Blog Posts by Liam Lahey

Spring has sprung and love is in the air as wedding bells chime across the land. You've made all the necessary plans to make your big day a memorable one but through all that planning, did you stop to consider a prenuptial agreement?

Though the term itself isn't unfamiliar to most, prenuptial agreements aren't as common in Canada as they ought to be says Michael Cochrane, managing director and a family lawyer for Heydary Green PC in Toronto.

"We're probably seeing fewer than 10 to 20 per cent of marriages starting off with a marriage contract or prenup," he says. "I tell people … that you really need to look at a marriage contract as a financial planning document. It's not much different than a will or power-of-attorney.

"A marriage contract can be a complement to those other documents."

Who needs a prenup?

Such a contract can vary between young couples and those marrying a second or third time. For older couples entering into a second marriage, they're almost mandatory, he says. First

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The tax return countdown is on Canada. How prepared you are for this annual inevitability cannot only help alleviate tax season stress but it can also help you save money.

The deadline to file a tax return in Canada is April 30, 2012. That's ample time to tally your expenditures and yet each year thousands presumably leave it until the last moment.

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"Tax planning really shouldn't be left until the annual tax filing deadline arrives," says Jason Round, head, Financial Planning Support, RBC Financial Planning in Toronto. "There are strategies you can benefit from throughout the year that can help you boost your tax savings."

Cleo Hamel, senior tax analyst at H&R Block in Calgary, agrees.

"There are a large number of people that do wait for varying reasons," she says. "We tend to see an interesting

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Do you have a financial advisor?

Whether you're examining investment performance or wishing to customize your tax and retirement options, you'll need in-depth information to make the most of your investment decisions. So where does one begin the process of finding an informed, trustworthy source?

Matthew Semple, manager, wealth management at National Bank in Montreal, says to start by taking a look in the mirror and asking yourself what your personal goals are. For those with no experience in hunting down a suitable financial planner, look to the Financial Planning Standards Council for guidance, he suggests.

"Ask yourself what you're looking for in an advisor. Is it to do with retirement planning? The other thing is to perhaps consult friends with positive experiences. If you're seeking an advisor, you'll want to avoid the Earl Jones situation," he says. "When you meet an advisor, the key thing is to ask them what type of license that they have and with which organization?"

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Despite highly-competitive interest rates, Canadians are backing away from the real estate market. And it's no wonder. Consumers are bombarded with contradictory economic reports about the fragility of the housing market in the U.S., the blistering-hot Canadian real estate bubble -- is it even a bubble? -- and varying interest rates that seem to change on a dime according to the whims of the big-six Canadian banks.

These conflicting messages are playing out in housing market sentiment, suggests an annual Royal Bank of Canada survey.

According to the "19^th Annual RBC Homeownership Poll", an increasing majority of Canadians believe that now is the time to get into the housing market (59 per cent, up four percentage points from last year), instead of waiting until next year (41 per cent).

And yet, more Canadians say they are unlikely to buy within the next two years (73 per cent, up two percentage points), even as confidence in homeownership is on the rise.

"What we're seeing here is

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Supposing you'll get a tax refund, what will you do with it? A survey commissioned by a tax software maker finds fewer Canadians will use their refunds this year to eliminate personal debt.

Dr. Tax Software, better known for its UFile ONLINE and UFile for Windows do-it-yourself tax return products, finds only 29 per cent of Canadians plan to use their refund to pay down debt, representing a 14 per cent drop in comparison to the company's 2009 consumer poll.

"Fourteen per cent is pretty substantial considering the Bank of Canada is constantly telling us we have to pay our debts," remarks Joanne Birtch, vice-president of marketing, Dr. Tax Software in Toronto.

The national survey, which polled Canadians aged 18 and older, also reveals that location affected respondents' plans in using their refund for debt repayment.

• 35 per cent of respondents in Quebec and the Atlantic provinces plan to use their refund to pay down debt

• 21 per cent of respondents in British Columbia will use their refund

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Canadians are playing the odds: Many of us don't have any money set aside to deal with job loss, significant medical bills, out-of the-blue home repairs or other unexpected expenses.

According to Raymond Chun, senior vice-president for TD Canada Trust, the overall number of Canadians that still don't have an emergency savings fund is alarming.

"We have about 38 per cent of Canadians that really don't have any way of meeting what we'd call life's unexpected surprises. I'd say that percentage has been fairly consistent (to previous years)," Chun says. "Having said that, it's promising that about 53 per cent of us are starting to save and we're beginning to see a bit of an upward trend. But generally, savings needs to be more of a priority for most Canadians."

Chun cites the "2012 TD Canada Trust Report on Savings", which finds 53 per cent of Canadians admit they have been in a situation where they needed to rely on cash savings to navigate an unexpected life event, yet only 26 per cent

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It was federal Finance Minster Jim Flaherty's first true opportunity to wield the axe with the strength of a majority government behind him and he did so to the tune of $5.2 billion on Thursday, cutting more than 19,000 civil servant jobs over the next three years, raising the age to qualify for Old Age Security (OAS) from 65 to 67, and eliminating the hapless penny.

Dubbed the "Economic Action Plan 2012", the budget will see the eligibility for OAS -- a benefit worth more than $6,000 annually -- bumped up to the age of 67 beginning in 2023. Eligible Canadians can also defer OAS payments for a maximum of five years beginning in 2013 in exchange for higher benefits. These changes will affect Canucks under the age of 54.

"Today it is clear we must take action to ensure the sustainability of the Old Age Security program, which is the largest spending program of the federal government," Flaherty said in his speech.

Jobs growth a key element

Jobs growth was a key element highlighted in the

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I'll give Ontario Finance Minister Dwight Duncan some credit: He's left virtually no stone unturned in his austerity budget, and virtually all sectors of the province's economy will pay the price in the years to come as the government struggles to balance the books.

As wrenching as some of the cuts could be if the budget ultimately passes — never a guarantee with a minority government — it's the business community, in particular, that could end up paying the heaviest price of all when the squeezed dollars and lost opportunities are tallied up.

At the core of the issue is the government's plan to freeze previously announced plans to drop the provincial corporate income tax rate. Originally set at 14 per cent, it had been dropping in stages — to 12 per cent in 2012 and 11.5 per cent last year — and if the plan had held it would have moved to 11 per cent this July and finally 10 per cent in July 2013. The budget freezes the rate at the current 11.5 per cent and keeps it there until the

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