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Posts from the ‘Living Benefits’ Category

14
May

Workers unprepared for financial impact of disabilities

Most Canadian workers would suffer severe financial hardship if they were forced out of work with a disability.

In fact, 76% believe that should they become disabled and unable to work for three months, there would be serious financial implications for their family, such as significant debt or an impact on retirement plans, finds an RBC Insurance survey.

Despite the concern, only 27% have discussed how a disability would financially impact their family. This number does not increase substantially among workers who’ve indicated that they’ve taken time off in the past because of a disability (33%).

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Used with permission from Benefits Canada Magazine
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15
Feb

Five Financial Products You Should Own

By Brenda Spiering

1. Registered Retirement Savings Plan (RRSP)

As soon as you begin your working life, you should have a Registered Retirement Savings Plan (RRSP). It’s one of the most tax-effective ways to save for retirement.

You’re allowed to contribute up to 18% of your earned income from the previous year to a maximum of $25,370 for 2016 and $26,010 for 2017. (If you’re a member of a group pension plan, your contribution room is reduced by your “pension adjustment,” an amount you’ll find listed on your T4.)

Contributions are tax deductible, meaning you can net a tidy tax refund while building your savings. Plus, you can turbo-charge your RRSP savings by putting that tax refund back into your RRSP as soon as you receive your cheque. Read more »

15
Feb

Protecting Your Family

Let’s face it, raising a family today can be financially challenging.  The cost of living continues to increase, housing costs are rising along with education and extra-curricular activities for our children.  It is tough to make ends meet and still have something left over at the end of each month.

Most families today require both parents to work to afford the lifestyle they enjoy.  Losing one of those incomes through premature death, illness or a disability is a real risk that many families would have a difficult time facing emotionally and financially.

How do you protect your family? Read more »

21
Oct

Caring for Aging Parents

Canadians aged 85 and over represent the fastest-growing segment of the senior population. Start thinking about how you’ll care for your loved ones in this age group.

By Gail Vaz-Oxlade | for www.MoneySense.ca
Have you thought about what you’ll do when the time comes for your mom and dad to need extra help? It’s not something most of us think about. Used to parents who have been vital, who have been the ones doing the guarding, many of us are ill-prepared for the years when our parents may need extra care.

Canadians aged 85 and over represent the fastest-growing segment of the senior population. Eventually many of us are going to have to come to terms with parents who have fallen prey to the ravages of age. Our first instinct may be to bring them into our own homes. That’s the way it was when I was a girl growing up in Jamaica. My great-grandparents lived with my grandparents. Home care worked well because there were always bodies available to help. Here in Canada, where my grand aunt lived with my aunt and uncle, they eventually ran into the problem of having a parent who needed constant supervision when they both worked outside the home.

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©iStockphoto.com/ Catherine Yeulet