Rubach Wealth Financial Blog
Personal Pension Plans
Most Canadians are painfully unaware that as business owners, they can use pension legislation to their advantage by setting up a Personal Pension Plan ("PPP"). Due to this lack of knowledge they miss out on a multitude of tax deductions and tax minimization...
More investors are using advisors while managing portfolios themselves
Some investors who work with advisors have always favoured taking a portion of their portfolios into their own hands as they like to participate in the latest investment trends or simply have an interest in trading. For others, the pandemic may have been the catalyst...
Giving Back During the Holidays
The holiday season is a popular time to reflect on the past year and donate to the causes you care about. These types of donations don’t just help people and organizations in need; they confer a potential tax benefit on the giver. Here’s a look at the tax benefits of...
Should You Make Early Withdrawals from Your RRSP?
Getting the most out of your registered retirement savings plan (RRSP) isn’t just about maxing out your contribution limit every year. It’s also about carefully planning when to withdraw your savings. As a rule of thumb, the longer you can leave your money in the...
A Quick Look at the Canada Child Benefit
If you’re raising children younger than 18, you may be entitled to monthly support Of all the challenges that come with parenting, the financial challenge can be the hardest to overcome. Fortunately, if you’re raising children in Canada, the government may offer you...
6 Steps to Protecting Your Wealth During Divorce
A divorce is one of the most difficult transitions you can go through. When you add uncertainty about money, that transition can get even more stressful. Here are six steps to help keep your finances intact during—and after—a divorce: Step 1. Assess your finances and...
The Unique Advantages of Health Care Spending Accounts
The Unique Advantages of Health Care Spending Accounts These accounts can pay you back for qualified health care expenses A health care spending account (HCSA), also known as a health spending account (HSA), is an employee benefit that offers reimbursement for...
Will you be my executor? 5 things to know before you decide on who to make your executor
Where there’s a will, there’s usually at least one executor – a critical role whose mandate is, as the title suggests, to execute your instructions on the distribution of your property after you die. This blog post is by no means intended to be legal advice but merely...
Making financial advice a family matter
Financial advisor Elke Rubach, right, enjoys beach time with Emily Strike. Rubach mentors Strike, whom she met through Fashion Heals for Sick Kids. Photo by Christopher Lawson Elke Rubach was a successful lawyer when she discovered her passion for helping people...
4 Risks That Can Impact Your Retirement
Even with careful planning and diligent saving, some parts of retirement planning are out of your control. Factors like longevity, rising medical costs and the ups and downs of the market can have an impact on your savings. But while you can’t plan for the unexpected...
5 Tips for Reviewing an Early Retirement Offer
You’ve spent years planning and saving for your retirement. And then, out of the blue, your employer hands you an early retirement offer that could change everything. An early retirement, or “voluntary severance,” offer is a financial incentive to resign that an...
A Beginner’s Guide to Alternative Investments
Alternatives are investment options beyond the typical stocks, bonds and cash found in most portfolios. They can be tangible assets like precious metals, or they could be financial assets like private equity or hedge funds. Alternatives tend to be riskier than...
RRSPs and TFSAs: Which is Best for You?
Registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs) are tax-advantaged accounts that can help you boost your retirement savings. Both accounts are designed for long-term growth, but they differ in how your contributions are taxed and when...
Automated Investing vs. Human Guidance
When you’re looking for help managing your investment portfolio, you have a decision to make: Should you work with a financial advisor or a robo-advisor? A financial advisor is a professional specializing in financial planning, wealth management and other personal...
It’s Time to Talk Openly About Family Finances and Addiction
Addiction is a huge problem in Canada. How big? Between January 2016 and June 2020, there were more than 17,602 apparent opioid-related deaths in Canada, and this represents only a fraction of the overall problem of opioid addiction. When you add an addiction to...
Using Your Bonus to Supercharge Your RRSP
If you are fortunate enough to have kept your job throughout the pandemic and even received a bonus for 2020, count yourself lucky. After a year of being told all the things you can’t do, the impulse to take your bonus on a spending spree would be completely...
Tips for a Successful RRSP Season in 2021
Tips for a Successful RRSP Season in 2021 With RRSP season here once again, now is the time to give some extra thought to your retirement. Arguably, retirement planning can be stressful – especially as you draw closer to your retirement day – and the uncertainty of...
Things business owners should think about when going throw a divorce
No one gets married planning on an unhappy ending, yet the reality is that approximately 40 percent of marriages in Canada end in divorce. For small business owners, this can pose a challenge: how can you protect your business if you end up getting divorced? Despite...
Take Charge of Your Future with Financial Literacy
Whatever your goals, dreams and challenges, financial literacy is a critical factor influencing what you can achieve in life. Why? Because financial literacy can help you make smart decisions today that will shape your life and the opportunities you enjoy for decades...
4 Financial Lessons to Emerge Stronger from the Pandemic
It’s probably fair to say that most Canadians will be happy to bid farewell to 2020, and there are still three months to go until the end of the year. The pandemic has taken a heavy toll, from the loss of lives and jobs to the disruption of schooling and retirement....
Love, Marriage and Life Insurance
Marriage is the perfect time to start shopping for life insurance. Why? Because it’s when you start sharing your life – and your debt – with the one you love. Here’s why life insurance for married couples should go hand in hand with saying, "I do." A shared life means...
Giving with confidence in the time of COVID-19
Eliminating hunger and poverty. Curing diseases. Building a just society. These are just some of the big, audacious goals that charities are trying to tackle within Canada and around the world. These goals are lofty enough, then you throw in a global pandemic and this...
5 Things to Consider Doing During Uncertain Economic Times
Guest Contributor - Shawn Rosenzweig, CPA, CA, B.Sc. – Partner SBLR For business owners, the impacts of COVID-19 can be particularly difficult, and it becomes crucial to be proactive and respond rapidly. As SBLR works closely with a large number of business owners,...
Tax Tips for Small Business Owners
In Canada, corporations can play a key role in personal financial planning. In this article, we share tips for small business owners to make smart use of their corporation to optimize their tax bills. Paying yourself efficiently As a small business owner, how you...
Tax Strategies for Challenging Times
While various government programs have helped the country through these challenging times, this support has been incredibly expensive. Sooner or later, the government will need to take proactive steps to tackle an enormous deficit. Unfortunately, this...
Estate Planning in an Uncertain World
There is a common misconception that only wealthy individuals need to worry about estate planning. In reality, nearly everyone can benefit from having an estate plan. By planning for tomorrow today, you can retain more of your assets, protect your estate and leave a...
6 Steps to Boost Your Financial Fitness
With the sun shining and temperatures rising, there’s a lot of incentive to head outdoors, be active and boost your fitness. As we gradually emerge from the challenges of the past several months, this is also a great time to get financially fit. The pandemic has...
Achieving Financial Confidence During Retirement
Everyone has their own vision of an ideal retirement. For some, it means escaping winter for warm climates and playing as much golf as possible. For others, it’s all about time with grandchildren, volunteer work or pursuing favourite hobbies. One thing that no one...
Smart Financial Planning for Business Owners
Being a business owner can be stressful at the best of times. Amid mandatory lockdowns, unpredictable stock markets and a widespread economic slowdown, the past few months have dialed up the pressure and uncertainty even more than usual. Every business owner has their...
Simple Steps for Gaining Financial Confidence
The pandemic has changed many things, not least of which is thrusting parents – especially mothers, it seems – into the role of homeschool support teacher. This is just one more responsibility being placed on the shoulders of working women who already had plenty to...
Guiding Millennials to a Brighter Financial Future
Before the pandemic struck, Millennials were already facing financial challenges with steady work sometimes hard to come by and housing prices often out of reach. The current situation is adding to the complexity that those currently in their early 20s to late 30s are...
Staying on Course by Getting Back to Basics
It feels like time has turned upside down during the pandemic. Working from home has disrupted our schedules, and the intense news cycle has us living our lives one day at a time. It’s hard to believe how much and how quickly things have changed since Canada went into...
How can we use this crisis as an opportunity to grow stronger?
If you’re like me, the days are definitely blurring one into the next. I certainly recognize that the current stay-at-home measures are in place for good reason, and my heart goes out to all the people struggling with the medical, financial and emotional toll this...
Finding motivation in a world turned upside down
When you read the endless negative news these days, it can make you want to crawl under your blanket and wait out the craziness. But that's not who I am. Entrepreneurs sign up for uncertainty from the get-go. While no one wants the current situation, it’s here and we...
5 ways to strengthen your business during market volatility
Small business owners are often reluctant to spend money or make changes during an economic downturn. However, downturns can be an ideal time to invest in your business and improve day-to-day operations in ways that will have lasting effects. Every market downturn...
Women, Wealth and True Empowerment
If you’re a woman, you should do something this Sunday you may have never done. It will save you untold dollars. It will cost you a coffee. You should sit down with your partner (male or female) and “have the talk” – the talk about money. After all, Sunday is...
Moving mountains together: An opportunity for impact
Eliminating hunger and poverty. Curing diseases. Building a just society. These are just some of the big, audacious goals that charities are trying to tackle within Canada and around the world. But much like gazing up from the base of a mountain and imagining the...
Filling the social deficit: A role for everyone
In Canada, we are fortunate to have a robust system of social good services and supports. Options for everything from mental health counseling and immigrant settlement services to sporting programs and cultural initiatives are available across the country. However,...
Optimal outcomes – Career and financial planning for senior associates
Business is full of twists, turns and surprises. As a seasoned associate, you know the importance of planning to mitigate this uncertainty for your clients. That’s why you draft thorough contracts covering countless eventualities or prepare robust legal strategies...
Reaching for the Pinnacle – Career and financial planning for equity partners
A lawyer’s career is a demanding one. For equity partners, the stakes are higher given the financial commitment required and the increasing expectations from both the firm and clients. The challenges of balancing career and life are also far greater as personal time...
Prosperity Roadmap – Career and financial planning for partners
A lawyer’s career is a long-term endeavour involving years of education, training and developing technical expertise. Having ascended to the position of partner, you have likely seen and heard it all over the years, both professionally and personally. Yet no matter...
Giving with confidence: A happy dilemma
When it comes to charitable giving, many Canadians face a dilemma: deciding how much they can afford to give and deciding where their charitable dollars will have the greatest impact. Fortunately, we see this as a happy dilemma. After all,...
Balancing interconnections between finances and career for new associates
Career wise, you have come a long way on a journey marked with milestones of achievement. Having survived law school and long hours articling, you’ve passed the bar. Before there is time to take a breath and compute the debt from your student loan, you have landed a...
Protecting your biggest asset
We all know that life is priceless, but what are you worth in dollar terms? Can you come up with a figure, even if it’s only an estimate? Of course, this will vary enormously from one person to the next. In general, however, the younger you are, the lower your...
3 keys to financial planning for the sandwich generation
Despite our enormous diversity, there are some commonalities found in families across Canada, including ups and downs, petty squabbles and unconditional love. For Canadians in the sandwich generation – those with both children and living parents – there’s an added...
How Life Insurance Fits Into Your Overall Financial Plan
What comes to mind when you hear “life insurance”? A monetary gift for your children? An old-fashioned financial tool? An unnecessary expense? Life insurance is many things, including misunderstood. Many people have only a vague idea – and sometimes significant...
Oh what a night! Fashion Heals for SickKids turns 5
As the week winds down, I’m taking a moment to reflect on what just happened: Fashion Heals celebrated its fifth edition! About 5+ years ago, Nat Korol and I had the idea to find a fun, interesting way to make a difference, and we decided to focus our efforts on...
3 ways to shift the conversation about women and finances
The topic of women and finances is complex. From the gender pay gap to the traditionally male-dominated financial industry to the cultural cues painting money as a masculine topic, there are many factors that have negatively impacted women’s relationship with money on...
Boosting financial literacy among Canadian Millennials
In mid-2019, the total debt held by Millennials in Canada climbed above half a trillion dollars to $515.9 billion, up 12.3% from mid-2018 according to a recent TransUnion report. Aside from being a huge number, this figure – and the rapid year-on-year increase – is...
5 powerful financial planning tools for business owners
Thousands of Canadians use private corporations to run businesses, manage family finances or operate professional practices as doctors, lawyers or accountants. However, many of these business owners are missing out on opportunities to optimize their finances. In this...
A bright idea for funding post-secondary education
With summer winding down and a new school year starting up, September marks an important turning point in the year for many Canadians – especially us parents. If you are a parent of a school-age child, something that may be on your mind these days is the cost of...
You are not the client*: How we help you help others
As far as taglines go, “You are not the client*” may seem an unusual message. Yet, if the new Rubach Wealth tagline makes you pause to ponder its meaning, then it’s doing its job. When we introduced this new tagline as part of a recent rebranding effort, we hoped it...
4 ways to overcome the winter blues with clear goals and purpose
When it’s –20°C and blowing snow outdoors, winter in Canada can feel rather grim. Combine that with fewer daylight hours and it’s no surprise that many Canadians struggle with the winter blues. Research by Accountemps, a staffing firm, suggests
Oh Baby! A Financial Guide for New Parents in Canada
When I had my first baby in 2007, I was overwhelmed with joy, lack of sleep, and many wonderful gifts from family and friends. It’s a time I look back on with both awe and fondness as for me nothing compares to the wonderful journey of having a baby. At the time, I received
Give meaning to your wealth with a family financial philosophy
Confidence in your golden years: Financial planning at 60+
While your work life may start to wind down once you hit 60+, your need for sound financial planning does not. To live your golden years with confidence, you need to know that your finances are optimized to ensure you can continue to enjoy life to the fullest.
When your love lives on: Growing your legacy
Dying happens in the physical, but part of you lives on beyond this through the lives you touch and the impact you have on the community around you. This is your legacy. Through smart planning and strategic allocation of your resources, you can ensure that both your...
From impactful career to meaningful retirement
Walk into any boardroom or law office, any university or hospital, and you’ll find them: women at the top of their game as they lead teams, build businesses and shape Canadian society. For women currently in their 50s and 60s who are enjoying great career success,...
Gaining clarity: Mindful financial planning for women
Financial planning is not a female issue or male issue – it’s important for everyone trying to build a successful, financially secure future. Nonetheless, navigating the world of personal finance is a challenge for many Canadian women, and that puts their prospects...
Transforming your year-end bonus into a lifetime bounty
December is here and there is so much to enjoy: holiday parties, extra time with family and friends, and – if you’re lucky – a year-end bonus. Once the cheque (or more likely, the direct deposit) rolls in, how you spend your bonus is as limitless as the world of...
Tackling the gender pay gap: Financial planning for female lawyers
Almost half of all practicing lawyers in Canada are female according to membership data from the Federation of Law Societies of Canada. If equality in the legal profession were as simple as that, we’d have much
Your money, your life: Smart finances in your 60s and beyond
From attending parties to raising kids to running a business, life is busy. Amid the joys and stresses of daily life, staying on top of your finances can be a challenge, let alone finding time to plan for the long term. And even if you had the time, how
Your money, your life: Smart finances in your 50s
From attending parties to raising kids to running a business, life is busy. Amid the joys and stresses of daily life, staying on top of your finances can be a challenge, let alone finding time to plan for the long term. And even if you had the time, how are you...
Your money, your life: Smart finances in your 40s
From attending parties to raising kids to running a business, life is busy. Amid the joys and stresses of daily life, staying on top of your finances can be a challenge, let alone finding time to plan for the long term. And even if you had the time, how are you...
Your money, your life: Smart finances in your 30s
From attending parties to raising kids to running a business, life is busy. Amid the joys and stresses of daily life, staying on top of your finances can be a challenge, let alone finding time to plan for the long term. And even if you had the time, how are you...
Rising above interest rate hikes
Interest rates continue to rise in Canada. When the Bank of Canada (BoC) increased its overnight rate to 1.75% in October 2018, it marked the fifth quarter-point increase since July 2017. From a historical perspective, the current rate is considered quite low – the...
Never too late: Planning your retirement at the end of a successful career
After years of hard work, big wins and career success, you have much to be proud of. And when it’s time to retire – whether that’s a few months or a few years from now – you will do so
Your Money, Your Life: Smart Finances In Your 20’s
From attending parties to raising kids to running a business, life is busy. Amid the joys and stresses of daily life, staying on top of your finances can be a challenge, let alone finding time to plan for the long term. And even if you had
What’s your Family Financial Philosophy?
Some of the most important events and decisions in life can be incredibly joyful and terrifying at the same time, such as having a child, buying a home and starting a business. Deciding how to use your wealth to build a legacy – both during and beyond your lifetime –...
Business protection, personal returns: Sharing the benefits of critical illness insurance
As a business owner, you have invested huge amounts of time, energy and money into your business over the years, and you want to see it continue to thrive for years to come. However, sooner or later you also want to extract some of the value that
Less tax, more benefits: Four strategies for tax minimization
Taxes may be inevitable, but that doesn’t mean you should give up without a fight. If you have a private corporation, there are options available to help you reduce your tax bill and hang onto more of your hard-earned income. Here are four strategies for minimizing...
What’s your Family Financial Philosophy?
Some of the most important events and decisions in life can be incredibly joyful and terrifying at the same time, such as having a child, buying a home and starting a business. Deciding how to use your wealth to build a legacy – both during and beyond your lifetime –...
Asking the big questions to focus on the big picture
A new year has begun, and just like every year, 2018 will have its share of ups, downs and surprises. When it comes to managing your wealth, the focus is often on long-term planning to protect against short-term blips and keep you moving forward toward your goal. But
Directing your bonus towards your RRSP contribution: do it now, thank yourself later
It’s November, so you’re no doubt focused on the most important things of the season: getting snow tires on your car, making year-end holiday plans and … contributing to your bonus to your registered retirement savings plan (RRSP)? If you’re already aware of the huge...
PRESERVING YOUR WEALTH with corporate-owned life insurance
The Liberal government’s proposed changes to Canada’s tax laws related to private corporations have been a hot topic for the past several months. While the government has made some amendments to its proposed changes following the conclusion of the 75-day consultation...
Lawyers at risk: the case for disability insurance top-ups
One in four. Those are the odds that you will be disabled due to a serious illness or accident for a period of 90 days or longer at least once before you turn 65. As a lawyer, the good news is that you likely have disability insurance through your
Before you get genetic testing
The huge leaps that science has made in the last decade are amazing and undeniable. In this particular instance, I'm referring to genetics and genetic research. Not too long ago, people who wanted to get a genetic test done had to pay thousands of...
Putting your needs first: Why group insurance doesn’t cut it
Employment contract? Check. Benefits? Check. Group insurance? Check. Do you clearly understand what you are covered for and are all your insurance needs taken care of? Not so fast. If you have group coverage through your job, it can
Passing on the family cottage
For countless Canadians, the cottage has a special place in our heart. It’s the patter of little feet and the joyous splash of our kids running along the dock and plunging into the lake. It’s the cozy afternoon of hot chocolate and
Women embracing philanthropy with financial planning
There is good in all of us. Particularly in Canada, we all make an effort to help those in need, whether it’s making donations, attending fundraisers or volunteering with a community group.
When a spouse or parent dies: providing support through estate planning
This is not a fun exercise, but it is an important one: imagine that you have recently passed away. Now put yourself in the shoes of your spouse or children who have survived you. First and foremost, they are grieving. If your death was unexpected and sudden, they may...
Waking up to tax-efficient estate planning
We get it: if we try to tell you about the merits of the capital dividend account, you’ll likely be asleep or hitting “close” before we can start our second sentence. So instead, let’s talk about sheltering your investments from taxes. Let’s talk about building your...
An honest look at your financial affairs
It’s February and for many it’s time for some honest self-reflection. Do you consider yourself generally successful in your career? Do you lead a busy life? Do you ever worry about whether your financial affairs are all in order? Are you unsure what kind of insurance...
How to safeguard your business interests
As a business owner, it is important to plan for significant life events and their affect on your operations, before they happen. Knowing what happens if one of the partners passes and diligently protecting the business and its value (and therefore the family) is the...
Have you thought about your legacy?
Go ahead and celebrate it: you’re a successful woman! Your hard work and good fortune enable you to start thinking about giving back to your community, so now the big question is how to go about doing this. When you reach the point of sharing your wealth, it...
Protecting Your Wishes with a Will
Planning for your own death is a difficult concept to embrace. No wonder we often choose to avoid thinking about how our loved ones will be affected when we die. However, in doing so we tend to ignore important issues such as the support of a surviving spouse, the...
A bright idea for funding post-secondary education
With a new school year starting up, September marks an important turning point in the year for many Canadians – especially us parents. If you are a parent of a school-age child, something that may be on your mind these days is the cost of post-secondary education....
Act now or miss out on the benefits of permanent life insurance
Even if insurance is a topic that puts you to sleep, there is a major change coming in the insurance world deserving of your attention given its potential to significantly impact your wealth and what you are able to pass on to your loved ones. Unless you work in the...
How to keep more of your money by beating taxes
If you live in Ontario, chances are a big portion of your money goes to tax. In fact, if you are a high-income employee with a salary of over $220,000, you are paying a marginal tax rate of 53.5%. The government, split between the provincial and federal bodies, takes...
Using an Estate Freeze to Protect Your Assets
If you were to die yesterday, what would happen to your assets? If you’re unsure of the answer to that question, you are not alone. Most Canadians are aware that they need a will with clear direction on where their assets should go upon death. But how to maximize the...
What bank is your mortgage better off with?
"Am I better off with a big bank for my mortgage?" This is a question that is frequently asked by property buyers when it comes to choosing a mortgage lender. The answer, however, is very subjective as things like mortgage servicing, access to products and penalty...
Retirement Income Options You Haven’t Considered
Retirement income planning is a complicated, personal process. Many baby boomers set to retire in the upcoming years may be concerned about what their retirement income will look like. Saving into your RRSP and through an employee retirement plan offers some...
Challenges with the New Ontario Retirement Pension Plan
Three years after it was first announced, the Ontario Retirement Pension Plan (ORPP) is starting to take shape. Despite opposition from political opponents and many in the business community, Premier Kathleen Wynne is pushing ahead to meet her government's timeline...
Tips for a Successful RRSP Season in 2016
Retirement planning, especially as you're getting closer to it, may be stressful. This RRSP season, you may be finding yourself thinking about unknown expenses that may occur in the future, how to maintain your lifestyle during retirement, and trying to ensure...
Importance of Life Insurance in Family Law
Families typically consider life insurance policies as a forward looking estate planning tool, which it certainly is. However, in case of the unfortunate life event such as a separation or divorce, life insurance can also play a vital role from a context of family...
Why Should You Care About Financial Literacy Month
November is Financial Literacy Month in Canada. What does it mean to a successful professional like yourself? In a nutshell, it means that you're fully aware of your financial standing: know your net worth, how to reach your financial and personal goals. [tweet_box...
Take the Stress Out of Estate Planning with Reliable Advice
Sound estate planning should be a team effort between legal, accounting, financial and insurance professionals working together towards one cause: to optimize an estate plan that will support and meet your personal and/or familial goals and objectives. In case of...
Medical Practice Incorporation Fundamentals for New Doctors
Young doctors often face the incorporation question early in their careers, hearing varying opinions about the ‘right’ time to incorporate. We're enthusiastic to have Oscar Torres, chartered accountant with Bateman MacKay, discussing the benefits and drawbacks of...
7 Insider Tips from a Mortgage Broker You Need to Read
You're buying your first home, refinancing or getting a second mortgage. Do you know what a mortgage broker does and how s/he can help you? More often than not, people don't know or fully understand, the value of an agent. In short, a mortgage broker shops the market...
How to Calculate Basic Life Insurance Need
Truth is, basic life insurance need varies greatly depending on many factors and for such reason, consider speaking with an insurance professional but we’ll review a few basics for you to start thinking about. For individuals, a good rule of thumb for to calculate...
Financial Advice for First Time Parents
When I had my first baby, I was overwhelmed… with joy, many wonderful gifts from family and friends as well as lack of sleep. With all honesty, it’s a time I look back on and admire as nothing else compares to the wonderful journey of having a baby. Part of becoming a...
Financial Calculators for Canadians To Bookmark
Maybe you already know or could easily figure out how to calculate your net worth, your personal tax rate, or your retirement savings needs. But, how often should you do so, or is there anything else you can gauge about your financial situation while you’re already...