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Discover the inspiring story of Jim Gauci, who used his CPP to secure a bright future for his grandchildren. Learn how he maximized his CPP payments to provide financial stability and opportunities for the next generation.

Instead of using Canada Pension Plan in its traditional manner, one can choose to use it as a force for good. Check out how Cathy used her CPP as a multiplier and a force for good.

Oh Good! Another Article on TFSAs and RRSPs If you haven’t read enough articles at this time of year about the merits and differences between TFSAs and RRSPs, here is another one to dive into. Here is a quick chart to look at:

In Cash? Time to Make a Move! When it comes to investing, the professionals in the investment industry read a lot of economic updates. They have a good sense of major shifts coming. I’m here to tell you that one is on its way. In 2022 and 2023, the Bank of Canada was doing its best to fight inflation. The only option they have is to raise interest rates to bring inflation down. Inflation is expressed as a year-over-year increase in the total Consumer Price Index (CPI). The CPI is made up of the most relevant items that a Canadian will typically buy such as food, furniture, clothing, transportation, etc. It may not feel like it, but it worked. Peaking on June 1, 2022 at Total CPI of 8.1% it dropped to 3.4% on November 1, 2023. https://www.bankofcanada.ca/rates/price-indexes/cpi/ Interest rates are likely to drop in Canada in 2024. When that happens, certain types of investments will experience capital appreciation. If you parked your money in a High-Interest Savings Account in 2022 or 2023, or if your GIC is about to mature, you may want to consider transferring the asset to a fixed income investment. In a falling-rate environment, fixed income outperforms interest-bearing products. Fixed income is considered low-risk and works well for conservative investors. If you’re going to make an RRSP contribution, consider investing in a fixed-income product with this year’s contribution. If you have already converted to a RRIF, you can make a change as well. Fixed-income investments can be used in TFSA, RESP, LIRA, LIF, RRSP, RRIF, and non-registered personal or corporate investments. If you would like to explore this idea further, please reach out. Taivi Tayler, RRC®, CLU® Certified Financial Planner Toll Free: 1-866-550-6932 Local: 705-733-3338 Fax: 705-734-6243 https://www.taylerinsurance.com/

It’s the holiday season and there is one type of gift that will carry a young person through their entire life. It is the gift of education. When high school ends, and young adults look forward to entering a post-secondary institution, the costs of tuition may be surprising. Tuition alone can range $3000-$4000 a semester, before one factors in housing, food, and transportation.  Initiate Financial Planning Early For Post-Secondary Education Savings To get ahead of these looming expenses, it’s best to start early to save for post-secondary education. A parent, grandparent, or guardian can make contributions to a Registered Education Savings Plan “RESP” for a child(ren). The contributions can be made monthly, annually or on an ad hoc basis. From birth to 12 months of age, a child has accumulated $2500 worth of contribution room and has a lifetime contribution limit of $50,000. Each year that $2500 is contributed, an education grant of $500 is automatically available and applied for. This grant is a 20% increase on the contributions made by their adult loved one before being invested. If the contributor can’t financially make the entire $2500 amount, any contribution that they do make will receive a 20% grant on their contribution. It’s a win-win for the future student. Setup Monthly Contributions For Your Savings Plan We recommend a monthly contribution for any savings plan. This is partially because it’s often easier on the budget for working adults and pensioners. We also believe that the best opportunities come from dollar cost averaging. Dollar cost averaging is just buying an investment on a regular consistent basis, often monthly, allowing the saver to take advantage of the ups and downs of the markets. If someone saved monthly in 2022, they would have picked up great investments at a discount price and then as prices picked up in 2023, they got them at a great price which is advantageous for long term wealth accumulation. Few are aware that when the student redeems money from their RESP (Registered Education Savings Plan), it is considered taxable income to them. This is generally not a concern because few students earn enough income to pay income tax at all even between part-time jobs and redemptions from the RESP. Feel free to reach out and ask us a question about finances that you’d like answered. We’re more than happy to answer you personally. Taivi Tayler, RRC ® , CLU ® , Certified Financial Planner ® www.taylerinsurance.com

The Tax Free Savings Account (TFSA) is my hands down favourite account registration. I do find that it is often misunderstood, so read this post to get some clarity.

It’s that time of year when people make requests of loved ones. As a Certified Financial Advisor here is list for this holiday season of the people that I care about.

With the recent economic uncertainty, increased interest rates and a layoff that you weren’t expecting, feeling stunned and lost right now is completely normal. We can help.

If you are self-employed and have a team, it’s a huge responsibility. Employees may not truly understand the immense pressure you are constantly under. In many cases, you are the product/service expert and the head of sales.