We're officially ready for this long weekend!
Just a reminder that our offices will be closed on Monday July 2, 2018.
We plan to enjoy our extra day in the sun. We hope you do too!
Ever wished there was a simple equation to help you make sure you'll have all the funds you need for your retirement? Well, we know it, and we're sharing it here:
http://davlyn.ca/uncategorized/davlyn-financial-in-hespeler-magazines-june-edition-how-much-do-you-really-need-to-retire/
Happy Money Monday! Today we're introducing a new Money Monday feature called Terminology Talk! Do you ever hear people talking about insurance and investments and instantly feel like there's some guide book that everyone else has read but you? With acronyms and buzzwords that are commonly tossed around it's easy to tune out rather than speak up and ask questions.
We don't want you to feel lost, confused or hopeless when it comes to money talk, that's why each week we'll be breaking down a common word, phrase or idea to help you better tune into the conversation.
Our first word is DSC, also known as deferred sales charge. A deferred sales charge is a fee placed on an account with a time frame attached to it. For example, if you invest your money into a TFSA fund with a DSC you will be charged a fee if you take out your money before the alotted time period has passed (ex. 5 years). Each year, up to the 5th year, the DSC will reduce until on the 5th year when it will disappear. This fee is charged to discourage early redemptions on accounts.
Why might you want an account with a DSC fund? Having an account with a DSC can keep you from paying some up front fees. On an account with a front end load the fee will automatically be taken off of your account and after that point you can take your money out any time without penalty (unless your withdrawal will incur a taxable disposition). If you know you'll be keeping your funds in your account for the allotted time period why not skip the fee and enjoy the savings?!
