Jul 2013 - Fiscal Agents - Money Management Newsletter

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July 2013,
Issue 105
Cash-strapped and approaching retirement

If retirement is approaching and you’re concerned about cash flow, the possibility that you may not be able to retire, or that you may be spending beyond your future means, you may be left wondering what to do. One of the first steps suggested in an article in Advisor.ca titled 6 ways to help cash-strapped retirees, is to make a chart that illustrates expenses that incorporates assets, accumulated cash flow, total net worth, and how these figures change each year (until you’re in the red).
Use
the Read
More
link to view the complete article.


How to Increase Your Returns by 10 Fold
in Your Bank Account

Normally I am not one for completely misleading headlines like the one in this article but the truth is it may not be misleading at all. Canadians have over $100 billion dollars in regular savings and chequing accounts. Add in the fact that there is another $55 billion in money markets and you have a lot of money sitting in short term accounts earning next to nothing. Frankly, this surprises me considering that most bank accounts are paying a meager 0.25% or less.
Use
the Read
More
link to view the complete article.


Year-Round Tax Strategies

Generally, the most potent tax strategies are those that work for you throughout the year, and whose rewards can compound year after year. Here are some we can help you to explore in the New Year.
Use
the Read
More
link to view the complete bulletin.


Beyond the product:
The new consumer transaction

Whether it's buying morning coffee, getting a haircut or purchasing movie tickets, consumers want greater flexibility in paying for goods and services. The number of credit and debit card transactions continues to increase, however payment with a physical card may soon be a thing of the past. In a connected world where smartphone and tablet usage continues to rise, this presents a shift in the way traditional payments are being accepted.
Use
the Read
More
link to view the complete bulletin.


Tax Tips
Reminder: Option to defer the Old Age Security

Voluntary deferral of the Old Age Security (OAS) program was introduced as part of the 2012 federal budget as a means of improving both flexibility and choice for those individuals who may wish to consider working beyond the age of 65. Starting on July 1, 2013, you will be able to defer the start of your OAS pension for up to five years. By taking advantage of this new deferral option, you may postpone the receipt of your pension to a later time in exchange for receiving a higher, actuarially adjusted pension.
Use
the Read
More
link to view the complete bulletin.


Making an adjustment to your personal income tax return
After you have filed your income tax return, if you realize you have missed a deduction or credit, or have not included all of your taxable income, you do not need to refile your entire tax return. You can make the change by requesting a T1 adjustment. Click on this link to go to the CRA website and find out the details for making a T1 adjustment.
Caution before you cancel life insurance policies

In many cases, the best way to determine if you need life insurance in retirement is to apply the golden rule “Only buy insurance if you need it.” If you don’t need it, then get rid of it. But use caution before you cancel your life insurance policies.
Use
the Read
More
link to view the complete article.


About Registered Education Savings Plans (RESPs)

An RESP is designed to help pay for postsecondary education and is registered with the Canada Revenue Agency (CRA). The person putting money into the fund is free to choose how much to contribute and when and where to invest the money. No tax need be paid on any investment earnings until the money is withdrawn.
Use
the Read
More
link to view the complete bulletin.


It's all in the graphs

Over the past 30 years, Canadians have moved from being a nation of savers to a nation of investors. This chart shows what portion of savings Canadians keep in deposit instruments (such as bank accounts and GICs) and investment funds. In the late 1990s, there was a major shift, as people became more aware of the benefits of investment funds. When the economy is not performing well, people tend to place slightly more in deposit accounts, but investment funds have become an important and stable player in the financial lives of Canadians.
Use
the Read
More
link to view the complete article.


Today's
Market Rates
 
Taken from the FiscalAgents.com
Money Centre
, as of 5/7/13
Term
Deposits
1.60%
Annually,
270-364
Days, $5,000
GICs
2.60%
Annually,
5 Year, $5,000
Maximum
Rate
2.60%
Annually,
5 Year, $100,000
RRIFs

3.05%


Annually,
10 Years, $100,000
RRSPs
2.56%
Annual,
5 Year, $100,000
TFSAs
2.56%
5 Year, $10,000
Savings
a/c
1.55%
Daily
Click the link below to view our best-offered rate table.
  The Best of
our Best

See what your
savings can earn!
Why settle for what your local bank branch is offering? (Click for a comparison)
At Fiscal Agents, we use our GIC buying power to gain higher deposit rates from financial institutions -
including some of Canada's major banks - and pass these top rates on to you!
Call Fiscal Agents,
Your no-fee deposit broker.
Local 905-844-7700 or Toll-Free Number:
1-866-434-7225
Mutual
Fund Statistics:
May 2013
Assets
under management:


$920.5 billion


Net
sales
(excludes reinv.distr.):
$3.85 billion
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Copyright ©2013 Fiscal
Agents Financial Services Group
All rights reserved.


The information contained in this newsletter is intended only as a general guide
and may not be suitable for certain individuals. If expert advice is warranted,
readers are urged to consult a competent professional. While any investment, legal,
tax and accounting information, contained herein, has been obtained from sources
believed to to be accurate, constant changes in the legal and financial environment
make it imperative that readers confirm this information before making financial
decisions. This newsletter is not and under no circumstances is to be construed
as an offer to sell or the solicitation of an offer to buy any securities. This
newsletter is furnished on a basis and understanding that Fiscal Agents Ltd.,
Fiscal Agents Insurance Ltd. cannot be held responsible or liable for liability
a reader of this newsletter may suffer as a result of reliance on information
contained herein or omitted. © 2013 This newsletter is protected by copyright
and all rights are reserved. Money Management Made Easy® is a Registered
Trade Mark of Fiscal Agents. Mutual Funds offered through IPC Investment Corp.
Commissions, trailing commissions, management fees and expenses all may be associated
with mutual fund investments and the use of an asset allocation service. Please
read the prospectus of the mutual funds in which investment may be made under
the asset allocation service before investing. Mutual Funds are not guaranteed,
their values change frequently and past performance may not be repeated. Fiscal
Agents Financial Services Group, P.O.Box 5000, Oakville, ON. L6J 5C7 (905)844-7700

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