Retiring with a Pension
How does having a retiring with a pension affect your retirement plans? From a tax perspective, there are numerous advantages, and it can also change how much and when you spend your retirement savings. Follow along as we go through the different ways to maximize the flexibility a pension gives you in retirement. How much can you spend in retirement with a $1.5M Portfolio?
You are 65 years old, and between you and your spouse, you have $1,500,000 saved up for retirement. How much can you actually spend in retirement? Follow along as we examine Chris and Wendy's scenario and examine their expenses pre- and post-retirement. 3 Underused Tax Strategies In Retirement
Here are 3 underused tax strategies in retirement and they involve donating to charity. Before recommending these charitable donation tax strategies to clients, they need to meet certain thresholds. After these two thresholds are met, then we can dive into the three underused tax strategies when giving to charities. The three strategies are withdrawing funds [...] Steer Clear of These Two Mistakes in Retirement
Typically I don't talk about investing in our videos but today I want you to steer clear of these two mistakes in retirement. The two mistakes to avoid are poor portfolio construction not aligning your retirement portfolio with your retirement withdrawal strategy. Why you shouldn’t hire me for a one-time retirement plan
Why you shouldn't hire me for a one-time retirement plan? Because things change over time! As soon as one variable in the plan changes, the plan becomes obsolete. Income needs change, tax rules change, and investment returns vary. A retirement withdrawal plan is not something you create once and can follow blindly for the next [...] Why Most Retirees Underspend In Retirement
Why Most Retirees Underspend In Retirement ? It's common issue I see again and again. Turning the switch from accumulating to decumulating in retirement can be hard. To watch your portfolio go down in value is gut-wrenching for some. The fear of running out of money, kids, and grandkids are the other most common reasons [...] Retiring at 55 with 2 Million
What does retiring at 55 with 2 Million look like? How much will you be able to spend on a monthly basis? Find out as we walk through Heather's situation. How Often Should You Make RRSP Withdrawals?
How do you take money out of your RRSPs tax efficiently throughout the year? How do you do this? Do you withdraw monthly, quarterly, or annually? This is a question we receive all the time. Here are the pros and cons of each withdrawal frequency and what we think about when we go through this [...] Tips for Withdrawing from a Large RRSP
You’ve done a good job saving, and you have a sizeable nest egg set aside in your RRSPs for retirement. But how do you take this money out tax-efficiently? This is the part that most people get wrong and why you hear so many people say they hate RRSPs. Here are tips for withdrawing from [...] Why Living Off Your Portfolio’s Interest in Retirement is Dangerous
What if you could live off your portfolio’s interest without spending any of your principal? Wouldn’t that be something to know that your original capital is still there every time you look at your portfolio? With interest rates higher than they’ve been in years, this seems more possible than ever. However, this can be a [...] Tax Mistakes Every Retiree Should Avoid
There 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 [...] The Best Age to Convert Your RRSP to a RRIF
What’s the best age to convert your RRSP to a RRIF? There are a lot of factors that go into making this decision, such as your age, your current and future income needs, and what other retirement accounts you have access to. As you can imagine, with so many variables in play, it took [...] Should You Be Buying GICs At These Rates?
Should you be buying GICs at these rates? We’re seeing rates that we haven’t seen in years, with one-year GICs paying as much as 5.41%. This is the number one question we are receiving from our clients. No joke, I’ve probably had this question 10 times over the last two weeks, so what are they [...] Investing After 60
Investing after 60 doesn't have to be the complex retirement puzzle the investment industry makes it out to be. How can you invest your retirement portfolio in a simple way so that you can spend your time enjoying life rather than worrying about every red-flashing headline on the news? The Bucketing Strategy Let’s imagine [...] 4 Ways to Calculate What You Can Spend in Retirement
Are you wondering how much you can spend in retirement? If so, you're not alone. In our latest video, we tackle this crucial question and provide 4 ways to calculate what you can spend in retirement. The First Step The first step in planning your retirement is understanding the Triangle Concept. This involves identifying [...] Retiring Soon? 3 Things to Consider
Drawing from countless conversations with retirees, if you're retiring soon, I think you should consider these three core components. Clarity on Your Retirement Goals and Expenses The foundation of a successful retirement lies in having a clear vision of your retirement goals and expenses. Whether you're a budget enthusiast or not, outlining your expected [...] Inflation in Retirement
In the realm of retirement planning, a hidden danger lurks, quietly eroding the foundation of your financial security: inflation. Today, we'll dig into the impact of inflation in retirement and explore how to build a plan that guards against its silent threat. Unmasking Inflation Inflation is the gradual increase in the price of goods [...] Managing Your Tax Brackets in Retirement
https://youtu.be/hZniNa0reho In the quest to effectively draw down your retirement portfolio, there's one critical mistake you can't afford to make—not managing your tax brackets in retirement. As we've explored in previous discussions, there's no universal approach to withdrawing from your retirement savings. Your unique circumstances demand a tailored strategy. Let's dig into the crucial concept [...] Does the CRA Owe You Money?
https://youtu.be/pNV3lcxo7NM In today's video, we're delving into an unusual topic - finding out if the Canada Revenue Agency (CRA) owes you money and exploring key details for retirement planning. Yes, you read that right; the CRA might owe you money! So, let's embark on this journey and see what we can uncover to enhance your [...] Tax-Efficient Retirement Withdrawal Strategies
Do you find yourself burdened by high taxes during retirement? Focusing on tax-efficient retirement withdrawal strategies could save you thousands, if not hundreds of thousands of dollars in taxes throughout your retirement. The Retirement Tax Challenge Retirement success hinges on three critical factors: your savings, the accounts you invest in, and the performance of [...] How Much Can You Spend In Retirement?
You're 60 and you and your spouse have saved up $1 Million for retirement. How much are you going to be able to spend monthly in retirement? This is the exact question we got asked last week. Today we are going to go over an example very similar to theirs and show how much they [...] Unlocking the TFSA Secret
Is there a wrong way to use your TFSA? We see it all the time. The result, missed growth and potential tax consequences. What's the fix? Lets dig into it. Which Account Should You Pull From First In Retirement?
Pulling income from the wrong retirement at the wrong time can lead to hefty tax bills. So what account should you pull from first? Let's dig into it! RRSP Withdrawals Done Wrong!
Many Canadians enter retirement without a serious plan to withdraw their RRSP's tax efficiently, causing them to pay more tax than they need to. Here are a couple of examples of RRSP Withdrawals Done Wrong! Withdraw From RRSP Tax-Free!
Don't miss out on this RRSP conversation opportunity. See how Crystal missed out on 3 years of tax-free RRSP withdrawals. Financially Helping Your Grandchildren
Retirement What Ifs
Don’t Fall For This Retirement Trap
Retirement Asset Map
Reduce Retirement Stress
Taking Your CPP Early To Invest
Debt Ceiling
Once again, we find ourselves witnessing drama due to the debt ceiling in Washington. This political theater tends to unfold when Congress and the White House are controlled by different parties. The party in Congress tries to exploit the issue to gain leverage and political concessions. The frustrating aspect of this situation is that the [...] What happens to your RRSPs when you retire?
RRSP Withdrawals Due To Shortened Life Expectancy
Maximizing Your Government Benefits
Most Canadians are leaving money on the table when it comes to maximizing their government benefits. In the video above, we review a strategy that individuals and financial advisors often miss. Meet Mike Mike is 65 years old, and his goal in retirement was to be able to spend $50,000 per year, increasing with [...] Can You Retire On $1 Million
In our third video in this series, can you retire on $1 million, we look at Richard & Sharon Smith's financial situation. Let’s see what their financial picture looks like. Let’s start with Sharon. She is currently 60 years old and has the following, RRIF: $400,000 TFSA: $100,000 Richard is 60 years old [...] Drawdown Your RRSPs, 3 Reasons Why You Should
RRSPs are a popular retirement savings account, but it may be advisable to draw them down aggressively once retired. Here are 3 reasons to aggressively drawdown your RRSPs. RRSP Tax Bomb There are many people out there who hate RRSPs. I often hear stories like, “My parents had money in RRSPs, and when they [...] Dividends Don’t Add Value
Many investors and financial advisors are fond of dividends and base their entire investment strategy on companies that pay dividends. However, it's time to take a closer look at the reality of dividends and their impact on investment performance. The truth is, and I might be upsetting the dividend-loving crowd, but dividends do not add [...] Do You Need Life Insurance Once You Are Retired?
Do you need life insurance once you are retired? Life insurance is an important consideration for many people, but as you reach retirement age, the question of whether or not to continue coverage becomes even more complex. Let's discuss the pros and cons of having life insurance in retirement and whether it makes sense for [...] Avoid This Retirement Mistake
Retirement is a time to kick back, relax, and enjoy the fruits of your labor, but it's also important to be careful with your finances. One mistake we often see is the lack of planning for major purchases, such as buying a new car. Now, we know what you're thinking - "But Marc, I've been [...] How to make retirement withdrawals in a bad market
When the stock market goes through a bad year, it becomes increasingly difficult to make withdrawals from your portfolio. So, what’s the best way to make retirement withdrawals during a bad market? We’re all familiar with the investing adage to buy low and sell high, but without proper planning, you might find yourself in a [...] 10 Positives Going Into 2023
It's always nice to hear positive news. So as we head into 2023, here are a few things to look forward to 10 Positives Back-to-back negative stock market years are rare having only occurred 9% of the time since 1928. Although still high, inflation has been decreasing over the past 6 months 2023 [...] Beware Of Buying Investments Before End Of The Year
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 non-registered account. Today, we’ll look at the dangers [...] Can You Retire on $750,000?
In our second video in this series, can you retire on $750,000, we look at Mr. & Mrs. Wilson's financial situation. Let’s see what their financial picture looks like. Financial Picture Let's start with Mrs. Wilson. She is currently 68 years old and has the following, RRIF: $350,000 TFSA: $100,000 Mr. Wilson is 67 [...] Extra RRSP Withdrawal
As we approach the end of the year, there are a few tax planning strategies that you should consider before the year is out. Let's look at if it makes sense to make an extra RRSP withdrawal before the end of the year. Tax Planning Strategy #1: RRSP/RRIF Withdrawal One of the major drawbacks [...] Tax-Loss Selling
What is year-end tax-loss selling, and should you care? When stock markets go through a tough year, the opportunity to take advantage of tax-loss selling arises. So, what exactly is tax-loss selling? Let’s go through an example to find out. Tax-Loss Selling Judy bought $400,000 of ABC Bank shares in her non-registered account. Today her ABC Bank shares are [...] What Happens To Your CPP When You Pass Away?
What happens to your CPP when you pass away? Let’s assume that both you and your spouse are receiving CPP; what would happen if one of you were to pass away? How CPP is calculated Before we can get into that, we must first understand how your CPP pension is calculated. The amount you [...] Deferring Your OAS
Today we looking at deferring your Old Age Security Pension, whether or not it makes sense, and a major red flag you need to consider if you are going to defer. Eligibility For many people, the Old Age Security (OAS) pension will make up a portion of their retirement income. To be eligible for [...] Can You Retire On $500,000?
Can you retire on $500,000? This is the first video in a new series where we will look at whether you can retire on X amount of dollars. Check out our next video, Can you retire on $750,000? Today we're going to be using Mr. and Mrs. Baker as our example. Let’s see what their [...] Can You Deduct You Financial Advisory Fees?
Can you deduct your financial advisory fees? The short answer, It depends. Today, we’ll be going over the top 3 methods Canadian advisors use to charge their clients and whether or not those methods allow you to deduct their fees on your tax return. Method 1: Fee for service The first payment method we’ll be [...] Should You Wait Until Things Look Better To Invest?
With the recent decline in stock markets, some of you have called looking to take advantage of this drop and buy low. The one question that comes up in every conversation is: "I know I should buy when stocks are down, but should we wait until things start to look better before investing?" [...] Best Questions To Ask A Financial Advisor
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 red flags. Are you a fiduciary? If you asked a friend or family member whether [...] 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 [...] Case Study: Simple Tweak Saves $50,000 in Taxes
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 was no longer contributing to her accounts she was worried about it in retirement. In this video, [...] 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 [...] Retirement Plan Leads to $900,000 in Savings
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 a few assumptions that need to be made. Follow along as we find out what their [...] The Bear Market Playbook
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 of making trades to move [...] Private Home Care
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 end up in one of [...] 4 Conflicts Faced by Financial Advisors
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 when your financial goals or interest are not in line with your advisors. Most of these conflicts [...] What is the difference?
Different Advisors Investment Advisor versus Mutual Fund Representative versus Portfolio Manager, why does it have to be so confusing? In the world of financial advising, it’s the wild west when it comes to job titles. You’ll see things like President, Wealth Manager, Financial Advisor, Life Coach, and so many more. Hopefully, this will change one [...] Sell Now And Buy Back Later?
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 1.Ride the Wave Strategy With this [...] Book Value vs Market Value
Book Value vs Market Value If you look at your investment statements, you will see a book value and a market value. Here is a quick explanation of the difference between the two and why it is not the best metric to determine the performance of your overall investment portfolio. Are You On Track To Retire?
Video Transcript: Are you on track to retire? Today, we're going over how we determine whether clients are on track to retire. Let's jump into an example. First Thing to Determine Debbie is 57 and looking to retire in five years. The first thing that she needs to determine is how much her lifestyle [...] First Home Savings Account
Video Transcript: First Home Savings Account Today we’re going over the brand new Tax-Free First Home Savings Account (FHSA), which was recently introduced in the 2022 Canadian Budget. One of the major initiatives of this year’s budget was to make housing more affordable. To do this, they are doubling the first-time home buyers’ credit and [...] 3 Reasons Retirement Plans Fail
Video Transcript Today I want to talk about 3 reasons retirement plans fail. First Reason The first reason your retirement plan can fail is oversimplification. I was speaking with a gentleman a few weeks ago, who was wondering whether he was on track to retire. In his eyes there was no problem, he had [...] 3 Mistakes to Avoid in Retirement
Check out the video above to find out the three mistakes you should avoid in retirement. We also started a new YouTube page recently and would appreciate it if you could subscribe to our channel. You can do so through the link below. Subscribe to our new Youtube channel Video Transcript Mistake #1: Underspending [...] Portfolio vs. Plan
Disaster at Mongo’s For those who’ve never been to Mongo’s, it’s a stir fry restaurant where you get to choose your ingredients buffet style. You’re given a bowl, and you can fill it up as much as possible. Since there are no rules, it inevitably becomes a competition of who can fill their bowl to [...] Access Money From Your LIRA
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 likely to transfer your pension into a LIRA. How do I access the funds in my [...] 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 [...] 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 [...] Avoiding the RRSP Tax Bomb
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 disaster. We were allowed to present [...] 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
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 withdrawal, he realized that withdrawal would be 100% taxable! "Had I [...] Health Benefits Plan
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 eligible to continue your benefits [...] Personal Care Homes: The hidden cost
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 bill upon death. Today, I’m [...] Use the Bank’s Money
In 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?
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. Easy Retirement Plan
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 to retire. I want to do X, Y, and Z [...] 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 [...] 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
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 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 [...] 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 [...] How to deal with the next stock market correction?
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 its bottom, I wrote an article called Click Here to [...] RRSP Tax Bomb
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 avoid the tax bomb? Click here for to see how you can [...] What is a reverse mortgage
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 wasn’t the only one. Whenever I would bring it up with someone, I [...] The Easiest Way to Reduce Your Tax Bill
The Easiest Way to Reduce Your Tax Bill Click above to view video! Thank you for watching our video. Financial Advisors: 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 [...] Taking Care of Your Grandkids
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. Because [...] Should I Be Buying RRSPs?
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. Tax Planning Strategies: Dealing with Capital Gains (Part 4)
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 stock [...] Tax Planning Strategies: Tax-Loss Selling (Part 3)
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 week’s [...] Your First Investment Property: Tips for Financing
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 passive [...] Tax Planning Strategies: 4 Strategies You Should Implement this Year (Part 2)
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 non-registered [...] Tax Planning Strategies: 4 Strategies You Should Implement this Year (Part 1)
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
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?
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
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
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 money in your pocket for merely [...] Getting The Best Of Both Worlds From Your Pension
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 to [...] How Commuting Your Pension Allows You To Manipulate Your Income
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 financial [...] Understanding the Proposed 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 [...] Significant changes being proposed to the 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
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. What makes your financial situation unique? As an employee [...] Your last chance to buy low
As I write this on April 29th, 2020, US markets have bounced back 31.38% over five weeks from their March 23rd lows. For those of you who invested when markets were down 30%, well done. You have made a rapid 30%. If you hesitated or you still have some cash sitting on the sidelines, I […]
Approaching Retirement: 5 things you need to look at
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 approach retirement [...] The $100 you invest today will be worth $143 once the market recovers
Warren Buffet has two rules when it comes to investing. Rule No.1: Don’t lose money Rule No.2: Don’t forget rule No.1. As much as he may have said this tongue in cheek, he does have a point. Losing money is no fun from an emotional standpoint and it makes it even harder for your portfolio [...] The stock market is down, time to buy?
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 a group of [...] Why Golf is a Lot Like Investing
My 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
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
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
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
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 lose money, especially as you are entering [...] 5 Reasons you should keep your monthly pension
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?
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: [...] Five reasons you should take your pension as a lump sum payout
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 amount [...] 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 [...] When should you apply for your CPP?
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 CPP [...] How much do I need to save for retirement?
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 [...] Build your retirement portfolio like the Winnipeg Jets
Have 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?
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 […]
Make your vehicle loan tax-deductible
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
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 […]
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 […]
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 […]
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 […]
