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After a strong close to 2023, stock markets around the world continued to climb during the first quarter of 2024. Excitement around the potential applications of artificial intelligence (AI), strong corporate earnings growth and optimism for interest rate cuts helped to fuel the strong performance of stocks during the first 3 months of the year. Buoyed by leading technology companies like NVIDIA and Microsoft, the S&P 500 logged its best start to a year since 2019. Market Performance (as...

It's that time of year again—tax season. For many Canadians, this brings with it the possibility of a tax refund. While it might be tempting to see this as a windfall to splurge on something fun, strategic planning can turn this refund into a powerful tool for reaching your financial goals. Here are three ways you can use your tax refund to make a significant impact on your financial future. 1. Paying Down Existing Debt One of the most effective uses of a tax refund is to tackle existing de...

In the adrenaline-fueled world of off-road adventures, the last thing enthusiasts want to worry about is unexpected mishaps and accidents. That's where off-road vehicle insurance comes into play, providing the peace of mind and financial protection necessary to fully enjoy the thrill of the ride. At Love & Persson Group, we are excited to announce our new comprehensive ORV Insurance Policy. Here are some of the highlights: Replacement Cost Endorsement for Brand New Snowmobiles and ATV...

Small business owners face a unique set of challenges when it comes to attracting and retaining top talent. In today's competitive job market, where skilled employees are in high demand, businesses must offer more than just a competitive salary. They need to provide attractive benefits packages that cater to the holistic well-being of their workforce. The Shift Towards Holistic Benefits Recent trends show that employees are increasingly prioritizing benefits and work-life balance over sheer...

Accidents can happen when we least expect them, and being prepared for the unexpected is crucial. Manitoba Public Insurance's (MPI) Personal Injury Protection Plan (PIPP) is designed to provide peace of mind to Manitoba residents involved in automobile accidents. One of the key components of PIPP is the Income Replacement Indemnity (IRI) benefit, which ensures that your financial well-being remains intact during challenging times. What is the Personal Injury Protection Plan? The Personal In...

After a very difficult year for investors in 2022, the first half of 2023 has been a welcome reprieve with both equity and bond markets off to a strong start on growing economic optimism and easing inflation.  US and global equity markets are firmly in positive territory year-to-date with the technology sector leading the way after an extremely difficult 2022. While still positive in the first half of the year, Canadian markets have underperformed their global counterparts owing to higher exp...

Why Disability Insurance is Critical for Your Business For business owners, the financial protection provided by disability insurance is simply a must-have. Disability insurance secures your greatest asset—the ability to keep earning the income you rely on—against the risk of injuries and illnesses. Without it, the negative financial impact of an unexpected disability can sink your business. Still, the need for disability insurance is often overlooked due to: Misconceptions about how it ...

As we enter the spring home buying season, it seems timely to talk about creditors insurance from your bank. This type of insurance is often offered alongside mortgages, promising to pay off your remaining balance in the event of death. However, there's a better option that gives you more control and flexibility: personally owned term life insurance. Here are some benefits of choosing personal term life insurance over creditors insurance from your bank: You own the insurance policy, not ...

Introduction With home ownership comes typical homeowner responsibilities like cutting the grass or shoveling snow, cleaning the gutters or even taking the trash out.  In saying that, there comes a time in everyone’s lives where tedious daily tasks become overwhelming or even impossible due to age, health or any other reason.  If you’re someone with this concern, it may be time to consider downsizing, including the sale of your home.  It's always a good idea to be ready to sell your home, bu...

Introduction  Insurance is one of those things that most of us have to buy, but no one wants to spend money on. Especially in times of financial uncertainty, insurance is something that should be top of mind.  Fortunately, there are a few easy ways to save on insurance so you can keep more of that hard-earned cash in your pocket. Here are a few tips for saving money on insurance:  Tip 1: Review your coverage  The easiest way to save money on any insurance policy is to schedule a meeting wi...

What is an RRSP? How can it help you retire comfortably? Registered Retirement Savings Plans (RRSP) have been around since the 1950s, but many people still don’t know much about them or get them confused with other registered accounts.  This article will clear up the confusion and help you to decide if an RRSP is right for you. These are some of the typical questions we hear about RRSPs. What is an RRSP? The RRSP was introduced in 1957 to incentivize people to save for retirement, especial...

Introduction The Tax-Free Savings Account (TFSA) is a savings/investment account that allows Canadians to grow their savings/investments tax-free. The TFSA was introduced in January 2009 as part of the Canadian federal budget as a tool to help and encourage Canadians to save for the future. What is a TFSA? A TFSA is a savings/investment account that allows you to grow your money without paying tax on the investment income, whether it be regular interest, dividends or capital gains. This me...

You’ve worked your whole life and finally are ready to retire, congratulations! If you are one of the roughly 7 million Canadians who are active members of a registered pension plan, you have a decision to make with regards to how to receive the pension that you diligently contributed to over your working life. But not all pensions are created equal, and it’s important to understand and consider your options carefully before making a decision. Let’s start off by quickly explaining the two co...

Investors around the world have continued to experience heightened volatility in markets over the summer months as large interest rate hikes dominated financial headlines and steered market performance in the third quarter. The S&P 500 (a group of 500 leading public companies in America) returned ~9% in July before giving back all those gains over August and September, ending the quarter down ~6%. Market Performance (as of market close September 30, 2022) Stock Markets Q3* ...

It’s hard to believe but summer is already coming to an end and kids have gone back to school. For some parents, this means that their children have left home to pursue post-secondary education. Like most things these days, the cost of obtaining a post-secondary education is rising. A quick search on the University of Manitoba’s website estimates first year tuition at ~$5,400, not including the costs of textbooks, housing, transportation and other living expenses. If your child decides to pur...

If you require permanent life insurance coverage for family, estate planning, business, or tax planning purposes or you just wish to accumulate money in your life insurance program it may be time to look at a permanent, level cost solution. Many of us purchase large amounts of low cost term insurance to cover our needs while we are raising our families or growing our businesses.  However, as the saying goes, “there is no free lunch”.  Eventually this low cost term insurance starts to become ...

It has been a tough start to the year for investors around the world with both stocks and bonds losing value. In fact, for the S&P 500 (a group of 500 leading public companies in America) it was the worst first half performance since 1970.  Canadian markets have fared slightly better than their US counterparts, buoyed by Oil & Gas firms which have seen their share prices rise with the price of oil.  Market Performance (as of market close June 30, 2022) Stock Markets Yea...

As a financial advisor, one of the things I hear most often when talking with clients about starting an investment plan is “I don’t have much to invest now so maybe next year”. The common perception is that if you don’t have a lot to invest now, it’s better to just wait and contribute more later. In fact, the opposite is true. One of the best ways to build wealth is to start investing early – even if it’s only a small amount. It’s hard to find the motivation to start investing when you’re yo...

Here's a question for you: are you staying on top of your financial needs? If you're like most people, you're doing your best to manage your savings and debt. But, how are you on the insurance side? Maybe you think you're sorted because your work benefits include life insurance. But what if it’s not enough? Would you know how to supplement your coverage? Good question. Whether it's retirement planning, investing, or looking to protect your property and loved ones, it's always a good idea to t...

How much Life Insurance do I need? If you’ve decided that you need life insurance, how do you know how much is enough to protect your family financially in the case of premature death? The amount of life insurance you need can be a difficult question to answer, but this article will help you understand what to expect before speaking with your insurance advisor. The appropriate amount of coverage varies for each circumstance, and the various rules of thumb, such as multiplying your income by ...

It was the best of times; it was the worst of times… That’s how it seems for many professional graduates these days. Their debts are high and it can be difficult to immediately find a good paying job. After graduation, grads are told to pay off their school debts as quickly as possible, to start savings for retirement and for the ever-imminent rainy day. Needless to say, this all seems very daunting, but these goals can be achieved with careful planning and creativity.   Meet with a financ...

WHAT IS IT?   The RDSP is a registered plan (akin to an RRSP) the purpose of which is to help disabled Canadians and their families save for the future.   WHO QUALIFIES?   The RDSP is available to individuals who are: under age 60, a Canadian resident with a Social Insurance Number and eligible for the Disability Tax Credit.   MECHANICS OF THE PLAN?   The RDSP is an excellent savings plan that allows individuals to take advantage of government grants and bonds.  Contributions to the...

Shared Ownership refers to a concept where more than one party owns an interest in an insurance policy.  The most common of these arrangements is where the corporation is the owner and beneficiary of the death benefit and the shareholder or employee owns the cash value of the policy.  Recently there has been growing interest in applying this strategy to a Critical Illness policy.  Although the CI policy does not have cash value, there is usually an option to have a Return of premium (ROP) in...

Ask any Canadian these days to name their number one concern regarding their retirement savings plan and they'll likely say security.  Since the start of the global financial crisis and subsequent recession, people are looking for reliable ways to grow their nest egg.   One option is the Guaranteed Lifetime Withdrawal Benefit (GLWB) product. It is an investment solution that works like a mutual fund and offers guarantees.   How does the GLWB make retirement less stressful? Deposits are d...

You are a sole proprietor or a single shareholder in your company. While from a physical standpoint you may consider your business to be small, when it comes to success your results may be exponentially greater. There are over 1,100,000 small businesses in Canada – clearly this sector is booming! The benefit of being small to midsized is that your business may avoid a lot of the technical formalities of a larger corporation. Life Insurance, however, should not be one of these! No matter your...

The gifting of life insurance to registered charities has always been a popular method for individuals to fulfill their philanthropic goals, and worth considering when it comes to a charity that is near and dear to your heart. There are basically two options when donating life insurance to a charity: donate a policy while one is alive or make the registered charity a beneficiary of the policy. The option selected will depend on many factors. If you make the charity a beneficiary of your lif...

When preparing a house for sale, often times the last thing on your mind is whether the future buyer of your home will be able to insure it or not.  Consider the following tips to ensure a smooth transition for your next sale:   Electrical Wiring Type Insurance companies are becoming increasingly stricter when it comes to the size and type of your electrical panel and, more importantly, the electrical wiring type.  For years, knob and tube electrical wiring has been a no-no for insurer...

Your life, your family and your business deserve protection and if you’re a business owner, insurance can provide that security in a number of ways that may surprise you. It can also provide opportunity to help build assets – and your business – in a tax-effective way for your retirement or estate plan. The Purchase of Shares If you have one or more shareholders in your business, consider insurance when it comes to your Shareholders’ Agreement. In the event of the death or disability of a s...

Financially speaking, you're feeling pretty good about yourself. The taxes are filed and the refund should be deposited into your account in a couple of days. Like every year, you're going to reinvest it: some into the RRSP, some in the TFSA and the balance into an RESP account. As a bonus, your debt is manageable and you're fast-tracking your mortgage payments. Give yourself a round of applause because you are a financial champion! Sure you are — in a perfect world. But the truth is that l...

When people think about retirement planning, they tend to only focus on retirement savings and RRSPs. This is not surprising because it's hard to imagine what life might be like in 20 or 30 years. But there's more to retirement planning than just saving money. For example, some new retirees are caught off guard when they realize that they are no longer covered by their group insurance coverage. One way to avoid these types of surprises is by thinking about what your values and lifestyle may b...

For several years now, studies have shown that the Canadian labour force is shrinking. In fact, some conclude that we're now in a crisis situation. As a result, many older workers who would otherwise be retired have chosen to keep working. For some, it offers new challenges and a way to stay vital and sharp. But for others, it's a chance to ensure that they have considered all their financial needs for a successful retirement. Three easy steps Retirement tends to span up to 30 years for the ...

Canadians may need to rethink their risk management In a recent study conducted by the Life Insurance and Market Research Association (LIMRA), it was reported that 61% of Canadians hold some form of life insurance.  Surprisingly, it also revealed that only 38% of Canadians own an individual life insurance contract. In another study of middle class Canadians, Manulife reported that 79% had no individual disability insurance and 87% had no individual critical illness coverage. What both of thes...