circumstance. We're not just on this earth to pay our cell phone bill. I get it. It's a windfall, that's great. But do try to put some of it aside to pay off debt or put back into your retirement savings."

For help planning for your taxes, find a CFP® professional in your area with our Find Your Planner tool .

For more on tax planning, read Making tax time less taxing , 5 ways early tax planning keeps money in your pocket , and 5 top tips for making year-end donations .

- See more at: http://www.financialplanningforcanadians.ca/financial-planning/wait-before-you-spend-that-tax-refund...

tim@fdgi.ca (Tim Ramsay) — Tue, 16 May 2017 14:07:03 GMT

By Karen Henderson Long Term Care Planning Network

We all take delight in planning for vacations and holiday celebrations but when it comes to planning for old age, we literally run the other way. Aging and death only happen to other people, and therefore we don’t need to talk about it – at least not yet. Why is this?

Canadians have an attitude of entitlement; I am a taxpayer and therefore the government is responsible for caring for me in my old age
It won’t happen to me
My spouse will look after me
The kids will look after me

The reasons we should care about aging are obvious:

The first wave of Canada’s 10 million boomers started turning 60 in January 2006
1000+ people turn 65 every day
By 2038, over 1,125,200,000 Canadians will have Alzheimer’s disease or a related dementia unless a cure is found before then.

These realities make it abundantly clear that we all need to plan for old age – and not just financially. We need to understand the health care system where we live, plan where we wish to age and live out our lives, and communicate our wishes to family members and health care providers.

The bottom line: Long term care planning needs to be a part of every financial and/or retirement plan written today.

Here’s how to begin:

Step One: Understand the health care system and care settings and services where you plan to live as you age

Step Two: Know whom you can count on for care and support, both from your family and from health care professionals

Step Three: Talk with your family about what you want – hold a family meeting. Understand your family history and what chronic conditions you have or may face

Step Four: Ensure you have a financial plan developed by you and your financial advisor that includes funding for long term care

Step Five: Establish clear legal directions. Complete a will, Powers of Attorney and make copies available to those who need them

Set Six: Gather all critical personal, health, legal and financial information and store it in one place for easy access

Step Seven: Communicate the plan to your family and update it every year

Creating a care plan will take time and effort, but once it is completed, you will

have accomplished two very important goals:

You will have added the missing piece to your financial/retirement plan
You will have removed a huge burden from your family; over time you all will be thankful that you took the initiative to plan ahead

As the saying goes: Just do it!

A New Customer Experience for Boomers and Seniors

tim@fdgi.ca (Tim Ramsay) — Thu, 11 May 2017 17:02:19 GMT

Calgary, . Boomers and Seniors can expect a new level of customer service in Calgary. True Investment Management Ltd. just signed up to learn more about the evolving needs of the age 50+, because they want to take their commitment to service excellence to an even higher level.

True Investment Management Ltd. will be celebrated as the next Certified Age-Friendly Business (CAFB)®. This means that citizens in our community know where they can go to receive an age-relevant and respectful service.

The staff at True Investment Management Ltd. are taking a special online ‘Foundation Course’ to learn about the age related changes we experience in our 50s, 60s, 70s, 80s, 90s+. To quote gerontologist, Dr. John Crawford, “ This course helps to separate fact from fiction about the aging processes, and introduces concepts ranging from ageism to arthritis to Alzheimer’s Disease; from changes in vision and hearing, to increased creativity and verbal skills. Pulling it all together are practical recommendations the businesses and services can implement immediately .”

So why focus on the Boomers and Seniors? They represent almost half of our population, hold between 77% – 80% of all the wealth, and control 50% of discretionary spending. Those in the 50+ age bracket are a powerful group, yet according to an Ipso Reid poll, 40 % of Baby Boomers feel ignored; and in a popular retirement city, seniors went so far as to say that they felt down-right invisible in many retail environments.

According to Tim Ramsay, Investment Advisor, Age-Friendly Business®, the quality of the customer experience for the age 50+ population is changing, and the businesses that are making the commitment to learn more and serve better deserve to be recognized and celebrated.

With the Certified Age-Friendly Business (CAFB)® program in Calgary, Boomers and Seniors can look forward to a totally new customer experience where they are valued and appreciated for the loyal customers they are.

And that is a good thing, because, True Investment Management Ltd. knows that no one should have to work hard to give us their money.

To learn more about the new Certified Age-Friendly Business program, r contact Tim Ramsay at (403) 457-4846 .

6 Reasons Why You Need a Digital Media Strategy

_dm_templates@dudamobile.com (John Miller) — Tue, 24 May 2016 12:12:53 GMT

Everyone needs a digital media strategy, and not for the reasons you may expect. In fact, if you think digital strategies are just promotional, think again.