Logan Marchen CFP RRC - IG Wealth Management

The financial impacts of having a disability, both short and the long term, affect both the person with the disability and their caregivers. Despite this, many families don’t have the right financial plan in place.

We can help you make the most of an RDSP and other government programs, while putting a comprehensive financial plan in place that considers your full family picture.

Join us on Dec 3rd to learn more: ow.ly/scHx103bYx4

It's important to recognize the work involved during the application process of the Disability Tax Credit, however, limiting unreasonable fee's charged means more for the people who truly need it - the disabled applicant and their family. I think everyone can agree this should be the goal of all involved.

Proposed fee cap on disability tax credit consulting stalls once again Jamie Golombek: Getting CRA to allow DTC can be an ordeal, pushing some to turn to consultants who may charge upwards of 30% of tax refunds generated by a…

While scams tend to pick up around tax time, its important to be vigilant year round.

There is a number of red flags in this email I received this morning, but its important to remember that the CRA will not email you to notify you of a change to your tax assessment like this.

If the CRA emails you they may:
1. Notify you by email that a new message or document is available in your secure CRA portal.
2. Email you a link to a CRA webpage, but only if you ask them to DURING a telephone call.

In this case, it was clear that the email was not from the CRA (the sender was from a money transfer service, not a government organization) and the Income Tax Act section cited doesn't exist.

Protect yourself and your loved ones from financial scams - and if you are ever in doubt, contact a trusted professional first for an opinion before engaging with a potential scam.

Do you know how important it is to coordinate beneficiary designations?

Most people know that they can name a beneficiary to directly inherit the balance of certain registered accounts in Canada. Think naming your spouse on an RRSP or your child on a TFSA. But did you know a court could override your wishes?

It's true! Past court decisions have overturned beneficiary designations when it contradicts the way a will was written. More recently, a decision last year in the case of Calmusky v. Calmusky held that there is a presumption that a named beneficiary is holding assets in trust for the deceased's estate and the will would decide how the assets would be inherited.

Somewhat confusingly, last month that same court decided with Mak v. Mak, that the presumption would not apply when a beneficiary designation is made - allowing the beneficiary to inherit directly (as is most often intended).

What does this all mean? The important takeaway is that things aren't always as simple as they first appear. The best approach is too ensure there is no ambiguity in your intentions, and clearly document the purpose of a beneficiary designation. Additionally, coordinating your will (and making sure it is up-to-date) alongside the beneficiary designations of your accounts and Insurance policies will ensure there is no unintended consequences.

More than ever, having a clear, organized Estate plan for your finances can save you, and your loved ones, significant issues down the road.

The IG Wealth Management Walk for Alzheimer’s is back!

This year has been especially difficult for people living with dementia, that’s why I’m walking with the Alzheimer Society for my community and to raise support and funds for those in need. Join me in May and we can walk virtually, together to make a difference

Please conduct your walk by following local health guidelines.