Best Questions To Ask A Financial Advisor
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/mYYBXuUOFFY” css=”.vc_custom_1663949989742{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1663950614367{padding-top: 20px !important;padding-bottom: 20px !important;}”]Whether 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 […]
Should You Be Using More Than One Financial Advisor?
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/c0Mw80i-W_g” css=”.vc_custom_1662487692239{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1662487832459{padding-top: 20px !important;padding-bottom: 20px !important;}”]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 […]
Case Study: Simple Tweak Saves $50,000 in Taxes
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/Y_vUPZlcJvk” css=”.vc_custom_1661864039191{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1661864354903{padding-top: 20px !important;padding-bottom: 20px !important;}”] Two 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 […]
Is Now The Right Time To Buy GICs?
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/7OfiJJNvXE8″ css=”.vc_custom_1659448945344{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1659449580385{padding-top: 20px !important;padding-bottom: 20px !important;}”] 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 […]
Retirement Plan Leads to $900,000 in Savings
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/LyARyAqkxqw” css=”.vc_custom_1656081943350{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1656083233452{padding-top: 20px !important;padding-bottom: 20px !important;}”]Here 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 […]
The Bear Market Playbook
[vc_row][vc_column][vc_column_text css=”.vc_custom_1655224320509{padding-top: 20px !important;padding-bottom: 20px !important;}”]As we find ourselves in a new bear market, let’s review three different strategies for making the most of this market condition. The Bear Market Playbook bases each strategy on a different risk tolerance level. Option 1: Poke the Bear Rebalance Your Portfolio Rebalancing your portfolio is the process […]
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
[vc_row css=”.vc_custom_1612380408194{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_video link=”https://youtu.be/XYdZYMit0o4″ css=”.vc_custom_1654110574687{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1654115009964{padding-top: 20px !important;padding-bottom: 20px !important;}”] Video 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 […]
Sell Now And Buy Back Later?
[vc_row][vc_column][vc_column_text css=”.vc_custom_1651241898357{padding-top: 20px !important;padding-bottom: 20px !important;}”] Why don’t we sell and get back in once it’s better? Trust me, I would love to do that for you, but the risk isn’t worth the reward. To begin this analysis, let’s go over your two options Ride the wave Get out and then get back in […]
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]
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 […]
Your First Investment Property: Tips for Financing
[vc_row][vc_column][vc_column_text] Guest Post by Property Pillar Management. They provide residential and commercial property management in Winnipeg, Manitoba and surrounding areas. From small single family homes to apartment blocks to commercial spaces. Buying an investment property in Canada is one of the best ways to diversify your assets. In addition to the promise of earning […]
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 […]
US Elections – Should you make moves in your portfolio?
[vc_row][vc_column][vc_column_text]The 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
[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 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
[vc_row][vc_column][vc_column_text]Do 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
[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 […]
Important considerations to make before accepting an early retirement package
[vc_row][vc_column][vc_column_text]Companies 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 […]
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 […]
5 Reasons you should keep your monthly pension
[vc_row][vc_column][vc_column_text]Over 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?
[vc_row][vc_column][vc_column_text]https://youtu.be/JcziaDS5R2M 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 […]
Five reasons you should take your pension as a lump sum payout
[vc_row][vc_column][vc_column_text] If 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 […]
How to supercharge your RRSP
[vc_row][vc_column][vc_column_text] 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 […]
When should you apply for your CPP?
[vc_row][vc_column][vc_column_text]https://www.youtube.com/watch?v=-WEtYpTdysg&feature=youtu.be When should you be applying for your CPP? This week we take a look at the long-term financial impacts of your decision and what variables you should take into consideration. Looking for more advice? Take a look at our 2 part CPP series which includes An argument for taking CPP later and An argument for taking […]
How much do I need to save for retirement?
[vc_row][vc_column][vc_column_text]When 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 […]
Why your RRSP should grow as little as possible
[vc_row][vc_column][vc_column_text]https://www.youtube.com/watch?v=RFAZL6qPwkE&feature=youtu.be 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. [/vc_column_text][/vc_column][/vc_row]
Can I retire if I still have debt?
[vc_row][vc_column][vc_column_text]More 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? 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
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 […]
Timing your Retirement to Save Tax $$$
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 […]
Pension or Lump Sum? How to Decide
For those of you lucky enough to have a defined benefit pension plan, you may have to decide whether to take your pension as a monthly income or as a lump sum payout upon retiring. There isn’t a universally accepted answer when deciding between these two options, as it mostly depends on your personal circumstances. […]
Should I Help Pay for my Child’s University Education? (Part 3)
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)
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 […]
An Argument for Taking CPP Early
Last month I wrote and article arguing why it makes sense to take CPP later. This month we will review the argument for taking it early. As I mentioned last time, everyone seems to have an opinion on the matter but few people realize that this isn’t a “one size fits all” problem. If you […]
An Argument for Taking CPP Later
In this 2-part series, we will explore both sides of the age-old question “should I take CPP (Canada Pension Plan) earlier or later?” We’ve all met purported CPP experts at some point in our lives. It may have been a member of your family, your plumber, or your dentist. The fact is that everybody has […]