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Managing Debt |
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Now that summer has officially arrived, many of us start to think about
home renovations, garden projects and summer vacations.
But while we
often know what we want to accomplish, sometimes we are not sure where the
money will come from. If you're planning for a large expense this year,
consider some of the following issues:
Budget management
Create a household budget that will help you establish control over your finances.
This will help you determine what current expenditures need to be...
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Submit a question or Book an appointment |
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Where's the money?
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When Dora died on August 1, 2002, most of her assets passed by Will to her
adult children and were therefore subject to probate. $250,000 was in GICs
and a fairly rapid transfer of this money to her heirs would be expected.
But that was not the case. They had to wait until March 2004 for it. That's right, almost two years.
Not only did the GICs attract legal and probate fees in excess of $10,000,
but while they were waiting for their share, her kids had to pay income tax
on interest earned on the money held in trust. This proved to be a hardship
for some of them who...
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It's up to you to know the
consequences |
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The news has been full of stories lately of plunging real estate prices in the United States.
Many Canadian visitors to such places as Florida, Arizona and Hawaii have seen the small
forests of For Sale signs lining the streets. Real estate promoters from these and other
states are running seminars and renting booths in trade fairs to peddle their wares.
Many Canadians are viewing this as an opportunity to buy a bargain. But what are the
consequences of owning U.S. property?
Estate Taxes - When someone dies and they own property in the United States, the Internal
Revenue Service (IRS) will look to collect an estate tax. This tax is based on the value
of the...
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Web Resources |
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Worth a Look |
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Just For Fun |
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Tell a Friend |
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“Truly great friends are hard to find, difficult to leave, and impossible to forget.”
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Commissions, trailing commissions, management fees and expenses all
may be associated with segregated fund investments. While the
principal amount of a segregated fund investment may be
guaranteed, their values change frequently and past performance may
not be repeated. Please read the prospectus of the segregated
funds in which you invest. The information in this email
newsletter is general information only and is not intended to
constitute specific legal, accounting, financial or tax advice for
any individual.
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