Sara Makes Sense

This is a wide-ranging conversation with Paul McIntyre Royston, CEO of the Grand River Hospital Foundation.  We talk about that specific foundation does, what governments in Canada pay for and what they don't when it comes to health care, what the term 'health care' encompasses.The conversation also moves into what could it mean if we were contributing to a stronger health care system for everyone?  That securing our own potential, future, maybe- health needs might be done by giving to build a stronger system today.  For everyone.  What if we, as donors, saw giving that way?  What if we had a better understanding of what motivated organizations?  Would we give more?  Give differently?  Get better outcomes?  Actually change the world?Links that are mentioned in the conversation:General GRHF page: https://grhf.ca/ Paul talks about the meaning of the lotus and it's petals, explanation and pic found here: https://grhf.ca/blogs/grand-ideas/hospital-pinsPaul talks about the foundation values, found here: https://grhf.ca/pages/ourteamGrand River coffee tokens: https://grhf.ca/products/buy-a-coffee-for-a-healthcare-worker

How do you untangle your money when you've tried and failed before?  When you can't figure out what's going where and so many things are out of your control?In this episode of Sara makes Sense, I talk about how to talk about your money, including specific steps to take to figure out what's going where, how to control what you can and how to work with the things you can't.I use the example of Season 2 of this podcast- it didn't go the way I wanted, it felt like a public failure, and I had to decide what to do.    Similar to how many of us feel about our money situations, ignoring it, sweeping it under the rug and moving on wouldn't have had any benefits to me, given the goals that I have.  I chose to re-group and continue with the podcast.Getting control of your money includes knowing how much is coming in and when, what's scheduled to go out (this is money you've already spent) and what's left over to handle the rest of your expenses for every pay period.Managing in an environment of high inflation, economic slowdowns and job uncertainty takes planning.  It's possible and it's important.  I recommend that you include your biggest asset when you think about how to manage the 'uncontrollables': your earning potential.  Including your earning potential in your financial discussions is important when you're looking at the big-picture of what's possible.  It can help you regain control.A few links for the benefits of telling your story, or witnessing:https://news.berkeley.edu/berkeley_blog/the-science-of-the-story/   A long read, but hang in there; the section titled "How stories bring people together" gets into why telling our money stories is beneficial to us and others.https://www.psychologytoday.com/ca/blog/the-web-violence/201309/resilience-and-4-benefits-sharing-your-story  The 3rd point here, Re-Affirming your Values is important.  In the day-to-day busy-ness, we can lose sight of what we value and where we're spending our money.  Re-focusing through telling our money story can motivate change.2 books by Shannon Lee Simmons contain great stories about how Shannon works with her clients and how to manage your money with less stressWorry-Free Money Living Debt FreeYou can find Shannon's books in a variety of places- choose your favourite purchasing method!

In this episode, listen to how to save for your child's education using a Registered Education Savings Plan (RESP).  I talk about how to set up an RESP,  what happens when you deposit money, what does the (federal) government grant look like, what are the tax implications of your deposits.  I also talk about investment considerations, when joint ownership of the account makes sense and when it doesn't and the planning considerations that I talk to clients about as they are making deposits to their RESP.Next episode- How to withdraw money from an RESPUseful links: information on the government grant (Canada): https://www.canada.ca/en/services/benefits/education/education-savings/savings-grant.html    information on U.S. citizens, tax treatment of RESP plans (parents and children): https://www.bdo.ca/BDO/media/Misc-Documents/Tax-Consequences-for-US-Citizens-and-Other-US-Persons-Living-in-Canada.pdfinformation about 529 accounts (U.S.): https://www.savingforcollege.com/intro-to-529s/what-is-a-529-plan#:~:text=A%20529%20plan%20is%20an,programs%20and%20student%20loan%20repayments.information about costs of post-secondary education in the European Union: https://education.ec.europa.eu/news/tuition-fees-at-european-universities 

Worried about how to manage your day-to-day money with a baby on the way?  Trying to figure out how to figure it out now that baby is here?This episode of Sara makes Sense covers what facts to pay attention to, how to sort out how much money you've already spent and how much you have left to make choices on.Have a question that you'd like Sara to answer in a future episode?  Email ask@saramakessense.caAdditional resources:Maternity/Paternity leave benefits  in Canada: https://www.canada.ca/en/financial-consumer-agency/services/starting-family/maternity-parental-leave-benefits.html Maternity leave Europe: https://www.europarl.europa.eu/RegData/etudes/ATAG/2019/635586/EPRS_ATA(2019)635586_EN.pdf Child care costs by province, Canada:https://arrivein.com/daily-life-in-canada/child-care-in-canada-types-cost-and-tips-for-newcomers/Child care costs United States: https://www.verywellfamily.com/affording-child-care-4157342#:~:text=The%20average%20cost%20of%20center-based%20daycare%20in%20the,%241%2C740%20monthly%29%2C%20according%20to%20ChildCare%20Aware%20of%20America.Child care costs across Europe:  https://www.irishexaminer.com/news/spotlight/arid-40727262.html  What Sara loves about this article about child care costs- it works with the percentage of family income that is spent on child care, not just the dollars to the care provider.  As we have discussions about how to change child care, increase women's participation in the work force and balance family and work, we need to look at different angles.  Even though it was written in 2018, there's useful information for planning your life: https://www.cnn.com/2018/04/25/health/child-care-parenting-explainer-intl/index.html 

This encore episode of Sara makes Sense originally ran in Feb 2021, when the working from home deduction was new.  The working from home deduction is back for another tax return.My guest is James Rhodes,  tax lawyer.  He talks you through everything you need to know about how to choose how to correctly deduct the working from home expenses that you have.Guest: James Rhodesjames@taxationlawyers.ca 

Sara Makes Sense Show notes Episode #21 Finances are personal. When it's your money, financial plans are very personal. What if you took some of the emotion out of your financial equation by looking at your portfolio through the lens of a project manager? In this episode of Sara Makes Sense, host Sara McCullough talks to expert project manager Gabriele Maussner. She talks about tackling big plans one step at a time.    Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episode Sara's website is https://www.wddevelopment.ca/ Gabriele can be reached at:Gabriele Maussner-Schouten, MBA, PMP, BCAPRedefining how People and Projects Succeed416-809-4723gmaussner@outlook.com

You're nodding yes, when you're thinking no. It can be a lousy feeling. Especially when you're in a discussion about money with your financial planner. For some, it's an intimidating world.  In this episode of Sara Makes Sense, host Sara McCullough talks about a healthy financial planning relationship, and how to make sure you're in one. Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episode Sara's website is https://www.wddevelopment.ca/ 

You've doled out for years. That's part of the job description of being a parent.But at some point, you have to wean your kids off the bank of Mom and Dad.  Before you do that, in fairness to them, you have to have the money talk.  How it works. How to manage. How to respect it. Teach your kids how to FISH!In this episode of Sara Makes Sense, host Sara McCullough talks to teens about dollars and cents.  Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episode Sara's website is https://www.wddevelopment.ca/ 

You were single and now you're not.  You're also not in your 20's.  Or your 30's.  There's history.Now you're in a new relationship and all of a sudden you're in love again. Things are going so well, you're making big plans together. Before weekend sleepovers become permanent, have you had the money talk yet?In this episode of Sara Makes Sense, host Sara McCullough talks listeners through a potentially prickly issue that can sometimes end up being a relationship deal breaker.Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episode Sara's website is https://www.wddevelopment.ca/ 

It's not a bad problem to have.  A little extra in the bank... on hand for whatever life throws at you. What about investing that money?  However, the markets are roaring, surely now would not be a smart time to buy.  Right?In this episode of Sara Makes Sense, host Sara McCullough breaks down the fear and impossibilities of timing the market. And she outlines the most common mistake we make when it comes to our money.Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episode  Sara's website is https://www.wddevelopment.ca/ 

This podcast is designed to inform, educate and enlighten because Sara DOES make sense. In previous episodes, we've covered off everything from divorce to timing the market to what kind of insurance is needed and necessary. In this episode of Sara Makes Sense, Sara answers real questions about real issues from her real listeners.  Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episode Sara's website is https://www.wddevelopment.ca/ 

We plan for vacations. We plan a weekend. However, many of us don't plan when it comes to big ticket items, like financial planning when you decide to live with someone. Why do you need one? After all, you're both in love. In this episode of Sara Makes Sense, Sara uses real life examples to walk listeners through the expensive landmines that can await separating couples who have not planned ahead.   Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episode Sara's website is https://www.wddevelopment.ca/ 

It's one of life's emotional landmines. When a marriage ends, people are often at their worst. Decision making is difficult. The process is no longer a showdown featuring hired legal guns in front of a judge.In this episode of Sara Makes Sense, Sara talks with Family Law Mediator Jennifer Sanders.  Jennifer helps clients going through a separation. But she not only walks a couple through the difficult process, but also, when necessary, a post separation parenting plan. Sadly, many marriages have dissolved over the course of the pandemic. This timely episode is a starting point for those couples facing separation.Jennifer Sanders can be reached at Sanders Mediation.https://jennifersanders.ca/Have a listen to Jennifer's podcast https://podcasts.apple.com/ca/podcast/split-the-after-ever-after-podcast/id1539553779Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episode Sara's website is https://www.wddevelopment.ca/ 

Getting separated is hard enough.It's easily one of life's most difficult chapters.Battling your lawyer as well as your ex-spouse is the last thing anyone needs.In this episode of SARA MAKES SENSE, Sara speaks with veteran Family lawyer David Morneau.Together they unpack the do's and don'ts of how to deal with a lawyer, and how to get through the process with integrity in tact.  David Morneau can be reached on LinkedInGot a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episodeSara's website is https://www.wddevelopment.ca/ 

When we get married, the plan is to stay married. But life and statistics suggests that's not always the case. When a marriage ends before you do, what's the plan?In this episode of SARA MAKES SENSE, Sara looks at the financial landmines that accompany an emotional separation. Mistakes can be made in a moment that end up lasting a lifetime.Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episode Sara's website is https://www.wddevelopment.ca/ 

As we prepare for a post COVID economy, many Canadians are starting their own business. If you're becoming an entrepreneur, there are many new roads you will travel, one of them is incorporating your business. Tax implications, pension plan and making sure your corporation doesn't become YOUR boss.In this terrific episode of SARA MAKES SENSE, Sara peels back the layers on incorporating your business and why incorporating could save you money, sleepless nights and even relationships. Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episodeSara's website is https://www.wddevelopment.ca/ 

Car Insurance. Home Insurance. Life Insurance. Those are the so-called big 3 in the insurance space, but you know insurance can stretch far and wide.It's good to have peace of mind, but how much insurance is too much?In this episode of SARA MAKES SENSE, Sara speaks with Insurance expert Tony Salgado about the real Wants, Wishes and Must Haves of insurance in 2021.  Safe to say, you're covered. To contact Tony Salgado:WebsiteEmail Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episodeSara's website is https://www.wddevelopment.ca/ 

Who inherits your estate in Canada if you have no will?  Not who you'd think. Your common-law spouse doesn't automatically receive it, your former spouse might if you're separated but not divorced, money bypasses your spouse and goes to your minor children when you're married.  In this episode, Sara explains ‘intestate', ‘probate' and why it's never too late for you to legally document your final wishes.Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episodeSara's website is https://www.wddevelopment.ca/ 

It's a subject or issue many people ignore.But by doing advance planning or incapacity planning avoids legal landmines at the worst possible time.In this episode of SARA MAKES SENSE, Sara speaks with Blair Botsford on why everyone should take control of their situation, well before they can't control their situation. Guest: Blair Botsford, DentonsLinkedIn ProfileGot a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episodeSara's website is https://www.wddevelopment.ca/ 

We're all getting older. It is one of life's certainties.However, how we live when we age is something we can control.But often, aging Canadians and their families wait until difficult decisions have to be made, rather than making them in advance.In this episode of SARA MAKES SENSE, Sara speaks with an expert of why planning now could save you thousands of dollars and many sleepless nights later.Guest Margot McWhirterGot a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episodeSara's website is https://www.wddevelopment.ca/ 

Thousands of baby boomers are wrestling with this question right now as they plan for retirement.Do I collect CPP early or wait?The difference over years can be significant.In this episode of SARA MAKES SENSE, Sara starts with a CPP report and sets the record straight on how to view Canada Pension Plan together with your retirement dreams.See Sara's blog on this topicGot a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episodeSara's website is https://www.wddevelopment.ca/ 

Real estate prices are way up.Regardless, many people feel ownership is THE best path to security and wealth.Homeowners, especially new ones, get caught between what the bank says they can afford, and what the REAL monthly costs are.There are options, is renting one of them?Sara offers real and impactful insight in this episode of SARA MAKES SENSE.Related blog post: https://www.wddevelopment.ca/blog/Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episodeSara's website is https://www.wddevelopment.ca/ 

It happens in life, sometimes through a tax return, severance payment, increased income, inheritance, or the sale of a house. There are occasions when cash comes your way in a lump sum. It can be a good problem to have, but a solved problem gets you closer to your goals.In this episode of SARA MAKES SENSE, we withdraw the myths about cash and deposit some useable, workable takeaways to solve your cash problem. Blog post related to episode:  https://www.wddevelopment.ca/blog/Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episodeSara's website is https://www.wddevelopment.ca/ 

It happens.You don't want it to happen, but relationships change and employees get downsized. Those two events can have a major impact on your finances. There are ways you can navigate both.Smart, calm, and comprehensive planning is the FIRST step.Sara works with separating couples and workers who are resetting or even retiring after a layoff.She offers impactful insight in SARA MAKES SENSE Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episodeSara's website is https://www.wddevelopment.ca/ 

Thousands of Canadians have been working from home for one entire year.There are many pros & cons, but how does your new “workspace” or “home office” impact your taxes?What are the benefits?What can you claim or stay away from?.Sara talks with our tax expert, James Rhodes.  A person who had a front row seat to all the tax mistakes we all make because he worked for the Canada Revenue Agency.  An insightful, impactful and timely inside look at the landlines that await when filing your 2020 taxes.Guest: James Rhodesjames@taxationlawyers.caSee James' presentation information https://www.wddevelopment.ca/Tax-Management.htm  Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episodeSara's website is https://www.wddevelopment.ca/ 

We all know what a financial planner does, right?We make assumptions.We believe they are doing all the right things for us.Sara McCullough breaks down the myths, and the mistakes people make, when working with their financial planner, or choosing one.They are the planner, but it is your money, it's YOUR plan. That makes sense.Got a question for Sara? Send her an email at ask@saramakessense.ca and she might respond to it in an upcoming episodeSara's website is https://www.wddevelopment.ca/