There are many ways of describing a self-employed individual, including gig worker, freelancer, and contract worker; even if you are working for an employer but own an income-generating side hustle, you still fall within the “self-employed” category.
If you are self-employed in Canada, or are thinking of becoming self-employed, saving for retirement is a do-it-yourself job—here are some retirement saving tips that your future will thank you for.
For many Canadians, the family cottage (whether a rustic cabin or a well-appointed home away from home) has been a means of sweet escape from daily routine where family members and friends can spend quality time with each other. The cottage is truly one of the most valuable family assets—a sacred space to unplug, relax, engage with each other and enjoy the natural world.
Precisely because of the intangible value attached to such properties, you may wish to be especially mindful of how you pass down your family cottage or vacation property to the next generation. Such property transitions can become a source of conflict, not to mention tax liabilities (given these assets’ substantial price appreciation in recent years).
In this article, we discuss 3 strategies to help you manage the tax burdens which may result if you are considering passing down your family cottage or vacation property to your children in Canada.
As retirement approaches, you may be on the lookout for financial professionals and life coaches for retirement guidance around wealth and health. Even if you feel you don’t need their services just yet, it is never too early to think about the changes retirement will bring. In this article, we dive into our top three secrets for a healthy and wealthy retirement. Read about what some successful retirees do, and what you can do to follow in their footsteps and enjoy your retirement years.
When you retire from full-time work, whether as an employee or running your own business, you will face one of the most significant transitions in your lifetime. The road ahead becomes a balancing act, in which you must fund your desired lifestyle from a combination of your savings, investments and pensions. At the same time, you may wish to preserve some of your wealth to allocate to passion projects, personally important causes and future generations.
Here we highlight tips to help you ensure that your wealth allocations in retirement are balanced and sustainable. We also provide a bonus example to showcase how a shift in retirement investments does not have to come at the expense of wealth accumulation.
It is unlikely that you would ever regret saving too much, but did you know that it is possible to over-allocate to your retirement savings at the expense of your larger financial picture, and to even unknowingly cause tax inefficiencies?
Retirement saving, much like any other aspect of financial planning, is about finding a balance in managing scarce resources to optimize all outcomes and avoid short-changing yourself. This article helps you re-evaluate your retirement savings and see if you are creating a tax trap for yourself in Canada.