Thursday, 26 May 2011
Ivana's Blog: At Ziji Duchove ! Long Live Ghosts!
Ivana's Blog: At Ziji Duchove ! Long Live Ghosts!: "Hrdiny veselé dětské hudební komedie jsou chlapci a děvčata, kteří vytáhnou do boje proti některým dospělým ze své obce, když chtějí promě..."
At Ziji Duchove ! Long Live Ghosts!
Ivana's Blog: Education planning for families of children with d...
Ivana's Blog: Education planning for families of children with d...: "Know your RESP and other options to get the most for your child You want the best for your disabled child – and that includes a postsecond..."
Education planning for families of children with disabilities
Know your RESP and other options to get the most for your child
You want the best for your disabled child – and that includes a postsecondary education to give them a strong start in their adult life – so you’ve probably already started saving for that day down the road when they’ll head off to college or university. You may even have set up a Registered Education Savings Plan (RESP) for your child – and that’s always a good savings strategy – but you might not be taking full advantage of the benefits of your RESP or have all the info you need to access other savings and grant options that can significantly add to your child’s education nest egg.
So here’s a quick rundown of the educational funding issues and options for disabled children.
The basics of an RESP
Taxes on the earnings inside an RESP are payable in the hands of the child and are deferred until the child withdraws the money while attending a post-secondary institution. Currently, a lifetime maximum of $50,000 can be contributed per child. An RESP also offers the added incentive of ‘free’ government money in the form of the Canada Education Savings Grant (CESG)¹ program that provides a minimum 20 per cent top-up grant to the first $2,500 contributed each year and could add as much as $7,200 in extra capital over time. Additional grants may also be available to RESP holders through the Canada Learning Bond (CLB) and various provincial programs¹.
The added value of an RESP for a disabled child
An RESP for a disabled beneficiary who is eligible for the disability tax credit must be collapsed at the end of the 40th year after it was started. This means that you have five extra years to continue contributing to your child’s RESP and enjoy the considerable added value that comes from the magic of compounding inside a tax-deferred plan. A disabled student can also claim the non-refundable education income tax credit at the full-time rate of $400 per month of studies, even if the student does not meet the full-time attendance requirement.
Government sources of educational funding
When a disabled child is ready for college or university, they may qualify for the Canada Study and/or Access Grants funded by the Government of Education Planning Canada. They may also be eligible for assistance from provincial bursary programs.
· The Canada Study Grant for the Accommodation of Students with Permanent Disabilities can provide up to $8,000 per loan year to help pay for exceptional education-related costs associated with a disability. These costs may include tutors, oral or sign interpreters, attendant care for studies, specialized transportation (to and from school only), learning disability assessments, note takers, readers and braillers.
· The Canada Access Grant for Students with Permanent Disabilities is awarded to students with permanent disabilities who have demonstrated financial need. It is intended to assist in covering the costs of accommodation, tuition, books, and other education-related expenses up to $2,000 per loan year.
· Contact your provincial student aid authority to find out more about programs available in your province.
Scholarships, awards and bursaries
To further complement education savings, investigate the many scholarships, awards and bursaries available through non-governmental associations and the schools themselves.
3 Associations such as the Learning Disabilities Association of Canada and the Association of Universities and Colleges of Canada offer various awards.
Contact the Awards office at your college or university of choice.
A Financial Aid Directory is available through the National Educational Association of Disabled Students (NEADS) http://www.neads.ca/.
Other investment options
You need every advantage you can get when saving to help your children pay for a post-secondary education. Consider non-registered investment strategies that can deliver important savings beyond RESPs.
· Most people think of life insurance as basic financial protection for loved ones but a universal life insurance policy can also help fund your child’s education.
· A properly structured age 40 trusts can be an effective means of accumulating capital for education. With this strategy, it is important to keep in mind government assistance guidelines.
· Tax-advantaged mutual funds and monthly income portfolios are mutual fund options for education savings. It’s important to put educational and financial plans in place as early as possible. We can help establish a well designed program that will consider the many available options, help your children to reach their full potential and help you to achieve your hopes for their future.
Wednesday, 25 May 2011
Ivana's Blog: 870 Vyroci Obce Tecovice
Ivana's Blog: 870 Vyroci Obce Tecovice: "870 Vyroci Obce Tecovice Editor's Note: Foto’s by talented @Jan Havelka"
Ivana's Blog: Beyond RESPs
Ivana's Blog: Beyond RESPs: "Options to help what you’re saving match what you’ll need You want the best for your child – and for plenty of powerful reasons, a college ..."
Beyond RESPs
Options to help what you’re saving match what you’ll need
You want the best for your child – and for plenty of powerful reasons, a college or university education is one of the best things you can do to give your child a great start in life. There’s the increased earning potential, of course – the average university graduate earns almost twice as much as someone with a high school diploma. Over a 30 year career, that could add up to $1.2 million of additional income
1. There’s the increased opportunity for employment – seven out of ten jobs now require a post-secondary education and having a degree or diploma is bound to become even more important in the future
2. And there are the valuable life lessons and relationships that are an essential part of the post-secondary experience. RESPs are the first choice but you already know all that – which is why you contribute to a Registered Education Savings Plan (RESP) for your child. After all, for the vast majority of Canadians, an RESP is the most effective way to create an education fund that grows to offset the future cost of education. However, when was the last time you checked to see how much of the total education bill your RESP will actually cover? Here are some sobering facts about the dramatically escalating cost of a post-secondary education:
· On average, undergraduate tuition fees have almost tripled since 1990-913. A student attending a full-time college or university program today can expect to pay an average of $4,500 a year in tuition alone2.
· Add books, supplies, transportation, and other living expenses and university students living at home spend an average of $4,500 on ‘non educational’ items, while students living away from home spend an average of $8,160 on ‘non educational’ items4.
· The cost of mandatory supplies and equipment for college and trade schools varies widely and can be between $50 and $5, 0002.
· Schools are increasing fees for programs that may offer a larger financial payback upon graduation, such as law, medicine, engineering and dentistry2.
· Nearly 50 per cent of Canadian college and university graduates leave school owing money for their education – with college graduates owing about $13,000 and university graduates almost $20, 0005.
- It is estimated that by 2025, the total cost of four years of undergraduate education away from home may be between $75,000 and $100, 0002. Education Planning Solutions Comprehensive continued on next page Beyond RESPs – further tax-efficient saving strategies this entire means is you need every advantage you can get when saving to help your children pay for a postsecondary education – to avoid burdening them with huge student loans or the extra stress of a part-time job during the school year. Consider the following investment strategies that can deliver important savings beyond RESPs. Tax-Free Savings Accounts (TFSAs) – TFSAs are very versatile. You can accumulate funds within your TFSA on a tax-sheltered basis, and when your child goes to school, you can withdraw the funds (plus any subsequent growth) on a tax-free basis to help finance your child’s education. Moreover, the amount you withdraw in a given year will be added to your TFSA contribution limit for the following year. Insurance – Most people think of life insurance as basic financial protection for loved ones but a universal life insurance policy can also help fund your child’s education. A universal life insurance policy is a blend of life insurance protection and investment accounts. As the owner, you select a face amount of the life insurance, the type of coverage needed, and the name of the insured – your child, in this case. You pay the insurance premiums, which are usually quite low for a minor, and within certain limits you can make additional payments. Those additional dollars are then invested in a variety of investment funds to grow over the life of the policy on a tax-deferred basis – making this accumulation the policy’s primary benefit. At any point after your child turns 18, you can choose to suspend further premium payments and transfer ownership of the policy to the child. This is a tax-deferred transfer that gives the child the ability to draw on the policy’s cash values to pay university costs. And, since the policy is now owned by the child, the taxable portion of any cash withdrawals is taxed at the usually lower marginal tax rate of the child.
Tax-advantaged mutual funds – This unique mutual fund structure gives you the freedom to rebalance the investments in your non-registered portfolio, without triggering capital gains and incurring an immediate tax liability as a result of the switch. You enjoy the substantial benefits of compound, tax-deferred fund growth and the ability to choose a date to utilize the tax efficient withdrawals that can be used to supplement your child’s education budget.
Monthly Income Portfolios – This mutual fund option allows you to create a stable, tax-efficient, monthly cash flow that can be used to support your child. A portion of the monthly payout is treated as a return of capital and is not taxed in the year that it is paid out. This tax deferral feature can reduce the amount of tax that you would pay compared to withdrawing funds from other types of investment vehicles.
Age 40 trusts – If you are planning to put away a large sum of money, a properly structured age 40 trust can be an effective means of accumulating capital for education. It provides income-splitting opportunities so that capital appreciation may be taxed in the beneficiary’s hands, typically at a lower rate than you would pay. And when funded with a loan, you can retain access to the principal, giving you the flexibility to decide how trust funds should be used, regardless of whether the beneficiary pursues a post secondary education. When the time comes, you want your children to be able to afford the college or university program of their choice, to follow the career they want and to obtain the earning power they desire.
We can help you make the best RESP and beyond RESP investment choices for your life and theirs.
Wednesday, 18 May 2011
Ivana's Blog: A personal approach to insuring your mortgage
Ivana's Blog: A personal approach to insuring your mortgage: "Mortgage financing is probably one of the largest financial commitments you will make in your life. Safeguarding that commitment from the c..."
A personal approach to insuring your mortgage
Mortgage financing is probably one of the largest financial commitments you will make in your life.
Safeguarding that commitment from the curves life may put in your path, means having the right kind of risk protection. All too often people assume this critical protection has to come from their lending institution.
Before you say yes to lender provided mortgage insurance, consider the options. Protecting your mortgage with a personal insurance plan can offer you and your loved ones better guarantees, greater choice and more flexibility—and in most cases at a lower cost.
Lender insurance plan
· Lender is the owner and beneficiary of the policy.
· Pays benefit to lender.
· Coverage expires when mortgage is paid off.
· Pays out only the amount owing on the mortgage at time of claim. Total value of coverage decreases with mortgage balance.
· Premiums can be adjusted by lender at any time.
· Lender can change or cancel policy at any time.
· Policy cannot be moved to new mortgage, a renewal or a new lender.
· Your premium is based on your age band and minimal health information.
· No personal consultation provided with policy.
Personal insurance plan
· You own the policy and designate the beneficiary.
· Pays benefit to your designated beneficiary.
· Coverage continues after mortgage is paid.
· Pays the total value of insurance plan you purchased. Total value of coverage remains stable for the life of the plan.
· Premiums are guaranteed for the life of the plan.
· Only you can cancel or make changes to your plan.
· Plan goes with you from one home to another—one mortgage to the next.
· Your premium is based on your age, health and smoking status.
· Plan designed by personal Consultant offering expertise and personalized service.
Tuesday, 10 May 2011
Ivana's Blog: Invest in RRSPs or Repay your Mortgage?
Ivana's Blog: Invest in RRSPs or Repay your Mortgage?: "Editor’s Note: from http://www.montrealfinancial.ca/ by Ronika One of the most common questions asked by Canadian taxpayers is whether they ..."
Saturday, 7 May 2011
Ivana's Blog: Saxana's Blog: Free Plant Exchange May 15 Ajax
Ivana's Blog: Saxana's Blog: Free Plant Exchange May 15 Ajax: "Saxana's Blog: Free Plant Exchange May 15 Ajax : 'Free Plant Exchange Hosted by Rosemarie Sood Want an instant new garden? Have plants you m..."
Ivana's Blog: Investors Group adds Investors Canadian Corporate ...
Ivana's Blog: Investors Group adds Investors Canadian Corporate ...: "WINNIPEG , May 3 /CNW/ - Investors Group has received regulatory approval to launch a fixed income offering. Investors Canadian Corpor..."
Ivana's Blog: Your cottage and keeping it in the family
Ivana's Blog: Your cottage and keeping it in the family: "Ahh ............ your cottage – a place of sanctuary , family fun and warm memories. But passing along a cottage to the next generation can ..."
Your cottage and keeping it in the family
Ahh ............ your cottage – a place of sanctuary, family fun and warm memories. But passing along a cottage to the next generation can set off complex financial and family issues. Here are some suggested steps to ensuring cottage continuity.
Know what your kids want you know that cottage ownership is a big personal and financial responsibility that is not for everyone. Discuss this with your children and if any of them are not interested in inheriting the cottage, avoid family squabbles by making sure they are treated fairly in your will.
If you decide on shared ownership, keep in mind that it can be a difficult proposition. That’s why it can be useful to obtain legal advice when you put an agreement in place – about such things as who uses the cottage and when, who pays for repairs, maintenance and upkeep, and the other nitty-gritty aspects of joint cottage ownership – to avoid protracted disputes and misunderstandings.
Manage the tax burden If your cottage has appreciated in value, your estate can face a significant capital gains liability that could force its sale by your heirs.
Capital gains taxes are based on the difference between the cost of your property and its current fair market value at the time of your death. The cost of your cottage is what you initially paid for it plus the value of any capital improvements you made to it over the years – a new deck or roof, for example, including the cost of anyone you hired to do the work for you – so keep your receipts to account for all these costs to help offset capital gains. General upkeep costs such as painting the cottage are generally not considered capital improvements.
Consider taking advantage of the primary residence exemption. You are allowed to name a primary residence that is exempt from tax on capital gain. The residence must be a property you ‘ordinarily inhabited’. It can be either your city home or your cottage. You are allowed just one principal residence at a time but you can choose to exempt the property with the bigger gain.
Some of these estate planning options may not work in your situation, so it’s a good idea to talk to your professional advisor about your wishes for your cottage and the financial and estate planning options that will work best for you.
This column, written and published by Investors Group Financial Services Inc. (in Québec – a Financial
Services Firm), presents general information only and is not a solicitation to buy or sell any investments. Contact a financial advisor for specific advice about your circumstances. For more information on this topic please contact your Investors Group Consultant.
Thursday, 5 May 2011
Saxana's Blog: Knowing what’s what with mortgages…
Saxana's Blog: Knowing what’s what with mortgages…: "Can save you money!! With interest rates so low, you may be thinking of taking the big step into home ownership, ‘moving up’ or even refin..."
Knowing what’s what with mortgages…
Can save you money!!
With interest rates so low, you may be thinking of taking the big step into home ownership, ‘moving up’ or even refinancing your existing home. If so, knowing what’s what with mortgages can save you money now and in the future. Here’s a mortgage primer to get you going.
Get pre-approved
Many people want the security of knowing they have a pre-approved mortgage before they go house shopping. Having a preapproved mortgage helps you focus on looking at houses you can afford and provides the security of knowing you meet the financing requirements of the home you are trying to buy.
The down payment decision
Conventional mortgages do not exceed 80 per cent of the purchase price of a house—you supply the other 20 per cent as a down payment. If you don’t have that kind of cash on hand, you can apply for a high ratio mortgage, but it must be insured through Canada Mortgage and Housing Corporation (CMHC) or GE Mortgage Insurance Canada (GE). In this case, it’s important to keep in mind that you need to pay an insurance premium typically in the range of 1% to 3% of your mortgage amount. This fee may be added to the mortgage amount.
Amortization is the number of fixed payments or years it takes to repay the entire amount of a mortgage. The traditional amortization period is 25 years, but by making higher monthly payments over a shorter amortization period, you’ll pay off the loan that much faster and save substantially on borrowing costs.
By making accelerated payments you’ll pay off your mortgage faster. The same is true of lump-sum payments. When you have excess cash, you can use it to reduce the principal amount of your mortgage loan. Most lenders allow a yearly lump-sum prepayment of up to 10 per cent of the original principal amount, and some allow more.
Term
A mortgage term is the period of time for which the money is loaned under the same rate. When the term expires, you have the choice of repaying the balance of the principal still owing or renegotiating your mortgage for a further term at the then current interest rate.
Open or closed—determines how much re-payment flexibility you want.
An open mortgage allows payment of the principal in part or in full at any time without penalty and tends to be for a short term - usually six months to one year. Since open mortgages offer greater flexibility than closed mortgages, they typically have a higher interest rate.
A closed mortgage allows limited prepayment privileges and a penalty usually applies if you repay the loan in full prior to the end of the term. Closed mortgages typically offer a lower interest rate as compared to open mortgages of similar terms.
With a fixed rate mortgage, you can be certain the interest rate will remain the same for the mortgage term, making it easier to budget. A variable rate mortgage may deliver a lower initial interest rate, but this will fluctuate from month to month with changes in prevailing market interest rates. The more rates change, the larger the impact on your monthly budget. Don’t jump into a mortgage—take the time to find the right product for your unique situation. We can help
you make sound decisions for your life as it is now and as you wish it to be in the future.
Saxana's Blog: Investors Group adds Investors Canadian Corporate ...
Saxana's Blog: Investors Group adds Investors Canadian Corporate ...: "WINNIPEG , May 3 /CNW/ - Investors Group has received regulatory approval to launch a fixed income offering. Investors Canadian Corpor..."
Investors Group adds Investors Canadian Corporate Bond Fund
WINNIPEG, May 3 /CNW/ - Investors Group has received regulatory approval to launch a fixed income offering. Investors Canadian Corporate Bond Fund will aim to provide current income by investing primarily in investment grade fixed income securities issued by Canadian corporations. The new mandate may also invest a portion of its assets in other securities such as high yield debt instruments and mortgages.
The fund is now available for sale to Canadian investors.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The Funds are distributed across Canada by Investors Group Financial Services Inc., (in Quebec, a financial services firm), and Investors Group Securities Inc. (in Quebec, a firm in financial planning.)
Investors Group, founded in 1926, is a national leader in delivering personalized financial solutions to Canadians through a network of approximately 4,600 Consultants located throughout Canada. In addition to an exclusive family of mutual funds and other investment vehicles, Investors Group offers a wide range of insurance, securities, mortgage and other financial services. Investors Group is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada's premier financial services companies with over $134 billion in total assets under management
Editor's Note: from http://www.newswire.ca/en/releases/
Tuesday, 3 May 2011
Saxana's Blog: Coconut Oil Can Promote Weight Loss by Increasing ...
Saxana's Blog: Coconut Oil Can Promote Weight Loss by Increasing ...: " With all the dangers associated with thermogenic stimulants, it's no wonder a growing number of people shy away from them. This leaves us ..."
Subscribe to:
Posts (Atom)