Financial and Tax Matters

Talking About Finances

Posted by on Apr 14, 2013 in Financial and Tax Matters, Power of Attorney | 0 comments

Many families experience problems with financial discussions – and therefore avoid them. The older generation may avoid discussions with adult children out of fear of losing privacy and control. Adult children may wish to respect a parent’s privacy but they wonder – not only about a parent’s well-being, but also whether a parent’s finances could affect their own retirement plans. In other families, money is a taboo subject or one that simply brings up too many negative emotions.  Why do adult children need to talk about money with their aging parents? First,...

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Stuck in the Middle: Retirement Planning

Posted by on Apr 9, 2013 in Financial and Tax Matters, Planning | 0 comments

Originally published at on November 5, 2012.   “Many boomers are assisting parents financially or are losing income because of their eldercare obligations,” says Mara Osis, founder of ElderWise, an organization that provides information and coaching to help families caring for elderly loved ones. “They may turn down career opportunities or even retire early, if they feel it’s up to them to take on this responsibility and don’t see any other way of doing it.” Read the complete article:...

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Avoid Investment Fraudsters

Posted by on Oct 17, 2012 in Financial and Tax Matters | 0 comments

This guest post is courtesy of the Alberta Securities Commission. Many people approaching – or already in – retirement are looking  to maximize the returns on their savings and investments. Sadly, many fall victim to fraudsters who are skilled at preying on our emotions, insecurities and vulnerability at this critical time. Up to 27% of Canadians have been approached with a possible fraudulent investment. Older persons are targeted for several reasons, but often because they are perceived to have the most disposable income or wealth.   With 4.6% of Canadians investing money in...

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Tax Breaks for You and Your Caregivers

Posted by on Apr 3, 2012 in Financial and Tax Matters | 0 comments

With many Canadians caring for aging parents or receiving care ourselves, it’s good to know that there may be federal and provincial tax breaks available to us: Below are excerpts from the Canada Revenue Agency (CRA) website,, detailing three of the available federal benefits. Click on the links below for more information, and note that these benefits apply not just to the elderly, but to any qualified care recipients over the age of 18, such as adult children. Caregiver Tax Credit You may be eligible for this tax credit if you meet ALL of the following conditions: •...

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Hope, Promises & Reality: Eldercare Costs (Part 2)

Posted by on May 24, 2011 in Financial and Tax Matters, Planning | 0 comments

  In Part 1 of this article, we looked at the costs of home adaptation and the options for in-home care assistance for the elder Olivers. Part 2 examines mobility – both in the home, through assistive devices, and transportation options for seniors – as well as a few important tax considerations.   Assistive Devices/Aids for Daily Living   Brian Oliver reads off for his brother a price list of common devices that help frail seniors stay safely in their own homes: “Stair-lift, $3,000; walker, $350; custom wheelchair, $400; adjustable bed, $1,500 –...

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Hope, Promises & Reality: Eldercare Costs (Part 1)

Posted by on Apr 24, 2011 in Financial and Tax Matters, Planning | 0 comments

Snapping his laptop shut, Brian Oliver looks at his brother. Mom’s recent fall has brought them both back to the family home for the first time in two years and they’re dismayed at what they see.   “No matter what I do, it doesn’t balance. We promised Mom and Dad they could stay at home but the money just isn’t there. Maybe you can kick in $1,000 a month, but I’ve got two kids in university”!   Here is the brothers’ worry list:   Mom has advancing osteoarthritis and Dad is showing signs of dementia. Their 1960’s suburban...

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