Canada Needs a Financial Plan

According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim.  This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future:  retirements, education and homeownership.  It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.   

Our new Executive Business Builders Network features some of the best entrepreneurial minds in the financial services industry. As we band together to future-proof this industry and our careers through discussion, we’d also like your feedback.

The Bank of Canada’s interest rate hike this month and the increase of prime rates by the big banks have made effective debt management even more important for Canadians.

Ottawa-based financial professional Marc Ouellet has this to say about Knowledge Bureau’s Advanced Tax-Efficient Retirement Income Planning course

Finance Canada’s controversial proposals on the taxation of private corporations, which require comments on the changes by October 2, will potentially affect businesspeople of all income levels, from all walks of life, who serve and employ Canadians in their hometowns across Canada. However, they will also affect families and, in particular, women.

Three-quarters (74 per cent) of Canadian post-secondary students believe they will need to supplement their schooling with more training after graduation, despite already spending on average $14,000 each year and expecting to owe $30,000 in debt by the time they complete their current program.

Advisors, inform your clients that they may receive letters from their financial institutions that they need to respond to, and it’s not a phishing scam.