How to Avoid or Minimize Extra Tax from New Higher Capital Gains Tax
Unconventional Wisdom
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 we’ll 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...
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How to Donate Effectively
Unconventional Wisdom
You may be thinking – what difference can I make in the world? As a financial planner I talk a lot about money, however, it’s not really about the money itself, but what it does for your life – 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....
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How to EASILY Outperform Financial Advisors
Unconventional Wisdom
It’s easy to outperform financial advisors. Why? Conventional wisdom is they underperform because of fees, but there is a bigger reason. They don’t even try to outperform. They try for: “Reasonable return with less risk”. 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 “4 performance drags” that typically reduce their returns by at least 3%/year, which is more than...
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Financially Smart Divorce
Unconventional Wisdom
Divorce is never financially smart! As a financial planner, I don’t recommend divorce. It’s bad for your finances! However, you can go through it in the most financially smart way – to leave both of you in the best possible position. We have seen quite a few people go through divorce. We’ve 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 &...
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Tenant for Life by Choice: 5 Steps to “Tenant Freedom”
Unconventional Wisdom
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! I’m going to introduce you to the concept of “Tenant Freedom,” 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 “Tenant’s RRSP”? Do tenants have a Smith Manoeuvre option? ...
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Gold Goes DOWN on Inflation
Unconventional Wisdom
Gold goes down on inflation. Why doesn’t 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 – this isn’t true and hasn’t 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...
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What is a Hedge Fund? – Inside the Semi-Secret Hedge Fund World
Unconventional Wisdom
20 years ago I took the most fascinating investment course, and by far the most in-depth. The course made me a “Certified Hedge Fund Specialist” (CHFS). I loved it so much I received the top mark in Canada. From the course and meeting with hedge fund people, I’ve learned the ins and outs of the Hedge Fund World, which to many, seems like a secret club. In my latest podcast episode, you’ll 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...
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6 Key Lessons Learned as a Fee-For-Service Financial Planner - Talk with Ellen Roseman's Investment Club
Unconventional Wisdom
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 Star’s business editor, a columnist for the Globe and Mail, associate managing editor of the Globe’s Report on Business, author of 4 books, has a podcast, and she’s...
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Your Corporation - What You Need to Know (If You Don’t Understand Your Accountant)
Unconventional Wisdom
Do you own a business? If yes, then you’ll love my latest podcast episode. I cover the few things that you really need to know about corporations. You’ll 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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Should I Start My CPP Early?
Unconventional Wisdom
The most common question I get asked about the Canada Pension Plan (CPP) is: “Is it smart to take my CPP early?” 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...
info_outlineDivorce is never financially smart!
As a financial planner, I don’t recommend divorce. It’s bad for your finances!
However, you can go through it in the most financially smart way – to leave both of you in the best possible position.
We have seen quite a few people go through divorce.
We’ve seen some total disasters, fighting for years through lawyers with monstrous legal costs.
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A wife hiring one lawyer after another for years to keep going after her ex.
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A dentist declaring bankruptcy to avoid paying alimony.
We have helped clients go through it amicably while talking & agreeing on what to do.
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We can help identify the financially best way to divide assets.
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We can show how to minimize or avoid tax when dividing assets. Paying tax means you both get less.
I am a financial planner – not a lawyer. My insights here are based on experience about how to be as financially smart as possible.
In my latest podcast episode you’ll 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.