Reducing risk is the primary reason to diversify your investments. Every investment comes with some risk, but by choosing the right mix of investments you should be able to achieve an acceptable balance between return and risk.
Teaching your children about debt is an essential life lesson that will equip them with the necessary skills to navigate their financial future in a responsible way. As a parent, you can help empower your children to make informed financial decisions and avoid common mishaps by instilling a solid understanding of debt from an early age.
As the year comes to an end, philanthropists have a unique opportunity to maximize their impact while also benefiting from year-end tax strategies.
By strategically planning your charitable giving, you can not only make a difference in the causes you care about but also optimize your tax deductions, reducing your year-end tax bill.
Estate planning is a crucial process that allows you to ensure your assets are distributed according to your wishes after you pass away. However, there are several obstacles that can hinder the effectiveness of estate planning if not avoided.
By being aware of these obstacles and taking proactive steps to avoid them during the estate planning process, you can ensure your wishes are upheld while minimizing potential conflicts or complications for your loved ones in the future.
Like many, your RRSP (Registered Retirement Savings Plan) may be your primary pension savings vehicle, especially with fewer and fewer employers providing defined benefit pension plans. On conversion of your RRSP to a RRIF (Registered Retirement Investment Fund), your RRIF may become your primary source of retirement income.
An RRIF can be thought of as an extension of an RRSP. While your RRSP is used to save for your retirement, an RRIF is used to provide income during your retirement.
After spending years investing for your retirement, you will be able to finally enjoy the benefits of your savings.