In The Press

Yahoo! Canada Finance – by Gail Johnson

“When Laura Campbell first opened up a tax-free savings account (TFSA) two years ago, she assumed she’d use it just like any other savings account, making withdrawals when she needed a little extra cash.  But after talking to her a financial planner, the Vancouver-based web designer has rethought how she’ll use that account. Now, Campbell’s TFSA is more an investment tool than a rainy-day fund.”  Ian Black, fee-only financial advisor with Macdonald Shymko & Company Ltd. advises on possible tax implications for investments held in a TFSA and the advantage of a TFSA over an RRSP.  Click here to read the rest of the article

The Vancouver Sun – by Gordon Hoekstra

“David Hart had worked at Norampac’s recycled paper plant in Burnaby for 35 years when he learned last September that the plant was closing permanently by the end of this year. Despite the shock of the untimely plant closure, at 56 and still shy of his retirement goal of 60, Hart considered himself fortunate. He knew he had a defined-benefit pension that would backstop his retirement…As the holder of a workplace pension plan, Hart is in a minority in Canada, where the latest Statistics Canada figures show 39 per cent of employees are covered by such a plan. Only 25 per cent of private-sector workers have coverage. In British Columbia, that number is lower.”   Gina Macdonald, a fee-only financial adviser with Macdonald, Shymko & Co., offers some comments about workplace pensions and retirement income. Click here to read the rest of the article

The Globe and Mail – Financial Facelift by Dianne Maley

“Liam is a lightkeeper, Arlene an artist. Together, they live an idyllic life on an island off the B.C. coast. He’s 53, she’s 59. They have a 23-year-old son who is out on his own.  While the hours of a lightkeeper are long, their housing is provided by the government, casting Liam’s $47,000 a year salary in a better light. Arlene’s earnings are variable. Liam has been working for the government for only 16 years, so his pension will be modest; Arlene has none. Arlene and Liam have two main questions: How much do they have to save to retire with an after-tax income of $50,000 a year? Can they afford to buy a second home on the West Coast and rent it out until they retire without having to sell the duplex?  We asked Brinsley Saleken, a financial planner at Macdonald, Shymko & Co. Ltd. in Vancouver, a fee-only financial adviser and portfolio manager, to look at Arlene and Liam’s situation.” Click here to read the rest of the article