Financial Planning

New and Improved – Savings plans get even better

2023-02-08T15:48:25-05:00By |Categories: Financial Planning|

The past year has seen the addition of a new registered plan aiming to help first-time home buyers, as well as increased annual contribution limits for both the Tax Free Savings Account and the Registered Retirement Savings Plan driven by inflation. In light of these changes, this article will provide an update of the various registered savings plans available in Canada.

Getting Wealthy and Staying Wealthy

2022-08-31T12:15:52-04:00By |Categories: Financial Planning|

Everyone worries about money. Daniel Kahneman, a behavioural economist and winner of the Nobel in economic science once said “Money does not buy you happiness, but lack of money certainly buys you misery”. Money worries are the greatest source of stress, more than work, personal health and relationships.

Don’t Hesitate; Just Designate

2022-06-14T15:38:49-04:00By |Categories: Financial Planning|

Designating a beneficiary on your registered accounts is one of the most important decisions in estate planning. By designating a beneficiary, you inform the financial institution of your plans for your estate after your death. While it is a simple act requiring little in the way of paperwork, it can do a great deal of heavy lifting in establishing your wishes for your estate and ensuring your assets are distributed according to your wishes when you die.

Knowledge is power

2022-01-07T11:53:01-05:00By |Categories: Financial Planning|

s the great Francis Bacon proposed, “knowledge is power”. If so, then so too must be saving and sponsoring another person in their pursuit of that knowledge. The Registered Education Savings Plan is a highly effective vehicle for Canadians to save for the education of a loved one, chiefly children and grandchildren.

Tax Free Savings Accounts – Flexible, easy and really and truly tax free

2021-08-03T11:30:31-04:00By |Categories: Financial Planning|

Often, our clients ask us how we can help them and their children invest in a tax effective way. There are not very many ways to do that in Canada. While many are familiar with RRSP accounts, TFSA accounts are of great benefit as well. TFSAs are only available to Canadian residents who turned 18 on or after 2009. They allow for capital gains, interest, and dividend income to be (and grow) tax free. Unlike RRSPs and many other registered accounts, TFSAs also offer flexibility.

Financial Planning at Baskin Wealth Management

2021-07-06T14:54:55-04:00By |Categories: Financial Planning|

Financial planning can seem like a nebulous concept. Because it touches on many aspects of a person’s financial life – investing, retirement planning, tax planning, estate planning, and insurance – its holistic nature is in fact one of its key strengths. Sound analysis of a person’s financial situation requires a strong understanding and analysis of each of these areas and the ability to analyze each simultaneously.

Charitable donations using securities

2021-05-05T11:38:46-04:00By |Categories: Financial Planning|

Making a contribution to a charity by way of gifting securities which have appreciated in value is a simple, easy and highly tax-efficient strategy. We recommend making use of this strategy to all our clients who have non-registered assets and who wish to make significant gifts to a registered charity.

The kids will be all right – How to save for your kids’ and grandkids’ futures

2022-03-29T11:44:09-04:00By |Categories: Blog, Financial Planning|

Generous parents and grandparents frequently look for the most beneficial ways to give their descendants a head start, often by putting funds aside in an investment for their benefit. This has perhaps become more common during the pandemic, as those who have been fortunate enough to have continued employment, and retirees, have seen their expenses decline with a corresponding rise in their savings. There are a number of different approaches available, each with its own pros and cons, and this article will expand on each.

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