Category: Finance

Preparing For Taxes in Retirement, Part 1 (Ep. 64)

Preparing For Taxes in Retirement, Part 1 (Ep. 64)

Taxes can have a much bigger impact on your retirement planning than first assumed. It is important to take a dive into your portfolio and understand how the different sources of income in retirement, government and personal can go into your planning process. 

In this episode, Kris Dureau discusses a number of ways you can understand these income sources and plan for the tax implications you might have to deal with these. Through planning ahead, you can set yourself up to retire with ease and have no fear of losing a generous amount of your assets to taxes. 

Kris discusses:

  • Most common types of retirement income and the tax challenges they present
  • How you can get further in-depth advice based on your personal circumstances
  • Retirement income basics 
  • The three buckets of retirement income for Canadians and how they all play into your portfolio
  • And more

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The End of Life Checklist (Ep. 63)

The End of Life Checklist (Ep. 63)

In our last episode, we sat down with the Caring Hearts Support Network to discuss all things grief and the support they made available for those people going through these tough times. 

In this episode, we are going to unpack what you can do to prepare for uncertain times and what exactly should be on your end-of-life checklist. Whether you are creating your own or understanding the details of this plan for a loved one, it is important to understand where all of this information is as well as how you can use it to seamlessly transition into your next stage of life. 

Kris discusses:

  • The importance of communicating to your family members where your will is and when was the last time you updated it
  • Some important life changes that should encourage you to update your will
  • How life insurance comes into play during someone’s death (not all life insurance policies are the same) 
  • How you should be picking your power of attorney
  • The benefits of having a wealth organizer
  • And more

Resources:

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Let’s Talk Grief Recovery with The Caring Hearts Support Network (Ep. 62)

Let’s Talk Grief Recovery with The Caring Hearts Support Network (Ep. 62)

Although inevitable, death is a scary topic that is sensitive to most of us. But when that dreaded time is around the corner for a loved one, wouldn’t you like to be fully supported with all the resources you may need to deal with the next steps? 

In this episode, Kris Dureau is joined by The Caring Hearts Support Network, to detail their role in supporting those navigating end-of-life and bereavement. They offer support to the caregivers, the individuals, and the families at the end-of-life and throughout their grief journey. It is comforting to know that there are resources out there to help us or family members when the end may be close and we don’t have to face it alone.

The Caring Hearts Support Network Team shares:

  • Their experience in supporting people through their grief
  • The individual support they are able to provide for people based on their circumstances and how it has affected their life 
  • Some outreach programs that can aid in your grieving process, no matter what stage you are at
  • How this network has connected individuals from all walks of life
  • And more

Resources:

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The 8 Popular Myths of Retirement (Ep. 61)

The 8 Popular Myths of Retirement (Ep. 61)

There is no doubt that planning for retirement can seem like a complex process, and even thinking about it can be stressful.

Nowadays media, politicians, financial services, businesses – everyone has been talking about retirement. With so much information, it is easy to get overwhelmed. In this episode, Kris Dureau debunks eight popular myths about retirement that might be stressful to pre-retirees as they plan for their retirement. 

Kris discusses:

  • Where and how retirement myths originate, as well as how they affect retirees
  • The importance of starting retirement planning at an early age.
  • The reasons why many people procrastinate about saving for retirement
  • Why retirement isn’t about having a specific amount, but about having an income that suits your lifestyle
  • Why you should continue to contribute to your CPP pension and old-age security
  • The difficulty retirees face in spending their money
  • And more!

Resources:

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Traveling to the USA? Here’s How It Might Affect Your Taxes (Ep. 60)

Traveling to the USA? Here’s How It Might Affect Your Taxes (Ep. 60)

Many Canadians pack their suitcases as it gets colder and fly off to warmer places in the USA. While that sounds like a wonderful idea, it is important to know the tax implications of your trip.

In this episode, Kris Dureau provides a brief overview of tax-related nuances you need to keep in mind as a frequent traveler to the USA.

Kris discusses:

  • The importance of consulting an accountant who is experienced in cross-border taxation
  • How the length of your stay affects your tax situation (Substantial Presence Test)
  • Insights into taxation on US-sourced income
  • And more!

Resources:

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Year-End Checklist for Your Registered Accounts (Ep. 59)

Year-End Checklist for Your Registered Accounts (Ep. 59)

Before the year comes to a close, there are a number of things you want to consider concerning your registered accounts. These include your RESP, RRSP and RRIF accounts that you might want to pay closer attention to as the year comes to an end so that you can save going into 2023.  

In this episode, Kris Dureau discusses what to look out for when investing in a down market and how it can actually benefit some of your accounts depending on your current situation. 

Kris explains:

  • What are Registered Accounts
  • The importance of having a TFSA
  • Some considerations for parents whose children just turned 15 
  • Changes you might want to make in your portfolio prior to December 31st
  • How you can save on taxes this year 
  • And more

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Big News: Merging With Green Private Wealth (Ep. 58)

Big News: Merging With Green Private Wealth (Ep. 58)

Big positive changes are underway for our firm. Over the past 18 months behind the scenes, we have been working on a merger with Green Private Wealth – an award-winning firm. This merger allows us to offer our clients a more in-depth, wide array of services that can benefit them at any stage of their life. 

In this episode, Kris Dureau shares this exciting shift and how the new merger with Green Private Wealth is benefitting their business in a number of different ways. With the new expansion of their team, they are able to offer new opportunities and work with more advanced business models and strategies that will ultimately benefit you and your portfolio.

Kris discusses:

  • The benefits clients will receive just from being a larger firm 
  • Their focus on adapting to the rapidly changing wealth management landscape 
  • Their new pension-style portfolio management approach and how it can help clients avoid the volatility associated with traditional portfolios
  • The shared company values and practices that led to the smooth merger between Three Hats Financial and Green Private Wealth
  • And more

Resources:

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The Route to Retirement During a Recession (Ep. 57)

The Route to Retirement During a Recession (Ep. 57)

Are you nearing retirement and wondering if right now is the time to step into it? During these uncertain times, having a thorough plan that incorporates market drops and recession is very crucial for your peace of mind. 

However, if you have not had one of these plans done before retirement, there are still other things you can do to prepare yourself during tough times in the market. In this episode, Kris Dureau offers some tips that may ease the sting of leaving the everyday workforce. 

Kris discusses:

  • The three choices for transitioning from a full-time job into retirement
  • Key tips on retiring during a recession
  • What to consider when deciding to work part-time during retirement 
  • When is a good time to take the leap into retirement
  • And more

Resources:

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Offsetting Taxes From Your RRSP: Facts About The RRSP Meltdown Strategy (Ep. 56)

Offsetting Taxes From Your RRSP: Facts About The RRSP Meltdown Strategy (Ep. 56)

The RRSP meltdown strategy has been saving our clients’ tax dollars for many years now, allowing for more savings and tax benefits.

In this episode, Kris Dureau unpacks the benefits and risks of this strategy along with ways you can reduce taxes during your retirement income in your early golden years. 

Kris discusses:

  • How to save money when taking out your RRSP
  • How to avoid paying large amounts of taxes when withdrawing from your retirement savings plan
  • Techniques to save money during your retirement years
  • The role of these RRSP strategies when it comes to your estate planning 
  • And more!

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6 Things To Avoid With a Tax-Free Savings Account (Ep. 55)

6 Things To Avoid With a Tax-Free Savings Account (Ep. 55)

Just the name Tax-Free Savings Account (TFSA) sounds wonderful, doesn’t it? You can set aside money tax-free throughout your lifetime and it is a great idea… If you don’t make some simple mistakes. We need to be aware of the regulations around these accounts to avoid any painful mistakes.

In this episode, Kris goes through six simple steps you can check off in order to have a tax-free savings account as a valuable tool that benefits you. Your TFSA is a registered plan that could help you save a certain amount of money each year and grow it tax-free.

Kris discusses:

  • Why you should name your spouse as a successor holder rather than a beneficiary of your TFSA
  • The reason you should not use your TFSA as a high-interest savings account
  • The importance of planning when to withdraw money out of your TFSA
  • Factors to consider when looking to make a big purchase
  • And more

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