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HomeMy WebLinkAboutThe Citizen, 2011-02-10, Page 13THE CITIZEN, THURSDAY, FEBRUARY 10, 2011. PAGE 13. FINANCIAL 2011 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 One Stop Bookkeeping & Income Tax Services Glenda Morrison, CIM Personal Tax Return Preparation & Bookkeeping Services New clients always welcome 81 Alfred St., Brussels 519-887-8642 E-Filing Available E-Filing Available Reasonable Rates Retirement plan needs day-to-day, emergency funds NC – When picturing retirement, we often think of exotic vacations, focusing on our hobbies or spending time with family and friends. It’s easy to forget that, along with our big-picture plans, there will also be day-to-day expenses as well as unexpected costs that can eat into our retirement savings. With changes to the Canada Pension Plan (CPP) on the way over the next few years and employer- sponsored pension plans becoming less common, future retirees will need to take on more individual responsibility to ensure they have enough income for their retirement. “Canadians are living longer, and many fear they will outlive their savings,” says Tina Di Vito, head of the BMO Retirement Institute. “In order to be prepared, the first step is for Canadians to think about the various factors that will affect their retirement, including their health, life expectancy, marital status, the cost of living and the level of expenses they will incur.” In order to ensure a comfortable retirement and maintain peace of mind, it’s best for individuals to plan ahead and assess how much income they will require on a monthly basis after they stop working. Individuals should also think about where this income will come from and how much of a “sure thing” this income is. Every Canadian should have at least one source of retirement income that is guaranteed (ideally, this guaranteed component should make up at least 30 per cent of your overall retirement cash flow). INCOME TAX SERVICE $$ • farm, business, or personal • complete year-round service including tax audit representation • E-File available Over 20 years' experience Quality work at reasonable rates "FREE CONSULTATION" Stephen Thompson R.R. #2, Clinton Home # 519-482-3244 Cell # 519-524-0957 Practice financial balance to meet all needs NC – It’s hard to find a balance between keeping money in your wallet now, leading the lifestyle you enjoy, and also saving for the future. There are many considerations when determining the savings plan that’s right for you: one option is a Retirement Savings Plan (RSP). The deadline for making RSP contributions for the 2010 tax year is March 1, 2011. Other options include: paying down your debt or mortgage, contributing to a Tax-Free Savings Account (TFSA), or a Registered Education Savings Plan (RESP). “For many Canadians, RSPs are an excellent way to save for a financially-secure future,” says Patricia Lovett-Reid, Senior Vice President, TD Waterhouse. “However, ensure that you carefully weigh all the alternatives and find the right mix of investment tools that will help you achieve your short, medium and long-term goals.” Here are some tips to help you get started – or help with your current investments: • Make sure you have a plan. Know what your goals are and determine what financial steps are needed to get there. An experienced financial advisor could help you build a custom plan suited for your personal situation as well as help you manage it. • Contribute regularly. Monthly contributions can help you reach your total annual contribution goal. Investigate taking advantage of payroll deductions for RSP if offered by your employer. • If short of funds, consider a loan for your RSP contributions. The tax deferred compound growth on your investments could potentially outweigh the interest costs. • Evaluate your investment portfolio regularly. Analyze your asset allocation and assess if it’s appropriate for your required return, time horizon and risk tolerance, as well as if you’re on track to meet your goals. • Be mindful of the limits. Review your Notice of Assessment statement provided by the Canada Revenue Agency to check the maximum you can contribute to your RSP. You will pay a penalty if you over-contribute. • Financial Planning • Income Tax Preparation • Insurance Analysis (Disability, life, etc.) Services Include: Brian R. Machan, CFP Certified Financial Planner & Mortgage Agent • Investment Planning (resp, rrsp, tfsa) • Mortgage Analysis Canfin mortgage & equity inc. fsco Licence # 11949 Call today for a free consultation 1-877-422-6346 x532 bmachan@canfin.comwww.canfin.com Finding your advisor NC – When it comes to money, the best advice is to rely on the experts. A good investment advisor can make sense of the volatile stock markets and help you meet your long term goals. But how do you find the right advisor for you? Five easy tips that will help you find the right advisor are: Research – Review your investing history, assets, goals and risk tolerance. This research will better prepare you for interviews with prospective advisors. Referrals – Ask friends, family and colleagues for their insight. How and why did they choose their advisor? A good referral is a great place to start. Interviews – Take the time to interview several candidates. Find out about their education, experience, accreditation and business practices. How many clients do they work with? Will you receive the personal attention you need? Answers to these questions will give you peace of mind.. References – We check references with babysitters and prospective employees – why not with an investment advisor? Ask to speak with current clients. Do they understand their portfolio and its performance? Can they reach their advisor easily? Compensation – A good advisor will be open with you and detail exactly how they are compensated. In general, advisors are paid for advice through commissions, fees or a combination of these methods.