at 3240 Mt Lehman Rd, Suite 201, Abbotsford, V4X 2M9 Canada
Proudly Serving Chilliwack, Abbotsford and the surrounding lower mainland.
I am a Sun Life advisor living in Chilliwack BC with a main office in Abbotsford BC, and I service clients all across the lower mainland. This page reflects my personal opinions, not professional advice, and these opinions do not reflect the official opinions of Sun Life Financial. Sun Life Financial advisors are contracted with Sun Life Financial Distributors (Canada) Inc. A Clear Connection brochure: http://cdn.sunlife.com/static/canada/digital_media/Clear_Connections/IND_ClearConnections_EN_E.pdf
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Much ado about TFSA's! The cumulative deposit limit for this year (if you were old enough to have a TFSA in 2009 and have never contributed) is $36,500. If you redeemed any funds, you get that contribution room back the following year. Be sure not to over-contribute! If you do, the overcontributed amount will be penalized 1% per month.
As much as I encourage parents who receive the National Child Tax Benefit to open an RESP account (even if they never intend to contribute to it), it seems that for the most part there is not a great appeal to do it. I can only assume that this is due to a widespread misunderstanding about how these accounts work. The federal government hands out *free money* to qualifying households (if you receive the NCTB benefit - you qualify). The funds can then grow until they're needed, and the growth is taxed in the hands of the child (not the parent). This is great, because most children will have income under the exemption limit and they'll pay no tax at all. This morning I reviewed an RESP account I opened for a single mother with a four year old in April 2014 - less than one year ago. She made one $25 contribution. The government then contributed $900 in Canada Learning Bonds, and another $100 CLB four months later when her son turned five. The account has also accrued a capital gain and received an annual dividend last December. So - ten months after making a $25 contribution, the account value is $1,125.29. That's nearly a +4,500% gain. I'm sure this rate of return seems far-fetched - and surely there's a "catch"? Really, there's not. Many parents are just missing the boat.
Do you have unused group benefit room for 2014? Most plans provide calendar year benefits. If you've been putting off a visit to a physiotherapist, chiropractor or dentist, now might be a very good time to go.
Life insurance - not the funnest thing to talk about! But it is a vital piece of a family's sound financial plan if you have sizeable debts and liabilities (i.e. kids and a mortgage). If you do have coverage, make sure your bases are fully covered. How much do you have? How long does it last? Does the benefit shrink over time (like mortgage insurance)? Does the price increase later? Will it eventually expire? Is the benefit amount inadequate or excessive? If you don't know all these details, you're likely due for a review. I'm posting this recommendation after personally paying out over $1 million in life insurance claims in just the last three months.
A term I'm hearing more and more these days is "mature bull market". We have had tremendous overall equity gains over the past few years, and the growth rate does appear to be slowing. Summers are historically a slower time of year for market growth. Are you staying on your current path, or adjusting for potential market cooling?
I never thought I'd see the day! A central bank (European) made history this morning by instituting a NEGATIVE INTEREST RATE. Story below. http://www.wealthprofessional.ca/news/a-new-era-dawns-ecb-goes-negative-on-interest-rates-178226.aspx