Three years ago this was not a thing.  You could not buy a company that was preparing to sell marijuana(mj) for recreational use. Now there are mj farms, dispensaries, accessories manufacturing and bi-product formulations being crafted for beverages and consumables. There is a complete new understanding of botanicals, oils, and dietary science being explored to further develop markets within this industry that in total are expected to dwarf beer and wine sales in the coming years. I have...

We are all aware of families who have children and adults with disabilities, but most of us are unaware of programs designed to financially assist those individuals as they age beyond their earning years.  Most individuals with disabilities may have careers but most won’t have earnings that would allow them to retire with a pension.  The Registered Disability Savings Plan RDSP would provide that option and would assist to bridge the gap to a more modest income.  This program is under-utilized...

We have entered the tax filing period for personal income tax.  If you read our last two articles you would have considered tax loss selling in 2016 and maybe even made some charitable donations to take advantage of graduated tax credits while preparing your 2016 tax return.  Our to do list for 2017 includes creating a net worth statement as a baseline, much the same as your doctor recording blood pressure and cholesterol readings that future readings can be compared to.   Your Net worth...

What if your partner suddenly dies? Besides having to grieve you are now responsible for taking control of the finances. Think about it!  What would that look like? Would you have the resources to continue to live in the same home? It goes without saying that a conversation with your spouse or your executor should cover all of the following topics and you should make notes on each topic, gathering information that is relevant to how the asset is to be treated when the owner dies....

Which plan should you invest in for your future?  In every case the answer depends on your personal situation.  Your age, residency, citizenship, income, marital status, dependant status, housing status, health status, disposable income status, and debt levels will all factor into helping to answer this question. The primary use of RRSP is to defer tax payable on all deposits and to create a personal Pension Plan. The primary use of TFSA is to save without tax consequence. The limits of...

Everyone has their own reasons to give charitably, so this article will focus on making the most of your donations for tax purposes. Donation credits are two tiered in our tax system.  All donations are considered non refundable tax credits.  For British Columbia donations up to $200 will receive a 19.59% (combined Federal and Provincial) tax credit and all amounts over $200 you will receive a 43.7% (combined) tax credit as per tax tables from Canada Revenue Agency. If you save up multiple...

It's Not Going to Happen to Me by Mark Nichol Procrastination and avoidance are two things that you don't want to be remembered for. What happens when you are mentally incompetent and have no Power of Attorney (POA) or you die without a valid Will. Since you won't have to deal with it, doesn't mean you shouldn't care. If you become incapable of managing your affairs and do not have an enduring POA or representation agreement and you have property which requires management, a committee of...

The Art of Tax Loss Selling by Mark Nichol If you have bought and sold capital property this year you should review these transactions to determine whether you need to do some balancing transactions.  The effect of selling off investments to create gains or losses can improve your income tax position for 2016. This year, you have until December 27th to make any transactions count. To begin:  Gather the following information and book an appointment with one of our financial advisors: Find your...

Major life events happen to us all of the time, and sometimes without warning. Whether these events are planned or not, life insurance and financial products can help create a safety net when it's needed the most. Be prepared for what life might have to throw at your by re-evaluating your insurance needs when: You purchase a home or start a business You have a baby or adopt Your children move out of the house If you do not currently have life insurance, term life can be a good place to start....

If there is one thing that categorically, most people do not like to talk about, it is about end of life. However, Estate planning is one of the most crucial parts to your overall financial plan, as well as being one of the most beneficial and kind things you can do for your loved ones. Pre-planning for your funeral is important, and that is why we have a funeral planning guide to offer to all clients and prospective clients. This guide is a short and simple walk through of funeral services,...