Trust is not easily earned these days. There’s no place where this is more true than in the financial services industry. Take banks, for example. I walked into my bank this week. “Why do you chain your pens to the counter?” I asked the teller….
Let’s all be very honest with ourselves, we all want to be rich. We want to enjoy the fruits of our labour and live a life that is more fortunate and ultimately extravagant than the average man. We dream of having the planes, fast cars, nice…
If we think about our relatives, friends, and colleagues, chances are the majority of us know more than a few families who resemble The Brady Bunch rather than the “traditional” definition of a family. The reality is, blended families are increasingly common in Canada, with…
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…