Autumn 2015 Newsletter

Autumn 2015 Update mc-wealth-nov-2015-newsletter-docx     Our Contact Information: Debbie McCulloch – debbie@mcwealthmanagement.ca Anne Marie Mucci – annemarie@mcwealthmanagement.ca        www.mcwealthmanagement.ca  Investia Financial Services...

Summer 2015 Newsletter

Summer Update mc-wealth-june-2015-newsletter-pdf     Our Contact Information: Debbie McCulloch – debbie@mcwealthmanagement.ca Anne Marie Mucci – annemarie@mcwealthmanagement.ca        www.mcwealthmanagement.ca  Investia Financial Services...

Spring 2015 Newsletter

Spring Update mc-wealth-newsletter-may-2015 We are Moving! After over 10 years on Sunray Street and 18 years in Whitby, we are moving. Debbie has sold the Commercial unit and it is time for change.We are very excited to be moving to a great office in Ajax as of the end of May. Our new address and phone numbers are: 50 Commercial Avenue, Suite 200 Ajax, Ontario, L1S 2H5 Phone: 905-427-4406  Fax:  905-427-4407  Toll Free: 1-844-427-4406 Contact Information: Debbie McCulloch – debbie@mcwealthmanagement.ca Anne Marie Mucci – annemarie@mcwealthmanagement.ca         www.mcwealthmanagement.ca        ...

Four critical retirement investing mistakes

Four critical retirement investing mistakes to avoid From failing to plan to ‘extreme’ investing, these financial missteps are standing in the way of Canadians’ retirement goals. By: PAUL BRENT Date: July 30, 2015 It can be a challenging time to guide Canadians to a secure and successful retirement. Defined benefit pensions are becoming a relic of the past, rock-bottom interest rates have crimped fixed income returns and tepid global growth has made equity markets unpredictable and unstable. When you add in record personal indebtedness, a weak Canadian economy and an aging population, it becomes clear that for financial advisors and their clients, the stakes are higher than ever before. To keep retirement goals on track, it is critical to identify and avoid the common investment and retirement planning errors that typically trip up Canadians. 1. Absence of a financial plan Perhaps surprisingly, the weakness that continues to crop up most often is the absence of a well-thought-out financial plan, says Kari Holdsworth, vice-president of individual wealth at Sun Life Financial in Waterloo, Ont. “People don’t plan to fail, but they often fail to plan,” she says. The 2015 Sun Life Canadian Unretirement Index, a poll conducted by Ipsos Reid that tracks Canadians’ attitudes and expectations about retirement, reported that just 33 per cent of people work with a financial advisor and just 22 per cent have a written financial plan. “People without a financial plan potentially don’t have the assets they need to achieve their goals,” says Ms. Holdsworth. “But more importantly, they don’t have a crisp understanding of what their goals are and whether there is a gap...

Financial Planning Fees

Do you know how your financial advisor gets paid? Here are a couple good videos that talk about this issue. There will be more and more info coming out in the months to follow about this, as there will be changes in your statements that will show you how much you are paying for your services. Please take a few minutes and check it out. Love to hear feedback! View videos for great...

Canadian Struggling with Financial Decisions

Canadians struggling with financial decisions One in two Canadians feel personal finances are more complicated now than they were 20 years ago, survey finds By Tessie Sanci | February 20, 2015 10:30 While 66% of Canadians are saying they could benefit from additional financial knowledge or advice, 46% of Canadians are also not planning to see a financial advisor in the next year, according to a poll conducted for CIBC. One in four respondents also say they lack confidence in their overall financial knowledge, and 52% say they have struggled with making a financial decision because they felt they lacked the necessary knowledge. “While the majority of Canadians generally feel confident about their overall financial knowledge, they may want to seek advice when making certain financial decision that occur less frequently, such as renewing a mortgage, or determining where to invest an inheritance,” says Christina Kramer, executive vice president of retail and business banking for CIBC. The survey also found that 53% feel managing their personal finances is more complicated today than it was 20 years ago. “As personal finances have become increasingly complex with greater choice available in the market and more and more information driven through technology, it’s not surprising that Canadians are feeling overwhelmed,” Kramer says. The survey was conducted online with 1,510 randomly selected Canadian adults who are also Angus Reid Forum panelists. It took place between Jan. 16 and...

Mortgage, RRSP or TFSA?

Paying down low-interest debt, such as a mortgage, can negatively impact retirement savings, says CIBC’s Jamie Golombek By Tessie Sanci | February 19, 2015 11:00 Almost three-quarters of Canadians would prefer to pay down debt over adding to their retirement fund, according to a poll conducted for Toronto-based CIBC. “The decision to pay down debt at the expense of retirement savings is often an emotional one that isn’t driven by logic,” says Jamie Golombek, managing director of CIBC Wealth Advisory Services. More than half of Canadians, at 56%, say they want the financial freedom of being debt free while 20% believe they have too much debt and want to pay it off. Only 11% believe the interest rate on their debt is too high and prefer to repay their debt instead of investing into a registered retirement savings plans (RRSP). Canadians who are paying down mortgages while interest rates are low may be depriving themselves of the benefits from investing extra money into an RRSP or tax-free savings accounts (TFSA), says Golombek. This is if the individuals in question do not have a high level of debt, can handle an increase in mortgage interest rates and can tolerate some risk in their investment portfolio, he adds. “Of course, if [someone is] holding high interest debt, paying that down is almost always the best choice,” says Golombek. Golombek explains how paying down low-interest debt, such as a mortgage, can negatively impact retirement savings in his new report, Mortgages or Margaritas: Is paying down debt putting your retirement at risk? The report illustrates the potential benefit of long-term savings in an...

Have you ever heard of the Dower Act?

Don’t be embarrassed if you haven’t, because most people don’t have a clue what it is even though it’s very valuable information to have– especially if you’re planning on getting married one day. The textbook definition of The Dower Act is: “a provincial legislation that prevents a married person from disposing of the homestead without the consent of the other spouse. This includes the right of the surviving spouse to a life estate in the homestead as well as the personal property of the deceased married person.” History of the Dower Act The Dower Act was founded in the early twentieth century by a Canadian feminist named Emily Murphy. Murphy met a woman one day who had been left homeless after her husband abandoned her and her children, and sold their family farm. Seeing the injustice in this, Murphy devoted several years to appealing to MLAs. Eventually the Act was made a law in Alberta in 1917, and later became the standard across the nation. What does the Dower Act mean? In essence, the Dower Act prevents two main situations from happening: 1) A spouse selling the home without his family’s consent, thus forcing them to leave 2) A widow being forced from their home after the death of their spouse (even if the home has been left to somebody else, for instance the deceased’s offspring, they cannot claim the home for themselves until the widow has also passed or chosen to leave) Does the Dower Act Apply to Me? If you feel like you’re in a position to enact the Dower Act, but aren’t sure, don’t be stressed. There are only...