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Unexpected Inheritance? Here’s How You Can Make the Most of It

unexpected inheritance

Inheriting unexpected wealth can be both a blessing and a challenge. While an unexpected inheritance may surprise you, it can provide great opportunities to improve your financial situation and achieve long-term goals. By understanding the steps you should take and knowing how to make informed decisions, you can confidently navigate this unanticipated wealth.

In the following sections, we will discuss various strategies to help you maximize the potential of your surprise inheritance. From creating a comprehensive financial plan to exploring investment options and minimizing tax implications, we will provide actionable advice tailored to your specific circumstances.

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Year-End Tax Strategies for Philanthropists

tax strategies for philanthropists

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.

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Teaching Your Children About Debt

teaching children about debts

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.

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My RRSP is Converting to an RRIF, What Should I Do?

RRSP funds converting to RRIF

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.

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