Couple living in dream house struggles to stay afloat In this week’s Money Makeover Column featured in the Winnipeg Free Press, Bob Challis was asked to go over a couple’s finances to provide an analysis on their situation. Homeowners “Tara” and “Reed” have concerns over whether they can afford to continue living in their dream home outside of [...]
Category Archives: Articles
2012 Year End Market Commentary
By Greg Farries, BSC, The Nakamun Group, Calgary Looking back at 2012, investors around the world remained extremely cautious. Headlines continued to be dominated by the European debt crisis, the US’s inability to address its own debt issues, and China’s slowing growth. In the US, housing prices and unemployment continued to be problems. The negative [...]
FINANCIAL ADVANTAGES OF GROWING OLD TOGETHER
By R.A. (Bob) Challis, CFP, RHU, TEP, The Nakamun Group, Winnipeg Canada’s Income Tax Act, while often maligned, provides significant advantages to retirees, not only because of basic personal exemptions and graduated taxation rates, but also because of age and pension credits. These provisions, coupled with income security programs such as Canada Pension Plan (CPP) [...]
CPP QUANDARIES
By Garry Keiller, The Nakamun Group, Edmonton Changes to the Canada Pension Plan (CPP) that came into effect on January 1, 2012 have made calculations and decisions regarding when to start collecting retirement benefits more complex than ever, particularly for those between the ages of 60 and 70. In this and subsequent articles, we will [...]
CHOOSING NOT TO BE AN EXECUTOR
By Floyd Murphy, CFP, CLU, CHFC, The Nakamun Group, Vancouver Whether you have accepted in advance or discover after an individual passes away that you have been named an executor, you can choose to decline. Just some of the reasons you might not want to serve as executor include:
U.S. Citizens and Green Card holders must file us tax returns
By Floyd Murphy, CFP, CLU, CHFC, The Nakamun Group, Vancouver US Citizens and anyone with a valid US Green Card living in Canada must still file a US tax return, whether or not they have earned income in the States. This is a US tax law and anyone who is required to and doesn’t file [...]
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TFSA Contribution room increases in 2013
CANADIANS ABLE TO SAVE MORE ON A TAX FREE BASIS November 26, 2012 the Federal Government announced annual contribution limits to TFSA’s will increase to $5,500 from $5,000 beginning January 01, 2013. This is the first increase since the introduction of TFSA’s and raises the cumulative limit to $25,500 per eligible person.
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STAY IN THE FAMILY HOME OR MOVE TO A RETIREMENT COMMUNITY?
By Garry Keiller, The Nakamun Group, Edmonton A growing number of people are facing the important decision of whether to stay in their family home or move to a retirement community. With the wide variety of types of retirement housing and services offered, one of the first steps is to identify needs and wants. Once [...]
New Mortgage Rules Now in Effect
By Ryan A. Challis, CFP, The Nakamun Group, Winnipeg On July 9th, 2012, new rules for government-backed insured mortgages came into effect, reducing maximum amounts and maximum amortization periods. These new restrictions apply to mortgage borrowers with less than a 20 percent down payment on a home with a purchase price of $1 million or [...]
Don’t Miss Out On Grants and Bonds
By Floyd Murphy, CFP, CLU, CHFC,The Nakamun Group, Vancouver Anyone under age 60 who qualifies for a Disability Tax Credit can receive benefits of a Registered Disability Savings Plan (RDSP). Those under age 49 may also receive up to $4,500 a year from the Federal Government in grants and savings bonds through nominal contributions. Past [...]
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