News

Retirement Race: Are You In It to Win It?

Mar. 18, 2010

March 18, 2010

Canadians need to save more: Dodge

By Janet McFarland
Globe and Mail Update

Former Bank of Canada governor says in report that many Canadians are unaware of the high savings levels they need for their retirement years

Canadians need to save between 10 per cent and 21 per cent of their pretax incomes each year - if they save consistently for 35 years - to have comfortable retirement incomes, according to a new report by former Bank of Canada governor David Dodge.

The report says many Canadians are unaware of the high savings levels they need for their retirement years, and may believe they are saving adequately when they are not.

The report, co-authored by Alexandre Laurin and Colin Busby and published by the C.D. Howe Institute, calculates various savings scenarios based on assumptions that Canadians aim to have annual retirement incomes between 50 per cent and 70 per cent of their preretirement incomes.

"Our findings provide Canadians with a 'reality check' about the saving rates required to meet their retirement goals," Mr. Dodge said in a release Thursday.

 

" Our findings provide Canadians with a 'reality check' about the saving rates required to meet their retirement goals. "- David Dodge

The study said a broad debate about retirement incomes in recent years has mostly focused on potential reforms to rules for corporate pension plans or the possibility of expanding public pension coverage through a new national supplementary plan.

But there has been little public information about required savings rates for individuals, it says, even though many baby boomers are nearing retirement age and are concerned about whether they are saving adequately.

"The required level of personal saving is unknown to most individuals, leaving them to their own devices for a large part of retirement planning," the report says.

It also says registered retirement savings plan (RRSP) maximum contribution levels do not allow higher income higher earners to save enough to replace 70 per cent of their incomes in retirement.

And it says many companies' group RRSP plans, defined contribution pension plans and even traditional defined benefit pension plans do not set aside enough income annually to provide "adequate or reasonably assured retirement incomes."

Making the most of your investment $$s

Mar. 18, 2010

Working with an advisor is crucial to complimenting your investment portfolio with contracts that best suit your needs.  The new Tax Free Savings Account introduced in 2009 can be a great addition to any portfolio.

To find out more about maximizing your TFSA dollars, check out this article!

Call us today for the best way to maximize your investment earning potential!

Worried about your cashflow? You're not alone...

Sep. 15, 2009

Your Money:  Living Hand to Mouth

Sarah Boesveld

Monday, Sep. 14, 2009 05:41PM EDT

Dave Speiran has grown used to having only $10 in his pocket on the eve of every paycheque.

The Toronto recruiter took a massive pay cut in March after business dried up. With it came cuts to his lifestyle. The 34-year-old renegotiated payments on his weekend trailer north of the city. He switched to a more affordable car insurance provider. He now walks to the local convenience store to save a few bucks on gas.

Keeping one eye on his bank account in anticipation of payday has become an exhausting routine for Mr. Speiran, who supports his 12-year-old son Christopher and wife Joanne. “It's been insane,” he says. “We're used to being able to put away some money here and there and coming down to your last $10 and you've got to manage to get milk, bread and still maintain your transportation costs is pretty difficult.”

Along with Mr. Speiran, more than half of Canadians are now living paycheque to paycheque, a new national survey has found. While the recession has thrust thousands onto wobbly financial ground, this is just the way many people live, experts say.

The Canadian Payroll Association's survey, released yesterday, revealed 59 per cent of Canadians would really feel the squeeze if their pay was delayed by only a week. It also found 50 per cent of Canadian employees can't save more than 5 per cent of their pay for retirement, though the recommendation is 10 per cent.

While it's common sense to try to squirrel away cash for retirement and emergencies, many of us are unwilling to give up our lattes, our big-screen TVs and our dinners out, marketing professor Dilip Soman says.

“A lot of people will tell you they want to save and they're trying hard but they can't,” says Prof. Soman, who studies behaviour economics at the University of Toronto's Rotman School of Management.

“I think the big issue is they adapt very quickly to a lifestyle,” he says, stressing that there are always ways to save a few bucks. “People are creatures of habit and once you're used to whatever that might be – getting a cappuccino every day in the morning – then not having that is a loss.”

Young people have the most difficulty saving money, he says. They start earning at age 18 or 19, a time when retirement seems a long way off. After, or even before, paying student debts, they get used to spending every penny they make.

The mass movement to direct payroll deposit has also made it hard for spendthrift Canadians to become savers, Prof. Soman says. People are more likely to treat money automatically transferred to their account as spending money than they would a cheque they have to physically cash.

“It's hard to keep track of how much you've been spending,” he says. “Before you know it, it's gone and you're back to square one waiting for the next paycheque.” He suggests setting up automatic payment transfers to your savings account after each payroll deposit.

Even in a recession, the “keeping up with the Joneses” ideal persists, says Ken Hardy, professor emeritus of marketing at the University of Western Ontario's Richard Ivey School of Business.

“We don't give up lifestyle easily,” he says. “There's so much social pressure.”

Many don't set aside a nest egg or an emergency fund until they realize they need it, says Patricia Lovett-Reid, senior vice-president at TD Waterhouse. A layoff can be quite the eye-opener to someone living paycheque to paycheque.

“There can be a bit of denial in terms of what's going on,” she says. “People say that until it happens to you it's somebody else's problem.”

Even those hit by the recession say there are places they could trim.

Felicia Dewar, a 34-year-old marketing manager in Edmonton, has lived paycheque to paycheque since landing a job after a nine-month hunt. The paycheque coasting lifestyle was great in her early 20s, but since starting a family, it's certainly not as easy. Now she has credit to deal with and often taps into her overdraft protection. Ms. Dewar allows that she could save a little by eating out less than 20 times a month, but it would throw a wrench into her baby's bedtime schedule since dinner would always be served late.

For Toronto's Mr. Speiran, there's a plus side to living paycheque to paycheque. It's a good chance for his son to learn the value of a dollar and he's found ways to have fun without spending a lot of cash.

“I've still got a smile on my face and I still have a job, which is more than a lot of people [can say].”

By the numbers

59: Percentage of Canadians who said they'd be in financial trouble if their paycheque was delayed by even one week. By age group, 45 per cent of people between age 18-34 say it would be tough to get by. By household, 72 per cent of single parents say the delay would have a serious impact.

33 Percentage of respondents who said they've been trying to save money during this recession, while 42 per cent said they haven't been saving at all.

70 Percentage who said their first priority would be to pay off all existing personal debt if they won a $1-million lottery. Next pressing was saving for retirement, with 35 per cent saying they would contribute as much as they could.

Twenty-eight hundred employees from across Canada participated in the survey, which is considered consistent with a margin of error of 2.3 per cent, 19 times out of 20.

Source: The Canadian Payroll Association's 2009 National Payroll Week Employee Survey

Perfect storm for pensions on the horizon

Jun. 23, 2009

Benefits Canada
June 10, 2009
Jody White
 

Retirement is under threat by a confluence of factors which have many people focused on the short-term, reveals a recent survey.

HSBC Insurance’s fifth annual Future of Retirement survey of 15,000 people in 15 countries predicts a perfect storm of demographic, individual and financial elements that is poised to derail retirement plans unless people take action now.

"A perfect storm is confronting pension planning, created by an aging population, falling pension funds values, a drop in state and employer contributions and an economic downturn that is forcing people to make tough financial choices," says Stephen Green, group chair of HSBC.

According to HSBC, criteria for this situation includes
• short-term survival strategies in the midst of a recession that create a serious long-term pension “downturn deficit”;
• a lack of pension planning in the face of recognized longevity issues;
• poor levels of financial understanding, education and access to advice; and
• a concern for material possessions over long-term financial security.

Preparedness gap
The survey identifies a “preparedness gap” in people’s pension planning, with nearly nine out of 10 respondents not feeling fully prepared for their retirement, while 86% do not know what income they will receive in retirement. Just over one-quarter (27%) feel they fully understand their long-term finances, while 43% have undertaken some planning for later in life. Thirteen percent of respondents feel fully prepared for their retirement and 14% have done no retirement planning at all.

"If people prepare adequately for the long term, an extended later life can present a golden opportunity for many. But now is the time for people to seriously consider boosting their pension contributions to improve their prospects of a comfortable retirement,” says Green. “The cost of procrastination is likely to be high."

Advice gap
The survey also reveals a parallel “advice gap” linking a lack of preparedness to insufficient financial education and guidance.

According to the data, 43% of respondents have no financial education, while 29% feel 'fairly' unprepared for their retirement, and 47% have never had professional financial advice

HSBC points out that as a result of the economic downturn
• 92% of people have changed some element of their finances;
• only 19% will now retire as planned;
• 17% are reducing retirement savings or have stopped saving for retirement altogether;
• 18% have used savings to pay off debt; and
• 9% expect to delay their retirement

According to Mark Twigg, director at Cicero Consulting, a financial services consultancy that undertook the survey for HSBC Insurance, the survey reveals the lack of understanding people have around their long-term retirement needs.

“They are less educated or aware when trying to understand [retirement] needs and to act on them than with their short-term requirements,” he says. "As the economic perfect storm threatens it is important that people are encouraged to understand long-term risks and to manage them effectively. While people are taking more responsibility for themselves, there is also a definite role for financial institutions to continue, and to build on, their work to educate and inform."

From the News...

Mar. 24, 2009

Couple's story offers lesson in life insurance

March 21, 2009

Ellen Roseman

Banks like to offer life insurance on mortgages. And coverage is often available without a medical examination.

Here's a story of a bank denying an insurance claim – though premiums had been paid for nine years – on the grounds that key medical information had not been disclosed.

In 1979, Ros and Syd Feldman took out a mortgage with Canada Trust. In 1999, they refinanced and added more debt.

"At that time, the bank representative asked us about adding critical illness and life insurance on the policy. We told her that Syd had diabetes (first diagnosed in 1990) and that he was on pills for it," says Ros.

"We also told her that Syd had had open-heart surgery (1989) and also back surgery (1995)."

Syd wouldn't qualify for critical illness ins

urance, but he could get life insurance, the bank rep said.

In 2002, the mortgage was refinanced again and the same questions were asked. The couple said nothing had changed.

Last August, Syd was diagnosed with cancer of the stomach, esophagus and liver. It was Stage 4, considered to be life-threatening.

The couple asked TD Canada Trust to activate the insurance, which pays off the mortgage when a terminal illness is diagnosed.

Only at that point did the bank start looking into Syd's medical records, going back to 1999.

"They have now come back to us and said that we should not have been given life insurance," Ros said last month.

"Syd didn't qualify as he had not told them that he had diabetes. But we did. Very clearly.

"My husband is very, very ill and is undergoing radiation at Credit Valley Hospital. He does not need this additional aggravation."

The mortgage life policy was underwritten by Canada Life Assurance, but administered by TD Life Insurance.

The insurer denied the claim because of the customer's failure to disclose diabetes and other medical conditions on the insurance application form, both in

1999 and 2002.

The insurance application form says: "Your bank representative cannot answer questions about health issues. Speak to your doctor or health practitioner if you need clarification about your health."

Based on the medical records – which were checked only after the claim was made – Syd would not have been considered insurable and life insurance coverage would not have been offered, the bank said in a letter.

TD, to its credit, conducted a new investigation once the Star became involved.

On March 6, Ros heard that the mortgage would be paid out completely.

"Thank you, thank you, thank you. I feel as though a huge weight has been lifted off my shoulders," she said.

The total amount was $170

,000, plus $4,500 for mortgage payments the Feldmans had made since their claim had been turned down.

This was a complicated case, said Matthew Cram, a TD Canada Trust spokesperson.

"We regret that although this customer had insurance for a number of years, the claim was not eligible for a payment under the terms of the coverage.

"However, after careful consideration of the extraordinary circumstances, and on compassionate grounds, TD Canada Trust has made the decision to forgive the outstanding mortgage."

The lesson: Banks can issue insurance and deny coverage years later if they think there was misrepresentation on an application.

So, be very clear about your health problems. And, if necessary, ask for the policy to be medically underwritten at the time you apply for it.

eroseman@thestar.ca

Words from the Wise....

Mar. 16, 2009

Invest or else

David Berman, today at 2:24 PM EDT  globeandmail.com


Jeremy Grantham, founder of Boston-based investment management firm GMO, doesn't mince his words when he addresses the question of whether investors should throw money at the stock market when it has fallen so sharply. Yes, if you invest too much money all at once, you will probably regret it.

“On the other hand, if you invest too little after talking about handsome potential returns and the market rallies, you deserve to be shot,” he said in a note to clients.

He is, of course, largely referring to himself in that firing line – because Mr. Grantham has long been skeptical of stock market returns, given the huge runup is valuations during the heady days of the late 1990s, and again earlier this decade. However, with the S&P 500 down more than 50 per cent from its high earlier this month, he issued a letter to clients arguing that the S&P 500 was worth 900 at fair value, or about 30 per cent above its level then. After a five-day rally, the S&P 500 at 900 would be 17 per cent above its level on Monday afternoon, when it rose to 772.

No word yet on whether Mr. Grantham believes the recent rally has sticking power, but he said in his letter that there was a 50/50 chance that the S&P 500 could fall below 600. That possibility doesn't faze him though.

“It is particularly important to have a clear definition of what it will take for you to be fully invested,” he said. “Remember that you will never catch the low. Sensible value-based investors will always sell too early in bubbles and buy too early in busts. But in return, you may make some important extra money on the roundtrip as well as lowering the average risk exposure.”

 

 

Manulife Responds to Financial Post article

Mar. 11, 2009

A recent article published in the Financial Post may have some of Manulife Financial's investment clients concerned.
See original article

Manulife's response in a Letter to the Editor:

Letter to the editor by Roy Firth

Please call us if you're concerned at all about your Manulife segregated fund contracts, or that of any other company.

Inside Info Winter 09

Jan. 26, 2009

Check out our newest E Newsletter available now

 

Inside Info Winter 2009

HAPPY HOLIDAYS!!

Dec. 11, 2008

As the Holidays fast approach, we here at JSJ Insurance & Financial Group Inc. would like to thank all clients and associates for their support in making 2008 a great year! 

Again, we are proud to be able to make a significant donation to Community Care St. Catharines & Thorold in order to help others share in a joyous holiday season!

In order to learn more about this organization and help out in even the smallest way, please click here:  http://www.communitycarestca.ca/donate.html   or pop some food in the food drive bins at your local grocery store!

Every little bit helps!

 

Holidays Closures:

Note that our offices close Monday December 22, 2008 to reopen January 5, 2009.

 

Have a Safe and Happy Holiday Season!

To Investors:

Oct. 08, 2008

DAY OF RECKONING, FEAR, PANIC, COOL HEADS PREVAIL, THIS TOO WILL PASS. These are the headlines and no one really knows where this market is going. The investment outlook is different from all points of view.  An economist with BMO (Bank of Montreal) states that he believes that the TSX will be back up to 14,500 in twelve months and this is a 31% increase. It would be really nice to be in on that . Another economist states that we are in for a recession over the next twelve months. The Federal Banks across the world have this morning cut their lending rates in the hopes that this will loosen up money and ease the panic on the markets. The tight credit is what is creating the worldwide sell off and the power people are looking at this as a buying opportunity and are awaiting the "bottom" before buying back in heavily. When that happens the markets will go up substantially. Most pundits say that if you are in the markets and do not need the funds within the next year then stay the course and you will be rewarded. I tend to agree with these pundits and history has shown this over and over again.

This is just a note to say that I think we should "stay the course", not panic and realize that we are in an opportune time to catch the "upswing" when it arrives.

Jack Wallace  CFP CLU

Inside Info Autumn 2008!

Sep. 25, 2008

Check out the latest points of interest for Autumn 2008!

Inside Info Autumn 2008

Financial Markets in Crisis

Sep. 16, 2008

They’re calling it “Black Monday” as the TSX and Dow Jones dropped over 500 points each in a single trading day – the largest single day decline since 2001.  I think it’s really the first time that we’re seeing the true globalized affects of the US sub-prime mortgage lending and credit crisis.  Unable to garner government assistance like Fannie Mae and Freddie Mac have in recent weeks, Lehman Brothers Holdings Inc. filed for one of the largest historical bankruptcies of $70billion after failed attempts to build capital or find a buyer.  Merrill Lynch is being snapped up by Bank of America at a “discount”.  And today’s big headline is American International Group Inc. (AIG) and whether they can raise the $40billion capital they need with a declining credit rating. 

 What we’re doing here at JSJ:

 For our investors, we’ve always approached the investment part of your plan with a long-term and moderately conservative view.  With that in mind, we’re preventing significant loss by staying away from US equities and remaining with companies that have limited or avoided their exposure to the sub-prime mortgages from the beginning.  Can we all remain unaffected by this global crisis in the financial markets?  No.  But we’re taking the steps to explain that this downturn in the market is not permanent, will have ripple effects, but also gives opportunity for significant long-term growth for those buying into the “right” funds right now.

What if you’re a client of AIG Life of Canada?   AIG Life of Canada is a separate legal entity and as policyholders you are unaffected by the goings-on of American International Group Inc. on a global front.  Please read this letter sent by the President and CEO of AIG Life of Canada.

 

University bound? Back-to-school tax tips

Aug. 18, 2008

Recently John Wonfor, a national tax partner at BDO Dunwoody, in conjunction with the Institute of Chartered Accountants of Ontario, released a list of 10 tax tips that students should heed before they venture off into the world of academia,

Tax Tips included:
♦ moving expense deductions
♦ textbook expenses (whether books are purchased or not!)
♦ transit  and rent costs

For the complete list of tips, please go to: www.advisor.ca/shared/print.jsp

Mortgage Insurance -- are you really covered?

Feb. 07, 2008

The Canadian Broadcasting Corporation (CBC) aired an episode of Marketplace on Wednesday February 6, 2008. An interesting investigative piece on mortgage insurance, it featured an individual who lost their spouse and had their mortgage insurance death claim declined. It serves as education and a reminder that covering your mortgage debt is best done through an individual insurance policy as part of your financial plan between you and your independent insurance advisor. If you DO have creditor mortgage insurance, please consider carefully discussing the replacement of this coverage with us after watching the Marketplace episode linked below.

View Marketplace, February 5, 2008

To see comments from viewers:
View Comments

Inside Info Autumn 2007!

Oct. 09, 2007

THE WEALTH-BUILDING ISSUE!
The newest edition of JSJ's newsletter has been launched!
View Inside Info Autumn 2007.
If you'd like to receive this e-newsletter direct to your inbox, sign up for our mailing list!

Toronto Star highlights insurance issues

May. 02, 2007

In a series of articles by Ellen Roseman for the Toronto Star, various insurance topics are discussed weekly.
For your interest, following the below links to read these informative, consumer-driven articles:
Perils of a mortgage life policy, April 22, 2007
Using life insurance to your (tax) advantage, April 29, 2007

* future articles in this series will be added as they are available.

February 27th's Market Decline

Mar. 05, 2007

Canada's Toronto Stock Exchange (TSX) saw a drop of 2.72% Frebruary 27th, the largest single-day decline since just after 9/11. This came as a result of activities happening in the China stock market - a large selloff of Global Equities - as China reported they needed to "slow" their booming economy in the coming years.

North American investors didn't panic as would likely be expected, and although Canada's stock exchange took quite the hit as could be expected most segregated and mutual fund companies in Canada reported small losses for the day. An average of low-1% and mid-2% losses were seen by companies JSJ's clients hold funds with, the largest hits being seen in the Global and US Equity funds as a direct result of the correction in the market.

For more info: Globe & Mail March 1, 2007 or contact our offices

Inside Info Winter/Spring 2007

Jan. 23, 2007

THE RETIREMENT ISSUE!
The newest edition of JSJ's newsletter has been launched!
View Inside Info Winter/Spring 2007.

If you'd like to receive this e-newsletter direct to your inbox, sign up for our mailing list!

Ontario's Bill 102, Transparent Drug System

Nov. 09, 2006

The Drug System Secretariat was established in June 2005 to lead a review of Ontario’s drug system. Earlier this year the Secretariat presented a series of recommendations to the provincial government. The resulting Transparent Drug System for Patients Act received Royal Assent on June 20, 2006. Initially, most changes were to come into effect on October 1, 2006, however, recent amendments will see some of the changes are deferred to April 1, 2007.

Ask more about how these changes affect your group benefits plan!
Contact us

Inside Info Autumn/Winter 2006

Sep. 06, 2006

The newest edition of JSJ's newsletter has been launched!
View Inside Info Autumn/Winter 2006.

If you'd like to receive this e-newsletter direct to your inbox, sign up for our mailing list!

Self-Insured Group Benefits Update:

Sep. 06, 2006

E-Dental is now available!
For group policyholders having self-insured dental benefits with JSJ, electronic dental claim submission is now available!!
For more information, please contact your advisor.

Inside Info Spring/Summer 2006

May. 30, 2006

The premiere edition of JSJ's newsletter has been launched!
View Inside Info Spring/Summer 2006.
If you'd like to receive this e-newsletter direct to your inbox, sign up for our mailing list!

Also new to the site are enchanced Services for Group Employee Benefits programs as well as for Self-Insured Group Benefits programs. Ask us about what we can do to help you maintain Employee Benefits costs while offering supreme benefits to your employees!

New Mailing List!

Mar. 28, 2006

A new addition to our website this year, the mailing list will enable you to receive directly in your inbox any news items posted on jsjgroup.com, as well as our quarterly news feature which will commence spring/summer 2006!
To join our mailing list, click here or see our News or Contact pages.

Back to School... Looking Ahead

Sep. 15, 2005

The summer officially ends, a new school year begins, and it seems that news reports everywhere are focusing on hikes in post-secondary school tuition costs. Parents send their young children to elementary school and the last thing they want to be thinking of is their child heading to college or university.

However, this is the time that parents should be faced with the inevitable question: "how are we going to pay for our child's post-secondary education?"

The solution? Four letters: R E S P - registered education savings plan.

RESPs are not unheard of, but many are unaware of the details involved and advantages with a savings plan. Not only is long term education savings the most cost-effective way to secure your child's education funding, the market offers many different plans to suit your needs. As well, a grant is offered through the government based on fund deposits to motivate contributors.

When reading through all the information available, the variations of plans and details can be quite overwhelming. Things to be considered in choosing the right plan for you include everything from your investment sophistication, risk tolerance, amount available to invest, flexibility of payments and time horizon - just to name a few. The most popular question for contributors - whether it be a parent, grandparent, aunt, uncle - is what would happen to the funds deposited, and the interest accumulated if the child does not pursue a post-secondary education when the time comes? No one can see the future. In all plans, a refund (less any government grant deposits), will be given to the contributor. With this said, a RESP is clearly an ideal way to save for a child's education.

Your financial advisor can help you to determine the best plan for you, and the deposit arrangement that best suits your needs.

Claims Adjudication Upgrade - November 1, 2005

Sep. 15, 2005

For all our Self-Insured Employee Benefits clients, our claims adjudication and invoicing software will be upgraded on November 1, 2005. Although this will not affect the payment of claims in any way, you may notice that the aesthetics of reports, payment confirmations to employees, and invoicing will have changed. This is all in an effort to offer more services and a smoother adjudication of claims for our clients.... to serve you better.

What do "new" prescription drugs really offer?

Sep. 15, 2005

More than ever before, pharmaceutical companies are racing to develop the newer, better drug for the marketplace. It’s a multi-billion dollar industry that in 2004 saw consumers spending $18 billion on prescription drugs alone – not including the $1.3 billion in drugs dispensed by hospitals. That’s more money than is spent on physician services, and a significant rise from the $2.6 billion spent on prescription drugs seen twenty years ago.

Each new patented drug is reviewed by the Canadian Patented Medicines Prices Review Board, which classifies new drugs going on the market. In the period of 1990 to 2003, the review board was presented with 1,147 new patented drugs, of which only 68 met the criteria of a breakthrough drug. That’s only 5.9% of all drugs reviewed classified as being a “first drug to treat effectively a particular illness or which provides substantial improvement over existing drug products.� The Board also classifies variants as innovative drugs, which in addition to the breakthrough medicines totals 142. That means that 1,005 of the newly-patented drugs released from 1990 to 2003 were variations of already existing drugs.

These "knock-off" drugs are often made by brand name manufacturers, as opposed to copycat drugs made by generic companies after patents expire. They can be variations of a competitor's drug, or of one of their own. Proper marketing can make a "knock-off" a market leader with simple reformulation and repackaging of an existing drug. This helps the pharmaceutical company prolong the patent, and the profits.

With the introduction of these "new" drugs costing more with little or no improvements in treatment potential, one would think that policy-makers would consider whether the current method of regulating prescription costs and determining which drugs are placed on provincial formularies is adequate.

* Source: "'New' drugs too often offer little new" Andre Picard, The Globe and Mail September 8, 2005

Make Every Mother and Child Count... April 7, 2005

Mar. 29, 2005

"Mothers and children are the foundation of families, communities and societies. When a mother or child dies, that foundation crumbles. If we want to improve the health of future generations, we must start with the health of mothers and children today." World Health Organization Director-General Dr. Lee Jong-wook

The World Health Organization has declared the focus of the 2005 World Health Day April 7th to be "healthy mothers and children" in an attempt to raise the profile of the specific health issues and concerns facing the world's women and children today.

Throughout the ages, women have always been faced with different health concerns, or issues that affect her differently than those of men. These include both the obvious differences arising from simple biology such as pregnancy, reproductive health and menopause. However, according to Health Canada, women tend to suffer more than men from conditions such as arthritis, rheumatism and allergies. They also identify lung cancer, breast cancer, cervical cancer and heart disease as significant threats to the health of women. And then there are health concerns springing from social issues like family violence, sexual abuse and assault, economic inequality and society's role in shaping women's image of themselves and their bodies.

Topping the list of all these health challenges rests heart disease and stroke, taking the lives of 38 percent of all Canadian women, compared to 35 percent of Canadian men (Heart and Stroke Foundation of Canada). According to the Canadian Health Network, women are ten times more likely to succumb to heart disease than any other illness, so heart health is an obvious place to direct education and prevention efforts.
Many people don't realize how the symptoms of a heart attack differ between men and women, which can lead to heart attacks going unnoticed, untreated or even misdiagnosed in women. Before entering mid-life, a woman's hormones provide extra protection against heart disease putting her at a lower risk compared to men of the same age. However, after menopause, her risk will gradually increase until age 65 when it is equal to that of her male counterparts. This risk is increased even further if she is a smoker and/or has high cholesterol levels in her blood.

What can you do as an employer?

Many employers offer Employee Assistance Programs (EAPs), which is a service providing confidential counselling services to an employee and their dependents without affecting claims experience. In the Depression and Anxiety Among Canadian Women in the Workplace survey, about half of the respondents who suffer from depression were aware that their companies offered an EAP, and about 20 percent took advantage of the service. Those who did found the services helpful with 82 percent citing satisfaction with the help that was received. Those who chose not to make use of their employer's EAP noted that they were already seeking help from an outside source, felt they could handle the problems themselves, didn't know about the program, were concerned about the confidentiality of the service, or simply didn't want people to know about their problems.

Virtually all women in the workplace who suffer from depression wanted help from their employers to deal with their condition (Depression and Anxiety Among Canadian Women in the Workplace survey). Suggestions have included having a counsellor or health care professional on-site in the workplace, having more resources available and make those resources better known throughout the company, and being more understanding and educated of an employer with respect to mental health issues. There's good reason for employers to consider these suggestions carefully. People who conquer their depression report a long list of job performance improvements such as feeling more motivated, producing higher quality work and taking fewer days off work for health reasons.

Women make up just over half (51%) of the total Canadian population, so it's important for women's health issues to receive greater exposure and attention in our communities and workplaces.

* Source: Manulife Financial Emmployee Benefit News, Vol 12, Issue 1

RRSP Season is upon us!

Feb. 01, 2005

As RRSP season draws near, people often find themselves thinking about their future. Many people have a couple goals in mind for retirement, even if it is simply maintaining the lifestyle they enjoyed while still in the workforce.

RRSP Tips

Helpful information you should know

  1. Start as early as you can
  2. Maximize your contributions
  3. Reinvest your refund
  4. Maximize your foreign content
  5. Pay yourself first
  6. Consolidate your investments
  7. Seek professional advice

It is proven that investors who seek the advice of professionals tend to do better over time. Not only will a professional advisor help you build a well-diversified portfolio, they can continue to counsel you on the best ways to respond to changes in the financial markets over time.

To help you determine how much you should be investing on an annual basis to achieve your retirement goals, go here and choose the RRSP Calculator:

RRSP Calculator

Your Rights as a Dental Patient

Jan. 19, 2005

The Canadian Dental Association has developed the Dental Patient's Charter of Rights, comprised of the following seven key principles:

  • Patients have the right to be examined and diagnosed by a licensed dentist
  • Patients have the right to an explanation of treatment alternatives and costs before treatment
  • Patients have the right to receive treatment according to the standards of the profession
  • Patients have the right to be treated in a safe and healthy environment
  • Patients have the right to be cared for by the dentist of their choice
  • Patients have the right to receive prompt emergency care
  • Patients have the right to an avenue by which to express complaint


Ask questions!

Communication is key between dentist and patient. If a patient doesn't fully understand the treatment plan, amount of work and/or urgency of the work that's being recommended, s/he should be encouraged to ask for more information.

Clarify terms used by the dentists to reduce confusion, and don't feel uncomfortable taking some extra time to think about it. This will give the patient more time to seek out additional information, clarify what is and isn't covered by their dental plan, and obtain a second opinion if necessary.

Today, many dental offices are able to submit claims electronically to the insurance carrier for payment. This is a convenient method, however plan members should always make sure they obtain a copy of the claim statement and review it to validate the accuracy of the expenses being billed to their benefits plan.

Employer-sponsored dental plans provide plan members with access to regular and continuous care, greatly reducing the chances of needing excessive or unexpected dental work in the future. Plan members should always be encouraged to understand their role in their own dental care and dental plans. Even though the majority of their dental expenses are paid for by the plan, it's in everyone's best interest for plan members to take ownership for the benefits plan and be wise consumers of the health and dental care it provides.

Risky Retirement??

Oct. 05, 2004

Retirement security is "a public policy issue that appears to have more urgency in individual Canadian households than within national institutions [such as] the federal government," said Canadian Labour Congress (CLC) president Ken Georgetti recently in a letter to Prime Minister Paul Martin.

In a CLC survey conducted by a Toronto research firm in March of this year asking 1,003 adult Canadians to rate 12 public policy issues on a scale of 1 to 10 based on priority, 72% ranked "protecting retiree's pensions and retirement income" as Priority Level 1, 2 or 4 - second only to healthcare. With an obvious lack of government attention to this public policy, and an aging population in Canada, individuals are having to save for their own retirements.
In a Statistics Canada report released this year, an increase in household spending is mostly attributed to spending for financial services, as aging Canadians have been adding to their financial assets, searching for retirement products and supplementary health insurance coverage. These increases in consumer spending are fueled by added personal wealth and income amongst Canadians.

"The resulting emphasis on longer-term savings products has propelled the demand for financial planning and wealth management," the report states.

The most significant change was a six-fold increase in RRSP holdings from late 1980's to late 1990's, resulting in the largest single asset increase in Canadian households. The proportion of families with RRSP's doubled in 2000 from 1981 to 55%. Do you have your retirement savings program in place?

UNIVERSAL LIFE INSURANCE - An Added Investment Product

With more than every other Canadian family investing in RRSP's, what alternatives are there for investing? One insurance and investment "hybrid" is Universal Life Insurance. A widely popular product, this allows insured individuals to "over-fund" their policy in order to invest in funds offered by the insurance provider.

An ideal alternative for investing when your RRSP's are maximized for the year, however this isn't ideal for everyone. Although the investment aspect of the product is sought-after and deemed as having an advantage over traditional life insurance, if the insured can not afford to over-fund the premium deposits then the advantages disappear. Contact us to find out if Universal Life Insurance is right for you!

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