Retirement Withdrawal Strategy: Secure a Lifetime Paycheque
Many Canadians believe a simple calculation can tell them if their savings will last through retirement. However, a solid retirement withdrawal strategy goes beyond back-of-the-napkin math. For example, if you plan to withdraw $10,000 per month from a $1.6 million portfolio, careful planning is crucial. A proper strategy ensures your money lasts. In addition, it […]
Retire Confidently: 5 Proven Questions to Know
Saving money for retirement is only part of the equation. Many Canadians think they are ready to retire. However, they often pay unnecessary taxes or struggle to maintain their lifestyle. Before making this life-changing decision, ask yourself these five questions. Then, answering “yes” to all of them will give you the confidence to retire with […]
Best Questions To Ask A Financial Advisor
Whether you’re thinking about hiring a financial advisor or already working with one, it’s important to ask the right questions. These aren’t just conversation starters, they reveal whether the person helping you with your money truly has your best interests at heart. In this post, we’ll walk through five key questions every Canadian should ask […]
Should You Be Using More Than One Financial Advisor?
After the Bernie Madoff scandal in 2008, more investors began spreading their money across multiple advisors, hoping it would reduce risk. But is that really the best approach? In this post, we’ll explore why using more than one financial advisor might do more harm than good, especially when it comes to fees, coordination, and tax […]
Invest Large Lump Sum of Money Tax-Efficiently By Using Your Children
If you’ve recently come into a large sum of money and you’re in a high tax bracket, taxes can take a serious bite out of your investment income. But there’s a little-known strategy that can reduce your tax bill, with the help of your children. In this post, we’ll walk through a family trust strategy […]
Case Study: Simple Tweak Saves $50,000 in Taxes
Retirement can come with a lot of uncertainty, especially when it comes to taxes and market volatility. But with the right planning, a few small adjustments can make a big difference. In this post, we’ll walk through a real-life example of how one woman saved over $50,000 in taxes and reduced her portfolio stress using […]
Is Now The Right Time To Buy GICs?
With rising interest rates, Guaranteed Investment Certificates (GICs) are back in the spotlight. But are they a good investment today, especially with inflation running high? In this post, we’ll walk through how GICs work, when they make sense, and why timing and purpose matter more than ever. Prefer to Watch the Video? What Is a […]
Retirement Plan Leads to $900,000 in Savings
You might feel like you’re on track for retirement, you’ve saved, invested, and done everything right. But without a coordinated plan, you could still be leaving hundreds of thousands of dollars on the table. In this real-life case study, we’ll show how two smart strategies helped one couple save over $900,000 in taxes and fees, […]
Private Home Care
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text]According 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 […]
4 Conflicts Faced by Financial Advisors
If you’re working with a financial advisor, it’s important to be aware of the potential conflicts of interest that may affect your bottom line. I’m Mark Saverin from Winnipeg Financial Planning, and today I’ll walk you through four of the most common conflicts you should watch out for, and how to protect yourself. Prefer to […]
Access Money From Your LIRA
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/af0KFgu4sYQ” css=”.vc_custom_1644258310258{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1644258356979{padding-top: 20px !important;padding-bottom: 20px !important;}”] What 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 […]
Don’t Run Out of Money
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/5r5INLh7Bbg” css=”.vc_custom_1642612256914{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text] 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 […]
How Is Your Investment Portfolio Taxed?
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text] 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 […]
Avoiding the RRSP Tax Bomb
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text] Avoiding 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 […]
Do You Own Mutual Funds?
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/palMyXSrM0o” css=”.vc_custom_1634580487997{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text] Do you own mutual funds? If so, there’s likely a 98% chance your portfolio has had a below-average performance. [/vc_column_text][/vc_column][/vc_row]
Tax-Free RRSP Withdrawals
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/j94SRt3X5sU” css=”.vc_custom_1633117683533{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text]Are 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 […]
Health Benefits Plan
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text]While 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 […]
Personal Care Homes: The hidden cost
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text]As 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 […]
Use the Bank’s Money
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/yIIr8H6eNjw” css=”.vc_custom_1627402856419{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text]In this video, I’ll show you how you can grow your net worth by using the equity already built into your home.[/vc_column_text][/vc_column][/vc_row]
Is Being Low Risk, High Risk?
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/9Vwr8DjdLWk” css=”.vc_custom_1626107535062{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text]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.[/vc_column_text][/vc_column][/vc_row]
How to Tackle Inflation
[vc_row][vc_column][vc_column_text] I 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 […]
Easy Retirement Plan
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text css=”.vc_custom_1622528651185{padding-top: 20px !important;padding-bottom: 20px !important;}”]The 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 […]
Die with Zero
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text css=”.vc_custom_1621958102486{padding-top: 20px !important;padding-bottom: 20px !important;}”] 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 […]
Should You Sell Your Home?
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text css=”.vc_custom_1621392818438{padding-top: 20px !important;padding-bottom: 20px !important;}”] 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 […]
Invest Tax-Free: MTAR Account
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/V9PzignBjxs”][vc_column_text css=”.vc_custom_1620140093905{padding-top: 20px !important;padding-bottom: 20px !important;}”] In 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 […]
Investing at Market Highs
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text css=”.vc_custom_1619537666872{padding-top: 20px !important;padding-bottom: 20px !important;}”]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.[/vc_column_text][dt_fancy_image image_id=”5617″ width=”1000″][vc_column_text css=”.vc_custom_1619538525428{padding-top: 20px !important;padding-bottom: 20px !important;}”] How about […]
Should You Always Buy Low?
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text css=”.vc_custom_1618867661310{padding-top: 20px !important;padding-bottom: 20px !important;}”]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 […]
How to deal with the next stock market correction?
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text css=”.vc_custom_1616511375503{padding-top: 20px !important;padding-bottom: 20px !important;}”]Today 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 […]
RRSP Tax Bomb
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/yd1jwxKchYI”][vc_column_text css=”.vc_custom_1639420006496{padding-top: 20px !important;padding-bottom: 20px !important;}”] One 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 […]
What is a reverse mortgage
[vc_row][vc_column][vc_video link=”https://youtu.be/kcx3bQ_zx1o” css=”.vc_custom_1615868350972{padding-top: 20px !important;padding-right: 20px !important;padding-bottom: 20px !important;padding-left: 20px !important;border-radius: 10px !important;}”][vc_column_text] What 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 […]
The Easiest Way to Reduce Your Tax Bill
[vc_row][vc_column][vc_video link=”https://youtu.be/nSpI2-dtGPw” css=”.vc_custom_1633105309436{padding-bottom: 20px !important;}”][vc_column_text] The Easiest Way to Reduce Your Tax Bill Click above to view video! Thank you for watching our video.[/vc_column_text][/vc_column][/vc_row]
Financial Advisors: Are They All The Same?
[vc_row][vc_column][vc_column_text css=”.vc_custom_1611704668102{padding-bottom: 20px !important;}”] 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 […]
Taking Care of Your Grandkids
[vc_row][vc_column][vc_column_text] 4 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. […]
Should I Be Buying RRSPs?
[vc_row][vc_column][vc_video link=”https://youtu.be/WCWwAhFa7kY” align=”center” css=”.vc_custom_1612464257262{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text] Should 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. [/vc_column_text][/vc_column][/vc_row]
Tax Planning Strategies: Dealing with Capital Gains (Part 4)
[vc_row][vc_column][vc_column_text] Wanda 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 […]
Tax Planning Strategies: Tax-Loss Selling (Part 3)
[vc_row][vc_column][vc_column_text] Tax-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 […]
Tax Planning Strategies: 4 Strategies You Should Implement this Year (Part 2)
[vc_row][vc_column][vc_column_text] It’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 […]
Tax Planning Strategies: 4 Strategies You Should Implement this Year (Part 1)
[vc_row][vc_column][vc_column_text]Much like the summer months, December seems to come and go in the blink of an eye. We’re all so busy with work events and family gatherings that year end tax planning often gets neglected. With COVID forcing most of us to stay home this year, we can all use this opportunity to make sure […]
Managing Your Portfolio in Retirement
[vc_row][vc_column][vc_column_text]https://youtu.be/3mwAUqolv20 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 […]
Retirement: What You Need to Know
[vc_row][vc_column][vc_column_text]https://youtu.be/6UwIGk_WKoU 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 […]
The GIS Strategy: How To Receive Tax-Free Income
[vc_row][vc_column][vc_video link=”https://youtu.be/4RmIFXCjoaM” css=”.vc_custom_1615868841483{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text]As 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 […]
Getting The Best Of Both Worlds From Your Pension
[vc_row][vc_column][vc_column_text]https://www.youtube.com/watch?v=lqV8Ehobmkc Wouldn’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 […]
How Commuting Your Pension Allows You To Manipulate Your Income
[vc_row][vc_column][vc_column_text]https://www.youtube.com/watch?v=TrjWlPOqz2w&feature=youtu.be Deciding 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 […]
Understanding the Proposed CSSB Pension Changes
[vc_row][vc_column][vc_column_text css=”.vc_custom_1611896333374{padding-bottom: 20px !important;}”]https://youtu.be/2r5I0HeZNa4?t=2 *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 […]
Significant changes being proposed to the CSSB pension
[vc_row][vc_column][vc_column_text css=”.vc_custom_1615397984394{padding-bottom: 20px !important;}”]*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 […]
Financial Advice for Manitoba Hydro Employees
[vc_row][vc_column][vc_video link=”https://youtu.be/6lPhNQyQ1Zk” css=”.vc_custom_1615869473595{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1611901511867{padding-bottom: 20px !important;}”]I’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. […]
Approaching Retirement: 5 things you need to look at
[vc_row][vc_column][vc_column_text css=”.vc_custom_1612244179887{padding-bottom: 20px !important;}”]What 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 […]
The stock market is down, time to buy?
[vc_row][vc_column][vc_column_text css=”.vc_custom_1612245315281{padding-bottom: 20px !important;}”]As we stay home to contain the spread of the Coronavirus, most of us are guilty of relying on Netflix for some cheap entertainment. My wife recently started watching Grey’s Anatomy, so by association, I was now watching it as well. For those of you who haven’t seen it, the show follows […]
My uncensored opinion about RRSPs if you have a pension
[vc_row][vc_column][vc_column_text css=”.vc_custom_1612815094599{padding-bottom: 20px !important;}”] Psychologists call this phenomenon the “illusionary truth effect.” According to Psychology Today, “When determining whether a given claim is true, we don’t always critically evaluate sources or search for corroborating evidence. Instead, we often intuitively evaluate whether a certain claim feels true. And a claim feels more “true” if it comes […]
How to properly manage a retirement portfolio
[vc_row][vc_column][vc_column_text]https://youtu.be/q9N2DAt0Djk 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 […]
Why your rate of return isn’t as important as you think
[vc_row][vc_column][vc_video link=”https://youtu.be/SDGXOkQjgxE” css=”.vc_custom_1623956167399{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text] Rate of return vs timing of return Many people believe that the rate of return they earn in their investment portfolio is the number one factor in determining the success of their retirement plan. Although essential, today I want to review why it’s even more important not to […]
