Are you planning to invest your money into shares and bonds but don’t know which investment plan will be suitable for you?
You should consult with a Certified Financial Planner who has years of experience in the field of investments.
There are over 100 different certifications available when it comes to financial professionals but CFP is the one that is more valuable than others. When you have a CFP working on your investments, you can rely on him/her completely. It is their duty to provide the most fruitful investment schemes that will be safe for the investor both for a short-term period and long-term period. Not only for individuals, a CFP can work for a company too and suggest various investment opportunities.
Common duties of a CFP
Analyzing the financial information of the companies that you can invest in is one of the biggest roles of any CFP. As an individual, it will take you months to understand how a company works, its history and the possible consequences of investing in that company. Different companies go through various phases in a financial year where they experience a lot of success. Your CFP will advise you invest money during that time so that you get high returns. On the other hand, he/she will also recommend the financial plans that you should invest in; whether it is in shares or debentures or bonds of the company.
Financial planners have an experience in security planning and investments, tax planning, insurance planning, employee benefits planning, and estate planning. In addition to suggesting the fruitful investment plans, they will also study your financial position. This is to understand the realistic plans that you can invest in. Everyone does not have the same amount of money that they can invest. So, they can then recommend the most feasible options that will meet your financial goals.
Why experience matters?
CFP investment professionals have become the ‘need of the hour’ these days. There are so many avenues to invest in that you get puzzled about the returns that you will get. They will help to sort it out for you. That is why the certification matters. Moreover, when a CFP has an experience of the market and how it works, it becomes easier for him/her to advise the client accordingly. Most importantly, CFP’s are bound with certain principles of objectivity, confidentiality, diligence, professionalism, fairness, competence, and integrity.
They will assess your financial condition before suggesting any investment scheme. CFP professionals maintain a strict ethical standard with their client that will assure the correct financial recommendations for your best interest. Since financial planning is a very dynamic process and the financial goals of the client can evolve after a period of time, the CFP tries to offer a combination of plans that will provide a greater rate of return than the previous one.
Basically, as your financial goals evolve, your investment plans will also change and so will the return on all the investments that you make.
Need some help understanding the new tax rules?Read more …
Understanding The New Tax Rules Before You Sell Your Home – What You Need To Know Today!
It is that time again, are you ready to file your tax returns? If you own a home, you need to understand the rules about how to report the sale of your home.
You are going to need to determine the potential deductions as well as how much to put into a registered retirement savings plan or a tax-free savings account. As you can see, when the tax season arrives it brings up a group of sorted questions. With all of the new changes to the tax rules, it has left many Canadian homeowners confused and unsure of how to proceed. Thankfully, it is not going to be as complicated as you may think to comply with the new rules.
Below you are going to find everything you need to know about the changes to the principal residence exemption rules to ensure you do everything right during this tax season.
Learning About The New Tax Rules And Principal Residences
In October 2016 a group of new rules were introduced to the homeowners of Canada. These rules changed the requirements of reporting the sale of your principal residence. Prior to 2016, there was no need to report the sale of your principal residence on your income tax return or even pay any tax on the capital gains from the sale.
What You Need To Know As A Homeowner
There is some good news with the new rules and that is the fact that you do not have to pay capital gain taxes still when you sell your principal residence. This, of course, is dependent upon you being a Canadian residence or have the ability to satisfy other requirements. However, you will have to include more details about the sale of the residence on your tax return. You will need to be able to provide the year you bought your home, the sale price, as well as the address. You will find this form included in your tax package listed under schedule three. There are also new changes to the way that nonresidents are able to calculate the length of time that they have owned their principal residence.
Understanding A Principal Residence
The Canada Revenue Agency has determined that a “principal residence” is the residence that is typically inhabited by you or the family member for the year. In addition, it does not necessarily need to be a physical house. It may be a mobile home, houseboat, cottage, or a new condominium. One does not need to live in the property for the entire year, it can also be for short periods of the year. The principal residence does not even have to be located in Canada! However, one can only have one dwelling listed as a principal residence during the year, yet you are able to decide which dwelling it is. If you do sell a property that has not been designated as a principal residence, you will need to report half of the capital gains from the sale and pay taxes on those.
Why Are There New Rules?
These new rules were placed in effect to close a loophole. This change was designed to avoid allowing owners unique ways of calculating the number of years that they owned the property, where foreign investors and house flippers were able to avoid paying any capital gains taxes on the sale of residential property that claimed to be principal residences With these reporting requirements it allows the CRA to monitor compliance with the rules and ensures only those able to use the PRE can. When these rules were changed for the 2016 tax year it only affected the sale of your principal residence. It is essential that you understand the rules in the here and now because regardless of when you sell your home you need to understand them.
Understanding Capital Gains Taxes
When you sell real estate, stocks, and shares for more than you purchased that is what is known as a capital gain. You are taxed on the 50% of the gain at a marginal tax rate, which will depend upon your income. Read more on managing income from the sale of your home.
What Happens For Non-reporting
It is essential that you inform the sale of a residence on the tax return for the year of the sale. If you do not report the sale, you may become liable for capital gains on the sale as well as interest and late charges. It is possible to ask the CRA for an amendment to a tax return to designate a home as a principal residence. However, if the CRA does agree to a tax amendment there may be a penalty. As of this writing, the penalty is $100 a month for each month that you are late up to a maximum of $8000. However, due to these rules still be a new the CRA will typically show leniency if you do not report. However, it is best to get ahead of these rules and be sure you are in compliance.
Understanding The Bottom Line
The CRA has no way to check on every single Canadian residents, however, it does monitor the trends. The CRA has the ability to access real estate sales transactions and will more than likely notice if you have the habit of selling and buying homes on a frequent basis.
No one enjoys the process of paying taxes. However, it is much better than the process of being audited. That is a pain that should be wished upon no one!
The most popular areas of study at a graduate level in universities drawn from all corners of the world are business and other closely related disciplines such as finance, accounting, management and economics (commonly referred to as the FAME group). Question why this situation exists is only normal. Some of the answers, which are all likely to be correct, that might cross your mind include an ever growing global need for more graduates in these areas, the fact that business itself is embedded in all parts of our existence, varied and high paying employment opportunities;
Take a look at the latest QS Business Masters Rankings 2018 in the fields of management, finance and analytics here, in case you are considering getting a Master’s level business degree. For those who are yet to be convinced about why they should pursues business related studies, continue reading for a more comprehensive explanation.
What are the different types of degrees in business related studies?
Encompassing a wide selection of programs, business degrees are known to be quite varied. These programs may be general or very specific in nature; while others adopt a practical approach to the development professional skills some have a comparatively academic focus. These degree programs can be classified with respect to the area of focus or level of education (as in professional, graduate and undergraduate).
Students can decide on their preferred area of specialization, after completing their undergraduate and graduate level education/training to get a fundamental understanding of the world of business. Although students still have some freedom when it comes to molding their course to align with their goals, business centered degrees tend to specialize on a given part of the business world at masters level and beyond. On the other hand those who have already set their mind on advancing their development in a specific area of focus, and have attained a respectable amount of professional working experience are best suited to Master of Business Administration MBA and Executive MBA degree programs.
It’s worth noting that all degree courses in business strongly focus on the practical use of theory in problem solving, regardless of the area of specialization chosen and the level of study you are in. This can be done through different ways including working on problem solving tasks, individual projects and teamwork, case studies, and participation in job placement programs and internships.
Career Options With A Business Degree
Anyone who finds the emphasis on competition and team work in school and work environments in the business world appealing, the academic demands and practical approach of pursuing a business degree will be a huge draw. However, a greater number of people will find that the question “Why Study Business?” To be better answered by a look at the potential career options made possible by their possession of a business degree.
After graduation, business professionals have the choice to work in a variety of areas, some of which are not directly related to business. A huge chunk of graduates move on to pursue careers in finance and accounting, which are seen as the more likely paths for those armed with business degrees. Human resources, sales, advertising, marketing, business consulting and retail also take up a large share of business graduates. The sheer variety of career paths you can pursue with a business degree explains why it’s such a huge draw to students.
Applying to join training schemes designed for graduates and ran by big companies, often with a global reach, is emphasized for graduates who are not decided on the path to take when it comes to developing their career after they leave school. Before picking a given path for their career, participants get the opportunity to develop their skills while training on different roles in business, in different parts of the world.
Seeking roles in non-governmental organizations NGOs, non-profit organizations, charity organizations, start ups, and small to medium sized enterprises also provide graduates with great career growth opportunities. Starting a business is also a possibility for those who feel that they have a worthy business idea and the know-how to make it a success.
How Much Can You Expect To Earn With A Business Degree?
One of the biggest draws, and motivational factors, to pursuing a business degree comes in the form of the promising earnings. It’s true that you won’t start earning top wages right after graduation, however, the know-how and skill set gained from your studies is enough to give you a chance at advancing your career and earning promotions through to management roles, where the pay is definitely much better to say the least.
At this point it’s worth noting that a business degree does not simply translate into great pay; although, graduates from top schools, with top honors do have the chance to get positions at top companies and with it, secure better pay.
Achieving your set career advancement and remuneration targets will require a lot of effort in proving your worth to your employer in a cut throat environment.
Naturally, anyone pursuing a business degree at the master’s level will have higher salary expectations. MBA graduates can expect to earn $116,300 on average in the United States and Canada as per the newest TopMBA.com Jobs & Salary Trends Report. Average salary levels are lower for MBA holders in Western Europe. An $85,900 average salary is quoted for MBA holders in the Asia-Pacific region.
Take the time to look up, the trends in salary and predictions in different sectors, and regions of the world with the highest need for business professionals if earning top wages is of utmost importance to you.
What Skills, Learnt Through A Business Degree, Are Transferable?
Developing extensive knowledge on business oriented operations and a variety of skills should be expected as you pursue your business degree. Some of the knowledge and skills you can expect to gain are specific to your chosen area of focus including IT, sales, finance, customers, operations, marketing, communication, business policy and strategy among others. Your studies will also cover how to apply all these skills on an international scale; it is however worth mentioning that learning how to apply the same with respect to a given nation or region in the world might be more beneficial to your career advancement goals.
Students also develop a variety of skills that are transferable to other careers, or day to day life situations. Some of these transferable skills include:
• An appreciation of the nature of operations within an organization • Problem solving skills • Formidable written and oral communication skills • Critical and analytical thinking • Logical thinking skills • Report writing and presentation skills • Decision making skills • Appreciating the interpretation and applications of financial data and Numeracy skills • Development of time management, self motivational and initiative skills • Resource and project management skills • An appreciation of economic changes, and changes in other external factors that ultimately affect business performance