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.
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
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.
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
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.
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
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.
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
You want to invest your money and we want to help you do so, but you have a small business. So, what are your options now? Do you invest through your personal assets or your corporation?
In this episode, Kris sits down with Gary Armstrong from Green Private Wealth to discuss what both of these routes can offer you. They talk about things to consider before making this decision such as taxes, returns on investments, and how much cash you should have as liquid assets within your company and in your personal portfolio.
Gary and Kris discuss:
How to identify investment risks as a young entrepreneur
What redundant assets entail and how you can use them for investments
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.
One of the biggest cornerstones to retirement income planning is knowing the Canada Pension Plan (CPP) and what your duties are associated with it. When planning for retirement, many people want to make sure they are setting themselves up for total security in their retirement.
When it comes to retirement, its common to have questions like how much will you receive as your pension based on your contribution, the process of how much money from your current job is going into your retirement, and many more.
In this episode, Kris Dureau talks about the things you may not know about your retirement, helping you better understand what to look forward to once you decide to take out your pension.
The reality of monthly payments once you start taking pension in your retirement
The meaning of Yearly Maximum Pensionable Earnings (YMPE)
Your monthly CPP payment estimates and how to find that information
Contributing to your CPP while being self-employed
For many parents, there are a number of stressors that come along with sending your child to college. Whether they are leaving their childhood home or commuting to school, preparing yourself for this time will help ease the tension and allow you to offer your children advice for when that time comes.
In this episode, Kris Dureau talks about the conversations you should be having with your children about finances prior to them leaving for college or university. Unfortunately, children are not taught financial literacy in high school or university, leaving them to figure it out as they make mistakes, which can be avoided with your new expertise in this area.
The importance of setting clear expectations for your child before they graduate
The benefits of living in a dorm and experiencing life independently during this age
The significance of maintaining good credit during those four years of school
Teaching your children to monitor cash flow ins and outs monthly
Is it a good idea to get a fixed mortgage or variable mortgage? Do higher rates make it harder to qualify for a home loan?
In this episode, Derek Gold from Mortgage Scout joins Kris Dureau to unpack the different options you have when applying for home mortgages and repayments. While there is no one-size-fits-all solution, Derek outlines the differences between fixed or variable mortgages to help you decide which option may work best for you.
Fixed or variable mortgages — which people seem to pick the most
The different types of mortgages
The importance of finding the right lender
The new criteria for qualifying for a mortgage
Advice for those with an increased line of credit due to home renovations
Derek Gold is a mortgage agent at Mortgage Scout. Derek brings over eight years of independent brokerage experience. With extensive experience servicing the residential needs of customers, Derek has structured sound solutions, from getting clients into their first home to helping them build their real estate portfolio and become rental investors.