When it comes to your money, don't be in a hurry to give you trust!
“Our tracking shows that approximately 55-60% of complaints that come into our office are made by those 60 years of age or older,” said Ombudsman Doug Melville. “Many of their issues are shared by Canadians of all ages, but many others are specific to seniors.” A frequent theme of these complaints is that the faith the senior placed in somebody was either unwarranted or somehow violated. “Seniors are generally more trusting of others, and unfortunately this sometimes leads to financial problems down the road,” continued Melville.
Trusting others is an admirable trait, it is important to heed an expression Ronald Regan used often: "Trust, but verify.” Click HERE to view Ombudsman for Banking Services and Investments List of Frequently-Seen Seniors Issues.
Pension Income Splitting
Do you know how to take advantage of this fairly new tax rule? Have you and your spouse looked into it yet? Now that tax time is here, take a moment to watch a video that explains 'pension income splitting' courtesy of H&R Block.
Pension Income Splitting Video
What Happens to Your TFSA After Death? The question everyone forgot to ask.
The TFSA has been around for three years already! Announced with great ceremony in 2008 and implemented the year after, the tax-free savings account (TFSA) allows thousands of Canadians to shelter up to $5,000 a year from taxes – for a total of $15,000 to date.
So far, so good. But did you ever wonder what happens to all that lovely money when the contributor dies? We know that an RRSP becomes fully taxable unless provisions were made to roll it into the surviving spouse’s RRSP. But what about the TFSA? Read Article.
The government of Canada report "Task Force of Financial Literacy".
Canada isn’t getting enough bang for its health-care buck, suggests a Conference Board of Canada report that compares health spending here to more than a dozen other nations. Canada’s health spending per person was the fourth highest of the countries assessed, but it ranked 10th in overall health performance.
Read our synopsis and some startling statistics by clicking FINANCIAL LITERACY.
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