Briefly:

(December 28, 2006) Midnight on December 31 is the last chance for clients to make charitable contributions for the 2006 tax year. Fortunately, technology is making the process easier for those interested in making last-minute contributions.

“Our goal is to make giving simple, fast and flexible,” says Jason Cote, executive director of CanadaHelps.org, an online portal for all of the country’s registered charities. The website accepts donations right up until midnight Eastern Standard Time on December 31 and offers instant tax receipts, which can be filed for this calendar year.

A recent survey conducted by Scotiabank’s Private Client Group found that 76% of respondents identified tax savings as their motivator for making charitable donations. In Canada, the first $200 of a donation qualifies for a 17% federal tax credit. Any additional donations give the donor a 29% tax credit. Additional provincial tax credits may also apply.

Edward Jones poll examines retirement concerns

(December 28, 2006) A recent national survey by Edward Jones, Decima Research and Kelton Research has found almost one in four respondents are most concerned about the possibility of needing to work longer to supplement their retirement income. One in five say they are anxious about the need to cut back their desired lifestyle.

By comparison, one in three American respondents are most concerned about covering their healthcare costs in retirement. Only one in ten Canadians surveyed expressed the same concerns.

“While healthcare costs aren’t a major concern, there are still important reasons to financially plan for retirement,” says Edward Jones senior retirement planning specialist, Michelle Kay. “The best way to make these fears less burdensome is to map out how you’re going to pay for your retirement lifestyle and start with a financial plan today.”

The survey of 1,000 adult Canadians earlier this month found those between 35 and 44 were most concerned about needing to work longer while those over 55 were least concerned. Survey respondents in Ontario are most concerned about the need to cut back on their lifestyle choices, while Albertans are the least concerned.

At the same time, those in Alberta are most concerned about needing to work longer to supplement their retirement savings while those in B.C. were the least concerned. Of those already retired, 21% said needing to cut back lifestyle choices is their biggest concern.

Tips for managing new computers or wireless toys

(December 28, 2006) If you received a new computer for Christmas or if your business is spending on some last-minute hardware upgrades before the end of the year, there are a number of things you can do to protect your investment.

Marc Solomon, McAfee’s director of product management, recommends the following to protect your new tech gadget gifts and PCs: First, install a comprehensive, multi-layered solution from a trusted global brand, to guard against viruses, spyware, adware, hackers, phishing scams and identity theft, and beware free downloads, popular screensavers, lyric sites and online club registration.

“Many free downloads, such as games and wallpaper, include hidden spyware and adware. These can monitor keystrokes, track Internet logins and transmit confidential information,” says Solomon. He also recommends securing your wireless network, saying your risk level goes up considerably if you access the Internet from a Wi-Fi network.

Finally, pay attention to what your kids are doing online and warn them never to post information like their last name, school or favourite hangout on a personal profile or blog.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.