Who will manage your finances if you cannot?
If an individual loses the ability to manage their financial affairs, some people believe the spouse can simply take over. However, that’s only permitted if the spouse was named in a power of attorney document (mandate in Quebec). In a power of attorney, you appoint someone to manage your finances if you suffer a cognitive […]
Be wary of lifestyle creep
The more money you make, the more money you spend. That may seem perfectly sensible, but what if you spend all of the extra money you make? Now you’ve enhanced your lifestyle, but you’re no further ahead in achieving your financial goals. Lifestyle creep, also called lifestyle inflation, begins slowly. Perhaps you get a raise […]
How to minimize the tax payable by your estate – Vacation property strategies
Here are two ways to reduce an estate’s tax liability related to your cottage, cabin or chalet. Transferring a vacation property during your lifetime Say you own a vacation property that you intend to hand down to your children. You could cover the capital gains tax liability today, but you worry about your estate facing […]