Regardless of whether it's a lot or a little, if you're about to come into money, here's how to make sure you hold on to it.
I started thinking about how this is a pretty common occurrence for people: someone has passed away and left behind a sentimental collection - anything from jewelry to model trains to postcards. And if you are inheriting them, it can be hard to figure out what to do with this cherished collection.
The family cottage should invoke memories of warm weather, sunshine, and happiness. Unfortunately, for some, estate battles or family fights surrounding the cottage can tarnish these positive memories upon the death of the owner of the property.
Amendments to the Income Tax Act have been made that incentivize planned charitable giving. Prior to 2016, gifts to registered charitable organizations made by will received tax credits that could only be used in the year of the testator's death or carried back to the preceding year.
It has been estimated that $750 billion will be inherited in the next decade by the Baby Boomer Generation. Within those
Some Boomers lost their way along the hippy highway over the last fifty years. They took a right turn into casinos and consumerism. Seared in my brain is watching a load of Boomer casino goers unload from a bus and waddle away. Poker chips in hand as they sink into the windowless abyss. Money (both having it and losing it) does things to people. Here's what it did to me.
For many families a cottage is a place of special moments, milestones and memories. However, having a recreational property is not always fun and games -- there are also many costs and responsibilities that come along with ownership, especially when transferring the property to your children.
Canadians aged 75-plus have $900 billion in net worth.
Warm weather rolls in and with it a vision of reclining at the beach with a good book. Summer reads they are called. Those books that take you away, absorb your attention. Time stands still as you fall into another world between the covers of the book. It feeds into that endless quality of "summer' time. My book club, which is now in its fifth year, has some suggestions, and I'd like to share them with you.
When you make a will, you decide who is going to get your money in the event of your death. The hope is that you not only set up the next generation for financial success, but you also pass along positive financial values they can carry throughout their lifetime.