John Panago - Certified Financial Planner

05/05/2026

Have you completed your tax return? If not here are some overdue tips to use.

Tax season brings plenty of confusion—and costly mistakes. Here are some commonly misunderstood expenses Canadians often try (but fail) to claim on their tax returns.

05/04/2026

A certified financial planner (CFP) centres on delivering competent, ethical, and holistic financial planning to help you achieve your goals. Message me today to get started.

03/10/2026

If you woke up today wondering why you should look at your personal life insurance needs this guide is your first step. The second step is to message me.

Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations:

02/27/2026

A recent study has found that the most common term life insurance amount purchased is $500,000. The amount of life insurance you purchase will depend on needs such as the immediate cash needed at death and annual income replacement.

Team up with me as your advisor for a discussion of what life insurance can do for you, your family, your business and favourite charity.

https://www.investmentexecutive.com/news/industry-news/500k-is-the-most-common-term-insurance-coverage/

02/24/2026

January and February has traditionally been 'RRSP season' where people top up their accounts before the first 60 days of the year deadline in time for their tax returns.

With the popularity of the TFSA (tax free savings account) and FHSA (first home savings account), more focus on these accounts rather than RRSP for economic growers.

Message me to see which account or accounts are best for you!

02/05/2026

A Tax-Free Savings Account (TFSA) is a special, government-registered account in Canada designed to help you save and invest money without paying taxes on the gains.

Think of a TFSA as a "tax-free wrapper" or "magic basket" that holds your money. Whether you keep cash in it or buy investments like stocks, everything inside that basket grows without being taxed, and you pay zero taxes when you take the money out.

Tax-Free Growth: If you put $1,000 in and it grows to $2,000, that extra $1,000 is all yours—no tax man takes a cut.

Tax-Free Withdrawals: You can take money out whenever you want, for any reason (vacation, emergency, car, house), and you will not be taxed.

Flexible Re-contribution: If you take $5,000 out in February, you can put that same $5,000 back in, but you generally have to wait until the next calendar year.

No Age Limit: You can hold and contribute to a TFSA for your entire life.

The Essential Rules (Don't Over-Contribute)

Eligibility: You must be 18+ (sometimes 19+ depending on the province) and a Canadian resident.

Contribution Limits: The government sets a maximum amount you can contribute each year (e.g., $7,000 for 2026).

Carry Forward: If you don't use your full limit one year, the unused space rolls over to the next year.

Penalty: If you put in more than your allowed limit, you will pay a penalty tax of 1% per month on the excess amount.

Message me to see how I can help you invest with success!

02/04/2026

An RRSP (Registered Retirement Savings Plan) is a special, government-approved account designed to help Canadians save for retirement while paying less income tax today.

Think of it as a tax-sheltered container for your investments. You put money in, and as long as it stays in that account, you don't pay taxes on the interest, dividends, or capital gains it earns.

Instant Tax Break: Money you contribute to an RRSP is deducted from your total income, meaning you pay less income tax in the year you make the contribution.

Tax-Deferred Growth: You pay no taxes on the growth of your investments while the money stays in the account.

Lower Tax Rate Later: You pay tax only when you withdraw the money, usually in retirement when your income is lower.

Contribution Limits: You can generally contribute up to 18% of your earned income from the previous year, with a maximum cap set by the government (e.g., $32,490 for 2025).

Have you had your retirement savings discussion and do you have a formal written retirement plan projection?

Message me to see how I can help.

01/05/2026

Welcoming a new year also means reviewing your financial plan. In Jamie Golombek's article he highlights 10 things every taxpayer should do in January!

1. Rebalance your non-registered portfolio
2. Set up a charitable donation budget
3. Get a head start on your 2026 RRSP contribution
4. Contribute to a TFSA
5. Make a 2026 RESP contribution
6. Contribute to an FHSA
7. Make your interest tax deductible
8. Create pension income
9. Get organized now for tax season
10. Avoid a 2026 tax refund

Contact me for a review of your financial plan.

Note that tax laws and financial numbers can change. Be sure to collaborate with your tax professional and financial advisor to ensure your plan and actions are right for you.

Getting a jump on RRSP contributions and making interest payments tax deductible among the moves to save taxes in 2026 and beyond. Read on.

01/05/2026

Grateful for DocuSign's feature that automatically enters the date. However, I still find myself needing to type or write "2026" on documents and cheques. It's easy to slip up—how many times have you accidentally written "2025" this year?

01/01/2026

New year, new start. May all your dreams come true in 2026!