Beacon Insurance

09/10/2024

Want to have more fun than going to the dentist?

September is National Life Insurance Awareness Month – do you have the right coverage in place? Learn more.

05/31/2024

The industry calls it Critical Illness Insurance but it's really Recovery Insurance.

I own it and the best part is - if nothing happens...I get my money back and so can you. Try getting that deal with your house or car insurance.

You have options that may cover expenses not insured under your provincial healthcare and group or personal disability policies. Try this calculator and let’s talk.

04/26/2024

"5 days & 5 ways to use your tax refund" - Day 5

Treat yourself

You can always mix and match these ideas to suit your situation, your needs, your financial priorities and the amount of your tax refund.
Finding the right balance is the key to success. Whatever you decide to do with your tax refund, do not forget to treat yourself once in a while.

It is all about balance

Dreaming of a nice dinner out? A family trip? A spa day? Some new clothes? However you like to spoil yourself, spending even a little bit of your tax refund on yourself can only do you good.

1For RRSPs and VRSPs, make sure you do not exceed your annual contribution limit. You will find it on the Notice of Assessment you received from the Canada Revenue

04/25/2024

5 days & 5 ways to use your tax refund - Day 4

Improve your home

If you are a homeowner, you can use your tax refund to renovate, refresh or repair your home. Not only will you get more enjoyment out of your home, you will also increase its value and potentially save money (by installing energy-efficient windows, for example). Think about it!

04/24/2024

5 days & 5 ways to use your tax refund - Day 3

Pay off your debts (and relax at month end)
Why not ease your financial burden by using your tax refund to pay off debts?

Think of the interest you will not have to pay on your credit cards or lines of credit, or even your car loan or mortgage! That is money you can use to pay for projects, grow your savings, or even give yourself a treat.

Tip: Pay off the debt with the highest interest rate first. If the rates are the same, pay off the smallest debt first.

Once you are free of that debt, you will be more motivated to tackle the others, and it is good for your credit rating!

04/23/2024

5 days and 5 ways to use your tax refund - Day 2

Build an emergency fund or save for projects
Unexpected expenses, like car repairs or failing appliances, can happen to anyone. As the name says, an emergency fund is there to cover unplanned expenses.

Want to redo your roof? Go on a trip? Buy a cottage or RV? Install a pool?

Whether you want to set aside money to fund your projects or to cover an unforeseen expense, using your tax refund to increase your reserves is always a smart move. It could save you from having to take out a loan or use credit for your purchases. And that could keep you from going into debt and having to pay interest. Goodbye financial stress!

If you have access to a group TFSA2, investing your tax refund in it is an excellent way to grow it tax-free while still having access to your money at all times. Withdrawals are easy and non-taxable.

04/22/2024

5 days & 5 smart ways to use your tax refund

For many people, spring and summer mean tax refund. If that is you, did you know that your tax refund can be the best ally of your financial health?

Using your tax refund can be an effective lever for saving more, effortlessly. And since this may be the only time of the year when you will have extra income, it is in your interest to make the most of it.

Here is the 1st of 5 ideas for turning that once-yearly extra cash into a lasting financial boost.

Contribute it back to your group retirement savings plan & consider increasing your contribution to get your employer to give you an extra boost.

If your plan allows it, investing your tax refund in your group retirement savings plan is a good way to make your money work for you.

As well as bumping up your savings, the money will grow over time. And if you have access to a group RRSP or VRSP, you will get double the impact by benefiting of a tax deduction, which will reduce your 2024 tax income and the tax you will have to pay1.

It is like a gift that keeps on giving!

If you have access to a group RRSP, in addition to saving for your future, contributing to it could allow you to finance a return to school (LLP) or facilitate the purchase of your first home (HBP).

04/03/2024

What is your greatest asset?

Your home. Not really.

Your car. Not quite.

Your most significant asset is your capability to cover expenses like housing, transportation, groceries, clothing, and utilities. You are the foundation of your financial stability. Have you taken the necessary steps to safeguard yourself adequately so that you can continue to meet these essential needs? Navigating the process of securing your greatest asset is crucial.

Beacon Insurance can serve as your trusted advisor and partner in this journey, ensuring that you have the protection and coverage required to sustain your lifestyle and financial well-being for the long term.

Remember, your ability to support yourself financially is invaluable. It is what enables you to maintain a roof over your head, a reliable mode of transportation, nutritious food on the table, suitable clothing, and all the other necessities of life. By prioritizing your financial security and taking proactive measures to safeguard it, you are investing in your future and ensuring that you can continue to meet your financial obligations and enjoy a comfortable standard of living.

Let Beacon Insurance assist you in fortifying your financial foundation and protecting your greatest asset – yourself.

03/21/2024

Do you need THAT much life insurance? Maybe? Maybe not? Life changes and you know that.

Use this quick calculator in private to find out if you can get rid of your life insurance.

https://ivari.ca/myinsuranceview/

03/13/2024

Do you ever worry about 'stuff' too much sometimes?

Sure, there's ''stuff' that we need to take care of but for the rest of the 'stuff',
check out this take on perspective.

https://buff.ly/3TahvhD

01/24/2024

Are you still thinking about your will again?

It's a common concern that many Canadians have.

If you're wondering about the terms and items that can be included in your will, Manulife has provided a helpful guide. Beacon Insurance offers a wonderful planning guide to its clients, serving as a great starting point for discussions with your legal advisor.

Since Facebook doesn't allow posting documents, drop us a line and we'll send it along for your review. No strings attached.

01/17/2024

It's that time of the year once again - Tax Season has arrived. Whether you're an individual or a business, dealing with taxes can either be captivating or exasperating. Take a look at these useful resources and significant factors from leading experts on how to efficiently prepare and strategize for your tax responsibilities. Explore them here: https://buff.ly/3TQSOc9.

https://buff.ly/3TQSOc9

Need a reminder on how Canadians are taxed, and is there a way for you to reduce your tax liability? Read this article to learn more.