Keeping More of Your Wealth Pie
As a Canadian, do you ever feel like the government is taking a disproportionately large slice of your financial pie? If so, you’re not alone. Canada consistently ranks as one of the countries with the highest tax burdens globally. For many, the frustration comes from seeing their hard-earned wealth redistributed through taxes, leaving less for […]
New Trust Reporting Rules Introduced for 2023 – What you need to know
There is a new tax reporting rule for the year ending December 31, 2023, we want you to be aware of as we think it could impact you or someone you know. The change applies to trust arrangements, most notably “bare trusts”. Many people may not know what a bare trust is, so unknowingly many […]
Unlocking Untapped Wealth: The Importance of Financial Planning in Canada
Financial planning is the cornerstone of building optimal wealth for individuals and business owners in Canada. The journey towards financial prosperity requires careful consideration of unique aspects such as tax laws, government benefits, and specific investment opportunities. In this article, I’ll delve into the integral role of financial planning in securing a prosperous future for […]
The Canadian First Time Home Buyers Savings Account (FHSA): A Game-Changer for Aspiring Homeowners
Are you dreaming of owning your first home? Well, there’s great news for aspiring homeowners in Canada! The First Time Home Buyers Savings Account (FHSA) is a fantastic opportunity that can help you turn your dream into a reality. In this blog post, I will dive into the details of the FHSA program, its benefits, […]
Mastering Debt Management: Strategies to Achieve Financial Freedom
In this heightened interest rate environment, are you suddenly finding yourself struggling with debt? As a team with financial advisors and financial planners on staff, we’re finding that it’s crucial to assist our clients in managing their debt effectively. In this blog post, we will discuss a few strategies that can help you pay off […]
Top 3 things people in their 50s never want to hear about retirement
When it comes to saving for retirement, the laws of mathematics say the earlier you start, the better off you will be. That said, once you hit age 50, you know retirement is right around the corner. At this stage, you no longer have the benefit of time and may reach an especially critical point. […]
Cybersecurity Essentials To Better Protect Your Money
The internet is an efficient way for you to stay connected with family and friends. On the flipside, like any public environment, you need to be aware and cautious. Fraudsters and scammers have particularly been active at trying to trick unsuspecting victims during the Covid-19 pandemic. Just as locks on your doors can help you […]
Helping children build their money skills through hands-on learning
Financial literacy is increasingly being recognized as a necessary life skill. After all, fluency in the language of finance can help pave the way to greater economic security, especially when proficiency is learned early on. That’s why core curriculum for children as young as elementary-school age now includes financial education alongside other basics like reading […]
Why work forever? A smart path to an earlier retirement.
Have you ever given much thought about retirement? If so, do you know what steps you have to take to get there? Truth is, many Canadians are waiting until it’s too late to properly prepare for retirement. Are you going to let that be you or would you be willing to take a series of […]
It’s Harvest Season: Here Are Some End of Year Financial Harvesting Tips
With Thanksgiving right around the corner, now is a great time to reflect on some end of year financial “harvesting” tips you can easily implement in your business or personal life. #1 – TAX LOSS HARVESTING The concept of tax loss selling or tax loss harvesting occurs when an individual or entity deliberately sells capital […]
TOP 4 OPTIONS FOR FINANCING A BUSINESS ACQUISITION
In a recent article, I shared the 4 “must-have” things you need to sell your business for a top dollar. If you missed this article and want some easy tips on how to optimize the saleable value of your business, they can be accessed through the Compass Wealth blog by clicking here. Now if you’re […]
THE 4 D’S OF TAX PLANNING TO HELP YOU SAVE BIG MONEY
There is a misperception in Canada that the top income earners in our country generally do not pay their “fair share” of the overall tax burden. Rhetoric from the Trudeau government since their first day in government would have you believe this idea. However, the data would have you believe a different story. The Fraser […]
4 “MUST-HAVE” THINGS YOU NEED TO SELL YOUR BUSINESS FOR TOP DOLLAR
According to a survey conducted by the Canadian Federation of Independent Business in May 2018, nearly three quarters of Canadian business owners plan to exit their business within the next 10 years. This is a staggering statistic and should provide all business owners the impetus to think more strategically about their future business goals and […]
CANADA’S NEW PASSIVE INCOME RULES: TAKE AN AX TO THE TAX
As a successful business owner, you know just how difficult it can be to turn on the lights in the morning and carry on your business with consistent success. Each day, you are faced with important decisions which can impact the success or failure of your business. Here are some practical tips for how you […]
HOW MUCH MONEY DO I NEED TO RETIRE
DO I HAVE ENOUGH MONEY TO RETIRE COMFORTABLY? 5 STEPS TO HELP YOU WORRY LESS ABOUT RETIREMENT There are a lot of things on people’s minds these days. Whether it’s the current state of our public institutions, fear over the economy or just simple day-to-day issues like the affordability of food and shelter, Canadians are walking […]
YOUR 2019 ESSENTIAL TAX INFO
With a new year upon us, you’ll want to be informed about key income tax changes that will impact your personal situation. In the Workforce Seniors Individuals with children Isaac Musial is Partner & Wealth Advisor at Compass Wealth Partners, a Durham Region based financial services company located in Oshawa, ON. The foregoing is for […]
THE UP SIDE OF A DOWN MARKET
Just last week I was at Costco picking up a few things when I noticed a massive line up of cars coiled in several directions around the already packed parking lot. The line-up of cars waiting to fill up their gas tanks was huge. By huge I mean that I literally couldn’t move anywhere in […]
THE BIG QUESTION: SHOULD I COMMUTE MY PENSION?
In years past, when an individual was preparing for retirement or leaving their employer for another job, it was commonplace that they would leave their defined benefit pension entitlement with their previous employer with the understanding that they would receive a monthly pension in retirement. Yet in recent years, there are a number of factors […]
THE IMPORTANCE OF “PULLING WEEDS” AND TENDING YOUR FINANCIAL GARDEN
With April just getting underway, I always get excited this time of year. With each rare glimpse of what a beautiful spring day could look like, I know that warmer weather is on its way. And this means more time out in the outdoors doing the things I love. As an avid gardener and “green […]
HOW YOU CAN SURVIVE AND THRIVE AFTER AN INCREASE TO THE BANK OF CANADA’S KEY INTEREST RATE
With today’s announcement that the Bank of Canada has decided to raise its key interest rate to 0.75 per cent, it’s first upward move to the cost of borrowing in seven years, I wanted to share what I think are some key insights on what this means for every-day Canadians. The most obvious consequence of […]
RETIREES ASK “HOW DOES MY FAMILY HOME FIT INTO MY RETIREMENT PLAN?”
As our population continues to age in Canada, there will be a number of significant issues and trends that will impact the way business and government respond to the needs of Canada’s senior citizens. One of these issues will be the need for proper housing solutions in many Canadian communities due to this phenomenon. Conventional […]
International Women’s Day: Honouring Women & Money and Why We Can Do Better
The year is 1989 when Ilyce Glink, then founder and president of Think Glink Media walked into her local bank with her husband to apply for a mortgage. Now sitting down with the bank’s mortgage specialist, Ilyce began describing her monthly income to help the mortgage specialist determine the couple’s borrowing threshold. “Don’t worry honey, […]
What Does Your “Future Self” Look Like?
In my years of meeting with clients and talking about personal finances, I think that one of the most powerful concepts I’ve introduced into client meetings is the idea of the “future self”. Simply put, your “future self” is the idea of who you are, where you’ll be and what you’ll be doing at some […]
5 Tax Tips That Could Help You Save Money On Your Income Tax Filing
With the income tax season right around the corner, here are some tax tips that could help you save money on your Canadian income tax filing. 1. Contributing to RRSPsThis is one of the easiest tax tips which apply to most Canadians in the workforce. Has your financial advisor been coaching you to add regular […]
Financial Markets React to Trump Victory!
What do we expect from the new U.S. President? As always, anytime there is an unexpected outcome in political elections, financial markets don’t like the uncertainty. This was evident last night when the future’s markets pointed to fairly significant declines when global markets were set to open for business this morning (1). During the election […]
Financial Scams and What You Need to Be Aware Of
Every day, a new financial scam is born. And every day, more and more Canadians are taken advantage of by savvy financial scammers. In a recent report released by the Better Business Bureau, the top 10 Canadian financial scams cost Canadian’s $1.2 Billion dollars in 2015. Needless to say, financial fraud is an issue. Each […]
Travel Insurance: Four Things You MUST Know
You’ve never needed travel insurance until you needed it. Let me start by telling my story. In my early 20’s, I booked a trip to the Dominican Republic. Being young, naïve and somewhat confident that “it wouldn’t happen to me”, I decided to forego the purchase of travel insurance while away on my one week […]
Group Of Seven Learn Financial Life Skills At An Early Age
No, I am not talking about the group of famous Canadian landscape painters from the 1920s. I’m talking about the seven of us children raised by my parents, Sue and Paul. Growing up in the late 1960s and early 1970s, our family was like most others in rural Nova Scotia. Mom and Dad had plenty […]
Would You Like To Save Money On Your Electrical Bills?
It’s no secret; our basic cost of living has been going up a lot lately. You see it at the gas pumps, on your grocery receipt and every month when you get your electrical bill. So how do low income families keep up with all these increases, and still manage to make ends meet? Beginning […]
Top Four Ways To Create And Preserve Wealth
Why does it always feel like we are living in uncertain times? Today we are exposed to the slowing economy in China, or are we burdened with the conflict in the Middle East? Some believe that the Russian/Ukraine unrest is the cause for our concerns. Whether we have endured The Great Depression of the 1930s, […]
