Family | Crawford • Ashwood Financial

While many people are making their New Years Resolutions about health and wellness, consider committing to your financial wellbeing too! Here are a few things to think about when writing down your 2024 goals. Top up your TFSAs or consider making a regular contribution The new maximum limit for 2024 is $7,000, however if you have not maximized your contributions in previous years then you will have more than the annual limit to contribute. If you don’t have the cash available for a larger deposit, you could consider making regular bi-weekly or monthly contributions throughout the calendar year to maximize…

While many people are making their New Years Resolutions about health and wellness, consider committing to your financial wellbeing too! Here are a few things to think about when writing down your 2022 goals. Top up your TFSAs or consider making a regular contribution The new maximum limit for 2022 is $6,000, however if you have not maximized your contributions in previous years then you will have more than the annual limit to contribute. If you don’t have the cash available for a larger deposit, you could consider making regular bi-weekly or monthly contributions throughout the calendar year to maximize…

I think that we are all feeling various levels of unease at present; from slightly off kilter to all-out anxiety. Watching the numbers of new infections of COVID-19 every day certainly doesn’t help, nor do the wild swings in markets help calm us. We are living in a world where we are bombarded with daily news and it can be exhausting trying to keep up with it all. As we talk to many of our clients, we find that everyone’s approach to coping is different. Some people are glued to their TVs and radios, others are choosing to use this…

This is becoming one of the more common questions asked by our clients in recent years. A person or couple’s home, if owned, is often one of their largest assets, so people look for ways to limit the probate due on these assets. But you have to be very careful about putting an adult child as a joint owner because there can be some serious consequences. 1. A principal residence is one of the few assets that gets preferential income tax treatment, so losing this potential benefit is something you want to avoid. In most cases, the child will not…

As loving parents, we teach our children the important life skills that we hope will give them a happy & productive life. Money Management is a skill that needs to be learned and it is our job to give them a good foundation on which to build their futures. I have observed two very interesting realities interacting with several generations of families while coaching them about money management. One is that there does seem to be a personality type (or as we laughingly call it a money gene) that will give children a tendency to be good with money, or…

No matter the circumstances, losing a spouse through divorce can be an emotionally devastating experience. It is also a time when many financial matters require your immediate attention. To help avoid making emotionally driven – and potentially harmful – financial decisions, it’s important to get advice and organize yourself. Here are six important action steps that can help protect your personal finances. 1. Update your financial accounts When you are starting your new life as a single, you will need to change the registrations on any financial accounts that are owned jointly. Such ownership changes typically require certain documentation. It’s…

The birth of your baby is the perfect time to review your financial life. You want your loved ones cared for if something were to happen to you or your partner, and be in the know regarding benefits and savings options available for your new bundle of joy. I am sure you and your partner put a lot of time and research into what went on your baby gift registry, and read every review under the sun regarding car seat safety, and what perfect shade to paint the nursery. Wouldn’t you agree that you should plan to keep your little…

Marriage is arguably one of the biggest and happiest events in many people’s lives. Those rose coloured glasses are in full effect when we are in love and joining our lives with another. There are a few simple things you can do financially to keep the bloom on that rose. Number one is communication. It is extremely important, from the get go, to be brutally honest about your past and current financial life, and what you ultimately want your financial lives to look like together. If you are coming into a marriage with debt, then you need to disclose that,…

Today we continue with our Life Events series, and discuss planning tips for dealing with a disability. A disability for you or a close family member creates new challenges for you and your family. Have you ever considered what would happen if you or the main breadwinner in the family was no longer able to work? Would that income stop? Could you survive on only one person’s income? Would this cause issues for the care of your children? You should also consider the impact disability would have on a stay-at-home parent. This is a hugely important role, which may not…

Continuing our Life Events series, today we delve into some planning thoughts when you leave a job. Although we would all like to think that we can choose when to change our job or when we retire, the reality is that sometimes the choice is made by our employers. When you lose your job, there are many important decisions that have to be made in a short time. Severance/Retiring Allowance There are minimum severances and retiring allowances that employers must pay, set by the provincial government. These are based on your years of service. However, there are conditions where additional…

Category Archives: Family

Happy New Year

Happy New Year

Thoughts for Difficult Times

Should I put my kids on title of my principal residence?

Teaching Our Children Money Skills

Divorce

The Birth of Your Baby

Money & Marriage

Disability

Leaving a Job