Tag: Tax Planning
Retirement Regrets: Avoiding Common Pitfalls (Ep. 75)

Retirement Regrets: Avoiding Common Pitfalls (Ep. 75)

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Welcome to The Ride: Life Work and Wealth podcast, brought to you by Green Private Wealth, where we empower you to optimize your financial journey. Today’s episode delves into the often-overlooked aspect of retirement: regrets. While many envision retirement as a golden period, unforeseen challenges can arise, impacting financial stability and overall well-being. Join us as we explore common regrets shared by retirees, offering insights and strategies to navigate these potential pitfalls.

Key Points Covered:

  • Spending Habits: Discussing the regret of not spending more in early retirement years and the importance of balancing financial prudence with enjoying life’s pleasures.
  • Three Phases of Retirement: Exploring the dynamics of the “go go,” “slow go,” and “no go” phases and their implications on spending habits and lifestyle choices.
  • Financial Planning: Stressing the significance of retirement income projection plans to ensure financial security while enjoying retirement.
  • Impact on Family Dynamics: Addressing the dynamics of retirees assisting adult children financially and the importance of balancing generosity with financial stability.
  • Timing of Retirement: Examining reasons for delaying retirement and the potential regret of not retiring earlier, backed by insightful statistics and real-life anecdotes.
  • Purpose and Relationships: Emphasizing the need for retirees to discover their purpose, build new relationships, and engage in fulfilling activities to enhance overall well-being.
  • Health and Longevity: Highlighting the correlation between health, longevity, and retirement satisfaction, with practical tips inspired by the Blue Zones lifestyle.

Benefits for Listeners:

  • Gain insights into common retirement regrets and strategies to avoid them.
  • Learn practical tips for balancing financial prudence with enjoying retirement.
  • Discover the importance of purpose, relationships, and health in retirement satisfaction.
  • Find inspiration to plan for a fulfilling retirement tailored to individual aspirations and values.

We invite you to share your thoughts, questions, and personal experiences regarding retirement regrets and strategies for a fulfilling retirement. Connect with us on Facebook, LinkedIn, or visit our website, GreenPrivateWealth.com, to continue the conversation.

Don’t miss out on optimizing your retirement journey. Subscribe to the Ride: Life Work and Wealth podcast on iTunes or Spotify for more financial insights. Until next time, remember: your retirement dreams deserve a plan that empowers your best life.

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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)

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

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

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

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

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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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Episode 21 – Tax Tips for Small Business Owners — With Peter Simpson

Episode 21 – Tax Tips for Small Business Owners — With Peter Simpson

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It’s never too early to start thinking about your tax planning, especially if you’re a business owner! 

In this episode, Kris Dureau welcomes back Simpson and Associates’ Peter Simpson. Kris and Peter discuss important tax tips for business owners and self-employed individuals and share strategies for making positive, practical changes to your tax picture.

In this episode, you will learn:

  • How to claim work-from-home tax deductions 
  • When business owners should start thinking about putting money into their RRSP
  • The right time to incorporate a business 
  • Benefits of an HST number 
  • And more!

Listen today to discover tax tips and strategies that can help small business owners maximize their tax planning!

Resources:   Episode 19: 2020 Year-End Tax Planning Tips | Simpson and Associates | Peter Simpson 

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