Arlyne Tiam-Insurance Advisor

HAPPY VALENTINES!! We think of love on Valentine's Day; should we also think of money? Connecting with a partner on a financial level is as important as an emotional one. According to Divorce.com, financial problems are the number one reason that marriages fail. With that in mind, maybe financial goals are some of the most loving things you can discuss.... According to thebalance.com, planning ahead can build a strong financial foundation for your relationship. Here are the recommended steps to create that plan: Step 1: Define Success - It is impossible to be successful if you have not defined what success means. Talk to your partner to determine exactly what you both want out of your financial relationship. Do you want to be debt free? According to a TDAmeritrade survey, 39 percent of Americans say that is success. How about having a financial reserve for education or retirement? In the same TD Ameritrade survey, 29 percent thought that was success. Once you know the goal, it is easier to budget knowing how you want your future and current financial situation to look. Step 2: Align your Priorities - If one person is concerned with having fun and living in-the-now then it might not match with a partner that wants to pay down debt and plan for the future. But you might share some values, like saving for education or retirement. Find those values you both share and work together. No matter what your spending and saving habits are you can agree to save during the year for something you both want: a vacation or a car, for example. Step 3: Agree on how to accomplish your goals. Be flexible and be committed. You might try a separate bank account to accommodate your savings or target a credit card for a Zero balance. Step 4: Make it fun. Plan some milestones into your financial relationship and when you reach them, have a celebration. You could plan a night out to dinner, a picnic, or a short jaunt to a local festival.

MAKING YOUR RESOLUTIONS SUCCESSFUL! Two words sum up New Year's Resolutions: Faith and Gym. According to LifeWay Research, a 2015 study show that 57 percent of people made a health resolution while 52 percent made a faith resolution.... Those top two topics lead five categories of New Year's resolutions. About 43 percent of respondents in the telephone survey, cited use of time as an important resolution. That was followed closely by improving relationships with family (42 percent) and working on finances (37 percent). One third of respondents wanted to improve a relationship with a friend. If you are one of the 75 percent of people who have failed to follow a resolution, you might want to reframe and re-adjust your new year vow. According to Christine Koh and Asha Dornfest, authors of Edit Your Life podcast, try using a different word for resolution. Try thinking of your resolutions as intentions or directions about where you will take the year. If you think of them that way, then you may find yourself broadening your aims. Instead of vowing 'run one mile a day,' maybe what you really want to do is spend 30 minutes in dedicated exercise. No matter what your goals, sometimes the hardest become much easier when you whittle down a resolution to the barest bones. If you want to exercise, but you never have actually done it, maybe your resolution should be to just put on your exercise clothes at a specific time every day. Or just exercise for five minutes. That easy vow will get you started. Dornfest recommends you get a confidant to talk with you about pursuing your resolutions. The same person might not be perfect for all your resolutions, though. Koh advises building failure into resolutions. Hey, you are never going to be perfect. If or when you slip up, how will you address the problem? Build in a 'start again' plan.

When is the best time to plan for retirement? As soon as possible but understandable that you have your priorities first especially if you are in the early stage of building a family. But it is a good practice to purchase an RRSP especially if you are in high bracket income. If you don't have much money to buy an RRSP, take an advantage of an RRSP loan. Dead line is on March 1 but contact me earlier if you need a loan. I will guide you through on how to grow your money wi...thout any advisor's fee. Here are some teasers: 1. Would you like to have a 5% income base bonus builds income potential? 2. Automatic income resets mean Your income may be bumped up! 3. Death Benefit Guarantee, Income Base and Bonus Base reset automatically every 3 years! 4. Potential for higher growth with 3 investment options offering 80% equity exposure! 5. Excess withdrawal alert service to safeguard your guaranteed income. 6. Creditor's proof Those are just a few features that I could assure you!! DON'T WAIT, call 416.727.4710

New Rules for Life Insurance Policies after January 1, 2017 The federal government has passed legislation that will change how life insurance is taxed. As a result, new rules will be applied to Canadian life insurance policies starting January 1, 2017. The new rules might have tax implications for some policyholders, so it’s important to understand how the new legislation might affect you. We recommend that you contact your Advisor or me, 416.727.4710 to find out if these rul...e changes might affect your existing insurance or your plans to buy insurance in the future. Potential Effects of the New Regulations A reduction in the maximum amount of premiums that can be deposited in a policy. A change to the maximum amount of cash that can be accumulated in a policy. What’s Changing and What’s Not Changing Generally, policies issued before January 1, 2017 will be grandfathered and remain subject to the old taxation regulations. This means that nothing will change with regard to an existing insurance policy. However, if certain changes are made to an existing policy after January 1, 2017, the policy may lose its grandfathered status. Examples of Changes That Might Result in a Loss of Grandfathered Status Additions to your insurance coverage that require you to provide medical or health information. Conversion from one type of insurance policy to another (for example, from a term policy to a permanent policy). Examples of Changes That Will Not Affect Grandfathered Status Moving from smoker to non-smoker status. Transferring ownership of your policy. Life Insurance Remains a Powerful Financial Planning Tool Life Insurance Remains a Powerful Financial Planning Tool tax-free death benefits, and tax-advantaged accumulation to help you build, protect and transfer your wealth. Even under the new rules, life insurance will continue to be a great planning tool and, for incorporated clients, will still be a tax-efficient way to pass down money from a corporation to surviving shareholders and/or beneficiaries on the death of the insured person. Why the New Legislation Is Being Introduced The current legislation has remained unchanged since 1982. Since then, life expectancy and insurance have changed significantly. The changes to the legislation reflect the fact that people are living longer, and ensure greater consistency in how different insurance products are taxed. What to Do if You’re Considering Changes to Your Existing Life Insurance or Buying a New Policy Before doing anything, talk to your MD Advisor or MD Insurance Consultant, who are experts in life insurance. They can answer any questions you may have and help ensure you have the correct insurance coverage in place, build value for your beneficiaries and maximize the tax effectiveness of your policy as part of your overall financial plan. Together, you can decide what is right for you and your family.

Additional info on Life insurance changes in 2017 January 1st! PROTECT YOURSELF, PROTECT YOUR FAMILY--greatest investment fund is LIFE INSURANCE! Grandfathering of life insurance policies issued prior to January 1, 2017... There will be a great changes in Life Insurance on January 1, 2017. You will lose your grandfathering when: 1. A policy issued before January 2017 is converted after this date. 2.. Any coverage requires medical underwriting is added to the policy on after January 1, 2017 Thus, term policies issued before 2017 will be subject to new rules if converted to a permanent policy on or after January 1. 2017. Any additional insurance amount added to the policy that requires medical will cause the loss of grandfathering. Bottom line Convert your temporary insurance to permanent now! You will also take advantage of the low cost of insurance if you ACT now! I am just a phone call away for more info 416.727.4710!