Retirement Planning

BMO Financial Planner’s ‘Erroneous’ advice loses Ontario couple almost $50,000

A retired couple claims that a Bank of Montreal Financial Advisor’s advice cost them nearly $50,000. The couple wanted to transfer some savings from an American retirement savings account to a Canadian RRSP. However, financial planners at two other big banks advised against the transfer, indicating that the couple would lose a huge chunk in taxes in Canada and the United States. After receiving this information, the couple proceeded to stop by a BMO branch in Bellville, Ontario, where they knew the branch manager.

The Transfer Stage and Estate Planning

After working hard all your life, you tend to accumulate assets in the process. It is prudent to have a plan to take care of these assets when you pass away. This can be the largest tax bill during your lifetime! You can give a majority of the assets to the government in tax or you can plan now for how to reduce your largest tax bill. This tax bill can be in the 50% range of asset values and gains on the assets.

10 Steps To Keeping Your Financial Focus

In today’s market, especially the events which have occurred over the last few months, such as low oil prices and China’s currency devaluation, it seems as though these events should simply be classified as “noise” and should not deviate you from your initial financial plan. In essence, your financial plan should be geared towards long-term sustainability, not short-term fluctuations. The goal is to try your best to ignore the noise circulating the market news and stay true to your personalized financial plan.

Six Strategies for Volatile Financial Markets

With the recent issues circulating in China due to the devaluation of its currency, combine that with the decline in oil prices and the possibility that the U.S. Federal Reserve will eventually move to increase interest rates, the market has suddenly become volatile again. Due to these factors, it has been prompted by fear that global growth is slowing down.


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