Most family businesses do not have a formal succession plan, and may not make it to the next generation. CIBC offers some tips to deal with the problem. A survey released by CIBC on July 5, 2016 shows that 80% of business owners who say they have…
While most adult Canadians acknowledge the need to prepare for the transfer of their wealth to the next generation, there is merit in preparing for the transfer of wealth from the prior generation. Both the parent and child can benefit from engagement in a discussion…
’BUT I DON’T WANT TO SELL!’ Most clients can’t imagine selling their cottages after all the years of hard work and great memories. However, selling the cottage and dividing the proceeds could maintain harmony. Clients may sell the cottage to a third party or directly…
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Selling children’s life insurance is a touchy subject for some advisors while it’s a ‘no brainer’ for others. Just as the “I don’t believe in life insurance” objection usually means that the objector needs to have some myths or misconceptions cleared up about life insurance,…
A reader asked, “Is there is a maximum number of beneficiaries allowed? My mother-in-law’s financial institution told her there is a max of five. But she has seven children and wants them all listed on her accounts, including her TFSA.” Frank Di Pietro, assistant vice-president…
The Capital Dividend Account (CDA) is a powerful tax-planning tool for people who own shares in private businesses. This notional tax account (see “Why the CDA exists,” below) allows taxpayers to access tax-free amounts from private businesses. But accidentally misusing the account could lead to…
Many clients assume money put into RRSPs will stay there until retirement. That’s the goal, but life isn’t always so tidy. People who blindly contribute, without thinking about whether they’ll need the cash before turning 65, are doing themselves a disservice because withdrawals trigger steep…
Millennials will work forever–but they may be happier for it Many millennials worry that they will never retire. The bad news is that traditional retirement may, indeed, be out of reach for a good portion of today’s young workers. The good news is that society might be…
With oil prices creeping back upward, brave investors are re-examining energy stocks. But be prepared for some volatility along the way The time to buy tulip bulbs is when they’re dull blobs, not when the flowers sprout in spring. Investors would be wise to take…