Tuesday, June 10, 2014

Do You Have a Will?

Planning and preparation are the key to estate planning. 

Making a Will is something everyone should do but is often something people don't like to do and some people put it off until it is too late. No one would ever say that drafting a Will is fun but it is necessary. It is an essential  estate planning document no one over the age of 18 years old should be without. It is even more crucial if you have children.

When you make a Will it ensures your money, property and your children will be taken care of exactly how you wish. Without a Will there is no way to ensure that your wishes will be followed. In fact, what is guaranteed to happen, without a Will, is your estate will be distributed based on the laws in your province. 

Many people put off making a Will because they think it is complicated, or they just don't know what to do with their money, property, pets and especially their children. Who will look after their children when they are gone? Naming a guardian for your children, choosing an executor, deciding how to distribute your assets can make it easy to put off creating a Will. Of course, the other big issue for many people is that they just don't want to think about death. Let's be honest here, planning your Will doesn't mean you are planning for your death, or even that you are planning to die any time soon, it just means that you are making sure that everything you have worked for is protected and that your family will be taken care of when you are no longer around to care for them.

Check out a few great resources that we have collected to help you get started with planning your Will. If you have already made a Will it might be a good refresher for you because making a Will is not a one-and-done kind of thing. Wills should be refreshed and updated every few years. The first is a great fact sheet and the second is a quick questionnaire

Making a Will doesn't need to be hard and it shouldn't be something you do alone. Ask for help. A Will is just part of creating a solid, well-thought out financial plan. 

Friday, June 6, 2014

Understanding The Benefits of TFSAs

How big is your financial nest egg?

There is no doubt there are a number of ways to protect and grow your money. It is all about knowing what is out there in the market and finding what best fits you and your life. There isn't a one size fits all solution for financial planning.

Today we are talking about TFSAs. The primary purpose of a Tax Free Savings Account is to proving a tax sheltered way to save money. They are registered with the Canadian Revenue Agency which is why they offer tax advantages. While the TFSA is relatively new, they were first made available in 2009, more than fifty percent of Canadians are using them. Despite the growing numbers of Canadians stashing their money in a TFSA, even more people continue to use the older, and likely better known, RRSP to save for retirement.  For example, in 2012, Canadians held roughly $841 billion in RRSPs versus just $81 billion in TFSAs.

There are differences between a TFSA and an RRSP. The key is that you don't need to choose one or the other. The two can work together to help you reach your medium and long term financial goals. Have a look at this great resource that runs through the benefits and difference of both.

Remember you can always get in touch with one of the Continuum II team to help you with your financial goals. We are here to answer questions and help you figure out what is the best financial strategy for you.

Sunday, June 1, 2014

Are You Stressed About Money?

In the video below, Peter Andreana shares his thoughts on the fear and stress that financial issues cause many individuals.

Hear about how your upbringing, family history, and external events have likely shaped your attitudes about money and financial planning.

Reach out to Continuum II Inc. in Burlington, Ontario for help in managing your investments, building your wealth, and planning for retirement.