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Home My WebLink AboutThe Citizen, 2012-02-09, Page 7THE CITIZEN, THURSDAY, FEBRUARY 9, 2012. PAGE 7. NC –You have finished school and you’ve managed to land yourself a decent job. Finally in a position where you are financially stable and you may be ready to take the next step in your life and buy a house. No more having to deal with crazy roommates or strict landlords. But first, you have to find that perfect house. It is often easy to narrow down the specific elements you want in a house, besides providing a roof over your head. How many square feet is it, does it have a lawn, is it in a great location; but it is important to consider your budget when dreaming up your ideal dwelling. Since this is your first house, you can take advantage of the Home Buyers’ Plan which allows you to withdraw up to $25,000 from your registered retirement savings plan to buy or build a qualifying home. Once you’ve finally chosen a house and put down the deposit, all that’s left to do is pack up your belongings. Then, once tax season rolls around, you may be able to claim $5,000 as the first-time home buyer’s amount. This is a non- refundable tax credit representing tax savings of up to $750. You can find out if you qualify online at www.cra.gc.ca/hbtc NC –There are special considerations for women when it comes to retirement financial planning. Several factors may impact their pension and savings, such as situations where women may leave the workforce to care for parents, children or both. Another reality is that women often live longer than men, and when paired with the fact that for many married couples, the husband is older than the wife, this may add up to a longer time in retirement for women than men. When you consider that data suggests that post-retirement years have stretched from 13 to 20 years, or 54 per cent longer, it’s clear that a proportionate increase in savings is needed to fund a longer retirement. So what can women do to help ensure their retirement planning is on the right track? Here are some suggestions: • Ensure you have a written, comprehensive financial plan. A recent TD Waterhouse poll found that only 31 per cent of Canadian women have a financial plan. It’s an essential way to define your long- term goals and the steps you’ll take in the short term to get there. • Consider working with a financial advisor to ensure your investments match your long-term goals such as retirement, estate planning and kids’ education. Advisors can also provide advice on investments to consider if you don’t currently have a diverse portfolio. It’s important to know that you don’t need to have a lot of knowledge to work with an advisor; they will provide the advice, education and updates you need to understand and navigate the financial markets. • Take an active interest in your family’s finances. Even if you’re not the one in your family paying the bills or making the investment decisions, it’s important to understand where your savings and investments are housed; your family’s investing strategy; any tax strategies; and also to know whether loved ones have an estate plan and a will. • Consider planning for unexpected events. Many Canadians are living beyond their means, leaving them vulnerable to unexpected events, such as the death of a spouse, the loss of a job or the need for major home repairs. A good emergency fund should include six months worth of living expenses should something unexpected happen. NC –It always feels right to give back to the community through volunteering. Sometimes, however, choosing just the right volunteer opportunity from so many may seem overwhelming. For those who grow up with dreams of saving lives, however, the choice may be simple to become volunteer firefighters. Volunteer firefighters serve a vital role in Canada, particularly in small towns that cannot afford to staff full- time firefighters. In addition to the satisfaction of helping their community, as of 2011, volunteer firefighters who have completed a minimum of 200 hours of eligible service throughout the year may be able to claim the non-refundable volunteer firefighter tax credit based on an amount of $3,000 and save as much as $450 at tax time. More information about this tax credit is available online at www.cra.gc.ca/firefighter NC –After close to four years of financial market volatility, investors are looking to regain the losses they suffered in their retirement savings portfolios. While the slow and steady way to grow wealth works best when you have 30 or more years until retirement, this isn’t necessarily the most effective method for those people who have 20 or less years to go. This is one of the main reasons why some people are choosing staggered retirement. And while they continue to work, they are also working on rebuilding their savings to pre-2008 levels and planning their estates. Guaranteed investment funds and market-linked term investments have death benefit guarantees. If these products aren’t already part of your portfolio, then it’s time you became more familiar with them by speaking to your representative about the importance of protecting the value of your assets in the event of death. Creating a solid estate plan that ensures that your children and grandchildren receive a solid inheritance that isn’t whittled away by after-death taxes is crucial. It’s estimated that by 2020, close to $750 billion will pass from one generation to the next – averaging $650,000 per transfer – and more than two thirds of these transfers will be comprised of liquid assets. Chances are many of the beneficiaries will invest their inheritances, but with whom is the key question. It’s advisable that they remain with their parents’ representative. The current financial portfolio advisor will know the history and will be able to advise them on how to best protect this financial legacy. To learn more about rebuilding your retirement savings and creating a solid estate plan, speak to your representative and be sure to do your research. Special considerations for female investors Begin planning for succession of your estate Ready to take the next step? Read this first Volunteer firefighters may be eligibile for tax credits FARM SUCCESSION PLANNING YOU NEED ANSWERS TO QUESTIONS? • Where do I start? • Where do I go for the right advice? • What options do I have? • How can I minimize taxes and maximize value? THURSDAY, FEBRUARY 16, 2012 6:45 p.m. Registration - 7:00 p.m. Start Knights Of Columbus Hall 99 Kerr Street, Wingham SPEAKERS Len Davies CFP, CLU, CAFA, CIP, CDFA Legacy Planning Group Liz Wagner CFP, CAFA ORR Financial Services * Information about Government Program Funding available ~ “Growing Forward Program” Please RSVP to Liz Wagner • 519-356-2020 Sponsors 9 Rattenbury St. E., Clinton, ON N0M 1L0 Ph.: 519-482-9924 ~ 1-888-235-9260 Res.: 519-524-9260 Check out RRSP and RRIF plans designed to meet your needs. GIA, Mutual Funds, Seg. Funds Invest in your future today! RRSP DEADLINE: FEBRUARY 29, 2012 Have you ever considered planning your financial future? See Lawrence for a free consultation. JACQUIE GOWING ACCOUNTING SERVICE Accounting & Income Tax Preparation Monthly Bookkeeping Tailored To “YOUR” Needs • Reconciliations • Personal, Farm • Government Remittances Business & Corporate • Payroll • Electronic Tax Filing All services available on site or at our office RR 2 Bluevale 519-887-9248 Fax 519-887-9454 FINANCIAL 2012 Find bargains from our advertisers in the Deals section of our website at www.northhuron.on.ca