All items tagged with: retirement savings
Posted in: Strategic Thinking, Current Issue , Debt Management, statistics canada, interest rates, Bank of canada, retirement savings, Steven Poloz, household savings rate, disposable income, Financial Planning Standards
In the holiday spirit yet? This news might dampen it: on Friday November 30, Statistics Canada released a report on GDP, income and expenditure for the third quarter of 2018. The big news? In 2018, Canadians have had the worst household savings rate on an annual basis since 2005, averaging only 1.4% over the past year. For the third quarter of this year, the household savings rate was a mere 0.8%; the lowest quarterly level since early in 2017.
Posted in: Strategic Thinking , knowledge bureau, Evelyn Jacks, disability tax credit, tax courses, retirement savings, financial education, online education, eldercare, healthcare, senior falls, retirement management, caregivers in Canada, claims for medical expenses, Canada Caregiver Credit, online course
According to Statistics Canada, falls by seniors are the leading cause of injury-related hospitalizations in Canada. CBC reports that the number of Canadian seniors requiring continuing care will rise by 71 percent by 2026, adding more pressure to an over-burdened healthcare sector, and increased financial pressure on family and volunteer caregivers. Planning and proactivity can help at tax time.
Posted in: Strategic Thinking , Debt Management, Debt, knowledge bureau, statistics canada, Evelyn Jacks, retirement planning, retirement savings, Canadian economy, principal residence, wealth management, survey of financial security, net worth, assets, home purchases, mortgage stress test, savings tips
Canadians who focus on building their asset base will quickly grow their personal and family net worth – that’s the difference between the value of assets and the debt attached to them. Based on the December 7 release of the Survey of Financial Security for 2016, median net worth was up almost 15 percent to $295,100 over 2012 figures. The principal residence was the largest asset, followed by private pensions. But will this trend continue?
Posted in: Strategic Thinking , Tax Planning, Financial Literacy, Financial Advisor, investments, knowledge bureau, Canada Revenue Agency, poll results, TFSA, Evelyn Jacks, federal budget, tax courses, retirement savings, tax changes, financial education, Knowledge Bureau poll, financial courses, poll, october poll, november poll, tax-free savings, taxation
Our October Poll delivered surprising results regarding the demise of The Canada Savings Bond. Most financial professionals polled agreed, indicating that TFSAs are a better alternative. However, it’s clear that some Canadians attribute nostalgic value to CSBs.
Posted in: Strategic Thinking , CRA, knowledge bureau, Canada Revenue Agency, statistics canada, TFSA, Evelyn Jacks, retirement planning, rrsp, master financial advisor, retirement savings, retirement statistics, tax-assisted savings, Registered Retirement Savings Plan, public sector employment, registered savings account, retirement income planning, Estate Services Specialist
More than 65 per cent of Canada’s 14 million households contributed to at least one registered savings account (RPP, RRSP or TFSA) in 2015, according to recently released Statistics Canada data from the 2016 Census.
Posted in: Strategic Thinking , Debt Management, Tax, Tax Planning, Debt, interest rates, Bank of canada, Evelyn Jacks, retirement planning, mortgage, tax courses, real estate, debt and cash flow management, retirement savings, CPP, retirement income calculator, CE summits, consumer debt, credit card debt, liquid assets, savings strategies, personal savings account, tax-efficient retirement income planning
Three-quarters of Canadians say they have saved 25 per cent or less of what they feel they need to retire, according to a Canadian Payroll Association survey. Financial advisors are well-positioned to help.