Spoiling the Grandkids

How to be a generous grandparent while also being financially prudent. Most grandparents agree – having grandchildren is one of the most fulfilling experiences in life. Loving grandparents undoubtedly want to ensure their grandkids want for nothing, but it can be easy to get carried away. From toys to clothing to school supplies and entertainment, the costs can really add up – and may even impact retirement savings if not managed carefully. If you are a doting grandparent, here are some strategies to help keep your finances on track without compromising your status as World’s Best Grandma or Grandpa. Create a budget and stick to it Buying grandchildren gifts can be rewarding, but it’s a good

For love and money

Talking about money in a new(ish) relationship. Growing into a relationship is partly about discovering the things two people have in common – from favourite activities and hobbies to shared attitudes and beliefs. And, while it may not be one of the first subjects to come up, the topic of money is bound to surface as a relationship gets more serious. Here are some things to consider when beginning to talk about money in a relationship. Timing Every romantic partnership is unique and progresses at its own pace. Talking about money at a level that’s appropriate for the relationship can help a couple develop a deeper understanding of one another. And, as the relationship develops, it can make i

Christmas is Expensive.

Useful tips to not Scrooge yourself during the festive season. Buying the perfect gifts, hosting glorious parties and seeking out amazing memory-making family adventures can make for a magical holiday experience. But it can also leave many household budgets stretched to the max. All that merrymaking can quickly lead to financial pain when credit card bills start rolling in. In a 2017 survey, nearly two-thirds of respondents felt that holiday spending was out of control, with more than half saying they expected to spend more than anticipated. So what’s the perfect balance between fun and fiscal restraint? Here are a few tips to help stay festive without breaking the bank. Plan ahead One of th

Protecting Your Special Need's Child

Financial planning for special needs children: How to support their care for a lifetime. Most families are concerned about planning for their children’s financial futures, but for families with special needs children, financial planning strategies have a different and often more complex dimension. The cost of supporting an individual with special needs adds up quickly – from therapies, medical equipment and special programs to caregiver support and transportation. While the estimated annual cost of raising a child in Canada is nearly $14,000, the cost for families dealing with disability can be much higher. [1] According to Easter Seals Canada, the annual cost of caring for a child with a se

Why Do I Owe Taxes?

The value of my investment is lower – so why do I have a tax bill? It’s something that puzzles investors every tax season: they have an investment in a mutual fund or segregated fund contract that declined in value between January 1 and December 31, and yet they’ve received a tax slip listing taxable interest, dividends or capital gains. There’s a straightforward reason for the tax slip: the fund has either received income (interest or dividends) from its underlying investments during the year or sold underlying investments at a capital gain. Even though the price of the fund has dropped, the taxes due on transactions within the fund have to be passed along to investors. Let’s look at some e

Time for a Career Change?

Managing the financial impact when you change paths. When Workopolis recently asked Canadians how many career paths they had followed, just one in four replied “one.” A clear majority had switched directions at some point – whether because they had discovered a new field they felt passionate about, or because they hit roadblocks such as alack of advancement, cutbacks or layoffs. So, if you are contemplating a career change, you’re not alone. And whether a leap into another profession is by choice or necessity, smart financial planning can help protect your household budget and keep you on track towards a comfortable retirement. Build your skill set Your transition may be just around the corn

The Next Chapter: Exiting The Business

Whether a business is at the stage of attracting investors, or an owner is considering handing the business off to pursue other opportunities or retire, having a formal written succession plan is essential for business owners. A recent study found that close to 60 per cent of Canadian small and medium-sized business owners are age 50 or older, and close to 40 per cent plan to exit their business within the next five years. The majority of those surveyed cited retirement as their main reason for moving on. Yet just nine per cent of small and medium-sized business owners have a formal written succession plan. Why plan now? If you are a business owner, a well-developed transition plan can help

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CLEMENT CHUNG, CFP, CLU

Certified Financial Planner

Fee-Based Financial Planning
Burnaby & Metro Vancouver

©2018 by Clement Chung.