Dealing With Expensive Kids

How to manage expenses while keeping your child in the game. Extracurricular activities for kids are more popular than ever, whether individual and team sports or music and language lessons. An Ipsos poll revealed that Canadian parents spent about $1,160 on extracurricular activities during the 2017–18 school year, up 3.5 per cent from the previous year. And according to another study, parents in Canada spend more per child on youth sports than anywhere else in the world. When children are small, parents often encourage a variety of activities, from swimming lessons to soccer, from dramatic arts to piano lessons. Depending where you live, these activities may be available through municipal p

You Received An Inheritance... Now What?

Whether you pay off debt or invest, some strategic planning can help newly inherited money go a long way. When a loved one passes away and leaves a bequest to you, you may be filled with a range of emotions from grief to relief – while you are saddened by your loss, an inheritance can be an excellent opportunity to improve your financial well-being. An inheritance is a gift that needs to be treated with special care. If you find yourself the recipient of one, here are some ideas to consider. Take your time It’s a good idea not to make any major decisions about your inheritance too quickly. Carefully think about your options and how they might relate to your financial goals. Consider placing

Here is Why You Should Incorporate

Are you running a successful small- or medium-sized business? If your business is well established, it might be time to consider changing its structure for tax, legal and financial reasons. If you are earning greater revenues, growing the business or expanding into new markets, a corporate business structure may be a better fit, offering several advantages from a tax and liability standpoint. How incorporating can help Lower liability Incorporating your business creates a new legal entity, one that can acquire assets, obtain a loan, enter into contracts and sue or be sued. A corporation’s money and assets belong to it, and so do its debts. That means if a corporation goes bankrupt, its share

Am I Paying Too Much Taxes?

Plan today for lower taxes tomorrow. Nobody likes to pay more tax than they Have to. The good news is there are strategies beyond contributing to a Registered Retirement Savings Plan (RRSP) that can help reduce your taxes owing. A variety of expenses can be claimed as a tax deduction or tax credit on your tax return. Here are eight strategies to consider. 1. Make a TFSA contribution before December 31 Starting in 2009, all Canadian residents age 18 years or older can contribute up to a maximum amount per year ($6,000 for 2020) to a Tax Free Savings Account (TFSA). Any unused contribution room can be carried forward indefinitely. The cumulative total since 2009 if you haven’t previously contr

Retail Therapy

How to be a savvy online shopper. If you’ve purchased something on the Internet recently, you’re in good company. Last year, 26.8 million Canadians bought goods or services online. Nowadays, you can buy almost anything online, from groceries and electronics to clothing and home furnishings – it’s no wonder that roughly one-third of respondents to a 2019 survey indicated that they planned to spend more money online in the coming year. Why shop online? Some people appreciate the convenience of online shopping, some like the wider choice and, for others, the lure of a good deal is what brings them to the internet. Always open Many of us don’t have time during business hours to go shopping. For

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CLEMENT CHUNG, CFP, CLU

Certified Financial Planner

Fee-Based Financial Planning
Burnaby & Metro Vancouver

©2018 by Clement Chung.