Planning for the Year Ahead

Happy financial 2018!

Life sometimes seems to get in the way of reaching financial targets and, unfortunately, we can never account for the unexpected. We can, however, put barriers in place that will help to mitigate the financial burden; it is enough to have the emotional burden of an illness or death without worrying about depleting you and your family’s savings. In addition to insurance, it is important to have an emergency fund, or source of funds in the case of an emergency. Typically, anywhere from 3-6 months of budgeted costs should be available. This does not necessarily mean to have the money sitting in a bank savings account earning very little, but it certainly does not mean having all of your funds locked in or invested in the stock market. If you are fully invested, ensure you have funds in low or no risk options in case of emergency. Others may choose to have a line of credit available; you have to be disciplined and not use the credit line for normal expenditures. One of the first decisions of the year you may make is whether to invest in a RRSP (Registered Retirement Savings Plan) or a TFSA (Tax free savings account). Both of these investment vehicles are tax-efficient and both may be effective options for you, but these plans are different and have specific advantages and disadvantages. Don’t wait until the last week of February to make your decision.

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This information has been prepared by Carol Plaisier Investment Advisor for HollisWealth®, a division of Industrial Alliance Securities Inc. and does not necessarily reflect the opinion of HollisWealth®. The information contained in this website comes from sources we believe to be reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any the securities mentioned. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces where she is registered. For more information about HollisWealth®, please consult the official website at

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