Tag: Taxes

Navigating Your Financial Journey: A Guide to Your First Meeting with a Financial Advisor (Ep. 71)

Navigating Your Financial Journey: A Guide to Your First Meeting with a Financial Advisor (Ep. 71)

Welcome to the Ride: Life, Work and Wealth podcast with your host, Kris Dureau. In this episode, Kris, a seasoned financial strategist, draws from his past as a firefighter and paramedic to shed light on the importance of planning for both a secure tomorrow and a better today.

Join Kris and co-host Mike Pakreslis as they dive into the crucial topic of preparing for a first meeting with a financial advisor. As the new year brings more people seeking financial advice, Kris and Mike explore key considerations to make this initial encounter a success.

Key Points:

  • Clarity is Key: Discuss what’s important to you and articulate your motivations for seeking financial advice. Setting clear objectives for the meeting helps manage expectations.
  • Background Check: Before your meeting, do your due diligence. Check testimonials, Google reviews, and the advisor’s digital footprint to ensure alignment with your needs.
  • Designations Matter: Understand the significance of designations such as Certified Financial Planner (CFP) and Chartered Investment Manager (CIM). These designations reflect a higher standard of care and expertise.
  • Establish Criteria: Determine the qualities you seek in a financial advisor. Prepare a checklist of questions, covering topics like meeting frequency, fees, and included services.
  • Trust Your Instincts: Establishing a long-term relationship requires trust. Pay attention to your gut feeling about the advisor, envisioning a partnership that spans decades.
  • Meeting Expectations: Clearly communicate your preferences regarding meeting location, frequency, and any specific requirements you may have. Ensure they align with the advisor’s practices.

This episode equips listeners with insights and practical tips for approaching their first meeting with a financial advisor. From setting expectations to conducting background checks, Kris and Mike provide valuable guidance to ensure a productive partnership.

Have questions or thoughts? Connect on our website, greenprivatewealth.com. We love hearing from our listeners.

Tune in to this episode for a comprehensive guide to making your first meeting with a financial advisor a stepping stone towards financial success. Remember, your financial journey starts here!

 

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Preparing For Taxes in Retirement, Part 2 (Ep. 65)

Preparing For Taxes in Retirement, Part 2 (Ep. 65)

Now that we have a basic understanding of the different sources of income in retirement, we can dive deeper into tax planning strategies. While tax strategies can be complicated at first, they eventually save you money in the long run if you plan correctly. 

In this episode, Kris Dureau concludes his two part series on taxes in retirement by reviewing the three D’s of tax planning: Deduct, Divide and Defer. He offers insight into how you can create a strategic plan based on your individual situation alongside your advisor. 

Kris discusses:

  • How retirement income planning may be complicated when first starting
  • The importance of working alongside an advisor or accountant when portfolio planning with tax saving strategies
  • The ins and outs of pension splitting
  • How you can use spousal loans as a strategic form of income splitting
  • Tax deferral through prescribed annuities
  • The withdrawal strategies that could minimize taxes
  • And more

Resources:

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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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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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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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Investing While Owning a Small Business with Gary Armstrong, CPA, CGA (Ep. 54)

Investing While Owning a Small Business with Gary Armstrong, CPA, CGA (Ep. 54)

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 
  • The tax implications of each investment route 
  • And more

Connect With Gary Armstrong

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About Gary Armstrong:

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.

Celebrating 50 Episodes: Take A Walk Down Memory Lane With Us (Ep. 51)

Celebrating 50 Episodes: Take A Walk Down Memory Lane With Us (Ep. 51)

The Ride: Life, Work and Wealth has officially been running for 50 episodes. To celebrate, Kris Dureau is going through his top 6 most downloaded episodes, giving you an idea of what each one entails. 

This week, Kris details why each of these releases was such a hit, followed by important takeaways each one had to offer, giving you a crash course on his podcasting journey.

Kris gives an overview of:

  • What you should consider before making a big career decision
  • How to keep the cottage in the family and make sure you are saving on taxes  
  • Insight on when you should take your CPP payment
  • Why it is vital to write your life letters
  • And more!

Resources:

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15 Quick Tips to Secure Your Finances Now and in the Future (Ep. 47)

15 Quick Tips to Secure Your Finances Now and in the Future (Ep. 47)

Financial planning is not just about securing your tomorrow. It’s also about living a better today.

In this rapid-fire style episode, Kris Dureau walks you through 15 quick-hit tips to help you get a better handle on your finances, both now and in the future. Investments, tax planning, wealth transfer, debt management —Kris covers it all!

Kris discusses:

  • Accounts you should regularly contribute money towards
  • Steps you can take to weather market volatility
  • How to keep your finances organized (for you, your family, and your advisor)
  • Often-overlooked financial planning areas 
  • And more!

Resources:

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

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

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.