Advisorsavvy Blog

Financial security is important at any stage of life, especially retirement. One of the financial benefits Canadian retirees rely on is Old Age Security (OAS). However, there is a clawback to consider which may reduce the amount of OAS money you receive. So, what is the clawback for OAS? In simple terms, the OAS clawback is a tax that applies when recipients of the benefit surpass a certain annual income threshold. Read on to learn more about the OAS clawback, how it might affect you and what amount of tax you can expect to pay. What is Old Age Security (OAS)? The Old Age Security (OAS) pension is a government-provided monthly income for seniors. To be eligible for the OAS pension, individuals must be 65 years of age or older and legal residents of Canada. The OAS pension is not means-tested, which means that it is not based on the applicant’s income or assets. Rather, your age and residency are

If you’re a Canadian, there’s a good chance you’ve thought about what would happen to your assets after you pass away. Part of this process is creating an estate plan and a will. Estate planning is an important part of life, especially if you have acquired assets throughout your existence. Making sure your loved ones know who will administer your will is also critical. So, what is an executor of a will? Read on to find out! What is an executor of a will? An executor of a will is the individual tasked with carrying out the final wishes of the deceased as outlined in their will. This includes distributing assets, paying debts and taxes, and closing accounts. This person is also called an estate representative, trustee, or in Quebec, a liquidator. The executor is responsible for ensuring all instructions in the will are carried out in a timely and efficient manner. In order to be appointed, one must be

When starting a business in Canada, you need to decide on a structure for your company. Some business structures are better than others depending on your idea and what stage you’re at with operations. Keep in mind that one structure may be good now, and in the future you may want to change it. For instance, if you’re just starting out, a sole proprietorship might make sense. But in a few years, incorporating may be the best move. The business structure you choose determines how the company is taxed and how much paperwork you will have to do each year. There are four business structure types in Canada: sole proprietorship, partnership, corporation, and cooperative. Each has its own benefits and drawbacks, so it’s important to choose the one that’s right for your business. Let’s take a closer look below. What are business structure types in Canada and why does it matter? The business structure of a company refers to the

Credit scores are used by lenders to decide whether or not to give you a loan and what interest rate to extend. Your credit score is also an important factor in how much you pay for car insurance, and can even affect your ability to get a job. For these reasons, it’s important to understand how your credit score is calculated in Canada. The two credit bureaus use slightly different algorithms to calculate your credit score, but they all take into account your payment history, debt levels, and age of credit history. In other words, your credit score considers the same factors, regardless of the credit bureau. Understanding how your credit score is calculated can help you make decisions that will build your credit. For example, if you know that you have a low credit score because you have missed payments in the past, you can work on making all of your payments on time and in full from now

Do you ever wonder how many millionaires live in Canada? According to a recent study, there are around 1,681,969 millionaires living in Canada. The nation’s population is roughly 39 million which means approximately 4% of Canadians are millionaires. That’s a lot of wealth! This number is expected to grow in the next few years as well. If you’re looking to become a millionaire, now might be the time to move to Canada and mingle with local wealth. Curious to learn more about the millionaires that walk among us? Keep reading for more interesting facts about the millionaire status in our country. What is a millionaire? A millionaire is an individual with a net worth of at least one million dollars. Net worth is calculated as the total value of all owned assets less outstanding financial obligations, such as mortgages or loans. This can be achieved through a variety of means, such as investing in stocks and real estate, starting a

Making sound financial decisions is important for individuals and families, which is why many Canadians work with a financial advisor. But what are the qualifications of a financial advisor in Canada? How do you know if an advisor is right for you? Education is just one thing to consider, but there’s also experience and the dynamic you have with the advisor. This blog post will explore the financial advisor qualifications in Canada and provide tips on how to find the right professional for your needs. What is a financial advisor? A financial advisor is a professional who provides guidance and advice regarding financial matters. These advisors can assist individuals, families, or businesses with everything from budgeting and saving to investing and tax planning. Their objective is to help their clients achieve their financial goals by offering expert insights, recommendations, and strategies. Financial advisors work one-on-one with their clients. They get to know them individually in order to tailor their services

There are a ton of financial designations available in Canada, one of which is a certified financial planner. Becoming a certified financial planner in Canada can be a very fulfilling experience. It is a demanding process that requires hard work and determination, but the end result is worth it. In addition, the profession aims to help others with their finances which can be a rewarding career path. This article will outline the steps necessary to become certified. As well as how much can be earned by doing so. If you’re looking to make a career out of helping others with their finances, read on! What is a certified financial planner in Canada? A certified financial planner is a professional who has the specialized expertise and training needed to provide financial advice to individuals and organizations. These professionals typically hold degrees in finance or related fields. They have extensive knowledge of both the financial markets and various investment options. Certified financial

There are a ton of financial experts out there who offer services related to money management. These experts can advise you on an appropriate debt load, budgeting tips, asset allocation and much more. One type of service that has become popular recently is financial coaching. But how legitimate are these services and can you trust a financial coach with important monetary decisions? Continue reading to find out. What is financial coaching? Financial coaching is a broad term that describes a wide range of services aimed at helping individuals and organizations improve their financial situation. At its core, financial coaching involves providing guidance and support to people as they work on managing or improving their finances. This can include activities like setting and tracking goals, developing better budgeting skills, identifying new sources of income or implementing long-term savings strategies. Financial coaches draw on a variety of different tools and resources to help clients achieve their goals. This includes budgeting and spending

In today’s modern world, there are many different ways to learn about personal finance. Some people prefer to read articles or books, while others may opt for online courses. However, one of the best ways to learn about finance is by listening to podcasts. There are a number of great finance podcasts in Canada. In this article, we will cover some of the best ones. Whether you are just starting out on your financial journey or you have been managing your money for years, these podcasts will provide you with valuable information and insights. If you’re looking to become financially savvy and learn something new, be sure to give these podcasts a listen! Top 15 Finance Podcasts in Canada Here are 15 of the best Canadian finance podcasts you should be listening to. Covering everything from investing basics to advanced money management tactics, these shows will help you take control of your money so you can reach your financial goals.

As Canadians, we take pride in our financial system and the various designations that come with it. After all, our financial system wouldn’t be possible without the experts behind it. From chartered accountant to investment advisor, these titles convey a level of professionalism and expertise that we as consumers can trust. In this blog post, we’ll explore some of the most popular financial designations in Canada and what they can offer you. We’ll also discuss how to earn these designations and the requirements involved. Whether you’re looking to earn a financial designation or learn about certifications for potential financial advisors and experts you want to hire, read on to learn more! What are financial designations in Canada? Financial designations are highly sought-after credentials in the field of finance. These special certificates and degrees allow professionals to demonstrate an advanced level of expertise in their chosen area, whether it’s corporate finance, tax planning, economics, financial analysis and more. In order to

Bitcoin was once exclusively associated with shady dealings, until it had an unexpected boom in 2010. Since then, cryptocurrencies have entered the public eye and it is a heavily debated topic in the finance and tech world. Today, you can use it to pay for various things, even your Starbucks latte. Are you still not convinced? It’s easy to be skeptical. First, crypto’s volatility is enough to make traditional investors and regular spenders squirm. Then, you have new crypto scams popping up everywhere.In this article, we’ll explore the legitimateness of Bitcoin and other cryptocurrencies in an attempt to answer the question: Is Bitcoin legal in Canada? Just because Starbucks allows crypto payments, does that mean you can use it anywhere? Well, legal and legal tender are two different things. We’ll cover Bitcoin’s legality, tax status, and more about crypto with this guide. What is Bitcoin? Bitcoin is a digital currency (better known as cryptocurrency) created with computer algorithms through a

Living pay cheque to pay cheque is a common experience for many Canadians. In fact, the Angus Reid Institute, a non-profit organization, did a recent study on the matter. They found Canadians are feeling the financial pressure of inflation which has left little to no income after paying for necessities like groceries, gas, housing and so on. In addition, 45% of Canadians reported their financial situation has worsened in the last year. Their report also found that if monthly expenses were to increase by as little as $300, 66% of Canadians would not be able to afford the increase. Or they would have to make major changes in their lifestyle to afford the raised cost of living. As you can see, many Canadians are living pay cheque to pay cheque! While it may seem like an impossible task, there are ways to break the cycle and start saving money. In this blog post, we’ll explore some of those methodologies. Read

Climate change is one of the greatest challenges facing our planet and civilization today. With rising global temperatures and increasing levels of greenhouse gases changing the climate at an alarming rate, reversing global warming is at the forefront of Canadian’s minds. To combat this crisis, the Canadian government has introduced the Canada climate action incentive program as a way to encourage both individuals and businesses to reduce their emissions. Under this program, eligible participants can receive payments for taking actions such as installing energy-efficient appliances, switching to alternative energy sources like wind or solar power, or using public transportation whenever possible. Read on to learn more about the Canada climate action incentive and how you can take advantage of this important initiative. What is Climate Action Incentive? The climate action incentive program, or CAIP/CAI for short, is a government-issued, tax-free amount that goes towards offsetting the cost of federal pollution pricing for individuals and families. This applies to residents in

A life partner adds a lot of value to our lives. Many Canadians are looking for that perfect someone and when they find them, you may want to celebrate your love by moving in together or getting married. However, marriage isn’t just about celebrating your love, it’s also a legal contract that involves the Canadian government and your finances (we know — this part isn’t very romantic!) This isn’t to say you shouldn’t get married, but you should have financial conversations with your partner before tying the knot to ensure you’re aligned. In some cases, you may find that common law is actually a better fit for you and your partner due to the differing financial and legal implications. To learn more about common law vs marriage in Canada, continue reading this guide. Common Law vs Marriage Canada Does a piece of paper really signify a loving relationship between two people? For many couples in Canada, the answer is no.

An emergency fund is an important part of your financial health and security. It can help you cover unexpected expenses, like a car repairs or medical bills. Plus, an emergency fund can protect you from falling into a cycle of debt. Just knowing you have funds available in the event of an emergency can provide greater peace of mind too. But what is an emergency fund in Canada exactly? And how much should you save? Here’s what you need to know about an emergency fund in Canada and why they are important. What is an emergency fund? An emergency fund is a valuable resource that can help you stay financially prepared for unexpected costs and stressful situations. This type of fund consists of money you set aside for use in the event of a sudden need, such as an injury or suddenly being laid off. Normally, an emergency fund is a lump sum of cash that’s set aside and readily