Zdyb Financials Ltd
10408 124st NW Suite #403 T5N 1R5 Edmonton, AB, Canada

Hi all The below short 40 second video highlights the importance of proper financial planning to minimize taxes paid to CRA. I look forward to hearing from you to set up meetings to aid in this as we shortly move into the new year and tax time. It’s not what you make.. it’s what you get to keep! Thanks... Jay https://m.youtube.com/watch?v=AEm_dkqqYQw

Hello all! The Canadian government has indicated that the annual contribution limit for TFSAs will be raised to $6,000 for 2019, up from $5,500 this year. The TFSA’s annual contribution limit amount is indexed to inflation, and rounded to the nearest $500, using the consumer price index provided Statistics Canada.... With the TFSA contribution limit rising to $6,000 for 2019, the cumulative TFSA contribution limit in 2019 will be $63,500 for a Canadian who has never contributed to a TFSA, and who was 18 years old or older in 2009, the year in which the program was launched. I look forward to hearing from you to take advantage of this investment vehicle!

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Providing care for someone you love can be a rewarding experience, but it can be costly and lead to family disputes about how the work and costs should be shared. Contact me to start the planning process.... I found it interesting that Canadians are missing out on tax breaks for caregivers. Canadians contribute an average $430 per month to care for aging or ill family members. The burden of caring for an aging or ill family member is an increasingly significant financial con...cern for about one-third of Canadians, yet very few are taking advantage of tax breaks designed to ease that burden. A poll I came across found that only 43% of respondents are aware of tax credits that are available to facilitate caregiving such as the Medical Expense Tax Credit, the Canada Caregiver Credit, the Home Accessibility Tax Credit and the Disability Tax Credit and just 12% are taking advantage of them. According to that survey, Canadians contribute an average $430 per month to care for a loved one due to advanced age or illness, and this is requiring financial sacrifices from most who are in this situation (76%). These sacrifices include reducing other expenses (59%), using personal savings (41%) and saving less than they otherwise would (41%). Additionally I found in the poll, the unequal sharing of these burdens within a family often leads to sibling strife over the sharing of the work and costs. I can help clients plan for eldercare: The best way to support a loved one is to plan ahead and discuss arrangements well before any care is needed. Planning for expenses and knowing what funding and tax relief is available can help everyone feel better prepared for the care years ahead. According to that survey, 33% of Canadians are either already providing care for a relative, or expect to start in the next five years. For those aged 45 to 55, the share rises to 40%. Eldercare costs can impact not just current finances, but also longer-term plans. Don’t let caregiving be the blind spot in your financial plan. In addition to any out-of-pocket expenses, consider how providing care could impact your own retirement plans if you or your partner had to reduce time at work or even retire earlier than planned to provide full-time care for an aging relative. Having a clear plan in place can help ensure your own financial priorities don’t get sidelined. The impact of caregiving costs should also be considered as part of estate planning. I believe that when arrangements are informal, misunderstandings can arise. Having clear conversations and the right paperwork in place, including Powers of Attorney (POA) and a will, an estate plan can help mitigate family disputes and ensure that all assets are managed and divvied up according to mom’s or dad’s wishes. Contact me at Zdyb Financials to start the planning process. Thanks Jay

Millennials don’t seek professional advice when they receive an inheritance Nearly half of those who have already inherited wish they had sought financial help Canadian millennials are rolling the dice and not seeking financial help or professional advice when they receive an inheritance, according to survey results published on Tuesday from Toronto-Dominion Bank.... The survey uncovered that while 83% of millennials who have received, or who anticipate receiving, an inheritance feel confident in their ability to manage their inheritance, nearly half (46%) of those who have already inherited wish they had sought professional advice on how to manage their new-found wealth. Managing an inheritance can be incredibly overwhelming, especially for those millennials who are typically not as well-versed in managing larger sums of money or assets. When receiving an inheritance, it is all too easy to become overwhelmed and make decisions you later regret, says Jeet Dhillon, vice president and senior portfolio manager, TD Wealth. This is particularly true in cases where a large inheritance makes you a high-net-worth individual overnight, as the sums involved tend to be bigger and the consequences of the choices you make are magnified. The survey also showed that 41% of millennials expect to receive an inheritance or have already received one. Of these, 60% anticipate they will receive cash, while 53%)foresee inheriting a property or the proceeds from the sale of. The value of your inheritance may be greater than anticipated, and once received, it can be difficult in the moment to make strategic decisions that will benefit you and your family for the long term. It’s important to pause, determine what your short and long-term financial goals are, and develop a comprehensive plan with your advisor that will help you meet those goals before taking on any new financial commitments, continues Dhillon.

We often focus on saving for retirement, but what about Canadians who are already retired? The youngest of the baby boomers have now entered into that phase of their life and you have to wonder how it might differ from the previous generation, a cohort with what some might call more traditional values (cost-conscious savers who avoided debt). They regarded their home as their nest egg and in many cases, had pensions they could count on. Data that Statistics Canada released in...Continue reading