Tax Mistakes Every Retiree Should Avoid

Tax Mistakes Every Retiree Should AvoidThere are three tax mistakes that every retiree should avoid. In retirement, there are plenty of tax planning opportunities that can save you a significant amount of money. In meeting with 100s of retirees every year, we see the same mistakes being made over and over again.   1st Mistake: No Plan The first being [...]

Financial Management for Young Professional Athletes

Financial Management for Young Professional AthletesNavigating budgeting can be quite daunting, particularly for young professional athletes. In this post, we'll delve back into the unique challenges athletes face and attempt to simplify an effective strategy to streamline their financial journey, which I’ve discussed in prior articles, How Much Should an NHL Player Save, and How Much of Their Salary do [...]

Best Questions To Ask A Financial Advisor

Best Questions To Ask A Financial AdvisorWhether you are looking to hire a financial advisor or already working with someone, there are a few key questions that you should get answered. Let's dig into these questions and review some of the answers that should raise red flags.   Are you a fiduciary? If you asked a friend or family member whether [...]

Should You Be Using More Than One Financial Advisor?

Should You Be Using More Than One Financial Advisor?Instances of clients using multiple advisors rose after Bernie Madoff’s Ponzi scheme was revealed during the 2008 financial crisis. However, in good or bad times, multiple advisors can lead to higher fees and lost efficiencies. Ponzi Scheme Protection Nobody wants to be the victim of a Ponzi scheme, so using multiple advisors sounds appealing as [...]

Invest Large Lump Sum of Money Tax-Efficiently By Using Your Children

Invest Large Lump Sum of Money Tax-Efficiently By Using Your ChildrenHere is the scenario You’ve just inherited $1,000,000. You invest the million and it starts generating $40,000/year in dividends. $40,000 is great until you realize the tax man takes away $15,114 every year, leaving you with $24,886. What can you do? Well, you have these kids, your kids! And their current annual income is a big [...]

Case Study: Simple Tweak Saves $50,000 in Taxes

Simple Tweak Saves $50,000 in TaxesTwo Main Concerns Sarah was concerned about two things now that she was retired. The first being how to invest tax efficiently. The second concern was with the portfolio fluctuations that she had experienced and now that she was no longer contributing to her accounts she was worried about it in retirement. In this video, [...]

How much money should an NHL Player save?

In a previous article – How much of their salary do NHL players keep? – I outlined a rule of thumb for players to assume they’ll only have 40% of their stated salary as cash they can use. For example, if they have a salary of $3 million, they should budget for $1.2 million. The [...]

Is Now The Right Time To Buy GICs?

Is Now The Right Time to buy Gics?Is now the right time to be buying a GIC? Lets start with, what exactly is a GIC? A GIC is a term investment that pays you a guaranteed interest rate on the anniversary of your purchase. Generally speaking, the longer the term of your GIC, the higher the interest rate you will receive, and [...]

NHL Disability Claims

NHL Disability ClaimsCareer-Ending Disability Claims In a previous article - Insurance Coverage in the NHL – I outlined the coverage provided for players through the current CBA. If a player is to end their career due to a disability, they are entitled to a one-time benefit as long as their injury meets the following parameters:   “Disability [...]

Retirement Plan Leads to $900,000 in Savings

Retirement Plan Leads to $900,000 in SavingsHere is a real-life example of how two tweaks to a couple's retirement plan, saved them over $900,000. For this video, we start by going over Donna and Steve's (names have changed for confidentiality reasons) background and going over a few assumptions that need to be made. Follow along as we find out what their [...]

Private Home Care

Paying for Private Home CareAccording to a recent survey[1] from CARP (Canadian Association of Retired Persons), nearly 95% of seniors want to stay in their homes as they age. This isn’t overly surprising considering the negative connotation associated with care homes. We all have that relative who we’ve heard say I’d rather ….. than end up in one of [...]

4 Conflicts Faced by Financial Advisors

4 Conflicts Faced by Financial AdvisorsVideo Transcript: 4 Conflicts Faced by Financial Advisors If you are working with a financial advisor, you need to be aware of a few conflicts of interest that can affect your bottom line. Conflicts of interest will arise when your financial goals or interest are not in line with your advisors. Most of these conflicts [...]

Where Should I Invest?

Where Should I Invest?Today I will be discussing an option that business owners have when they have some cash inside the corporation that they do not need to fund their business. The question is “I have some money.  Where should I invest? Inside my corporation, or should I invest it personally inside an RRSP?”   Two Options Imagine [...]

Getting Ready for a Bear Market

Getting Ready for a Bear MarketWhere are we today? When it comes to the markets, as of today May 10th, 2022, the market is down 15% from its high back on January 3rd of 2022. We are trending downwards so I want to talk to you about what a bear market is and how you can invest during bear markets.

Using a Margin Account

Margin Account, Using a Margin AccountVideo Transcript Today I’m going to talk about a Margin Account and how it recently helped one of my clients who was in a tough spot. Before we get started, this strategy is not suitable for everyone, please talk to a professional before implementing. Last week, a client needed $200,000 immediately because he was buying [...]

AgriInvest

AgriInvest, WithdrawToday I want to talk to you about AgriInvest and why you should be withdrawing it.   Leaving it in your AgriInvest Account When you put money in AgriInvest, let us say $5,000 in this scenario. The government will match your $5,000, for a total of $10,000 in your account. It is not always this [...]

Our thoughts on the Russian Invasion

Our thoughts on the Russian InvasionThe recent Russian invasion has affected us all. From a humanitarian perspective, we hope this war is resolved quickly, and no further loss of innocent life will occur.   From a portfolio management perspective, we recognize that these events are reverberating across global markets as investors are trying to assess and make sense of the [...]

Should NHL Players Open a Corporation?

Should NHL Players Open a Corporation?Tax Season: Part 5 discusses when should NHL players open a corporation. If you haven't had a chance to watch Parts 1 to 4, check out the videos below. Tax Season: Part 4 Tax Season: Part 3 Tax Season: Part 2 Tax Season: Part 1   Opening a corporation is an opportunity available to players [...]

Make $146,000 Tax-Free in Retirement

Make $146,000 Tax-Free in RetirementToday we're looking at a strategy that can earn you $146,000 tax-free in retirement.   Reduce your income to zero In our scenario, we have a 65-year-old, who has a spouse, and both are receiving O.A.S. You would be receiving $642 per month.  If your income is $0 for the year, disregarding the O.A.S, you [...]

Access Money From Your LIRA

Access Money From Your LIRA AccountWhat is a Manitoba LIRA? A Locked-in Retirement Account (LIRA) is a type of registered pension plan. If you worked for a company that had a pension plan and subsequently left that company for any number of reasons, you were likely to transfer your pension into a LIRA.   How do I access the funds in my [...]

RCA Trust

Tax Season Part 4: RCA TrustsTax Season: Part 4 discusses RCA Trusts. An RCA Trust is an option for players playing in Canada to help mitigate some of the higher taxes they will have to pay. RCA stands for retirement compensation agreement. Let's discuss an overview of: how the trust works how you use it the biggest benefit of the [...]

Tax Season: Part 3

The Residency Decision, Tax Season Part 3In the Tax Season: Part 3, we take a look at one of the tax planning opportunities available to players.   If you haven't had a chance to watch the first two videos, check out the videos below. Tax Season: Part 2 Tax Season: Part 1   The residency decision In this example, we will [...]

Don’t Run Out of Money

Don’t run out of money In working with clients who are approaching retirement or early into it, there are two things they want to avoid. Large fluctuations in the value of their portfolio It’s time to be enjoying life, not worrying about a potential downturn in the market Outliving their money The thought of this [...]

Tax Season: Part 2

Tax Preparation, Tax Season Part 2Tax Preparation In Tax Season - Part 2,  I dive deeper into what exactly tax preparation is and what you should look for. Whether you're a do-it-yourself tax filer or hiring someone to do it for you, it can help you understand what questions you should ask and what questions they should be asking you. [...]

How Is Your Investment Portfolio Taxed?

How Is Your Investment Portfolio Taxed?Don’t throw $440k out the window Has a credit card statement ever made you yell out, Holy Moly!!!!! (or insert expletive)? That’s what happened to me last week, and I quickly found myself on a call with my credit card provider. To my surprise, I was apparently treating someone out in Orlando to a slew [...]

Donation Strategies for Farmers

Donation Strategies for FarmersHere are some advanced tax planning strategies when it comes to donations. We discuss how you can donate your farm corporate shares and investments to save taxes and support your favourite causes.

Tax Season: Part 1

Tax SeasonTax season is here Your season is in full swing. It's a new year and playoffs will be here before you know it. For most North American professional hockey players, tax deadlines and playoffs are around the same time. The timing is not ideal. Instead of waiting until just before the deadline, I encourage you [...]

Insurance Coverage in the NHL

Insurance Coverage in the NHL A few weeks ago, I wrote an article explaining some of the special risk insurance options available to professional hockey players. Following that article, I received some questions regarding players' insurance coverage. Specifically about the coverage through the group-sponsored plan outlined in the CBA. If you’ve read my pension article, [...]

Special Risk Insurance

NHL InsuranceBetter to have Insurance is one of those things that fall in the category of “better to have and not need, then need and not have.” There are numerous types of insurance available such as life, disability, critical illness, home, vehicle, etc. Whether or not you need any of these depends on your personal situation, [...]

Capital Dividend Account

Capital Dividend Account, Farm, FarmersWhat is it? A capital dividend account is a notional account that increases or decreases when you create capital gains or losses. You aren't going to see a capital dividend account on any of your bank records or investment records. Before watching this video, be sure to watch my previous video for a more in-depth [...]

Avoiding the RRSP Tax Bomb

Tax BombAvoiding the RRSP Tax Bomb I recently met up with some old friends from high school, and we reminisced about some of the good times we had back in the day. We got to talking about the time I absolutely bombed during a class presentation. It was a total disaster. We were allowed to present [...]

The Advice You Should Be Getting

Pro Hockey Player, Financial AdviceThe advice you should be getting It's not enough to just receive basic investment and financial advice. Professional hockey players can benefit from a more holistic approach. An approach where the financial advisor facilitates all of the financial options that are available. Let's use an example. You are on the power play, and it runs [...]

The Number One Reason

Financial Advisor, The Number One ReasonThe Number One Reason Investing will forever see its ups and downs, but over the long term markets have continued to grow. Having a professional in your corner during the tough times (March 2020) will help assess the situation at hand and steer you towards the correct decision. A decision in this case that was [...]

Do You Own Mutual Funds?

Do you own mutual funds?Do you own mutual funds? If so, there's likely a 98% chance your portfolio has had a below-average performance.  

Tax-Free RRSP Withdrawals

RRSP WithdrawalsAre Tax-Free RRSP Withdrawals possible? Let me tell you how we are able to do this. Last week, I was sitting down with a gentleman we'll call John. Like many Canadians, John had buyers remorse regarding his RRSPs. When he went to make a withdrawal, he realized that withdrawal would be 100% taxable! "Had I [...]

Why NHL Players Should Own Real Estate

Real EstateReal Estate as an Investment I recently caught up with Steve Szilagyi, former strength & conditioning coach who is now the Director of Ice Hockey with the Next Move Network.  They’ve created a network of Real Estate Professionals that cater to the sports and entertainment industry across North America, including facilitating transactions for professional athletes. [...]

Why Inflation is Killing Your Investment Returns

InflationInflation is continuing to be a hot topic these days, hitting 4.1% in Canada. In this video, Colin goes through an example showing how inflation is reducing your buying power, and what can you do with your portfolio to counteract inflation. To read more on How to Tackle Inflation here. And be sure to check [...]

Health Benefits Plan

Health Benefits PlanWhile working, most people don’t pay much attention to the cost of their health benefits plan as it’s something they are required to pay into.   However, a health benefits plan becomes optional once retired, so make sure you have the proper coverage that fits your needs. You may be eligible to continue your benefits [...]

You’ve Recently Been Drafted, Now What?

DraftedYou’ve Recently Been Drafted, Now What? If you were recently selected in the 2021 entry-level draft, then you’ve accomplished something that very few hockey players can say they did. You’re one step close to living your dream of playing in the NHL, and that is fantastic! Even more, there’s the potential you could start earning [...]

Personal Care Homes: The hidden cost

Personal Care HomesAs I’ve outlined in the past (Die with Zero), I’m an advocate for spending more in retirement and enjoying life while you’re healthy enough to do so. I also believe in aggressively drawing down taxable accounts such as RRSPs and RRIFs (RRSP Tax Bomb) to potentially avoid a significant tax bill upon death. Today, I’m [...]

Use the Bank’s Money

Use the Banks MoneyIn this video, I'll show you how you can grow your net worth by using the equity already built into your home.

Is Being Low Risk, High Risk?

Is Being Low Risk, High Risk?Today we are talking low-risk investments. The assumption is that low-risk investments are the safest option. When in fact, you are losing your purchasing power thanks to low-interest rates and rising inflation.

NHL Pension Prior to 2013

NHL PensionNHL Pension (Before 2013) In a recent blog post, The NHL Pension – What You Need to Know, we discussed the current NHL Pension that has been in effect since the 2012 lockout. But what about the players who competed before 2013? Let’s take a look. Old vs. New The most significant difference is that [...]

Conversation with Dale Weise

Dale WeiseFinancial Advice from a Current Pro In a recent conversation with Dale Weise, we discussed some of his experiences with investments and financial advisors throughout his career. Unfortunately for Dale, his experiences fall under the “less than ideal” category. However, he’s gained valuable insight from these experiences that have helped him get to a great [...]

How to Tackle Inflation

How to Tackle InflationI just paid $100 for a chocolate bar! Some of you may remember when inflation hit double digits in the ’80s. Back then, paying 15% on your mortgage was reasonable, and Canada savings bonds were doubling your money every five years. When the cost of goods goes up, it has many effects. Only time will [...]

Easy Retirement Plan

Easy Retirement PlanThe finish line is just around the corner; what should you be doing as you approach retirement? Here are 5 steps to an easy retirement plan   1.      Determine how you want to spend your time? In my experience, there are two reasons people choose to retire. I want to do X, Y, and Z [...]

Drafted by the Seattle Kraken

Drafted By The KrakenDrafted by the Seattle Kraken: How Your Financial Situation Could Change The NHL has expanded to 32 teams by including the Seattle Kraken and will host an expansion draft in July. The rules are the same as they were when Vegas entered the league a few years ago, as per nhl.com. As with the annual [...]

Die with Zero

Die with zero: Start spending more today If you ask someone when they plan on taking their Canada Pension Plan (CPP), I can almost guarantee they will want to take it as soon as they are eligible (age 60). The most common reason I hear is, “I have no idea when I’m going to pass [...]

Cancel Your Loan Insurance?

Cancel Your Loan InsuranceIn this weeks video I go over creditor insurance and how it can be replaced with more cost-effective personal insurance. [dt_fancy_image image_id="5919" width="700" css=".vc_custom_1621353575577{padding-top: 20px !important;padding-bottom: 20px !important;}"]

Should You Sell Your Home?

Should You Sell Your Home? Can you believe how much Tom made selling his house down the street?   Chances are, you’ve likely been a part of a conversation such as this one over the last year. The Winnipeg housing market has been red hot, with homes going well above asking. “We’ve seen a few [...]

Invest Tax-Free: MTAR Account

Invest Tax-FreeIn Canada, there are three ways you can grow your savings tax-free. Tax-Free Savings Account Principle Residence MTAR Accounts Most Canadians aren't aware of MTAR accounts and the huge benefits they provide. This is especially true if you plan on leaving funds to the next generation.

Investing at Market Highs

Last week, I spoke about buying into the stock market when prices were low. As we saw, there have been many occasions where it would have been opportune to buy low over the last 25 years. [dt_fancy_image image_id="5617" width="1000"] How about investing when markets are at all-time highs? As we can see from the graph [...]

Bitcoin

Our quick thoughts on whether or not you should be adding Bitcoin to your investment portfolio. Here are a couple of links if you are looking for more information on Bitcoin and Cryptocurrencies What are Cryptocurrencies Bitcoin Chart

Should You Always Buy Low?

Have you ever heard the term “buy low, sell high?” For those of you who haven’t, this is a simple investment strategy that advocates to buy into the stock market when prices are low and to sell when prices are high. If we look back at the US stock market, we see numerous occasions where [...]

Should You Invest Your ELC?

Should You Invest Your ELCInvesting Your Entry Level Contract A question that often comes up from parents and players is at what point should they begin investing. Does it make sense to wait until you’re actually playing in the league, or should you start as soon as you receive your first bonus? Although there isn’t a set-in-stone answer as [...]

Junior Hockey Magazine: Interview with Gino Reda

I was recently featured on the Junior Hockey Magazine Podcast hosted by Gino Reda. Their segment “Where Are They Now” focuses on former CHL players who have transitioned into their lives after hockey. We discussed my experience in the WHL, the importance of education, attending the University of Manitoba, and how I’ve transitioned into my [...]

How to deal with the next stock market correction?

Stock Market CorrectionsToday marks the one-year anniversary of the stock market hitting its bottom on March 23, 2020.  At the time, there were still so many unknowns with COVID-19. In fact, the media was still calling it the Coronavirus. A couple of days after the market hits its bottom, I wrote an article called Click Here to [...]

The NHL Pension

NHL PensionThe NHL Pension – What you need to know If you play in the NHL, you'll be enrolled in the league's pension plan, as outlined in the Collective Bargaining Agreement (CBA). Unless you've had several cups of coffee and enjoy reading legal jargon, the CBA can be a pretty tough read. So, here's a simplified [...]

How much of their salary do NHL players keep?

How much do their salary do NHL Players keep?How much of their salary do NHL players keep? In my article – how do pro athletes go broke – I highlighted that a leading cause of some high-income earning athletes experiencing financial trouble occurs because they don’t have a firm understanding of how much money they actually make. Just because TSN reports that an [...]

RRSP Tax Bomb

RRSP Tax BombOne of the biggest issues with an RRSP is the tax bomb it can create. We first go over the Canadian tax system to understand why this tax bomb can happen and then a strategy on how to avoid it! How can you avoid the tax bomb? Click here for to see how you can [...]

What is a reverse mortgage

Reverse MortgageWhat is a reverse mortgage Where were you when you first heard the term reverse mortgage? If you’re like me, it was through a cheezy commercial on day time TV. Because of this, I was always skeptical of these products, and I wasn’t the only one. Whenever I would bring it up with someone, I [...]

Taxes – A Few Things To Consider

Taxes a few things to considerAs the saying goes – there are only two certainties in life: death & taxes. Playing professional hockey provides numerous perks in life, however avoiding taxes is not one of them. Undoubtedly, your tax bill as a pro hockey player will be your largest expense and can create a massive discrepancy between what your contract [...]

How Does Escrow Work?

How Does Escrow WorkHow Does Escrow Work? Escrow is a word you’d like never to hear again if you’re an NHL player, and I don’t blame you. However, it can substantially affect your income, so it is important to understand how it works and plan accordingly. Here is a summary of how the NHL escrow system functions:   [...]

Financial Advisors: Are They All The Same?

Are they all the same?Are All Financial Advisors the Same? The 3 Types When choosing a financial advisor, it can be challenging to differentiate between all available options.  They all say: “I’ve been doing this for X years, and my returns have been stellar.” But what else should you be considering beyond returns? While all advisors have something to [...]

Gifting the Farmland

Gifting the FarmlandGifting the Farmland In this week’s video we review the different ways you can gift farmland to your children along with the pros and cons of both methods.

Taking Care of Your Grandkids

Taking Care of Your Grandkids4 Things you can do to help your grandkids today Traditionally, inheritances have been passed on to the next generation, but as Canadians are living longer than ever, that train of thought is changing. Many people realize that if they live into their early 90’s, that means their kids will likely already be retired.  Because [...]

Investment Strategies for NHLers

Investment Strategies for NHLersInvestment Strategies for NHL Players You’re playing in the NHL, so naturally you’re making a lot of money at a relatively young age. The average person will work for 25-30 years, and slowly increase their income as they get older. In contrast, an NHL career averages only 5 years, and is highly lucrative in that [...]

Should I Be Buying RRSPs?

Should I be Buying RRSPsShould I Be Buying RRSPs? The answer to that question is going to depend on a few different factors. This latest video can help you understand whether or not investing in RRSPs is the right decision for you.

How Do Pro Athletes Go Broke?

How do pro athletes go broke? “If you’re playing in the NHL, you’ve got a pretty good life” These were the words spoken by Paul Maurice after an NHL player poll slated Winnipeg as “the most dreaded road trip.” As a proud Winnipegger, hearing how our “great” city is actually the worst place to travel [...]

Beware of AMT

Colin Blog Post - Beware of AMTBeware of AMT Here is a quick video on what alternative minimum tax is and how it works. Enjoy!

Too Much Cash in Your Corp!

Too much cash in the corpToo much cash in your corp See my latest video going over a case study where one farmer thought his farm corporation qualified for the lifetime capital gains exemption but didn’t due to having too much cash.

Tax Planning Strategies: Dealing with Capital Gains (Part 4)

Tax Planning Strategies - Part 4Wanda has been investing for a long time and is quite familiar with buying when prices are low and selling when prices are high. Past non-registered account purchase In 2010, she had purchased $100,000 of ABC Corp, and today, it’s worth $250,000. Wanda is now ready to sell her investment as she believes the stock [...]

Tax Planning Strategies: Tax-Loss Selling (Part 3)

Tax Planning Strategies - Part 3Tax-Loss Selling Judy bought $400,000 of ABC Bank shares in her non-registered account. Today her ABC Bank shares are worth $375,000, and she is showing a $25,000 loss. Judy plans on holding these shares for the next ten years, so she isn’t overly concerned with the short term drop in her investment. For this week’s [...]

Let’s Multiply Your Capital Gains Exemption

Multiply your Capital Gains ExemptionLet's Multiply Your Capital Gains Exemption As a farmer, you have a lifetime exemption of one million dollar on the sale of farmland. If you exceed that amount, you could be looking at a large tax bill. Here is an option to increase your capital gains exemption. In this video, we will show two things. First, when no plan is in place and the ensuing tax bill. Second, how your tax bill may be substantially decreased with the aid of using this approach. [...]

Tax Planning Strategies: 4 Strategies You Should Implement this Year (Part 2)

Tax Planning Strategies - Part 2It’s the beginning of December, and Bob has purchased a rental property from his brother. Imagine how unfair it would be if Bob had to pay tax on his brother’s rental income for the entire year. Fortunately for Bob, that’s not the case, but this can happen when you purchase an investment in a non-registered [...]

Managing Your Portfolio in Retirement

Managing Your Portfolio in Retirement  Managing Your Portfolio in Retirement The financial industry tends to make things more complex than they need to be. As a result, topics like this usually go in one ear and out the other. My aim with this webinar is to simplify this topic by providing an explanations (in simple English). This webinar will cover topics to be aware of as you approach or are [...]

US Elections – Should you make moves in your portfolio?

US ElectionThe US election is weeks away and there is no shortage of predictions on how the winner will impact the markets and economy as a whole. Although our natural reaction is to guess how the outcome of the election will impact your wealth, it becomes a futile exercise when we realize how much there is [...]

Retirement: What You Need to Know

Retirement What You Need to Know    You’ve worked hard for decades, and now that you are approaching or entering retirement, you could find yourself exposed to significant taxes without the proper strategies in place. Keep more of what you’ve built and enjoy the retirement you deserve.   This complimentary video will cover the following topics: Am I on track [...]

The GIS Strategy: How To Receive Tax-Free Income

The GIS Strategy How To Receive Tax-Free IncomeAs an Investment Advisor and Certified Financial Planner, I’m relied upon to reduce my client’s tax bill as much as possible. Today, I wanted to share with you a strategy that, if implemented correctly, can see your family receive nearly $140,000 tax-free from the government. That’s a lot of money in your pocket for merely [...]

The Market Has Never Taken a Dollar from Anyone

The S&P 500 rises to a record close, fully wiping out its coronavirus losses With the US market hitting a new all-time high yesterday, I wanted to review one of my favorite sayings when it comes to investing: “The Market Has Never Taken a Dollar from Anyone” Whenever I mention this to new investors (and [...]

Getting The Best Of Both Worlds From Your Pension

Getting the Best of Both Worlds From Your PensionWouldn't it be great to have the benefits of commuting your pension as well as the benefits of a monthly pension? In this brief video, I go over how you can have the best of both worlds. As always, if you'd like to discuss your personal situation and explore your financial options, feel free to [...]

How Commuting Your Pension Allows You To Manipulate Your Income

How Commuting Your Pension Allows You To Manipulate Your IncomeDeciding between commuting your pension or opting for the monthly income stream is a big retirement decision that contains several complexities. In this brief 3-minute video I provide clarity on the benefits of taking the commuted value compared to the monthly income stream. If you'd like to discuss your personal situation and explore your financial [...]

Understanding the Proposed CSSB Pension Changes

Understanding The Purposed CSSB Pension Changes*It was expected that Bill 43 would receive Royal Assent (Approval) when the Legislature reconvened in the fall. However, since the Throne Speech was moved up to October 7th, the bills that were being discussed during the spring session have been put on pause. Because of this, the status and timing of Bill 43 is [...]

Why are markets going up?

Why are markets going up?

Over the past few weeks, I’ve been having this discussion with clients. Why does the market continue to rise while unemployment in the US is sitting at 40 million (the size of Canada’s population), and most businesses aren’t even close to running at 100% capacity? Everyone has their opinions and theories as to what is […]

Significant changes being proposed to the CSSB pension

Significant Changes Being Proposed to CSSB Pension*Bill 43 received Royal Assent (Approval) when the Legislature reconvened in October 2020.    If you have a CSSB pension, there could be significant changes coming that will affect how the commuted value of your pension is calculated. As I’ve mentioned in the past (Pension or Lump Sum, How to Decide), you will have a [...]

Financial Advice for Manitoba Hydro Employees

Financial Advice for Manitoba Hydro EmployeesI've had the pleasure of working with several clients who work or have retired from Manitoba Hydro. While each person's financial situation is different, some commonalities exist amongst those sharing and employer. This guide identifies those shared characteristics and provides advice regarding their financial planning implications. What makes your financial situation unique? As an employee [...]

Approaching Retirement: 5 things you need to look at

Approaching RetirementWhat once seemed so far away is now within reach. You’ve been working most of your adult life, and you can finally see the light at the end of the tunnel. Retirement! The question now becomes, are you ready? Here’s a list of 5 things you need to look at as you approach retirement   [...]

Why Golf is a Lot Like Investing

Investing is a Lot Like GolfMy wife always makes sure to remind me to wear sunscreen whenever I go out golfing. I have to tell her not to worry because I spend most of my round in the shade as I tend to hit a lot of trees. This past summer, I found myself deep in the bush searching for [...]

My uncensored opinion about RRSPs if you have a pension

In this new era of “fake news” it’s becoming more and more difficult to distinguish between what is true and what is false. Politicians use this to their advantage and often repeat false statements so often that we begin to believe they are true. You may have noticed this particular strategy used by a certain [...]

How to gift wealth to your adult children

I was reading the other day that the current cost of raising a child from birth to 17 is about $325,000. And yet, after all that we still want to gift them our wealth?!?! We must be crazy! But having had a child in the last year, I get it. There’s nothing a parent wouldn’t […]

50 Investing Guidelines To Follow

Consider these two stocks. Over the last five years, Stock “A” has seen its share price sputter with a negative return of 3.19%. Over that same period, its revenue growth ranks dead last compared to its competitors. Its historical valuation multiple also ranks last, which indicates that its competitors have a greater opportunity for growth. […]

How the news can negatively affect your portfolio

Financial Advisor WinnipegDo you recall the last time you turned off the nightly news and told yourself, “I feel great about where the world is headed!”? It’s probably been a long time. You’ll be hard pressed to come away with one feel-good story because the fact of the matter is these stories don’t sell. Don’t buy into [...]

How to properly manage a retirement portfolio

How to Properly Manage a Retirement Portfolio  Are you tired of turning on the nightly news and worrying about how the day's events are affecting your retirement portfolio? Are you worried about the day-to-day fluctuations of the stock market? This week we take a look at how to properly manage your retirement portfolio with the Bucketing Strategy so that you can [...]

Important considerations to make before accepting an early retirement package

Early Retirement PackageCompanies will often offer employees early retirement packages to encourage them to retire. This is usually done when the company is looking to cut costs and reduce staff. Before making a decision, there are many questions to be addressed. All of which are specific to individual preferences and circumstances. Here are eight such considerations to [...]

5 Reasons you should keep your monthly pension

Monthly PensionOver the last couple of months, we’ve taken a look at some of the reasons you should withdraw the commuted value from your defined benefit pension plan. (See: Five reasons you should take your pension as a lump sum payout and What happens when you withdraw your pension?)  The best strategy always depends on personal circumstances, [...]

What happens when you withdraw your pension?

What happens to pension    Today we’ll be going over what happens when choosing the lump sum payout option from your defined benefit pension plan. As you’re likely aware, a defined benefit pension plan will pay you a monthly income for life, so why choose the lump sum payout option instead? A few common reasons include: Pension Sustainability: [...]

Is life insurance an investment or expense?

Winnipeg Financial Planning

Are you thinking about purchasing life insurance as a succession planning tool, but having trouble wrapping your head around the annual costs? You might be thinking, “I could be using this cash to buy more land, pay off debt, increase my salary, upgrade my equipment, etc.” I get it, insurance isn’t a very exciting topic, […]

Should I buy life insurance today or tomorrow?

Girl working FarmLife insurance is one tool farmers use to help equalize their estate. Below is a comparison of the different costs of buying your life insurance today rather than waiting until you’re older.   The scenario You have two children. One would like to farm; the other one isn’t interested. You want to make things fair, [...]

Five reasons you should take your pension as a lump sum payout

5 Reasons Lump Sum PayoutIf you’re planning to leave your employer due to your retirement or a change in career paths, then you may be faced with the decision to either take your pension as a lump sum or as a monthly income. What is a defined benefit plan? A defined benefit plan promises to pay a pre-determined amount [...]

How to supercharge your RRSP

How to supercharge your RRSP        Don Jacobs is three years away from retirement and is looking for a way to supercharge his RRSP. With the 2018 RRSP deadline just around the corner, we help Don maximize his contributions so he can achieve his retirement goal in the next three years. Now that Don's contribution has been [...]

How much do I need to save for retirement?

How much do I need to save for retirementWhen I first started working in the financial industry over 3,000,000 minutes ago, one of the common rules of thumb was that you needed to save 20% of your income for your retirement. I immediately began to question this advice as it seemed too simple to implement, not to mention an extreme generalization. Imagine if [...]

Build your retirement portfolio like the Winnipeg Jets

Build your retirement portfolioHave you ever been to a Jets game and heard the person next to you yell that they could do a better job than the coach? How difficult could it be when you have great players on your team like Wheeler and Schiefele? Like most things, it’s probably a lot tougher than it looks, but [...]

Why your RRSP should grow as little as possible

Is your portfolio properly structured to minimize tax? Can I keep more money in my pocket without increasing the risk in my portfolio? Find out why your RRSP should grow as little as possible in this week's video. Enjoy videos? Check out the Video Category for more great strategies.  

Can I retire if I still have debt?

Retire with debtMore and more Canadians are retiring with debt, but does that make it a viable solution for your retirement plan? We would all like to be debt free once we retire but it isn’t always possible. Ask yourself this The big question you need to ask yourself is “How was the debt accumulated?” If you [...]

Am I on Track to Retire? – Video

Am I on Track to Retire

Am I on track to retire? This is a very common question I receive, so today I wanted to give you a simple way that you can get an answer to this question without pulling your hair out. Bob is 55 years old and approaching retirement. He plans on spending his winters in Phoenix and […]

Get the most out of your retirement savings

RRSP Withdrawal

Sometimes withdrawing more is the best strategy. Introducing Daniel Daniel worked hard all his life, so by the time he retired he had accumulated a healthy amount of savings in his RRSP. It’s not because Daniel had an overabundant cashflow. There were years where he had to choose between replacing his TV or contributing to […]

Generating retirement income from your farmland

Retirement with Farmland

Entering retirement with farmland that you can use to generate rental income is a great way to create a steady income. However, there are a few points to consider to make sure you’re generating enough income and being as tax efficient as possible. Have a plan Unfortunately, land isn’t like a savings account. If you’re […]

Timing your Retirement to Save Tax $$$

Retirement Timing

You’ve been targeting the unreduced pension date that you’ve seen on your yearly pension statement for the last twenty years. It’s finally within arm’s reach and you are set on retiring on that exact date. You’ve put in the time and you’re tired of hearing Carl’s nonsense about the Jets around the water cooler. As […]

Make your vehicle loan tax-deductible

Tax-deductible Vehicle Loan

I’ve previously written about my hatred for buying depreciating assets (The Joys of Purchasing a Vehicle), so I don’t get overly excited when it comes time to buy a new car. I can appreciate all the features that come with a new vehicle, but I don’t like losing 10% of the car’s value as soon […]

The Joys of Purchasing a Vehicle

Vehicle Purchase

It seems like everyone has a story about a memorable car purchase. Lucky for me, I got my story when I was purchasing my last vehicle five years ago. Let’s just say it finished with paperwork being ripped up and thrown in my face all because I didn’t want the pothole protection insurance. Perhaps the […]

I Just Sold my Farm, Now What?

Farm Planning

You’ve put in years of blood, sweat, and tears into your life’s work and you’re finally able to enjoy the fruits of your labour. You no longer have to worry and stress about grain prices, rain, carbon taxes or whatever other phenomena that affected your crops. You’re now sitting at home, looking at your (presumably […]

Should I Help Pay for my Child’s University Education? (Part 3)

Paying for your child's education

Over the last few weeks, we’ve taken a look at some of the advantages and disadvantages of helping your child pay for their university education. I’ve received a lot of inquiries as to what the right balance is in regards to being supportive or not, so I figured I would share with you my thoughts […]

Should I Help Pay for my Child’s Education (Part 2)

Education Planning

Last week we reviewed some of the benefits of helping your child pay for their education, but today well examine some of the disadvantages of paying for their school. Or should we call it their party fund?  Your Financial Position In much the same way airlines tell you to put on your oxygen mask before […]

Should I Help Pay for my Child’s Education? (Part 1)

The cost of education is continually rising with an average tuition increase of 3.1% across Canadian universities for the 2017-2018 academic year. So should you be helping your child pay for their university education? In this three-part series, we’ll take a look at some of the advantages, disadvantages, and my recommendations when it comes to […]

Passing Down the Family Cottage

Cottage Succession

Cottages often hold a lot of sentimental value to families and are home to a lot of great memories.  Many cottage owners would like to see their children and grandchildren get the same joy from the property that they did, even after they are gone. It may seem like a nice sentiment but leaving the […]

How I Became Passionate About Money Management

Growing up, the local credit union in my town set up a program where kids could bring money to school with them and have it deposited into their bank accounts. Every month, I would try to fill up my deposit envelope as much as I could. I’d save my birthday money, my allowance, and whatever I could find in the couch. I would retain a few dollars for myself, so I could afford to buy candy, but other than that it all went towards my savings. Looking back, I wasn’t […]

The Issue with Waiting to Save

I wasn’t a big fan of chores growing up and as a result, I would leave my weekly responsibilities to the last minute. Every Sunday night was a mad dash to cut the grass, take out the garbage and “clean” my bedroom, all to earn my $5 allowance before the school week started again. We’re […]

Paying Down my Mortgage

Debt has a way of playing psychological games with people, and I can attest to this myself. My mother always made sure to let my siblings and I know that debt should always be paid back as quickly as possible as you never wanted the guilt associated with owing someone money. I’m thankful for these […]

What Kind of Rate of Return Can I Get in a TFSA?

That depends. Contrary to popular belief, you have a lot of options when it comes to investing inside of a Tax-Free Savings Account (TFSA). Many people believe a TFSA is simply a savings account that you get at the bank where your interest grows tax-free. Although technically correct, a TFSA can be a much more [...]

Increase Your Paycheque – Pay Less Tax

Increase Your PaychequeMost people we speak with get excited when they receive a tax refund, but it may be because they’ve paid too much income tax throughout the year. Paying too much tax just to get some back is equivalent to providing the government with an interest free loan. Wouldn’t you rather have this money month-to-month and [...]