If you suffered a critical illness and if money were no object, I am sure all of us would spend every last dime we had to recover and get on with our lives. Sadly, most of us are not in such a position. Therefore, where would one get the money if there were no bottomless money pouch available? Here are some ways you can use critical illness insurance to fill a financial void.
The Canada Revenue Agency (CRA) shuttered its local inquiry and payment desks last October. The agency has abandoned the practice of mailing hard-copy tax return packages except by specific request. The Telefile system, which allowed Canadians with simple returns to enter their data over the telephone, no longer exists. In case you haven't gotten the hint, the CRA wants to deal with you online.
Most of us don't take the time to take stock of our lives -- to sit back and reflect because we have a 1,001 things going on and we are distracted. Who really has the time to hit the pause button and reflect on their lives when career, kids, and household demands trump our waking moments, thoughts and activities?
With only about one third of Canadians making an RRSP contribution according to the Sun Life Annual Check-up Survey, make this year the year that you start to reap the benefits of your RRSP. Top up your RRSP before March 3 and make an appointment with your advisor to plan how best to invest your tax refund (or tax savings). Your tan may suffer but your net worth will thank you.
Because saving for retirement is the responsible thing to do and paying less tax always sounds great, you wouldn't be blamed for thinking that topping up your RRSP is a no-brainer. But is it? And is getting an investment loan a "good debt" to acquire in order to get it done? Here are some things to consider and speak about with your financial adviser.
How would you rate your retirement planning confidence on a scale of one to five? Are you like the majority who find it very confusing? What would it take to overcome your fear and finally start investing in your future? You can set up a plain and simple saving plan that is so automatic, you won't even notice you're saving.
The fact is, we're all living longer than past generations and we have to make sure we don't run out of our retirement money. Even though it's sometimes hard to do, we need to save more during our working years. Here's what you can do to feel better: create a plan that includes an automatic retirement savings program.