- Artee@wealthbasics.ca
- 20 Wertheim Court, Suite 40, Richmond Hill ON L4B 3A8
22May
Term Life
Protecting Your Home: Term Life Insurance vs. Mortgage Insurance The purchase of a home is a significant financial commitment, often representing one of the largest investments you’ll ever make. Protecting this investment is crucial, not only for your peace of mind but also for ensuring that your loved ones are not burdened with financial stress no matter what happens in the future. Life insurance is a powerful tool for safeguarding your mortgage and providing long-term security for your family. Homeownership…
Artee Rana
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Wealthbasics
RDSP: Securing the financial future of Canadians with Disabilities If you have a child or a sibling with a disability, you have probably experienced some financial anxiety for their future. Individuals with disabilities often face higher health care expenses for and may struggle to maintain full-time employment. To help address these challenges, the Canadian government offers programs like the Registered Disability Savings Plan (RDSP). An RDSP offers unique features to help provide financial security for differently abled individuals, yet only…
Artee Rana
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Wealthbasics
TFSA – 5 Mistakes to Avoid While a TFSA is a popular registered account with most Canadians, many are not using it to its potential. Avoid these 5 most common mistakes and make the most of this versatile account! Prioritizing Non-Registered Investments Before Maxing Out Your TFSA – Investing in non-registered accounts before maximizing your TFSA can cost you unnecessary taxes. Gains and income in your non-registered investments are fully taxable while TFSA growth is tax-free. Maximize your TFSA contribution…
Artee Rana
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Wealthbasics
What is a pre-existing condition exclusion on your travel insurance policy? If you have ever bought a travel insurance policy, you have likely heard about a pre-existing condition exclusion. It is a key exclusion on almost all travel insurance policies and some health insurance policies. If you are not used to reading insurance contracts, this exclusion can be confusing. This exclusion is especially important for older travelers, snowbirds, and those seeking super visa insurance, as it can significantly limit coverage…
Disability Insurance: A must have for business owners and self-employed professionals If you are self-employed or a small business owner, the risk of being unable to work due to illness or injury can be especially daunting. Without the safety net of employer-sponsored benefits, a period out of work could quickly turn into a financial crisis? Luckily there is a solution for that – Disability Insurance. It pays you a monthly amount; to cover your expenses so you can focus on…
Nikul
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17May
Wealthbasics
Unlock your dream home through an FHSA Aspiring home owners, pay attention! The First Home Savings Account (FHSA) is transforming the way Canadians can save up for their first home purchase. FHSAs combine the best features of other registered accounts like TFSAs and RRSPs and offer unmatched tax benefits to help you get closer to your goal of home ownership faster. How does an FHSA work? FHSAs were introduced in 2022. They are available to Canadians between the ages of…
Saving for a happier retirement through RRSPs What is an RRSP? A Registered Retirement Savings Plan (RRSP) is a valuable instrument for Canadians to build their retirement savings. Like other registered accounts provided by the government, it has some useful tax advantages to help you accelerate your savings. An RRSP offers a strong incentive to save because the amount you contribute is tax deductible, thereby lowering your taxable income, reducing your taxes, and putting more money in your pocket.…
Nikul
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17May
Wealthbasics
Maximizing Your Financial Future: The Power of a TFSA What is a TFSA? A Tax-Free Savings Account (TFSA) is a registered plan provided by the government and an excellent financial tool to help Canadians save and invest for their future. A TFSA is like a basket in which you hold different investments. Your contribution into a TFSA is from after tax dollars with which you can buy investments of your choice. The key feature of a TFSA is that any…
Giving your kids the best opportunities through RESPs Registered Education Savings Plans (RESP) are powerful tools for parents to secure their children’s educational future. Like other ‘registered’ accounts provided by the government, an RESP has numerous tax advantages that can significantly impact the child’s post secondary choice. RESPs provide important tax advantages. While contributions are not tax-deductible, all earnings within the plan are tax-sheltered. This means that interest, dividends, and capital gains grow tax-free within the account. Let’s follow along…
Nikul
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17May
Wealthbasics
Critical Illness Insurance: A Financial Safety Net for Life’s Unexpected Turns Do you know anyone who has had cancer, or a heart attack or a stroke? Was it a sudden diagnosis? And was it emotionally and financially challenging for them? If you can say ‘yes’ to any of the questions above, then you should read on to learn about Critical Illness insurance. Critical Illness insurance provides a financial cushion when you need it most. Consider these sobering statistics: Cancer1: 2…
Nikul
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17May
Wealthbasics
Annuities Annuities Have you been thinking about retirement planning? Are you worried if your savings will last through retirement? If you wish you had a steady income stream through retirement then annuities could be the solution to your worries. What is an annuity? An annuity is an insurance contract that converts a lump sum of money into a steady income stream. You use your retirement savings to create own defined benefit pension plan. Annuities offer a guaranteed stream of income that can…
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I founded Wealth Basics to empower clients by simplifying the complexities of wealth management.
20 Wertheim Court, Suite 40, Richmond Hill ON L4B 3A8
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