Long-Term Care Insurance (LTCI) 

We face a rapidly ageing population.

Since the 1920s, the ratio of seniors over the age of 85 has more than doubled. This number increases into the 2050s will be over age 85.

Who will care for you in your old age? When our health is fine, it is hard to imagine that we may, as many will, lose the ability to manage basic daily activities such as bathing, toileting, walking, dressing, feeding, or moving from our bed to a chair. Many also lose mental faculties that we often take for granted, such as memory, logical or conceptual thinking or referencing dialogue with others. Without assistance, it is near-impossible to function without these capacities.

Long-Term Care Insurance is an insurance contract with an insurer designed to provide care for our chronic illness, disability, or an accident, all of which have a higher potential of occurring as we age.

Some families are incapable of caring for a senior LTCI protects our families from the financial strain of providing long-term care, just as important as life and disability insurance protects the income of younger families. The question is, who will financially support long-term care for you? LTCI is not just for seniors but for those who become similarly incapacitated at any age.

Without a plan, your choices may be limited. It is essential to plan for our long-term care independently because our government healthcare budgets and initiatives are limited. They generally place people in government-funded facilities that have beds available. As we witnessed in the pandemic, many long-term care facilities had difficulty coping with the virus spread.

Most people entirely overlook the enormous expense of paying for a private long-term care facility (some cost up to a quarter of a million dollars for five years). Why are they so expensive? They offer 24/7 high-level nursing care in a highly secure environment. Note: Anyone can call a few private long-term care companies and inquire about their care costs.

Ageing baby boomers retiring will increasingly depend on long-term care insurance, either paid for by themselves, their children or professional health care services.

The need for Long-Term Care Insurance is increasing as medical intervention and medications keep us living longer.

  • Every year, about 50,000 strokes occur in Canada. A stroke is the leading cause of a transfer from a hospital to a long-term care facility.
  • Nearly 10% (1 in 11) of Canadians over age 65 are affected by Alzheimer’s disease or related dementia.
  • An increasing demographic (7%) of Canadians age 65 and over are residing in healthcare institutions.
  • An additional 28% of Canadians age 65 and over receive care for a long-term health problem outside of a healthcare institution.

As the populace ages, more care for the elderly, such as respite care (additional home care services), will increasingly be needed to provide family members with the medical guidance and support they need to continue caring for their loved ones. With this in mind, are our families financially prepared to deal with peripheral costs associated with providing long-term care for loved ones?

  • A study authored by Dr Marcus Hollander and Neena Chappell of the University of Victoria found that approximately $25 billion worth of unpaid care is provided willingly by family members and friends in place of paid care.

What does Long-term Care Insurance (LTC) offer? Long-term care insurance provides money to pay for the care that you both desire and need. With LTC insurance, you have:

  • Broader choices about the quality and amount of care you receive.
  • An increase of options when determining where you receive care and by whom.

Source: Statistics Canada, pre-baby boomer info

Sources: Canadian Institute for Health Information, Alzheimer Society website, Statistics Canada

 

Understanding mortgage rates

The influence of the Bank of Canada, in tandem with the markets, influence your mortgage rates. The following are excerpts from the Bank of Canada website:

Buying a home is probably the biggest purchase you’ll ever make. If you’re like most people, you won’t pay cash—you’ll borrow most of the money by taking out a mortgage. And over the life of the mortgage, you’ll pay a lot in interest. Small changes in interest rates can make a big difference in how much you’ll pay. So it’s important that you understand what determines the interest rate on your mortgage, even if you already own a home. Many factors go into the interest rate you pay. 1

Think of a mortgage as a product you buy. Any business that sells you something tries to make a profit. To do that, the price they charge for the product has to be higher than the cost to make it. A lender profits on your mortgage because you pay more in interest (the price it charges) than what they paid to borrow the money themselves (their funding cost).1

This funding cost makes up most of the interest rate on your mortgage. Other factors include your lender’s operating costs and how much the lender needs to cover the risk that you won’t repay the loan. But funding cost is the most important factor.1

So, what determines funding cost? The Bank of Canada doesn’t set mortgage rates. But it does have some impact on them. When the economy is strong, we may raise this rate to keep inflation from rising above our target. Likewise, when the economy is weak, we may lower our policy rate to keep inflation from falling below the target. Changes in the policy interest rate lead to similar changes in short-term interest rates. These include the prime rate, which is used by the banks as a basis for pricing variable-rate mortgages. A policy-rate change can also affect long-term interest rates, especially if people expect that change to be long-lasting.1

In the past, high and variable inflation eroded the value of money. In response, investors demanded higher interest rates to offset those effects. This increased funding costs for mortgage lenders. But since the Bank of Canada began targeting inflation in the 1990s, interest rates and uncertainty about future inflation have declined. As a result, funding costs are now much lower.1

Your past credit history and some of the features you choose for your mortgage determine how much risk lenders face when lending to you. More risk means a higher interest rate. 1

Repayment relates to your credit risk. The most important risk for the lender is that you won’t repay the loan. A high credit score can help lessen this concern, as it shows the lender you’ve been good at repaying your debts. So, you may pay a lower interest rate than those who have a lower score. 1

If your mortgage is worth more than 80 percent of the value of the home, you’ll have to buy mortgage default insurance. But since insurance protects the lender from the risk of default, you may get a lower interest rate than if you go for an uninsured mortgage with a bigger down payment. 1

Interest rate risk. Most mortgage loans in Canada are renegotiated every 5 years, but they can be as short as 6 months or as long as 10 years. The more often you renegotiate, the more often you face the risk that the new interest rate will be different from the old one. If you are more comfortable with having your rate fixed for as long as possible, prepare to pay a premium for that peace of mind. 1

Prepayment risk. The lender risks losing money if you repay your mortgage early—known as prepayment risk. That’s because the lender won’t be able to profit as much from the funds they raised, particularly if interest rates have dropped since the mortgage started. So, an “open” mortgage, which lets you repay all of the loan early, usually has a higher interest rate than a “closed” mortgage, which limits how much you can prepay. 1

Source: 1 Bank of Canada

Financium Marketing Template

Adviceon® Wealth Media Memo

Dear Client, Digital Newsletters and Library Tile Menu
  • Your Clients’ Financial Masterclass Consider that you have a Financial Masterclass as a marketing tool! Banks and Life Insurers use monthly Content Marketing e-Newsletters. Many are preferring this cost-effective method which emails directly to your clients. If you have a website with us, this e-Newsletter is read right inside your website. We have affordably priced the e-Newsletter to say thank you for your business. Contact Catherine at 519-745-5595 for more info.
  • Website Face-Lifts We have upgraded your website to our newer contemporary version. I hope you like the new look.
  • New Library Tile-Menu We have moved from the side menu to a contemporary visual tile layout for the article and audio library.

The market bounced back nicely, though we may have a ways to go. It is my hope that you each will prosper, taking courage as we innovate with digital marketing.

Courage and Health,

Glen Jackman, CEO Adviceon® Wealth Media

Financium Marketing Template Canfin

Adviceon® Wealth Media Memo

Dear Client, Digital Newsletters and Library Tile Menu
  • Your Clients’ Financial Masterclass Consider that you have a Financial Masterclass as a marketing tool! Banks and Life Insurers use monthly Content Marketing e-Newsletters. Many are preferring this cost-effective method which emails directly to your clients. If you have a website with us, this e-Newsletter is read right inside your website. We have affordably priced the e-Newsletter to say thank you for your business. Contact Catherine at 519-745-5595 for more info.
  • Website Face-Lifts We have upgraded your website to our newer contemporary version. I hope you like the new look.
  • New Library Tile-Menu We have moved from the side menu to a contemporary visual tile layout for the article and audio library.

The market bounced back nicely, though we may have a ways to go. It is my hope that you each will prosper, taking courage as we innovate with digital marketing.

Courage and Health,

Glen Jackman, CEO Adviceon® Wealth Media

The Registered Education Savings Plan (RESP) for Educational Planning

Facts about an RESP

A Registered Education Savings Plan (RESP) is a savings plan registered with the government that can help you save for your child’s post-secondary education.

Money invested in an RESP grows tax-deferred. The government helps contribute to your savings with education grants.

Later in life, as your child enrolls at a qualifying post-secondary institution, you can withdraw the funds for educational purposes. The payments made from these funds are called Educational Assistance Payments (EAPs).

Invested income and government grants received when withdrawn from the RESP are taxable. You do not pay tax on the contributions you made using your own money. Then these amounts are taxed in the tax return of the student – usually with little or no tax payable as students generally will be in the lowest tax bracket.

How do RESPs help my money accumulate?

  • Starting to use an RESP for your child early, while they are young, gives you more time for your contributed funds to grow.
  • The Canada Education Savings Grant (CESG) will match 20% of annual contributions, up to $500 per year
  • These contributions can continue until you reach the lifetime limit of $7,200 per child
  • Investing your Canada Child Benefit can assist you while saving enough to qualify for the maximum CESG amount

Federal Government-funded education grants

The Government of Canada supports saving for a child’s education by offering grants to a child’s RESP – offering you additional funds to accumulate educational savings.

The Canada Education Savings Grant (CESG)

The basic Canada Education Savings Grant (CESG) increases your year by year contribution by 20%, up to $500 per beneficiary each year to a lifetime limit of $7,200 per beneficiary. Additional CESG grants may be available, depending on your income.

Please talk to us for more information about the RESP and the CESG grant as it applies to your province.

Source: CRA

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Canadian Financial Publishing Group is not responsible for compliance for the purpose of a sponsoring company or co-op advertising on any website though we seek to comply with all MFDA rules. Canadian Financial Publishing Group wants to point out that it is illegal and against Ontario Securities Commission regulations if a financial representative (the purchaser of these website services) implies authorship of any article published herein. Adviceon® seeks to operate within compliance rules but is not responsible for non-compliance relating to interpretations of the MFDA rules, or a mutual fund dealership’s rules, even though we seek where possible, to comply at all times. It is the Financial representative’s (the user of these website services) responsibility to inform Adviceon® of any change, addition, or deletion required by his or her compliance department or officer, and where any party has a concern regarding compliance, Adviceon® shall not be held responsible in any way. Where Adviceon®’s compliance management tool, Financium.net, is used by a company, Adviceon® is not responsible for the company’s compliance officers’ completion or maintaining of compliance on behalf of the company, or for the use of Adviceon® ‘s tools offered for the company’s convenience; and it is not the responsibility of Adviceon® to maintain compliance of the company’s manifesting online content and it remains the responsibility of the compliance department to locate the website wherein an advisor’s profile is presented to the public by “Preview” using Financium.net.

Website promotion is not Adviceon®’s Responsibility

Initiating an agreement to pay for and access services rendered by Canadian Financial Publishing Group does not imply that Canadian Financial Publishing Group is responsible for or guarantees that anyone browsing the Internet will visit your site through any search engine or by entering your URL in their browser. All promotion and advertising of anyone or any company using access to a website designed by, or services rendered by Canadian Financial Publishing Group are the responsibility of the advisor, representative, or Adviceon® client. The user’s promotion of their site location is their responsibility and will not set forth any argument for discounting or annulment of payments due, past, present, or future. Adviceon® websites can offer use of Google Analytics to a client and will not take directives from SEO firms or Social Media consultants utilizing such Google Analytics.

Contract Period & Cancellation Policy

The minimum period of initial Internet access to Adviceon®’s copyright data shall at least be automatically contracted for a minimum number of three years without a formal signed contract, or for the term as indicated by a formal signed contract, from the first date of any access to Adviceon®’s Copyright Internet data or website built by Adviceon®, or to any service as indicated on an invoice, and will automatically renew, following the initial period, or upon the revision of any website or website contract with Adviceon®, or upon continued manifestation of Adviceon® embedded libraries on a website which is the responsibility of a non-Adviceon® webmaster, or when a website revision is paid at a special price, or Adviceon® data is viewed as not being utilized, the service shall remain payable for the term agreed, irrespective of recurring payment periods or invoicing cycles that are of a shorter duration.

To terminate a website or representative websites or any copyright access to Adviceon® Internet data, a registered letter or digital letter via email must be received 90 days in advance of the time of such termination.

Where an invoice has been paid in full or in part for a new term, monies are not refundable after cancellation especially if such cancellation is directed from a Head Office. In all cases, all outstanding fees not yet paid, relating to website hosting, copyright data access, revision or changes over three years which were not billed or paid, edits, and domain registrations shall be due, including up to the date of termination, even where the Internet service has been shut off as per a directive from the client, or for non-payment or conflict regarding terms of access. Also, a ninety-five dollar ($95.00) fee may or may not be applied for abrupt cancellation per website.

All costs or remaining fees for a three year period of use incurred by any corporate group allowing or directing new website builds or upgrades or issuing compliance approvals or requests for MFDA or their advisor representatives, on any website, followed by a cancellation within three years use of any website, either of a Head Office or a representative advisor, shall be payable upon cancellation or disuse of services for all such services rendered. Where a dispute arises, Adviceon® shall determine the actual initial anniversary date, as the first day of the first copyright Internet access period as stated on Adviceon® records, or the date of any website revision upon which a new automatic period begins for three years at the current monthly rate as established by Adviceon® regardless if a contract has been signed or not, even where such revision was done without charge, the remaining amount shall be due.

To seek to circumvent payment of any invoice, or remaining fees due at termination for any reason, not in accord with this online agreement, will be deemed an infringement of copyright and may be prosecuted by law. Termination letters may not be deemed legal if given verbally over the phone or by facsimile or by email, without utilizing a distinct registered mail or courier service that offers a registered receipt as proof of receipt. Where an agreement to settle has been accepted via email with Adviceon® all accounts must be settled in accord with a promised settlement within 15 days and attested paid in full.

Past due invoices or monies owed where data links or embedded widgets are removed from websites for the purpose of evading payment; or without receipt of a registered letter of cancellation as proof of cancellation, a client or sponsoring company will have no legal recourse if payment is overlooked for any reason. When a company or individual cancels any or all representative websites, or stops supporting compliance confirmations, making it difficult to collect monies from representatives, or causes potential chargebacks that may harm Adviceon®Media merchant banking relationship, all monies shall be deemed payable by the said sponsoring Head Office.

If Adviceon has been lenient or lowered a representative fee or shortened a term of payment in the past for any reason, it shall have no bearing on the three-year term of service for which monies are due upon cancellation for all remaining months.

Where any initial website build, or special update, or design work, or website refurbishing or website design switch has occurred to a different designed website from the original website, and a three year period has not evolved from the date of completion of said work, Adviceon® reserves the right to charge fees commensurate with any of these said services as noted above, plus the inclusion of retroactive normal monthly fees from the beginning date of said work for an initial website build or date of update, plus any associated administration transfer fee, prior to a release of any domain under Adviceon®’s payee jurisdiction.

Any company that has given direction to Canadian Financial Publishing Group, Financium®, or Adviceon®, by letter or by email, on behalf of, or in union with, or by a representative, or advisor, or owner, or co-owner, or director, or president, or officer of the company, who later fails to pay an account, and has authorized a website build or online services, all officers of the corporation of the Head Office and their sponsored representatives using Adviceon® services shall be responsible for any non-payment of account for work so directed on behalf of the company for a representative who is currently, or was employed by or represented the said company at the time the directive was given.

Adviceon®’s accounting shall suffice as final accounting, and can account for work not yet billed or missed billings for directed or requested work going back three (3) years or where fiscal retainers (funds retained) did not cover such work; and any withholding of payment due shall be deemed an infringement of Adviceon®’s copyright from the date Adviceon®’s data was historically accessed.

Social Media and Other Media Uses

Where Adviceon® media has been used within Facebook or LinkedIn or Twitter or emailed using a campaign system via a URL post linking to your Adviceon® website, a minimum of ninety-five dollars ($95.00) upon cancellation may be charged to mitigate or insure against corporate liability, and all such posts with live or dead URLs, and any copied text, must be removed from all online media and locations where there is a cancellation, and copies of Adviceon® information must never be used in unauthorised media else copyright infringement may be notified.

Continuance of Adviceon® Licensing Service after Contract

Even where the initial period of Copyright Internet access has renewed, or been allowed to continue by a head office or use of compliance tools offered by Adviceon® has occurred, and continued in order to allow or retain pricing or service, or due to non-cancellation, fees will be deemed due to date, until either a new contract is formalized, or a cancellation is requested and completed as per the above-stated method, and monies due where applicable, using a registered letter by mail or courier.

Prepayment

Full payment shall be due upon receipt of each invoice on a prepayment basis even where any payment is due before accessing the copyright Internet access data which may cause service interruption. All initial set-up and ongoing service fees are to be paid as due when invoiced. Paid invoices for any Internet service are not refundable for any reason.

Initial and Ongoing Contract Activation

The legal information supplied online attending this website applies for a minimum term of agreement for three years and is confirmed, agreed upon, and actualized by an order or request for services via email or letter or an applied payment to initiate Internet website building or to initiate access to any other Internet service offered by Canadian Financial Publishing Group or by the trade name of Adviceon®. Upon activation, all established set-up fees and monthly access fees shall be due for a minimum of three years or more, regardless if a shorter period or pause of a period has been allowed for any reason.

If a period of access is extended, or by default, service is allowed to continue, subsequent automatic renewal periods apply and are deemed as a renewal, where there is a continuance after the anniversary date indicative of a concluding period of the initial purchase, and it shall be prolonged by this agreement for a minimum of three years unless otherwise agreed and payments not invoiced and not paid are invoiced and further paid for ongoing design and website work amortizable over three years periods despite intermittent and ongoing annual renewals.

Interruption and Reinstatement of Service for Non-Payment or No Contract

When service is interrupted for non-payment, an additional fee may apply for reinstatement of services once the historic invoices or debit failures are paid up to date. If for any reason the advisor or user or client of Adviceon® deems to terminate an Internet service about non-payment of an Adviceon® invoice, an additional fee shall apply to remove the website from service at the discretion of Adviceon®. When services are halted or removed for continued non-payment, where any Adviceon® invoice is left unpaid, at Adviceon®’s discretions, all rates shall be deemed to revert to the highest rate for similar services by Adviceon® based on one advisor (not a group of advisors under 100 representatives) and all invoices may be submitted to a collection agency or for legal counsel. Adviceon® accounting will be the only record of reference to finalize any unpaid account. It is advisable to have a signed formal contract made legal by the agreed signatures including the signature of both the company and Adviceon®’s president, which may offer special considerations or discounts on cancellation of remaining monthly service fees. Adviceon® may deem that all signatures must coincide with the same period of not more than 30 days of signing.

Adviceon® reserves the right to demand full payment for all work allowed or directed by and rendered for a company. If this online Internet Agreement of Copyright Use & Legal Notice is the only agreement operative where there has not been a signed formal agreement, this entire Agreement of Copyright Use & Legal Notice set forth herein shall prevail in all disputes.

Website Readiness

Canadian Financial Publishing Group will not be responsible for premature advertisements or promotion by any user or client to anyone, by any method presenting their website as ready to view, until all configurations are proofed and proven to be working to the client’s total satisfaction or by a compliance department if necessary, as it often takes more time than anticipated to configure a website or articulate a profile or for multiple reasons. Adviceon® may access monthly payments as soon as the architecture of the website or pages of the website is formed and may not necessarily rush web development work directed by a client as urgent for any reason.

General Disclaimer

All online statements and statistics set forth on any online page as offered by Canadian Financial Publishing Group are intended for educational purposes only and are believed to be true and dependable, however accuracy of content is not guaranteed, nor will Adviceon® or a Financial Advisor or a company associated with the Financial Advisor or any party contracting the services of Adviceon® assume liability for Financial applications or a securities trade or investment decision or life insurance purchase based on any article, graph or statistic on this website, even where an error or omission occurs. The reader is advised to seek additional professional advice and to evaluate strategies applicable to each client’s objectives.

Investors and the general consumer referencing this website should inform themselves regarding securities, taxation or exchange control legislation which may affect them personally. This website is for general information only and is not intended to provide specific personalized advice regarding and including, without limitation, securities trading, mutual funds, segregated funds, investments, investing, financial strategies or planning, life insurance planning, estate planning, disability insurance planning, medical or psychological well-being, general insurance, travel planning or travel insurance, health concerns or problems, accounting or tax advice, or any other service deemed advice, consultation, or recommendation. Please consult an appropriate professional regarding your particular circumstances.

Information provided by Canadian Financial Publishing Group and other sources on this website is believed to be accurate and reliable when placed on this site, but we cannot guarantee it is accurate or complete or current at all times. Information on this site is for information purposes only and is not intended to provide financial, legal, accounting or tax advice and should not rely upon concerning any decision affecting financial planning or the purchase of a security, mutual fund, or life insurance.

We endeavor to keep legislative-related information at this site current. However, legislative-related information is subject to change at any time without notice to users and the posted information at any Internet website serviced by Canadian Financial Publishing Group may not immediately reflect such changes. Information in this website is subject to change without notice and Adviceon® and the owner of this website is not liable for any inaccuracies in the information presented.

Limitation of Liability for Public Use

The content in this website does not constitute an offer or solicitation. References on this Internet website to third party goods or services should not be regarded as an endorsement of these goods or services. This website is intended for Canadian residents only and the owner and publisher of this Internet-based website are not liable for any inaccuracies in the information provided.

Trademarks and registered trademarks in association with Canadian Financial Publishing Group are owned by Adviceon®. Reproduction by any means without written permission of the publisher is strictly forbidden. The publisher will consider authorization of reprints used only by their current clients who inform Canadian Financial Publishing Group before use and have received written authorization or paid an invoice for such use before such use. Contact the publisher at editor@Adviceon®.com

Canadian Financial Publishing Group does not sell or promote specific or name particular financial products such as naming or advocating a mutual fund or life insurance brand or product.

General Mutual Fund Disclaimer

Only registered representatives of a Mutual Fund Dealer offer mutual funds and in some case segregated funds, whereas segregated funds are also offered by life insurance representatives.

Before investing in any mutual fund, it is important to read the specific fund’s simplified prospectus. Commissions, trailing commissions, management fees, tax payable, and expenses may be associated with mutual fund investments. Mutual funds are not guaranteed. Their values change frequently, and past performance may not be repeated. Any indicated mathematical return, including those set forth on graphs or tables in this online publication, is used only to illustrate the potential effects of the compound growth rate and is not intended to reflect future values of returns on any specific investment or any other financial product. It is strongly recommended that you seek professional advice to inform yourself regarding mutual funds or any other financial product as it relates to your circumstance.

Borrowing for investment purposes can magnify the risk as well as the reward of investing. All precautions regarding mutual funds also apply to segregated funds. You should not make any personal decision or act on any information in this online publication because it is meant for educational purposes only, and it may not be currently accurate or applicable to your circumstance. The publisher, Canadian Financial Publishing Group, will not be held liable in any way for any financial planning application, or inaccuracies, or errors, or omissions of the information in this online publication. Trademarks and registered trademarks are owned by the publisher, Canadian Financial Publishing Group. Reproduction by any means without written permission of the Adviceon® is strictly forbidden.

Advisor Communication and Privacy Disclaimer

All communications in the form of e-mails, facsimiles, or voicemails originating from a client or any automated system of Canadian Financial Publishing Group are intended for the use of the individual or entity to which they are addressed and may contain information that is privileged, proprietary, confidential, and exempt from disclosure. Advisors are admonished to not send emails using the systems provided by Canadian Financial Publishing Group to any individual whatsoever in the EU or any other region with laws privacy laws , nor keep such email addresses in our emailed newsletter systems, because these lists must be managed and policed by the advisor using the aforementioned systems.

Although our emails and any attachments are believed to be free of any virus or other defects that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free, and no responsibility is accepted by Canadian Financial Publishing Group Inc. for any loss or damage arising in any way from its use. From time to time, our spam filters may block legitimate email. If your email contains important instructions, please ensure that we acknowledge receipt of those instructions.

Related Privacy Statement for use of Communication Systems

Canadian Financial Publishing Group is committed to the protection of consumers’ personal information. Our Privacy Policy explains how we DO NOT collect, use, disclose, and store any/all personal information for any known business purpose.

We do not collect personal information

Though we provide media vehicles to send financial email e-newsletter information providing media services for advisors, Canadian Financial Publishing Group does not assess or administrate any client list for any advisor, though we may troubleshoot limited technical set-up questions. Canadian Financial Publishing Group does not sell financial and insurance products or collect personal information about any “identifiable individual” such as an advisor’s client; moreover, if an individual is an email recipient in the EU which we herein caution against.

We will NOT collect, use or disclose personal information. If you do not agree with the use of cookies and Google Analytics, which we do use to assist advisor SEO in a fair market, you as a visitor must decide to continue using this website.

Revision of this Agreement

Adviceon® reserves the right to alter the terms of this agreement at any time after thirty (30) days of service has been rendered based on administrative expenses. This entire legal agreement of terms of use may change or have additions applied and is openly and wholly accessible via direct links on your website, or Adviceon® articles for review, or in Terms on invoices and is incontestable. All online links to disclaimers on this website also need to be read.

To Discuss Strategic Relationships

Canadian Financial Publishing Group supplies website content to existing websites as well as builds new financial websites that yield Adviceon® content. To order a website or discuss how to use website content, please contact Canadian Financial Publishing Group at glenjackman@adviceon.com

Remapping your mortgage finances

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Plan your mortgage shopping. It is essential to plan regarding your mortgage. A mortgage specialist can help you review your needs looking at developing your most beneficial financial strategies. Over a year, you may have increased your credit card balances or taken on a car loan and find the increased payments difficult. A mortgage specialist can help you consolidate debt, and it may save you thousands.

Watch for your renewal date. When you get a letter indicating it is time for renewing your mortgage, call us for advice. You will have an opportunity to have us negotiate your best possible rate.

Work the math. We will work the numbers for you to guide you on getting more from your repayment process to build your home equity faster. Instead of paying your mortgage monthly, pay weekly or bi-weekly. A small change can save you thousands over time.

Are you looking for a bigger home? You may want to renovate or relocate. It is often less expensive to renovate than to relocate. Financing options are available to remodel a kitchen, bedroom, bathroom — whatever dream you may have in mind for your current home.

Consolidate wisely. When considering consolidating, good credit behaviours are essential. An excellent credit rating helps you qualify for the best mortgage rate. Don’t let your credit accounts exceed 30% of the credit available, and pay your bills on time.

Significant goal planning prepares you. If you have substantial current needs such as funding education, a large purchase, investments, renovations, or paying down debt, your mortgage might be your most cost-effective financing option.

Source: Canada’s Economic Action Plan

How Estate Taxes reduce your heirs inheritance

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These Estate Fees and Taxes can Reduce an Estate’s Value:

Probate Fees These fees (now to be called Estate Administration Fees (EAT) in Ontario) are essentially taxes charged by the provinces for confirming that a will is valid, and the executor has the authority to act, referred to as “Letters of Probate” (essentially a tax on your estate). Probate/EAT fees and taxes could be as high as 1.5% of your estate limited only in Quebec, Alberta, and the Territories.

Deferred Sales Charges (DSCs) at Death Generally no charges are applied to Segregated Fund and Term Fund policies at the time of death.

Legal and Executor Fees Legal and executor fees range from 3% to 6% of the estate. These fees are paid to the executors who are responsible for many complexities such as locating the will, arranging the funeral with the family, assessing and determining names and addresses of beneficiaries and next of kin, finding the assets and liabilities, and tax return preparation.

Accounting Fees Significant estates can be very complicated. Thus, an accountant may need to file the final tax returns to ensure the orderly transition of assets and reduction of liabilities for the Executor/Trustee. An accountant’s fees can run upward to another 6% of the total assets.

Life insurance policies, segregated fund and term fund policies with a named beneficiary, do not form part of the estate and are not subject to any executor, legal or trustee fees because these proceeds are distributed directly to named beneficiaries. This means the accounting fees can be reduced during the estate’s assessment.

Note: Registered investments bypass probate. This may not apply in certain provinces, and advice should be sought from a tax specialist and/or an advisor.

The Joy of Planned Giving

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For centuries, people have made efforts to help the less fortunate. The singer of U2, Bono, has been involved in many issues throughout the years and supports erasing Third World debt to wealthy countries. Michael Jordan is involved with a variety of charities including the Boys & Girls Club of America, UNCF/College Fund, Special Olympics and organizations that support children and families. Bill and Melinda Gates focus on areas dedicated to improving people’s lives by advancing health and learning efforts in the global community.

You do not have to be famous and wealthy to get involved — everyone can! For a small monthly, tax-advantaged donation of $25 to $100, you can help a child through an NGO such as World Vision. There are many such Non-Government Organizations (NGOs) that help people worldwide when and where disaster strikes.

Planned Giving

Planned giving raises funds through a program of arranging regular systematic donations to serve the interests of a registered charity that best suits the personal, financial and tax situation of an individual donor. Via planned-giving programs, registered charities seek to attract substantial gifts by presenting potential donors with information and advice. You can include the following is your planned-giving program: bequests, annuities, life insurance policies, and residual interests or charitable remainder trusts. Segregated funds work well because they can guarantee the invested capital (plus any growth) upon the death of a donor.

Charitable remainder trust.

A charitable remainder trust involves transferring property into a trust whereby the donor retains a life interest in the property but makes an irrevocable gift of the residual interest to a registered charity. A registered charity can issue an official donation receipt for the fair market value of the residual interest in the property at the time that the residual interest vests to the charity.

How to donate a life insurance policy to a charity.

When an individual absolutely assigns a life insurance policy to a registered charity and makes the charity the registered beneficiary of the policy, the charity can issue an official donation receipt for the cash surrender value of the policy at the time of donation and for the subsequent payment of premiums.

RRSP as an enduring property.

Under the Income Tax Act, a charitable donations tax credit can be claimed on a deceased individual’s return for a donation via a direct distribution of his or her proceeds to a qualified donee who is the designated beneficiary of a registered retirement savings (or income) plan (RRSP/RRIF), a registered retirement income fund (RRIF), or a life insurance policy. Under the Act, a gift received by a registered charity by way of direct designation is a gift of enduring property.

Donating a Registered Pension Plan (RPP).

An individual can designate a registered charity as their beneficiary of a registered pension plan. A charity can issue an official donation receipt for lump-sum pension benefits paid to the charity.

Note: Ask your Advisor if any legislation has changed this.