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With the Canadian Financial Summit coming up at the end of October, I wanted to share over the next few weeks content that Summit attendees had access to last year.
When you register you get access to talks like these, plus a myriad of other speakers who are some of Canadaâs top financial experts.
Iâll be promoting the Summit and giving away free tickets too!
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When it comes to retirement, itâs crucial to get the big picture right before diving into the details.
Setting up your retirement income involves more than just ticking boxes; it requires a strategic approach to ensure youâre financially secure throughout your retirement years.
In this podcast episode, Barry Choi interviewed me about designing your retirement income effectively.
Youâll learn:
What are the 4 steps to design your retirement income? Whatâs Important about Money to You? How do you know when you have reached âFinancial Independenceâ? What is âYour Numberâ? What are the key concepts to understand retirement income? How much can you reliably withdraw from your investments for life? What are the 3 retirement income design strategies? How do you decide which is best for you? How do you design your retirement income? How much from which source? Overview or when to start pensions, RRIF, CPP, OAS & other investments. Should you defer or commute your pension? Should you worry about high tax on your estate? -
Most people struggle with money.
It might feel like youâre the only one who doesn't have it all figured out, but trust me, you're not alone.
Over the last two months, I've had countless conversations with individuals just like you who are grappling with various financial concerns.
In my latest podcast episode, I share 25 common worries and questions that I have been asked just in the last couple months, plus youâll learn the four things a financial plan can do for you.
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Here are three key insights that I believe are essential for navigating the rest of the year and beyond.
These insights are grounded in the principles that have guided our successful financial planning and investment strategies.
The three key areas: Some timeless truths that guide our financial planning, a few observations on the markets so far this year, and an update on what weâre doing in our practice to keep you on track toward your financial goals.
In my latest podcast episode youâll learn:
Timeless truths for financial success General principles of our investment strategy Market commentary for the first half of 2024 Current observations and insights Updates on our practice -
Many people are saving for their kidsâ future education costs in an RESP.
For some parents, it is a higher priority and they want to be able to maximize the benefits of an RESP - not just contribute the standard $2,500/year for each child.
In my latest podcast episode I talk about the five hacks to maximize your childâs RESP.
Youâll learn:
How much might a 4-year degree cost in 18 years?Is it good for your child to pay for their education?
What asset allocation is best to maximize your childâs RESP?
What are the RESP contribution rules?
How do most parents contribute to their childâs RESP?
What are the top 5 hacks to maximize your childâs RESP?
What are the issues with using an In Trust For (ITF) account?
Should you use a Family RESP or individual RESP?
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The Smith Manoeuvre has long been a popular strategy for Canadian homeowners seeking to convert their mortgage debt into tax-deductible investment debt.
However, recent tax and regulatory changes have impacted the efficacy of the Smith Manoeuvre, and further changes from the Liberal government could pose additional challenges.
In my latest video I give an analysis of the current landscape and potential future threats to this investment strategy.
Youâll learn about:
The recent changes impacting the Smith Manoeuvre, including OSFI rules and higher capital gains inclusion rates. What potential Liberal policy changes could limit interest rate deductions or increase investment taxes. A historical context of the 19 Liberal tax increases and their effects on investors. Motivations behind the Liberal government's continuous tax increases, including political strategy and economic philosophy. Legal protections and practical reasons why a direct attack on the Smith Manoeuvre is unlikely. How much of the long-term benefit of the Smith Manoeuvre is tax savings and how much is investment-related? The resilience of the Smith Manoeuvre as an effective retirement strategy even in the face of regulatory and tax changes. -
Have you ever wondered how long you might live?
Understanding life expectancy is crucial for planning a secure and fulfilling future.
In my latest podcast episode I explore the dramatic changes in life expectancy over the past century, why it's expected to continue increasing, and how this impacts your retirement planning.
You'll learn:
Has life expectancy actually doubled since 1900? How fast life expectancy is increasing. Why life expectancy is expected to increase. How long you can expect to live from today. How long you should expect to be retired. What age should you plan for to be confident you will never run out of money. Why is it important to invest for growth AFTER you retire. What you need for an awesome retirement. -
Deciding between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) can be one of the most challenging financial decisions you'll face.
Each has its benefits, and the right choice depends on your unique financial situation.
In this post, I'll guide you through understanding the factors that determine whether a TFSA or RRSP is better for you and how a financial plan can provide you with the precise answer.
In my latest video I talk about:
The secret to minimizing your lifetime tax. Understanding how tax brackets differ before and after retirement. Specific examples when a TFSA is better and when an RRSP is better. When non-registered investments might be better than an RRSP. Common errors in tax planning, like focusing on current-year tax savings instead of lifetime tax savings. The impact of government income program clawbacks on your tax bracket in retirement. The importance of knowing your future taxable income to make informed decisions. Strategies for planning your retirement income to stay in lower tax brackets. The benefits of combining TFSAs, RRSPs, and non-registered investments for tax-efficient retirement planning. The role of a financial plan in optimizing your RRSP and TFSA contributions and withdrawals. -
How long should you expect to be retired?
You want your money to last the rest of your life. How long will you live?
What quality of life will you have? What will your lifestyle cost you when you are older?
What if you could:
Live longer (long lifespan). Be healthy longer (long healthspan). Have financial freedom longer (long wealthspan).In my latest podcast episode I talk about:
Why it's smart to plan for a longer life. New thinking in medicine to help you live long & be healthy.. New thinking in personal finance to keep you financially free for life. What is wrong with mainstream medicine & personal finance. Create your own "Centenarian Decathlon". Why "First, do harm" is wrong for doctors. What did Hippocrates actually say? How to create plans for a long lifespan, healthspan, and wealthspan. -
I recently worked with Kornel Szrejber, host of Canadaâs #1 financial podcast âBuild Wealth Canadaâ, on his familyâs financial plan, so he could feel confident about his retirement.
Kornel retired in his 30s, but he was starting to feel anxious because he wanted to make sure he wasnât overspending.
This podcast interview is a Q&A between the two of us where we talk about Kornelâs situation, as well as other situations people may go through when they are saving for retirement.
We talk about what makes a good financial plan, tax planning, and understanding how to foresee how much you can spend on things you love in your life like vacations and entertainment.
After watching this interview youâll realize that when you know the lifestyle you want to live, you can live the life you want in your retirement.
Here are some points we touched upon:
Why itâs so critical to track and itemize your household expenses (so you arenât stressed about your retirement). How to know how sustainable your lifestyle is when living off your portfolio. In which order should Kornel withdraw from his accounts for a tax-efficient retirement? Why a personalized financial plan is key to having a successful retirement. What is lifestyle creep? Why you should view expenses as discretionary and non-discretionary. Why investing is only 20% of the financial plan. The 2 overall tax strategy choices to minimize tax in your retirement. How should you plan if you earn income for a few years in your retirement. Do you retire with more peace of mind with Active or Passive investment strategies? Tax planning for a higher Canada Child Benefit. How the CCB can put you in a high tax bracket with income as low as $17,500/year. How many hours does it take to do a financial plan? Planning for long-term financial success.Enjoy!
Ed
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You know the basics about the Smith Manoeuvre.
Itâs one of the most effective wealth building strategies if done by the right people in the right way over the long term.
My latest podcast episode can be found on Sean Cooperâs âBurn YourMortgageâ podcast on YouTube and his website www.BurnYourMortgage.ca, and you can listen here too.
Youâll learn:
Why should you consider the Smith Manoeuvre? How to know if the Smith Manoeuvre is right for you. Managing the risks. Avoiding the common errors. Tax tracking & Capitalizing. Dealing with CRA. How the Smith Manoeuvre can fit into your retirement plan. What happens if you move? What happens once your mortgage is paid off? What happens after you retire? Options â The 7 Smith Manoeuvre strategies. Effective investing with the Smith Manoeuvre Implementing the Smith Manoeuvre.
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You may have heard that we just had a new budget here in Canada, and increased the taxes on capital gains.
Canadians with a rental property, cottage or investments and their tax advisors are scrambling to figure out what to do before the deadline of June 25, 2024.
Here are the questions weâll cover in this latest podcast episode:
What is the new higher capital gains tax?
Who is affected? Why is it mainly a real estate tax? How to avoid or minimize the higher capital gains tax. Is investing inside your corporation still worthwhile? Will the higher exemption for small business help? Are rental properties or cottages still profitable? Why are only 50% or 67% of capital gains taxed, instead of all gains? 3 nasty aspects of the new tax. Why do they say only 0.13% of Canadians are affected? Will this hurt our economy? -
You may be thinking â what difference can I make in the world?
As a financial planner I talk a lot about money, however, itâs not really about the money itself, but what it does for your life â how to live well, retire comfortably, and give back.
In my latest podcast episode, I give you some ideas to help you choose causes that matter to you, as well as talking about financial & tax planning for donating effectively.
Listen to find out:
How do most people donate? What is a Donation Plan & how does it benefit you? How to donate tax-efficiently. Donation tax credit by Province. Advanced donation tax strategies. What is a âDonor-Advised Fundâ? How do you decide where to donate? How do billionaires donate? What are the most effective charities or causes? How do we increase the prosperity of all humans? -
Itâs easy to outperform financial advisors.
Why?
Conventional wisdom is they underperform because of fees, but there is a bigger reason.
They donât even try to outperform. They try for: âReasonable return with less riskâ.
Financial advisors are mainly salespeople, not financial planners.
They are more likely to lose a client because of a 30% 1-year market decline than 10 years of lagging the index. So, they focus on market fluctuations, not your life goals.
This makes them do the â4 performance dragsâ that typically reduce their returns by at least 3%/year, which is more than their fees.
In my latest podcast episode (under 4 minutes!), youâll learn the four performance drags and how to get the maximum reliable long-term return.
Youâll also discover exactly how to EASILY outperform financial advisors.
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Divorce is never financially smart!
As a financial planner, I donât recommend divorce. Itâs bad for your finances!
However, you can go through it in the most financially smart way â to leave both of you in the best possible position.
We have seen quite a few people go through divorce.
Weâve seen some total disasters, fighting for years through lawyers with monstrous legal costs.
A wife hiring one lawyer after another for years to keep going after her ex.
A dentist declaring bankruptcy to avoid paying alimony.
We have helped clients go through it amicably while talking & agreeing on what to do.
We can help identify the financially best way to divide assets.
We can show how to minimize or avoid tax when dividing assets. Paying tax means you both get less.
I am a financial planner â not a lawyer. My insights here are based on experience about how to be as financially smart as possible.
In my latest podcast episode youâll learn:
Why an amicable divorce is better. What to be aware of with lawyers. Working effectively with your lawyer. How to divide your assets the most effective way. Should you keep the house? What happens to the Smith Manoeuvre in a divorce? Should you split a pension? What options do you have with spousal & child support? What studies say about life after divorce. -
Many people today feel they have no choice but to be a tenant, however, what if you actually choose this?
You can choose to be a tenant forever and it can be a great life!
Iâm going to introduce you to the concept of âTenant Freedom,â to show you how great of a life it can be.
Watch my latest podcast episode to find out:
Advantages & disadvantages of owning vs. renting your home
What you need to buy a home.
How to be much wealthier as a tenant.
5 steps to a great life with Tenant Freedom.
What is the âTenantâs RRSPâ?
Do tenants have a Smith Manoeuvre option?
The growth mindset for Tenant Freedom.
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Gold goes down on inflation.
Why doesnât the industry know this?
This is one of the most common and wrong conventional wisdoms.
The conventional wisdom is that Gold protects you from inflation, so if we have high inflation Gold should be up. It should maintain its value.
The problem is â this isnât true and hasnât been true for decades.
So why does the investment industry keep promoting this idea?
In my latest podcast episode I give you details on why you may have been told to invest in Gold, and what I suggest instead.
Listen to learn:
How knowing about Gold can help with your investment portfolio. The correlation between Gold vs. Inflation. What do interest rates have to do with Gold? Why doesnât the investment industry know this? How to easily outperform the investment industry. Why you need an interactive financial plan. What Warren Buffett says about Gold. Why having Gold is similar to money in a Savings Account. -
20 years ago I took the most fascinating investment course, and by far the most in-depth.
The course made me a âCertified Hedge Fund Specialistâ (CHFS). I loved it so much I received the top mark in Canada.
From the course and meeting with hedge fund people, Iâve learned the ins and outs of the Hedge Fund World, which to many, seems like a secret club.
In my latest podcast episode, youâll get a sense of what this world is like, insight into the categories of hedge funds and major hedge fund stories in movies.
Should you invest in a hedge fund?
Listen to the podcast to find out:
What is a hedge fund?
12 categories of hedge fund strategies.
Pros & cons of hedge funds vs. mutual funds & ETFs.
What is an option?
Movies about hedge fund managers.
Why do our clients have a hedge fund?
Should you invest in a hedge fund?
Are hedge funds more risky or less risky than mutual funds & ETFs?
Stories behind major hedge fund blow-ups.
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I was honoured to be invited by Ellen Roseman to speak with her Investment Club about the 6 key lessons I have learned as a fee-for-service financial planner.
They have had investment guest speakers, but never someone just talking about financial planning.
Ellen Roseman is a journalist who sticks up for ordinary Canadians.
Her personal finance & consumer columns appeared in the Toronto Star for 20 years, she was the Starâs business editor, a columnist for the Globe and Mail, associate managing editor of the Globeâs Report on Business, author of 4 books, has a podcast, and sheâs been teaching courses on investing and personal finance at the University of Toronto.
My views are common sense based on experience writing over 1,000 financial plans and making them work for the lives of our clients.
However, they are unconventional compared to the investment industryâs normal practices.
In this podcast episode you'll learn:
Why dividend investing is a brain fart.
Why almost nobody can retire comfortably with a balanced or conservative portfolio.
Why risk tolerance is a learned skill.
How marginal tax brackets, including clawbacks of government programs, can change your financial plan completely.
Why taking advantage of leveraged investing, such as the Smith Manoeuvre, can be the best growth strategy for the right people done the right way over the long term.
The importance of having a financial plan, and why itâs the road map to the life you want.
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Do you own a business?
If yes, then youâll love my latest podcast episode. I cover the few things that you really need to know about corporations.
Youâll learn:
When should you incorporate.If you should get a holding company.
Whether you should pay yourself a salary or dividend.
Common mistakes by business owners.
If you should invest in a corporation, RRSP or TFSA.
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The most common question I get asked about the Canada Pension Plan (CPP) is: âIs it smart to take my CPP early?â
And what I say is - it depends, as the answer is contingent on five main factors.
How long do you expect to live?
How do you invest?
What will inflation be?
Are you still working?
When do you need the money?
In my latest podcast episode I get into more details on how to think about these questions and I give you examples from client case studies.
The answer is complex and CPP is only one piece of your retirement income. The best advice is to look at this as part of a professional retirement plan.
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