Managing Your Wealth

A RRIF is very much like an RRSP in reverse. An RRSP is an account designed to help you save for retirement – a RRIF is an account designed to provide annual income in the form of withdrawals from a registered plan during your retirement. Click to read on about how you can benefit from an RRIF.

Investors are often subject to behavioural biases that can lead to flawed decisions and choices. Being aware of these biases – and understanding how they arise from your background and life experiences – can help you make better investing decisions and help achieve your financial goals.

This is a helpful resource summarizing important tax, retirement and estate planning information.

Introduced in 2023, the tax-free First Home Savings Account (“FHSA”) is an innovative registered plan that allows prospective first-time home buyers to contribute up to $40,000 towards their first home, benefiting from tax-free growth. Similar to a Registered Retirement Savings Plan (“RRSP”), contributions to an FHSA are tax-deductible, and withdrawals to purchase a first home — including from investment income — are non-taxable, like a Tax-Free Savings Account (“TFSA”).

The great wealth transfer is underway, with aging baby boomers passing their wealth onto the next generation. But another wealth transfer is emerging among aging advisors with hundreds of billions of dollars in client assets under management, potentially requiring new financial shepherds.

The attached article – Preparing Your Last Will and Testament – explains various aspects of Will preparation including, the importance of appointing an appropriate executor, life events that warrant a Will review and the use of testamentary trusts.

This is designed to help your family, executor (referred to as a “liquidator” in Quebec), or Power of Attorney for Property (referred to as a “mandatory” in Quebec) locate all of your important documents and other information needed to administer your estate or act as your Power of Attorney for Property

Parents are often interested in making substantial gifts to their adult children to give them a good start in life, to mark a significant occasion or simply to enjoy seeing their children benefit from their accumulated wealth. However, you should plan in advance to ensure any gift does not suffer unintended consequences.

If you are holding investment accounts at multiple financial institutions, consider consolidating them. Consolidation can help you manage your money efficiently and effectively, thereby simplifying your life and the ability to access more comprehensive advice.

This article provides an overview of the information and tools available through Gateway. A key feature of Gateway is the ability to access your BMO Nesbitt Burns account statements and trade confirmations electronically by signing up for eDocuments.