Category: Financial
Tax Filing Best Practices with Gary Armstrong, CPA, CGA (Ep. 46)

Tax Filing Best Practices with Gary Armstrong, CPA, CGA (Ep. 46)

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Tax season and tax filing season can be stressful if you are not well prepared.

Learn how to make things easier when filing your taxes next year in this episode of The Ride: Life, Work and Wealth with Gary Armstrong, chartered professional accountant and certified general accountant at Green Private Wealth Counsel – Harbourfront Wealth Management.

This week, Gary provides some best practices for you to put into practice when filing your taxes next year. He unveils key components you need to be aware of to ensure a smooth and efficient process.

Gary discusses:

  • Why you shouldn’t file your taxes too early
  • The difference between credits and deductions
  • Changes in tuition credits
  • What fees you can deduct from your portfolio
  • What you should know about income tax on foreign properties
  • The truth about accessing the CRA as an accountant
  • And more!

Connect with Gary Armstrong:

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About our Guest:

Gary Armstrong is a chartered professional accountant and certified general accountant (CPA, CGA) with a specialization in taxation through the In-Depth Tax Course offered by CPA Canada.  Before joining Green Private Wealth Counsel, Gary worked for almost ten years at a local accounting firm that focused on personal and corporate tax services for individuals and businesses of all sizes. Before that, Gary worked in 2 different large international accounting firms providing general accounting and US personal tax services.

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The Four Wealth Destroyers (Ep. 45)

The Four Wealth Destroyers (Ep. 45)

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What reduces wealth — do you know? 

Find out in this episode, as Kris Dureau explains how taxes, inflation, fees, and overreacting to the market impact our savings, income, and investments. He also unveils ways we can avoid making common mistakes and make better decisions with our money.

Kris discusses:

  • The importance of working alongside helpful and supportive financial advisors 
  • Ways taxes, inflation, fees, and overreacting to the market impact our savings and investments
  • How to curb and overcome common wealth destroyers
  • The value of being aware of our emotions during times of volatility
  •  And more!

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The asset classes featured in this podcast are for illustration purpose only, this should not be viewed as a solicitation of buy or sell. Always talk to a professional before investing to know if the product is right for you. Past performance does not necessarily predict future results; each asset class has its own risks.



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The Ins and Outs of Pension Planning (Ep. 44)

The Ins and Outs of Pension Planning (Ep. 44)

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Whether you’re retiring or changing jobs, remember to always have your pension plan in mind.

In this episode, Kris Dureau helps out the 37% of Canadians who still have pension plans. With an all-time high of employees moving jobs, here is how you can start planning around the options you have so you can get the most out of your employee pension.

Kris discusses:

  • The types of pension plans
  • What happens to your pension if you leave your job
  • What you should know about withdrawing from your pension before retirement
  • Taxable pension plans
  • And more!

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Parenting & Child Development in the Era of a Pandemic with Dr. Dona Matthews (Ep. 43)

Parenting & Child Development in the Era of a Pandemic with Dr. Dona Matthews (Ep. 43)

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Throughout the pandemic, the main focus has been on jobs, working from home, and the change in our day-to-day activities. 

However, what about our children? How have they been coping with the ebbs and flows of the pandemic?

In this episode, Kris Dureau speaks with developmental psychologist and author Dr. Dona Matthews to unveil how child development has changed over the past two years while outlining the value of mental health support and resources for parents and children.

Dr. Matthews discusses:

  • Ways the pandemic has changed childhood
  • The importance of incorporating mental health resources for children dealing with behavioral and academic problems
  • The value of parenting support for teenage children
  • Maximizing time between working from home and children
  • And more!

Resources:

Connect with Dr. Dona Matthews:

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About Our Guest: 

Dr. Donna Matthews loves working with parents and kids, helping them figure things out so they can live their best lives. She also enjoys working with teachers, helping them find their own best ways to support children’s and teens’ learning and well-being.

Dr. Matthews has also co-authored co-edited several books: 

  • Being Smart about Gifted Learning: Empowering Parents 
  • Kids Through Challenge and Change; 
  • Beyond Intelligence: Secrets of Raising Happily Productive Kids 
  • The Development of Giftedness and Talent Across the Life Span
  • The Routledge International Companion to Gifted Education

She lives in Toronto with her husband Stephen Gross and their blended family of four kids—Robin Spano, Alex Gross, Erin Kawalecki, and Ashley Gross—and their amazingly perfect spouses, as well as their children, her cherished grandkids: Theo, Sasha, Zoe, Jackson, Devon, Simon, and Riley.

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Start Getting Your Time Back with Family Offices Services with Paul Marion, CLU, CHS (Ep. 42)

Start Getting Your Time Back with Family Offices Services with Paul Marion, CLU, CHS (Ep. 42)

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Do you want to start saving time so you can focus more on the things that matter the most to you?

In this episode, the executive managing director of tax and wealth at Harbourfront Wealth Management, Paul Marion, joins Kris Dureau to unveil everything you need to know about family offices and how they differ from traditional wealth management firms. Paul explains how family offices offer clients the control and flexibility they need when having a team managing their finances and investments.  

Paul discusses:

  • The purpose of  family offices and the reasons they have increased over the past years
  • Reasons why a family office may be a right fit for you
  • How to get started with your family office
  • The practical side of family offices 
  • And more!

Connect with Paul Marion:

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About Our Guest:

Paul Marion is a demonstrated leader with over thirty years of senior management experience. Having dedicated the past two decades to championing growth and innovation within the Canadian financial industry, Paul has held several leadership roles and now serves as the executive managing director of tax & wealth planning at Harbourfront Wealth Management.

Third-party services and advice are received on a best effort basis, when every attempt is made to receive the best services and advice there is no guarantee that they will generate the best results in all circumstances. Clients are free to seek independent services and advice. Harbourfront Wealth Management Inc. will not be responsible for any damages that may occur from these third-party service providers. Clients may have to deal with separate regulatory bodies in case there is a dispute. There may or may not be a referral fee received, please ask your advisor for more information.

 

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The Investments Your Portfolio Might be Missing (Ep. 41)

The Investments Your Portfolio Might be Missing (Ep. 41)

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Alternative investments are becoming increasingly valuable with everything that has been going on over the last 24 months.

In this episode, Kris Dureau explains what an alternative investment is and why you might want to consider incorporating them into your portfolio. He helps you understand the pros and cons to help you find out which type of alternative investment could be best for you.

Kris discusses:

  • Benefits of incorporating alternative investments in your portfolio
  • Types of alternative investments
  • The death of the 60/40 balanced portfolio rule
  • Pros and cons of the different investment classes
  • And more!

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How To Keep Your Cottage in the Family and Reduce Your Future Tax Bill (Ep. 40)

How To Keep Your Cottage in the Family and Reduce Your Future Tax Bill (Ep. 40)

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Are you thinking about selling or gifting your cottage to your kids? A lot of cottage owners want to keep this property in the family. But, too many of them get hit with a big tax bill because they don’t know how to make the transition. 

If you want to avoid tax mistakes, this one’s for you!

In this episode, Kris Dureau shares advice — as a financial planner and fellow cottage-owner — on how to reduce your cottage’s future tax bill. He also dives into the nuances of family dynamics to help you make a confident decision about which child to give or sell the cottage to.

Kris discusses:

  • Why cottage property values are surging and how that impacts estate planning
  • What to consider when deciding which child will receive the cottage
  • Major mistakes people make when selling or gifting a cottage
  • Top ways to reduce your cottage’s future tax bill
  • And more

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Stop Procrastinating Your Estate Planning (Ep. 39)

Stop Procrastinating Your Estate Planning (Ep. 39)

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Regardless of your age or assets, there are some things that you should be aware of when it comes to estate planning.

In this episode, Kris Dureau answers many of your estate planning questions. Along with some real-life experiences, Kris helps you understand how important it is to have your will in place and how you can get it done with the help of a few other documents.

Kris discusses:

  • How often you should be reviewing your will
  • Accompanying documents you should have along with your will
  • What accounts you can name beneficiaries on
  • Rules with common-law marriages
  • And more!

Resources:

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Getting Divorced During the Pandemic? Here are the Tips You Need to Know (Ep. 38)

Getting Divorced During the Pandemic? Here are the Tips You Need to Know (Ep. 38)

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Divorce brings a lot of uncertainty. Going through a divorce during a global pandemic has only made the situation worse. 

In this episode, Kris Dureau explains the costs and steps of getting divorced during the pandemic. He provides the rundown that couples need to swap uncertainty for certainty and find the best financial route when facing a marriage separation.

Kris discusses:

  • Ways advisors like him can help couples navigate their finances during divorce 
  • His role as a neutral separation resource 
  • Tips for finding a divorce-specialist lawyer 
  • How the pandemic is affecting couples in already stress-filled relationships 
  • The process of purchasing a home after divorce
  • And more!

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37. Estate Planning for Families With Special Needs Children With Fred Ryall

37. Estate Planning for Families With Special Needs Children With Fred Ryall

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Having a special needs family member carries unique, emotional, and financial concerns.

That’s why it’s important to work with a professional who understands exactly what you are facing.

In this episode, Kris Dureau welcomes Fred Ryall, an estate practitioner with more than 40 years of experience. For the last 15 years, Fred has worked with special needs children and adults to help them with their unique planning needs. In fact, he received the Queen Elizabeth the Second Diamond Jubilee Award from the Governor-General of Canada for his efforts.

Fred joins the show to share his insight about estate planning for families with special needs members. He explains the areas of the planning process that need to be considered and reveals why documenting details about a disabled child is so important.

Fred discusses:

  • The unique challenges families with special needs children face
  • What a Henson trust is and how it benefits those with special needs 
  • Easy ways to document and organize your child’s details 
  • Five key areas of the planning process he covers with the families he works with
  • And more!

Connect with Fred Ryall:

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About our Guest:

For over 35 years, Fred has been providing financial and estate planning advice for self-employed business owners, designated professionals, executives, and families to ensure social and family legacies.

Some of his recent professional accomplishments include receiving the Queen Elizabeth II Diamond Jubilee Award from the Governor-General of Canada for his planning with families who have special needs children. In 2007, he also received the Julia Award from Cystic Fibrosis Canada.

Fred has had the privilege to speak to several other special needs organizations including, Cystic Fibrosis Canada, Canadian Down Syndrome Society, ALS Canada, Autism Ontario, Multiple Sclerosis Society of Canada, 18th Chromosome Deficiency, Alzheimer Society Canada, and the Peel Public School Board’s Special Needs Programs.

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