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7 episodes with resps
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3 episodes with resps
3 episodes with resps
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2 episodes with resps
2 episodes with resps
2 episodes with resps
2 episodes with resps
In this episode, Lawrence Greenberg and Jackson Matthews provide a comprehensive guide to the various types of investment accounts available to Canadians. From foundational accounts like TFSAs and RRSPs to specialized options like RESPs and RDSPs, the hosts outline how each account works, who they are best suited for, and common misconceptions. Whether you're saving for retirement, education, or your first home, this episode offers practical insights to maximize your financial strategy in 2025.Thank you for tuning in!Key Topics:Purpose of the episode: Navigating Canadian investment accounts. [00:01:00]Deep dive into Tax-Free Savings Account (TFSA). [00:01:47]Common misconceptions about TFSAs. [00:03:36]Registered Retirement Savings Plan (RRSP) basics. [00:04:32]Updates to the homebuyers' plan within RRSPs. [00:07:18]RRSP suitability for moderate to high-income earners. [00:09:05]Registered Education Savings Plan (RESP) explained. [00:10:05]Taxation on RESP withdrawals and planning tips. [00:12:33]Registered Disability Savings Plan (RDSP) overview. [00:14:07]Importance of RDSPs for qualifying individuals. [00:15:35]First Home Savings Account (FHSA) – a new tool for homebuyers. [00:16:05]FHSA eligibility and misconceptions. [00:18:35]Non-registered investment accounts and their tax implications. [00:20:05]Corporate investment accounts and holding companies. [00:22:10]Individual Pension Plan (IPP) for high-income earners. [00:23:02]Key takeaways and planning advice for the new year. [00:24:10]And much more!Mentioned in this Episode:Tulett, Matthews & AssociatesThanks for Listening!Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112.Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!Follow The Empowered Investor on Facebook, LinkedIn, and Instagram.
Hosts Ben Felix, Dan Bortolotti, and Mark McGrath delve into the intricacies of the Registered Education Savings Plan (RESP), a tax-advantaged account designed to help Canadian families save for their children's post-secondary education. They explore optimal contribution strategies, debating whether to front-load contributions or maximize government grants over time. The conversation covers the complexities of RESP withdrawals, including the different types of payments and the importance of strategic timing to minimize taxes. They also discuss asset allocation strategies within an RESP, touching on whether a glide path approach makes sense. Dan shares a critical perspective on the RESP system, highlighting its shortcomings in assisting low-income families and offering suggestions for improvement. Whether you're a parent planning for your child's education or simply interested in financial planning and investment strategies, this episode provides valuable insights into making the most of RESPs. Key Points From This Episode: (0:03:00) Overview of the Registered Education Savings Plan (RESP) in Canada. (0:04:33) Discussion on contribution limits and government grants for RESPs. (0:07:15) Explanation of the Canada Learning Bond and provincial grants. (0:10:00) The flexibility and complexities of family RESPs. (0:12:51) Contribution strategies: front-loading vs. maximizing grants. (0:17:54) Optimal RESP withdrawal strategies and timing. (0:28:11) Asset allocation strategies within an RESP, including glide paths. (0:43:45) Dan's critique of the RESP system and suggestions for improvement. (0:55:37) Discussion on the inadequacy of RESP incentives for low-income families. (1:04:26) Positive observations about RESPs and their benefits. (1:09:19) Listener feedback and appreciation for the podcast hosts. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on Apple Podcasts — https://podcasts.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582 Rational Reminder Website — https://rationalreminder.ca/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/@rationalreminder/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Dan Bortolotti on LinkedIn — https://linkedin.com/in/dan-bortolotti-8a482310/
JP Nyereka, Vice-President of Client Experience with Money Wise Workplace, talks to Andrew Carter about the benefits of RESPs.
Today I host my friend & colleague, Dr. Matt Poyner. Matt breaks down the Registered Education Savings Plan (RESP) & other ways to optimize finances when it comes to our kids' education.Matt is a long time blogger at dividendstrategy.ca, physician, & is now passionate about offering flat fee financial planning.Discussion Points:- Matt's journey & foray into financial planning (2:34)- Basic RESP overview (14:15)- RESP set up - family vs specified (21:05)- Optimal RESP contribution strategy (23:09)- Investing approach inside an RESP (31:32)- RESP withdrawals & understanding the RESP buckets (37:26)- RESP options if your child doesn't go to school (44:00)- Thoughts on optimizing student financial aid (48:44)- Spending time with the kids - Matt's perspectives (57:50)Matt:matt@PoynerFinancial.cahttps://PoynerFinancial.cahttps://dividendstrategy.ca/blog-2/Yatin:Email: beyondmdpodcast@gmail.com LinkedIn: Yatin ChadhaEpisode Links:https://dividendstrategy.ca/blog-2/https://postcall.ca/subscribe?ref=YJc1MtZLsq&_bhlid=f71f181c85b22d7c236a5b072534f69e25f99241https://rhombus-butterfly-rwgm.squarespace.com/updatesininpatientmedicinehttps://www.looniedoctor.ca/2023/04/21/resp-contribution/https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4092/registered-education-savings-plans-resps.html
To offset the cost of post-secondary education and other related expenses, RESPs are a great investment, especially if you take full advantage of the related government grants. From the accumulation stage to the disbursement stage, an advisor's expertise can be very helpful when deciding what approach to take.Website : https://ia.ca/economic-publications/podcasts
A lot of people want to know how to invest in their kids. So, we're diving into the account you need to use, and what to be aware of before you open an RESP in this week's episode of Money Feels!We're your hosts, Alyssa and Bridget. Welcome to the podcast, where we talk through our money trauma and create a better understanding of building a healthy relationship with finance.In today's episode, we discuss the following?What is the Registered Education Savings Plan (RESP)?What is the purpose of the account, the guidelines and need-to-knows?What grants are available and how do you optimize them?What happens if your child doesn't pursue post-secondary?What type of RESP should you open?The dangers of the group RESPRed flags to watch for when opening an RESPHow much do you need for your childs' future education?Resources:Toronto Star piece on the Group RESPPredatory Group RESPsThanks for listening to our first episode of a new season! If you want bonus episodes and more, you can join our Patreon! Until then, follow us on Instagram @mixedupmoney, @bridgiecasey and @moneyfeelspodcast, and we'll see you next time!
The REITE Club Podcast - Real Estate Investing for Canadians
Join us as we sit down with long-time REITE Club supporter Steve Blasiak for an enlightening discussion on registered funds, investment opportunities, and insider tips for maximizing your returns. Get ready to dive deep into RRSPs, RESPs, LIRAs, and TFSAs as we uncover hidden strategies to turbocharge your investment portfolio. Don't miss out on this insightful conversation that promises to change your approach to investing. In this episode, you'll be able to learn about: Registered funds like RRSPs, RESPs, and TFSAs offer unique investment opportunities. Utilizing registered funds can have significant benefits for investment strategies and returns. Consider using registered funds for investments to maximize growth and tax benefits. RESP investments can provide higher returns than traditional savings accounts. Understanding the different types of investments suitable for registered funds is crucial. Meet Steve Blasiak, a financial advisor and seasoned investor with a flair for unconventional ventures. Drawing from his rock and roll roots, Steve brings a fresh perspective to finance, emphasizing the importance of listening and understanding in effective communication. Steve's investment journey is a testament to his commitment to lifelong learning and diversification. He shares insights on diverse opportunities—from campgrounds to music royalties—helping others confidently navigate the investment landscape. Driven by a passion for financial literacy, Steve's approach involves personalized guidance and thorough analysis to empower clients on their wealth-building journey. Get in touch with Steve Blasiak here: LinkedIn: https://www.linkedin.com/in/steve-blasiak-5a3b8a5/ Facebook: https://www.facebook.com/pms.steveblasiak/ Email: Steven.blasiak@pinnaclewealth.ca
Martin talks to Andrew Lo, CEO of Embark, on the importance of RESPs and how to save for your child's education.
Today's Case Conference accompanies an episode in which we provide a detailed breakdown of the registered account types available to Canadian investors and how to utilize them. Despite their numerous potential advantages, however, there are still many people who avoid them, primarily because optimizing these can seem too complicated and overwhelming. Our hope is that today's episode will provide you with the confidence and knowledge you need to feel empowered to take the next steps in your investment journey. Tuning in, you'll hear several case studies that address common concerns, like how to avoid having a Retirement Savings Plan (RRSP) that's too big and how to navigate your RRSP and tax-free savings account (TFSA) as a high-income earner. We also get into Registered Education Savings Plans (RESPs), why group RESPs can be so predatory, how to plan your exit from a group RESP if you're already in one, and more. For relatable examples of how to use these accounts, plus the many benefits of diversifying them, listen in today! Key Points From This Episode: (0:00:58) Our first case study concerning a technology company employee with restricted share limits (RSUs) as part of their expected compensation. (0:02:02) Relevance for high-income earners and how to make decisions about RRSPs and TFSAs. (0:05:35) A case study on two physicians with a young child who want to shift their investment plan from a group RESP to an individual RESP. (0:06:59) The complexity of group RESPs, why they're predatory, and how to plan your exit. (0:12:56) Case study three: common fears of a too-big RRSP, especially for those who are incorporated. (0:15:54) How to optimally use your RRSP or Registered Retirement Income Fund (RRIF) when it comes to tax deferral, tax sheltering, and taking dividends out of your corporation. (0:17:45) Controlling the income from a corporation, paying yourself dividends, and how to ensure you aren't penalizing yourself. (0:19:09) Rational Reminder Episode 70 and key takeaways on how to avoid a too-big RRSP. (0:21:10) A rundown of the many benefits of diversifying your accounts. Links From Today's Episode: Money Scope Episode 8 — https://moneyscope.ca/episode-8-canadian-investment-accounts Rational Reminder: Episode 70 — https://rationalreminder.ca/podcast/70 Dr. Mark Soth (The Loonie Doctor) — https://www.looniedoctor.ca/ Dr. Mark on X — https://twitter.com/LoonieDoctor Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/
One of the most complex things to navigate when it comes to your personal finances is your choice of accounts and how to use them in the best way possible. In today's episode, we break down the types of accounts available to Canadian investors and how to optimize your use of each one. Tuning in, you'll learn key factors you should consider, including how tax deferral can end up being neutral, beneficial, or harmful — depending on the difference between your current and future tax rate — along with actionable advice on how to navigate these kinds of variables and uncertainty. Starting off, the conversation covers the benefits and drawbacks of tax-free savings accounts (TFSAs) and why it's one of the first accounts you should consider when investing. We then delve into a series of accounts and their characteristics, like Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs), and Locked-in Retirement Accounts (LIRAs). Included is a breakdown of the newly legislated First Home Savings Account (FHSA) and how it combines features from both TFSAs and RRSPs to basically create a tax-elimination type of account. Every account has its own set of distinct rules, from contribution limits to withdrawal freedoms and flexibility. To ensure that you're up to date on all the latest, tune in for this comprehensive breakdown of everything from TFSAs to RESPs! Key Points From This Episode: (0:03:21) A breakdown of registered and non-registered accounts. (0:08:59) The benefits and drawbacks of tax-free savings accounts (TFSAs) and why it's one of the first accounts you should consider. (0:14:30) Being able to withdraw from your TFSA, why that makes it really flexible in terms of how it can be used, and how to avoid over-contribution. (0:18:48) The risks of speculating and trading in your TFSA and the perks later in life when growing a large TFSA slowly over time with more reliable returns. (0:25:41) Further nuances of investment taxation that you need to know about with TFSAs. (0:29:07) A breakdown of Registered Retirement Savings Plans (RRSPs), their main attributes, and what you need to know about contribution room and deduction limits. (0:33:47) Why tax deferral can be neutral, beneficial, or harmful, depending on the difference between your current and future tax rate. (0:36:45) Tax planning opportunities, comparing TFSAs with RRSPs, and key facts about spousal RRSPs and converting RRSPs to Registered Retirement Income Funds (RRIFs). (0:48:12) A rundown of Locked-in Retirement Accounts (LIRAs) and Life Income Funds (LIFs). (0:50:06) The advantages and disadvantages of the newly legislated First Home Savings Account (FHSA). (0:56:14) Everything you need to know about Registered Education Savings Plans (RESPs) and the Canadian Education Savings Grant (CESG). (01:09:54) How RESPs are similar to TFSAs from a tax perspective, and what happens when your child doesn't pursue a post-secondary education. (01:15:50) High-level commentary on Registered Disability Savings Plans (RDSPs). (01:17:26) What high-income Canadians need to consider when it comes to taxes, asset allocation, and tax optimization. (01:23:19) A review of today's content and what we'll be discussing next time. Links From Today's Episode: https://moneyscope.ca/episode-8-canadian-investment-accounts Dr. Mark Soth (The Loonie Doctor) — https://www.looniedoctor.ca/ Dr. Mark on X — https://twitter.com/LoonieDoctor Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/
Another encore episode where Justin & Markus devoted an entire episode to discussing education savings planning, and primarily the ins and outs of RESPs. Find out more about RESPs, and links to various government websites about them, at www.muhs.ca/resp.
As October rolls over, many parents have most likely just paid their children's college education bills (looking at you Sean). And while inflation is the hot topic spoken about in nearly every grocery store, café, and news-channel- (I recently was sitting with a friend at a café and heard a couple on their first date talking about how the rising cost of groceries made them re-think their dating habits!!) - an interesting fact is that the rising cost of education has drastically outpaced that of inflation and wage-growth.For example, if you became a parent to a new-born recently, the cost of post-secondary education by the time they are old enough to be admitted will be much higher than where it's at now.So in light of autumn and the new school year being in full swing, Sean, Jalal, and I sat down to discuss the rapid rise of the cost of education in the past 20-30 years, and how an RESP can help not only in saving for a child's education, but can also be a very effective tool for beating the rising cost.Happy listening!
Millennial Money Canada is a podcast for Millennials, by Sam Lichtman, a CFP® Professional, financial advisor and co-founder of Achieve Wealth Management. Today we are going through education savings plans. I am joined by Markus Muhs who is a financial advisor and CFP® Professional. We go through everything related to education savings plans expected tuition rates of future tuition costs based on inflation, ideal contribution rates, modelling out different rate of returns overtime, and things to avoid and watch out for when contributing to education savings plans and so much more. Book with Sam: Learn more about Markus: RESP Usage Survey: Tuition Cost Reference: Am I eligible for the ACESG and CLB: Disclaimer:
This week Justin & Markus devoted an entire episode to discussing education savings planning, and primarily the ins and outs of RESPs. Find out more about RESPs, and links to various government websites about them, at www.muhs.ca/resp.
Are you actually saving money or are you living beyond your means? Today on ThinkSmart, Senior Financial Advisors Rob McClelland and Mike Connon discuss the pros and cons of various financial products and what successful debt management should look like. Key points: (00:39): How to successfully improve your net worth (02:56): How to reduce your debt (06:56): Debt is debt (08:58): RSP (09:49): TFSA (10:15): FHSP (10:39): Open accounts (10:57): Corporate accounts (11:24): RESPs (11:42): Registered Disability Savings Plan (12:23): High-Interest Savings Account (12:47): Discipline can be hard, make it easier on yourself (14:12): In-kind contributions and moving money (16:26): The best ways to save
The First Home Savings Account, or FHSA, is a new type of registered plan available to Canadians. This episode we're explaining the ins and outs of the FHSA and how you might be able to take advantage. Kingsley Chak, the Senior Vice President of Deposits, Savings and Investments at Scotiabank, is our guest. He'll also give us a refresher on all those other savings account acronyms you've heard of but might not be 100% clear on. So, you'll come away knowing the ABCs of TFSAs, RRSPs, RESPs and more. Key moments this episode: 1:00 — What exactly is the First Home Savings account? 1:28 — Why was an account like this created? 1:47 — How much can you contribute to an FHSA? How does it work? 3:20 — Who should consider opening an FHSA? 4:23 — Who can open a FHSA? 4:50 — Could parents or grandparents open an account for a child or grandchild? 5:22 — Some tips on the best way to use the FHSA 5:51— A tip on how the FHSA can work with an RRSP 6:02 — Can a couple or several people pool their own separate FHSAs? 6:50 — When will the FHSA be available? 7:08 — How is the FHSA different from the Home Buyers Plan? 8:04 — A breakdown of investment vehicle acronyms – starting with RRSP 9:25 — What is an RRIF? 9:58 — What is a TFSA? 11:44 — What is an RESP? 13:04 — What is an RDSP? 13:26 — What is an MPSA?
Zachary Rain of Rain Finance joins us today to explain how Registered Education Savings Plans (RESPs) work and the difference between stocks and bonds! Plus we evaluate the 2022/23 Toronto Maple Leafs season and predict offseason changes to come. SUBSCRIBE TO THE PODCAST ► https://www.youtube.com/kormans
Have you thought about the financial implications that your children are facing when it comes to post-secondary education? If you have, how confident are you in the strategy you've selected to help ease the financial burden of the opportunity post-secondary education provides? If you're wondering whether there might be some creative and safe ways to help your child continue their educational journey beyond high school without breaking their financial futures in the process, then you'll want to stick around for this episode where we will share four (4) strategies you should consider to optimize your education savings plan for your kids. What you'll learn: What options you have to take advantage of grants from the government to help fund education including RESPs for Canadians or 529 Plans for Americans;How to use a real estate investment property as a potential investment vehicle to pay for your child's education;How you can teach your child about ownership as you save for their education; and,How you can use the “Magical Money Machine” known as The Infinite Banking Concept through Participating Whole Life Insurance to help reach your educational savings goals.Resources: The Truth About Real Estate Investing Episode - Quitting Teaching To Full Time Real Estate AgentThe Truth About Real Estate Investing Episode - How A Math Teacher Teaches InvestingBecoming Your Own Banker [Book] - R. Nelson NashThe Invested Teacher Wealth Building BooklistThe Infinite Banking Concept page on the Invested Teacher websiteDownload our Wealth Building BlueprintInterested in Partnership Opportunities?For those interested in potential Joint Venture (JV) Partnerships, reach out to us here. Analysis Paralysis is REAL! You're real estate portfolio will stay empty until you take action.Grab our free training on how to analyze deals and also grab our analyze spreadsheet that does the dirty work for you. Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.
Monika Jazyk is a Real Estate Investment Specialist and Wealth Builder and Founder of RPI Education. She's a driven entrepreneur who is passionate about helping people build wealth, through real Estate. On this episode, we discuss: Why RESPs are unproductive Why Monika sold most of her portfolio in 2020 How she has shifted her investment criteria Why she's exploring mid term executive rentals Her Florida development project You can reach out to Monika by visiting www.rpieducation.com Download a free report: “Why you shouldn't buy investment properties in Oakville, Burlington and other cities in the GTA” __ Subscribe and review today! Youtube Spotify Apple Podcasts Instagram
In this episode of Get Real Wealthy Season 4, Quentin D'Souza discusses using registered funds for private mortgages to create an income source and the associated risks.Quentin notes that the public is generally unaware that they can use registered funds, such as TFSAs, RESPs, and LIRAs, to lend as mortgages and earn a fixed return. The reason for this lack of awareness is the mutual fund industry's focus on managing portfolios and not providing information on alternative investment options. People are not aware that this option is available.He adds that the mutual fund industry earns money based on their management expense ratios, regardless of the portfolio's performance. As a result, they prefer that people keep their funds in mutual funds instead of lending them privately and earning higher returns.Quentin recommends placing registered funds with a trustee, such as Canadian Western Bank or Olympia Trust, to lend to third parties while adhering to specific criteria, such as not exceeding 100% of the property's appraised value. For instance, $300,000 can be moved to an Olympia Trust account to lend as a private mortgage.He emphasizes the importance of transferring funds directly between registered accounts to avoid taxation. Due diligence is crucial when lending funds to third parties, and it is recommended to focus on investors. The loan-to-value ratio should not be too high, as this increases the risks associated with the investment. Mortgage brokers can help with private lending and bring together multiple investors for a single mortgage.When lending, understanding the borrower's exit strategy, the loan-to-value ratio, and the property's risk is essential. Retail properties are riskier than residential properties at the same loan-to-value ratio. The area, person's experience, and returns should also be considered. Understanding that a good return may not be achieved if the funds are returned earlier than expected and there is no other project to invest in is essential for private lending using registered funds.In conclusion, Quentin advises that there are numerous resources available to learn more about using registered funds for private mortgages. You can also contact him at quentin@getrealwealthy.com to learn about his own experiences using registered funds.Important Links and Resources· https://www.instagram.com/qmanrei · quentin@getrealwealthy.com· https://EducationREI.ca· https://GetRealWealthy.com· https://DurhamREI.ca
Get out of debt with a “credit card fast”. Lisa Samalonis tells us how she used this financial savings method to buy a home. And, getting paid without having to wait two weeks. Aaron Fox, vice-president of commercial for Dayforce Wallet at Ceridian, takes us through how an on-demand pay platform works. Then, how COVID-19 affected our retirement plans. Darren Coleman, senior portfolio manager at Coleman Wealth at Raymond James, explains why he sees the pandemic as a “retirement fire drill”. Plus, what you need to know about RESPs and your will. Daniel Goldgut, co-founder and CEO of Epilogue, takes us through the steps to ensure your kids' RESP can continue even after death. To find out more about the guests check out: Aaron Fox: Twitter | Facebook | Instagram Lisa Samalonis: Twitter | LinkedIn Darren Coleman: LinkedIn | Facebook Coleman Wealth: Facebook Daniel Goldgut: LinkedIn Epilogue: Twitter | Facebook | Instagram | LinkedIn Bruce Sellery is a personal finance expert and best-selling author. As the founder of Moolala and the CEO of Credit Canada, Bruce is on a mission to help you get a better handle on your money so you can live the life you want. High energy & low B.S., this is Moolala: Money Made Simple. Find Bruce Sellery at Moolala.ca | Twitter | Facebook | LinkedIn
Kids are a blessing, but they can also be SCARY expensive. What costs should you expect? Or how can you trim down some of those costs? Which costs SHOULD you try to cut down on? If you're like Will, you're hoping we don't suggest cutting down that food bill :P Join Will, Tim and Jules for a discussion on everything to do with kids, including: - How much will you probably spend on your child from birth to when they become an adult? - Making it through the baby stages on a budget - The back-to-school marketing scam - The new government child care funding - Sports and activities - The biggest (yet perhaps least expected) cost of having a child Also, if you want some in-depth information on the RESP, we HIGHLY recommend that you listen to Episode 32, where we have a special guest, Court, who comes on and talks about EVERYTHING to do with RESPs. You won't want to miss that one either! • If you like the show, feel free to give us a review on apple podcast to help us reach more people. As well if you would like to come on the show feel free to reach out to us at financialclassroom@gmail.com or find us on IG @financialclassroom or FB Financial Classroom Canada.
School is back in session across Canada. Financial Planner Ines Iraoui joins host Chris Cooksey on the podcast to discuss RESPs. Discussion includes: What is an RESP? - Who can open and contribute to an RESP? - Who can be a beneficiary of an RESP? - Types of plans? - Amount per years or lifetime? - How long they last or can be accessed? What are some of the grants available? What kind of investments can an RESP hold? What are the tax advantages of an RESP? How do withdrawals work in an RESP? Why would opening an RESP be recommended? Please subscribe, rate and review.
It isn't even August yet, and the back-to-school commercials and group chats have already begun. But, have you thought about back-to-post-secondary-school? It may seem like that day will never come, as you clean up the dirty dishes in the sink and do yet another load of laundry, but in the blink of an eye you'll be dropping them off at university, holding back the tears. Carla is back on the mic to discuss the basics of Registered Education Savings Plans (RESPs) and how you can start budgeting and saving for your child's future. It is no secret that post-secondary education is expensive, but remember, with a little prep work, everything's gonna be fine, fine, fine. Today's topics include: Key facts you need to know about RESPs What do you do if you're late to the RESP game The extra financial perks you get when contributing to RESP Budgeting hacks to make saving easier Please make sure to rate, review, and follow us for more financial tips, tricks, and tactics. Tandia Financial Credit Union is here to help. Got Feedback? Want to learn more? Head to tandia.com for an experience as unique as you are.
“$1200 RESP BC Grant” - Money Monday with Shawna McCrea of Balance Financial Do you have a child or know someone that has a child between the age of 6 and 9? Families in British Columbia are encouraged to start planning and saving early for their children's post-secondary education or training programs. To help, the B.C. Government will contribute $1,200 to eligible children through the B.C. Training and Education Savings Grant (BCTESG). As you know I am a big fan of RESPs. I have talked to too many people that struggle with paying back their student loans - they often carry them for years. If your child doesn't go to school that's okay you can always get the principle back and you can transfer the market gains to your RSP. I am also an advocate to borrow only for a home and nothing else. MY CHALLENGE to you is to let people know of this $1200 RESP BC Grant Wishing you Financial Health | Know your numbers First phone consultation is COMPLIMENTARY #InspiringFinancialHealth #FinancialPlanning #CashWealthRiskLegacy
“$1200 RESP BC Grant” - Money Monday with Shawna McCrea of Balance Financial Do you have a child or know someone that has a child between the age of 6 and 9? Families in British Columbia are encouraged to start planning and saving early for their children's post-secondary education or training programs. To help, the B.C. Government will contribute $1,200 to eligible children through the B.C. Training and Education Savings Grant (BCTESG). As you know I am a big fan of RESPs. I have talked to too many people that struggle with paying back their student loans - they often carry them for years. If your child doesn't go to school that's okay you can always get the principle back and you can transfer the market gains to your RSP. I am also an advocate to borrow only for a home and nothing else. MY CHALLENGE to you is to let people know of this $1200 RESP BC Grant Wishing you Financial Health | Know your numbers First phone consultation is COMPLIMENTARY #InspiringFinancialHealth #FinancialPlanning #CashWealthRiskLegacy
We all know that children are expensive, in fact the average post secondary education costs $96,000. What if I told you that the government of Canada gives away free money that can be used towards your child's education? There are a number of benefits associated with opening a RESP, listen to this episode for a brief introduction. Today, I discuss:- The benefits of a RESP- How to open a RESP- How to apply for government grants ($7200+$2000)- Flexible options associated with a RESP- Investing within a RESP (this is soo important!)Register for my next masterclass: https://calendly.com/themmg/investing-masterclass-investing-in-the-stock-market?month=2022-04Follow me on instagram for free money tips 24/7: (www.instagram.com/iamginajudge)Want to start a mortgage application? Email me at: gina.judge@cleartrust.caBook a consulting session with Gina: https://calendly.com/themmg
You've paid off your debts. Now you have some cash to invest. How do you get started? On today's podcast, Doug Hoyes and Ted Michalos walk you through what you need to consider before you invest. They explain how TFSAs, RRSPs, RESPs, and RDSPs work and when you should put your money in each. They also discuss the risks that come with stock trading and the true costs of mutual funds. Doug and Ted also explain the different investor personality types so you can better understand yourself. Tune in for great practical advice! Resources Mentioned in the Show: RDSP & RESP expert – Big Cajun Man's website: https://www.canajunfinances.com/about/ Jason Heath, Certified Financial Planner: https://objectivefinancialpartners.com/ Sandi Martin, Certified Financial Planner: https://springplans.ca/ Investment Selling is Not Financial Planning: https://www.hoyes.com/blog/investment-selling-is-not-financial-planning/ Podcast 360 – Planning Retirement with Limited Savings & Income: https://www.youtube.com/watch?v=nth1wjv5s8M Podcast 215 – What is a Robo-Planner? Automated Financial Planning: https://www.youtube.com/watch?v=rXW7a7EdCKA
Registered Retirement Savings Plans, Registered Retirement Income Funds, TFSAs and RESPs at one time, the rules for these types of registered accounts were pretty straightforward, but they have become rather complicated. Over the years, we have come across many accounts that have been set up incorrectly. Considering that these are some of your biggest assets, they can become very costly mistakes. Join us today as we take you through the best strategies to employ with your registered accounts to ensure you are retaining the maximum value of your investments.
Is paying $0 income tax really a possibility? In 2004, Jean-Pierre Laporte set out to create a better solution for investors that wanted improved asset protection while minimizing taxes. With an impressive academic background at the University of Toronto, Osgoode Hall Law School and the Institut d'Etudes Politiques de Paris, he is often called upon as an expert witness before the House of Commons Standing Committee on Finance, and he has written several seminal articles on pension reform, including an expansion of the Canada Pension Plan. Jean-Pierre, founded INTEGRIS drawing on over a decade of experience as a pension lawyer for several prestigious Toronto firms, including Bennett Jones LLP, Fasken Martineau LLP, Osler and Hoskin & Harcourt LLP. He has dedicated his career to improving pension legislation. Frustrated that the significant benefits of pensions were not readily available to those outside of large companies, Jean-Pierre created the Personal Pension Plan ™ to level the playing field and open up a new world of financial options and increased retirement savings for incorporated professionals. INTEGRIS Pension Management Corporation Offers incorporated business professionals (and C-Suite Executives) the most tax-effective way of saving for the future. INTEGRIS acts as a fiduciary between government and regulated companies in Canada to provide its clients with a high-calibre Personal Pension Plan (PPP®). While INTEGRIS does not invest assets, it designs and implements pension strategies tailored to the individual's needs and maintains the plan's compliant status over a lifetime. The PPP® is the most effective tax-savings solution permitted by Canadian tax legislation and generates the highest levels of wealth in Canada for its clients eclipsing all other savings vehicles such as TFSAs, RESPs, RRSP, and IPPs. How to reach Jean-Pierre Laporte: Website = https://integris-mgt.com/ LinkedIn = https://www.linkedin.com/in/integrismgt Facebook = https://www.facebook.com/integrismgt/ Twitter = @IntegrisMgt YouTube = https://www.youtube.com/channel/UCV3dV55lWhlmqH-KyUCfS0A Receive GTA Off-Market Deals & Passive Small to Mid-Size Apartments Deals Across Canada Right Now! Click Here to Sign Up absolutely FREE: https://pages.watsonestates.ca/ Find Us: www.linktr.ee/WatsonEstates This is not advice, just our analysis of the market. If you enjoyed the video consider subscribing. We always love to hear feedback and comments. Tell us what you think!
Whatever your goals and priorities are for 2022, chances are they are tied to your finances. So, we called up our friend Julie Shipley Strickland to talk all things prosperity and wealth building in 2022 and beyond. As you listen to this conversation, I ask you to reflect and dig deep, What are YOUR money goals? Are you getting ready to buy your first home, investment property, plan for early retirement, RESPs, are you looking to cut your taxes or are you interested in investing in crypto like bitcoin or NFTs?? It needs to be said that we can implement healthy financial choices at any point in time - establishing a budget, managing your money, having conversations around money - however, many may find it easier to start building and executing on new practices at the beginning of the new year. Julie Shipley-Strickland is a Senior Investment Advisor with Wellington-Altus Private Wealth and a Senior Insurance Advisor with Bergh Tatomir & Associates, Julie provides independent investment advice, financial planning, insurance solutions and clear guidance to entrepreneurs, executives and their families. Julie has created a beautiful financial course called The prosperity Playbook - designed to help you increase your financial confidence and achieve your financial goals with ease. Join the waitlist for The Prosperity Playbook: https://www.wealthwithjulie.com/Prosperity-Playbook-Waitlist Find Julie on social media: https://www.instagram.com/wealthwithjulie/
The RESP has been around for a while, but there have been changes that you need to know about ... including how to make the biggect contribution possible. Andrew Kirkland of Justwealth, and father of three, knows this stuff cold, but it's also on the website... https://www.justwealth.com/resp/ This material is for informational purposes and is not a recommendation, offer or solicitation to buy or sell any securities, to provide tax or legal advice. The information and opinions are not guaranteed as to accuracy or completeness. Reliance upon information in this material is at the sole discretion of the listener. Investors should consult with their own advisors. The provision of investment management and investment advisory services is a regulated activity in Canada, subject to strict rules. For more information on the services offered by Justwealth, please refer to www.justwealth.com.
If we learned anything from Colin and Josh in this episode, it's that Josh really doesn't like high-pressure sales techniques or scholarship trusts! It doesn't have to be terribly complicated, but there are a few different solutions to make sure your kids are able to access the education they need and want when they're ready.
RESPs for your grandkids? Should you have one? There's a whole bunch of options when it comes to this. there are pros and cons.
By the way, OPPs is just a joke. A 2015 Globe and Mail article tells us the average immigrant arrives in Canada with an average of $47,000 in savings. (Wait, who are these immigrants? I didn't have that much money). We have Shayan Nikaeein, a financial expert, as our guest today. He will be teaching us more about RRSPs, TFSAs, and other amazing acronyms to help us save our money and invest appropriately.The Immigrant View is brought to you by Immigrantnetworks.com. Visit immigrantnetworks.com
Today is a big episode! Our very first guest! I am thrilled to introduce Lauren Graff, a Sales Representative with Knowledge First Financial, who will be helping us explore the very important subject of starting an RESP for your children. Lauren explains a lot of dense information in an easy to understand manor. The two programs Lauren referred to in this episode are: Canada Learning Bond - https://knowledgefirstfinancial.ca/learn-about-resps/clb.aspx Canada Education Savings Grant - https://knowledgefirstfinancial.ca/learn-about-resps/cesg.aspx. Lauren's contact info is Email-lauren.graff@kff.ca , Phone - (613) 267-8320
This week we're answering more of your questions. We love listener questions, so keep sending them our way to our email - LawyersTalkingAboutDivorce@gmail.com, find us online at DivorcedAndDone.com.
YouTube: https://youtu.be/KEs_21oYi8A________GIOVANNI FIALHO largou o concurso público para empreender na advocacia. Trabalhou por mais de 12 anos como assessor de ministros no STJ. Conta com mais de 14.500 REsps analisados e mais de 7.500 alunos em sua plataforma.---------AdHoc Podcast é o melhor e mais inteligente bate-papo que você verá na internet. Às vezes sobre o universo jurídico.---------Convidado: Giovanni Fiallho Instagram: @advogadosuperiorYouTube: ttps://www.youtube.com/channel/UCvPPxcuNlJ0nRVUWfZSAdoAhttps://www.instagram.com/advogadosuperior/---------ANFITRIÃO: Luan GarciaInstagram: @oluangarciahttps://www.instagram.com/oluangarcia/https://www.instagram.com/adhocpdc---------Direção: Fabrício Santana Instagram: @fabriciovsantanahttps://www.instagram.com/fabriciovsantana/
“What about RESPs?" - Money Monday with Shawna McCrea of Balance Financial Helping YOU Navigate a Financially Successful Life First initial consultation is COMPLIMENTARY https://balancefinancial.net #InspiringFinancialHealth #FinancialPlanning #CashWealthRiskLegacy
“What about RESPs?" - Money Monday with Shawna McCrea of Balance Financial Helping YOU Navigate a Financially Successful Life First initial consultation is COMPLIMENTARY https://balancefinancial.net #InspiringFinancialHealth #FinancialPlanning #CashWealthRiskLegacy
Today we are talking everything RESP. If you are Canadian and have kids in your life, you will want to listen in and take notes. Court is a self-taught RESP guru. Not only is she very knowledgeable regarding RESP's, she is also FI (in other words - retired in her 30's) and knows how to make money work for her. If you missed her previous guest appearance, it's episode 11. Here's the Cokes notes on the episode: -Lifetime max $50,000 and it can be open for max 36 years -Gov will contribute max of $500 a year for a max of $7200 -If you maxed out for the first 14 years you would end up having $105,000 for your child's education. -What if my kid doesn't go to post secondary? There are literally thousands of post secondary options. From University to trade school, aesthetics, bible school, school abroad. Go to this site to see eligible schools: https://www.canada.ca/en/employment-social-development/programs/designated-schools.html -PSE - not taxed when pulled out -EAP - taxed when pulled out at child's tax bracket -If you have more than one child, and one doesn't go to school, you can transfer to your own RRSP (tax implications explained in podcast) or to another child's RESP. -Family members can open their own account for a child in their life. For example, a grandparent can open up a RESP for their grandchild. There can be multiple accounts attached to one SIN. -Group RESP - not a great option. There are lots of restrictions. -Remain aggressive in investments until at least age 15. There's so much info on this episode! It's very specific and we hope this has been super informative for you. You can find Court at modernFImily on IG as well as her blog site. Court is very open with her finances - make sure you check her site out! She also does coaching, if you would like to get into contact with her you can find her at https://modernfimily.com/blog/
When a financial product is more affordable (or even free), banks aren't too keen on promoting it or helping you access it. Why? Because they want to make money. Banks are also very good at manipulating consumers into thinking they're getting a ‘deal' when they're really paying a hefty price. So, how can you know when it's truly free money and when it's a ploy? Enter Alan Whitton (aka Big Cajun Man). On today's podcast, Alan gives real examples of false ‘free' financial services and products to help us make more informed banking and investing decisions. Alan also explains how RDSPs and RESPs work and how to access income-based benefits in the two plans. Tune in for lots of practical advice! Resources: Canadian Personal Finance Blog: https://www.canajunfinances.com RESP & University Expenses Page: https://www.canajunfinances.com/RESP/ RDSP Information: https://www.canajunfinances.com/RDSP Alan Whitton on Twitter (@bigcajunman): https://twitter.com/bigcajunman Alan Whitton (Canajun Finances) on Facebook: https://www.facebook.com/canajunfinances
More than half of Canadian adults don't have a will which can cause additional legal costs, family conflict, and unnecessary legal battles. Unfortunately getting a will done is very easy to procrastinate on as it can be a hassle to set up meetings with a lawyer, ask those difficult questions and be involved in all the back and forth that's required when setting up a will the traditional way by meeting with a lawyer face-to-face. As many long time listeners of the show know, I'm a big fan of technology companies that help automate or at least make it a lot easier to do some of the more tedious but important things that we need to get done. So in this episode, I'm excited to bring on Daniel Goldgut, a former tax and estate planning lawyer here in Canada, who together with his team over at epiloguewills.com has created a tool that you can use to get a will created in as little as 20 minutes. It's also a lot less expensive than what I paid to have our will done with a lawyer years ago before this tool existed. We cover what the top mistakes are that Canadians do when creating a will, as well as how and when to properly update it when different events occur in your life. We also cover designating a power of attorney and how to ensure that your will is actually legally enforceable here in Canada. If you want to check out the tool that Daniel and his team have built you can go to epiloguewills.com, and Daniel's been kind enough to also provide Build Wealth Canada listeners with a $20 discount if you choose to use the service. To get that just use the promo code BUILDWEALTH20. There's no affiliate or commissions for me on that, it's just a straight $20 off for all Build Wealth Canada listeners. Questions Covered: To start things off, why is having a will important, and what are the main negative consequences that we may encounter if we don't have one set up correctly? What are some of the most common or most critical mistakes that Canadians make when it comes to their will? and how can we remedy them? Before we go any further, for anybody that hasn't heard of you or Epilogue before, can you give us a bit of a background on what you do? I saw an article on your company in the Financial Post about how Epilogue is the first online will platform to give its customers the option to include their RESPs in their wills (Registered Education Savings Plans). Can you speak to why that is important? I noticed you recently launched a free tool to create a Social Media Will. Can you talk about what that is, why it's important, and where can we go to have one created for free? When we hear about wills, we often hear about also designating a power of attorney. Can you explain what that is, and are there any other elements like the power of attorney that we should be aware of? When we set up a will, how can we ensure that it's actually legally enforceable, in case somebody ever challenges it in court? In what scenarios should we be updating our will? And what's the best way to do that? Whenever we do update our will, how can we ensure that the newest version of the will is what will get enforced? What are the pros and cons of using a tool like Epilogue vs hiring a lawyer directly? Are there any clauses that you think are especially critical to have in a will to prevent issues and conflicts in the future? How important is it to use an actual Canadian lawyer or service like yours, as opposed to using something from the US or another country, or one of those “create your own” will packages that we may see in a store or advertised on TV or online? How long does it actually take to create a will using Epilogue, and for anybody that doesn't have a will or needs one updated, how can we get started? If you liked the episode sign up for free to receive all new episodes as they get released, news on giveaways, and the free guide on the Top 5 Personal Finance and Productivity Tools.
Last week Christine joined us talking about teaching our kids about financial responsibility and learning about RESPs and additional savings options. This week we are talking all other things finance you need to know. We also continue our game of #OpenUp. Be sure to look Christine up on Facebook, LinkedIn or on her website. Facebook: EJAdvisorChristineJarrett LinkedIn: Christine Jarrett Website: www.edwardjones.ca/ca-en/financial-advisor/christine-jarrett --- Send in a voice message: https://anchor.fm/momfiles/message
Today I'm gonna talk about one of my favourite qualification guidelines - the High Net Worth mortgage. This is truly one of those money-talks type of products...money talks as in, the more liquid assets you hold, the more mortgage you can qualify for. This mortgage really comes in handy for those applicants that are short on qualifying income, but instead are flush with liquid assets (i.e. non-registered investments, RRSPs, and cash savings). Here are some common applicant profiles that are well suited for this program:business owners that declare low incomes but have substantial liquid assets (they do qualify, but not for the amount they desire)average income earners who ALSO cannot qualify for the amount they desire due to insufficient qualification income, but have substantial liquid assetsHere are the main qualification criteria:minimum down payment of 20%-35% (varies with lender)in addition to the down payment, the applicant must possess at least $250,000 in liquid assets:Eligible Assets: cash, stocks, bonds, RRSP, RRIF, TFSA, funds held inside a personal holding companyIneligible Assets: Gifted money, RESPs, funds held inside a operating company, insurance, real estate equity, assets jointly owned/shared with a person not on the application3-12 month history of assets prior to application date (varies with lender)al account holders where assets are held must be on the mortgageno foreign income or assets can be usedexpect to offer a thorough explanation of how the funds were accumulated and a discussion about how the mortgage payments can be maintained...the lenders will want to know how you can maintain the mortgage payments, they will want to know your game planContact Marko, he's a Mortgage Broker!604-800-9593 direct Vancouver403-606-3751 direct Calgarymarkogelo.comFacebook@markogelo (Twitter)MarkoMusic (SoundCloud Account)...all podcast music tracks are performed and produced by Marko See acast.com/privacy for privacy and opt-out information.
Won't somebody please think of the children?! Well, if you're thinking about saving for your kids' education, this is the podcast for you. Steven Guenther and I walk through the basics and the not-so-basics when it comes to RESPs.The main takeaways:1. The government will match 20% of your contributions up to a maximum per year. More incentives are available for lower-income families2. To make a withdrawal, the beneficiary must be attending an accredited post-secondary program.3. What if they don't go to university?? Don't worry, you have optionsIf you have comments or questions, send me an email at evan@ennsbaxter.com
I have received this question a few times over the past several months - my teenager wants to begin investing, but she is not yet 18. What are her options? It's true, once you are age of majority in Canada, you have more options. But, if your teenager is not yet 18 and wants to start investing, you can help them using one of these 3 approaches. 1) RESPs 2) In-Trust Accounts 3) RRSP's I discuss the attributes of each of the accounts, how they are taxed, some of the benefits and drawbacks, and situations where each of them might make sense. For full show notes and video, please go to my blog at www.walhoutfinancial.ca/podcast Have a great day! Mark
Finished High School? Now what?Disability estate planning specialist Kenneth Pope and RESP specialist Greg Anthoine talk about RESPs, RDSPs, OSAP, special needs bursaries as well as flexibilities and accommodations available in college & university.Learn About:• Registered Disability Savings Plans• Registered Education Savings Plans• Flexibility factors for students with special needs• Ontario Student Assistance Program• Special needs bursaries• Post-secondary education accommodations for learningFor more information, contact us at 1-866-536-7673 or visit our website Click HERE to get an assessment with us. Don't miss out on important updates and webinar invitations. Sign up for our newsletter HERE
Ryan Weiss, Vice-President Product and Experience at Canada Life joins Robin & Al to discuss the first fully digital employer-sponsored RESP. This new product helps employees advance their long-term savings goals through their workplace benefits with a simplified online enrolment process. Ryan speaks about the importance of creating a great member experience and their commitment to the financial, physical and mental well-being of all Canadians, not just at retirement, but across all life stages.
Ryan Weiss, Vice-President Product and Experience at Canada Life joins Robin & Al to discuss the first fully digital employer-sponsored RESP. This new product helps employees advance their long-term savings goals through their workplace benefits with a simplified online enrolment process. Ryan speaks about the importance of creating a great member experience and their commitment to the financial, physical and mental well-being of all Canadians, not just at retirement, but across all life stages.
Ryan Weiss, Vice-President Product and Experience at Canada Life joins Robin & Al to discuss the first fully digital employer-sponsored RESP. This new product helps employees advance their long-term savings goals through their workplace benefits with a simplified online enrolment process. Ryan speaks about the importance of creating a great member experience and their commitment to the financial, physical and mental well-being of all Canadians, not just at retirement, but across all life stages.
Whether you're running a side hustle or a full time business, you might be treating it too much like a hobby to get the results you want. Not having a boss leaning over your shoulder means you can talk yourself into naps, social media spirals, and "working" lunches that are really just an excuse to visit friends. You know I'm right! I'm sharing what I learned the hard way, so you can maximize your time and be the boss of you! Check out www.familiesmattermost.com for Private Coaching, or to join our Parent Mastery Program! This podcast is sponsored By Christine Jensen of Knowledge First Financial. Knowledge First Financial is Canada’s largest RESP company, and we have been helping families save for their children’s education for over 50 years. Christine Jensen is local in Regina, but also services the provinces of Saskatchewan and Alberta. Not all RESPs are the same, and Christine offers free video conference consults to help you find a plan that is suitable, affordable and flexible to your family’s ever-changing needs. To learn more about collecting the government grants and saving for your child’s post-secondary education, just call or text Christine at 639 560 0140.”
Gary chats in this archive episode with financial planner Kathleen Van Den Berg. Gary and Kathleen discussed the classic financial planning mistakes that most Canadians make, and Kathleen believes that there are many aspects of traditional financial planning today that are fundamentally flawed. Kathleen deals with life insurance, wealth insurance, RRSPs, etc. She considers herself a ‘wealth strategist’, as she recommends and helps her clients with investments such as real estate, which traditionally does not fall under the umbrella of financial planning. What you'll learn: * The MOST common mistake most Canadians make with financial planning * Why Kathleen’s multi pronged approach examines all aspects of a client’s money profile and how they integrate * Should you invest in RRSPs for tax strategies or retirement, THE ANSWER MIGHT SURPRISE YOU! * What Kathleen thinks about RESPs, and why the funds are locked if they don’t go to school * Do you have the correct life, disability, home and auto insurance? * Why Kathleen performs a debt assessment to help wealth strategies * Why she focusses on tax optimization, and it helps with long term tax reduction * Kathleen also does a cash flow assessment * Why she is an advocate of ‘good’ debt * What is ‘good’ debt vs. ‘bad’ debt - consumer vs. wealth growth * Why it helps get that first investment property * Permanent insurance as a wealth strategy - buy, don’t rent your insurance * Why “…your borrowing capacity will TURBOCHARGE your wealth…” * How people, even in their 50’s can harness that borrowing capacity to do great things * What “Multi Dimensional dollars” are… * Should financial literacy be taught in schools * “Debt reduction is not the path to wealth creation” * And MORE! Kathleen’s Bio Kathleen van den Berg is a Certified Financial Planner who believes there are many aspects of traditional planning methods that are fundamentally flawed. She loves to write about the common financial mistakes she sees in her practice. Kathleen specializes in working with individuals and families to improve cash flow and help them build significantly greater wealth projections over their current plans. As a strong advocate of real estate and rental properties, she actively includes real estate as one of the six key components in her clients’ wealth building plans. She owns 6 properties, including 5 rental properties. Helping clients create phenomenal wealth and having a lot of fun doing it is her “why”. Contact Kathleen Van Den Berg Email: vws@live.ca Facebook Group: Wealth Talk www.wealthplancoach.ca Please a leave a review, as it helps Gary understand if he’s bringing on the right guests that you want to hear from! Interested in learning more about Real Estate Investing? Visit https://www.smarthomechoice.ca
After years in the finance and loyalty industry, including AirMiles, Suzanne Tyson wondered why so many unused points weren’t used to help pay for higher education? Enter HigherEdPoints - a company she founded and runs to do exactly that. Her site helps students figure out how to pay for school and lobbies with the government to find new solutions. She’s a mom, a self-proclaimed silverpreneur, and we’re so happy to have her on the show today, welcome Suzanne. [0:00 - 1:33] intro [1:34 - 4:08] MONEY MISTAKE/MAKEUP: TIny home kitchen, checking your chequing, and using cash [4:09 - 5:34] INTERVIEW - The average Canadian student now graduates with $27,000 in debt. I hear stories of when my parents attended post-secondary where a summer job could cover tuition and some of their living expenses. So what changed? What are some of the costs and/or fees driving up the bill for post-secondary education? Is it tuition? Why is it so difficult to pay for now? [5:35 - 6:56] What’s driven the change in tuition costs, it must be more than inflation. Or was it all the other costs? [6:57 - 9:42] What are your top 3 tips to help students manage their finances? [9:43 - 12:28] How do students help pay those costs? There are government support programs like student loans and RESPs, as well as scholarships, right? Seems like there’s lots of money out there, no? How can students pay for school? https://www.higheredpoints.com/2020/08/13/5-financial-to-dos-before-back-to-school/ https://www.scholarshipscanada.com/ [12:29 - 13:45] You should stay on top of your finances, have conversations with roommates, right? [13:46 - 15:19] Parents should take cues from students to manage their finances. People need to spend the time to budget and manage cash flow. [15:20 - 16:07] How did you devise a plan for each one of your children to manage their finances differently? [16:08 - 18:33] Something you’ve identified is this concept called the ‘middle 60’. For those out there who haven’t heard about this ‘middle 60’ could you give a bit of an overview of who they are since and how can programs like Higher Ed Points support them? [18:34 - 20:43] Do you think the awards that only go to the top 10-20% of students should be changed to be more accessible? [20:44 - 22:30] The COVID pandemic has changed almost every element of our lives. The government launched the CESB, Canada Student Service Grant, CSSB. These have gotta help, right? [22:31 - 25:26] How else can the current scholarship model improve? If I were a large corporation or institution setting up a new scholarship program, how should I design that program? Shelley Clayton University of New Brunswick - https://www.unb.ca/fredericton/studentservices/financial-aid/contact.html [25:27 - 26:29] Should we seek more from corporations to help fund education? Is there not a conflict of interest? [26:30 - 29:04] Should we look to institutions or the government? Should tuition be free? What do you think the future of higher education should look like for Canada? [29:05 - 30:22] Any hot tips to repay those student loans after graduation? [30:23 - Rapid Fire Questions - What’s in your wallet? What book do you think everyone should read? https://www.amazon.ca/Why-Your-Writing-Sucks-Business-ebook/dp/B015JLXR2C Where do you spend most of your money each week? If you had a giant billboard on the side of the highway, what would it say? What is one of the best or most worthwhile investments you’ve ever made? Could be an investment of money, time, energy, etc. Should people take gap years? What’s your number - to live independently wealthy and life on your own terms? What’s next for you? How can people get in touch with you? https://www.higheredpoints.com [41:07 - 44:36] The Knowledge Bank - Insurance for university students is cheaper than you think - https://www.ratehub.ca/blog/tenant-insurance-university-students/ [44:37 - 45:29] Outro
Kids are incredibly cute - and incredibly expensive. Amid soaring housing costs and a precarious job market, how much does the cost of kids factor into your decisions about whether to have them? In this episode Rob and Roma discuss how much money they'll really cost you. We hear from a 33-year-old mother about the hefty price tag of raising four kids. Plus, Roma speaks with money expert Melissa Leong about how to save and what to plan for when you’re deciding to start a family.
In part 2 of our deep dive into RESPs, we discuss RESP withdrawals, payments, and taxation. Get your notepads ready—there's a lot to cover!
In part 1 of our deep dive into RESPs, we discuss RESP basics, grants, contributions, and investments. Get your notepads ready—there's a lot to cover!
In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, writer, talks with Scott Terrio, Manager of Consumer Insolvency at Hoyes Michalos. Hoyes Michalos is a Toronto-based license and insolvency trustee. Scott Terrio talks about what insolvency means, what the options are, and how business owners can protect their assets in the event of insolvency. Episode Highlights: ● 01:15 – Scott Terrio explains the work that he does. ● 02:55 – What is the process and options for when people get into debt issues? ● 04:18 – What are consumer proposals? ● 06:50 – How are consumer proposals different from bankruptcies to the consumer? ● 10:30 – Business debt is quite different from consumer debt. ● 13:33 – Can a spouse become liable for their other spouse's debt? ● 14:57 – How much back and forth typically happens with consumer proposals? ● 17:07 – What is normally the timeline differences between consumer proposals and bankruptcy? ● 19:36 – What if someone goes through a consumer proposal and gets in financial trouble again? ● 21:08 – What are the misconceptions about bankruptcy in Canada? ● 24:25 – Which types of assets do creditors not have access to? ● 27:37 – Consumer debt usually costs you more over time. ● 28:38 – What do RESPs, TFSAs, RDSPs look like in a credit situation? ● 30:23 – Which bankruptcy programs are relevant to this COVID-19 moment? 3 Key Points 1. Hoyes Michalos is a Toronto-based license and insolvency trustee firm with 25 offices across Ontario, Canada and did about 5800 files last year. 2. Consumer proposals are for individuals, not a business, with $250,000 in unsecured debt or less, and are making an agreement to pay a percentage of your debt. 3. About 70% of consumer proposals go through as offered and about 99.9% co ahead with a counter-offer. Tweetable Quotes: ● “Sooner is always better when you are talking about debt. Most small business owners, once they've gotten into a little bit of trouble, whether it is tax debt or supplier debt or bank debt, they keep digging.” – Scott Terrio ● “What a proposal actually is, is you are making a legal settlement with all of your unsecured creditors as a group, through a trustee, through the courts.” – Scott Terrio ● “You file a bankruptcy, you get an R9 rating for 6 years after your bankruptcy discharge. So, that is either 9 months or 21. The R9 isn't as bad as people think, because I've had all kinds of people get mortgages.” – Scott Terrio Resources Mentioned: ● Facebook – Jason Pereira's Facebook ● LinkedIn – Jason Pereira's LinkedIn ● FintechImpact.co – Website for Fintech Impact ● jasonpereira.ca – Website ● sterrio@hoyes.com – Email Scott Terrio ● Linkedin – Scott Terrio's Linkedin ● Twitter – Scott Terrio's Twitter ● hoyes.com – Website for Hoyes MichalosFull Transcript See acast.com/privacy for privacy and opt-out information.
Many Canadians don't realize that the government has an investment plan designed specifically for Canadians with disabilities. The Registered Disability Savings Plan exists to help disabled Canadians with their long term savings, but it can be difficult to understand. Alan Whitton is the founder of Canajun Finances, where he writes extensively about the Registered Disability Savings Plan, and RESPs as well. He joins me this week to explain the ins and outs of the RDSP, as well as the Disability Tax Credit. You can find the show notes for this episode at https://maplemoney.com/alanwhitton Do you bank with a member of CDIC? If so, your eligible deposits with that institution will be protected up to $100,000 in each of their coverage categories, in the event of a bank failure. Didn't know that banks could fail? CDIC has handled the failure of 43 of its member institutions since it was established in 1967. Guess how many people lost their protected deposits during those failures? Zero. Not a single dollar under CDIC protection was lost. Find out more about CDIC coverage and check to see if you bank with one of its member institutions by visiting https://www.cdic.ca
For those of us who thought ski jumping was the wildest sport at the 2002 Winter Olympics in Salt Lake City, Utah, there was a surprise that had all us viewers on the edge of our seats. Skeleton was on the official lineup, for the first time since 1948. If you’ve never seen it before, skeleton involves plunging head-first down a steep, twisty ice track, atop a sled that’s barely more substantial than a cafeteria tray. 2002 was also the year Jon Montgomery discovered the sport of skeleton. In his early 20s at the time, the Manitoba-born Montgomery was visiting Calgary with his parents, saw a skeleton competition at Canada Olympic Park, and fell so deeply in love that he began competing himself, almost immediately. And eight years later, representing Canada on our Olympic skeleton team, he won gold, bringing awareness of this formerly little-known sport to an entire nation. While Montgomery may have discovered his Olympic sport relatively late in life, sport is in his soul—and nearly two decades later, both he and his wife Darla Deschamps-Montgomery, a fellow skeleton racer, volunteer generously for sports-focussed charities including KidsSport and Right to Play, an international organization that works to provide opportunities for all kids to participate in sport and creative play. Montgomery believes in pushing himself outside his comfort zone, an attribute that’s helped him succeed in widely diverse endeavours. This is his eighth year as host of The Amazing Race Canada, a role that won him a Canadian Screen Award in 2016. He’s also co-hosted The Junos with the iconic Canadian performer Jann Arden. He’s a father of two, an automotive auctioneer—and that’s not even the complete list. Montgomery took time out of his busy schedule to speak with the Real Money Talk Podcast about his thoughts on what it takes to make it as an Olympian, how to overcome the financial hurdles, and staying motivated in life. This Ratehub.ca podcast is brought to you by EQ Bank and the EQ Bank savings plus account [0:00 - 3:12] Intro [3:13 - 7:19] Money Mistakes - Apple computer repair, skating lessons, getting scammed and gouged [7:20 - 9:06] The Jon Montgomery Story - Were you always interested in pursuing Olympics? His start as an auctioneer and in car sales and wanting to represent Canada on the world stage. You need passion. [9:07 - 11:10] I thought it was a luge accident. I wanted to represent Canada. I saw Theo Fleury win a gold. Berating the French judge for collusion. TSN Turning Point. [11:11 - 12:43] Are you a speed demon at heart? I wanted to try something hair brained and bananas. I went Sky Diving. I was seeking out challenges. I approached fear, pushed past it, and came to terms with it. [12:44 - 14:39] If you fear something, you should move towards it. Yes, absolutely - wife, college, university, olympics - all were cause for pause. Overcoming inertia is incredibly difficult. To keep it moving is much easier. Gotta take the first steps. The experience in the world today, means we have to do it now, because it takes so much effort. [14:40 - 19:10] You need money to pursue dreams. How did you fund your training and make ends meet? How did you survive? What would you tell future Olympians about funding? I’m lucky and privileged. My parents gave me a beat up car and saved for my education. I didn’t have the burden of student loans. My parents championed going to school. I wasn’t going to get a free ride. Take the risk of bestowing an education upon yourself. I had a trade that allowed me to find opportunities in sport. A bank will give you credit with an education. [19:11 - 22:11] Debt isn’t bad, you need it to build credit. With kids of your own, will you pay for their education? You have to think about it now with RESPs. If you help people, you will get what you want. I never sold a car, I solved transportation problems. Hopefully there are scholarships. Our kids will be average and normal. Expecting otherwise is wishful thinking. [23:12 - 26:22] What if your kids wanted to pursue the Olympics? What advice would you give about funding for Canadian Athletes? I’m opportunistic. Do it because you love it. Work towards it. Don’t do it for the glory, but because you love it. There are multiple rewards. Know your with, trying it and you’ll learn. Attitude shapes our lives. Perspective is everything. Attitude will determine success. [26:23 - 27:09] Tyler’s friend is training his son to throw left handed to make the MLB. Let your kid have fun. [27:10 - 31:45] Your attitude is always on display. Talk to us about your charitable initiatives Kidsport and RightToPlay. Being a part of something bigger than yourself is important. If you want to go fast, go alone. If you want to go far, go together. I failed to qualify for the 2014 Olympics. Sport is a right. Playing is a right. We need to be celebrated individually. That can happen in sports. Your place in society is created in structured organized sport. [31:46 - 33:49] Sandra’s kid is able to take drama much better because of sport. School drama goes away because of being on a team. Perspective is everything. Sport is an outlet to realize life is multi faceted. It’s easier to not internalize the bad. [33:50 - 37:39] Do you think all your experiences have helped you in your life now? Retrospectively, when you look back at everything is where you gain insights, that’s where the lessons are found. Martina and Phil from season 6 of Amazing Race Canada - out of their comfort zone - watching someone overcome adversity, you understand it much better. I revere people who push through the struggle. [37:40 - 47:49] RAPID FIRE QUESTIONS - What’s in your wallet? What’s your favourite book? Favourite sport to watch, play and - do you still skeleton? What are you binge watching right now? Have you seen Free Solo? What’s the biggest mistake a future Olympian can make? What does your billboard say? [47:50 - 50:32] Financial tip for the week - You need to build an emergency fund. Here’s how. [50:33 - 51:44] Outro
Listen, It's impossible to accurately imagine how your life will be different after you welcome a new human into your it, so there's no such thing as being fully prepared for becoming a parent. There is, however, such a thing as being prepared for what you know will happen (like the paperwork you'll need to fill out, and the gotchas to avoid) in order to make it easier to focus on the stuff that completely blindsides you (like the utter insanity of it all or how suddenly and fiercely you fall in love with your new human). Time stamps: 1:22 - Parenthood, uncertainty and unsatisfyingly true answers 14:19 - What to think about in the year before the birth 17:20 - Financial tools that people think are useful (like RESPs) 27:30 - Making sure to check for Income tested benefits 29:50 - CHILDCARE. IT'S EXPENSIVE... so what do you even do? 37:00 - John speaks with Sandi's voice about how society has it way wrong
Greetings and welcome to “Moya Financial Matters” brought to you by Moya Financial Credit Union in Toronto, Canada. This podcast is not intended to provide financial or financial planning advice, please visit us in person at our branch and we’d be more than happy to meet and chat in person!In this episode we sit down with Jak Slavec, Mutual Funds Representative and Senior Wealth Services Advisor . We talk registered financial products including RRSPs, TFSAs, RESPs, and Jak puts on a master class explaining each in clear, plain language. We really delve into RRSPs, the only product of the three that has a contribution deadline in early March to count towards a tax advantage for the prior year, and Jak lays out practical strategies to approaching your financial planning.Let’s listen in now to my interview with Jak live from his office at the Brown’s Line branch ****Thanks to Jak for being our guest for this episode of Moya Financial Matters! Listening to him you really get a great sense of the depth of knowledge and level of comfort with the art and science of financial planning at Moya.If you are interested in learning more about registered products reach out to Jak and the rest of the team or go online to book your appointment.Be sure and tune in on a regular basis on Apple iTunes or your favourite podcast platform for more episodes of Moya Financial Matters - please rate and review, and be sure and recommend to a friend or colleague in the Slovenian community and beyond - anyone who is looking for a no-fee alternative to the big banks and wants to feel like more than a number when they deal with their financial institution. To learn more visit us at www.moyafinancial.ca.I’m your host Michael LeBlanc, and until next time, have a great week!
Financial educator Kelley Keehn is here answering questions about RESPs, online baking safety, why she won't ask us to make a budget, shopaholic strategies, how to talk money with partners and kids and more. Kelley Keehn's website, Instagram, Facebook and Twitter For more information or to purchase Kelley's book Talk Money To Me: Save Well, Spend Some and Feel Good About Your Money Also in this episode: Find Your Pleasure: The Art of Living a More Joyful Life by Cynthia Loyst The movie Bombshell: Displaying meaningful items: Thanks as always to my fantastic podcast editor Lukas Wojcicki!
You received those investment proceeds. Now the actual settlement that is received is typically going to come in the form of a cash payment. If it's a larger chunk, you're obviously going to want to focus on optimizing your TFSAs, your RRSPs, your RESPs if you have kids and maybe an RDSP, if you have a disabled child. First, you're going to optimize all of that and afterwards, will be left with non-registered dollars. If you're retiring today because of the settlement, well then you need to focus on building a portfolio that generates tax efficient income. If this money is going to form part of a longer-term plan or you're only retiring in the future, that's fine. We'll approach the construction of the portfolio in another way. You might want to have some growth stocks in there, some dividend payers as well. We'd be less concerned about the actual income that's being generated in the portfolio. You've received the inheritance and all of it is in cash, 2 million dollars just sitting there in cash, in a settlement. Full Blog Article and Video on How To Invest A Large Inheritance (https://robtetrault.com/how-to-invest-a-large-inheritance-how-long-does-it-take-to-get-inheritance-money/) Well, do you just go and buy a whole bunch of stocks today? I would strongly advise you not to do that. The first step would be to figure out the asset allocation that you should have. Now, whether that's a 60/40, an 80/20 or another percentage allocation, you should own alternatives. Alternative Asset Class You should definitely own a portion of your portfolio in either alternatives, real estate, private debt or principal protected notes. Something that is a nontraditional investment. It's not a stock or a bond. They have a clear purpose to either create income, reduce volatility and/or stabilize the portfolio with uncorrelated asset classes. What I would suggest for you, given that you have this cash now, it'd be to look at investing the alternatives, the debt and the fixed income right away. In a short timeline, you should put that money to work because for that money, basically the earlier you're in, the earlier you start collecting the dividend. You want to start earning income on that money. In regards to stocks, you want to be a little bit more prudent. You want to make sure that you're trying to time the market. You want to reduce your market timing risks. So how do you do that? We like to use what's called the legging in strategy. You leg in chunks of cash over time into the stock market. Perhaps, initially you'll buy maybe a third or a quarter of your equities right off the bat. You would buy the stocks in the first week or two that you receive your cash. You would try to find a down day in the markets, buy sectors that are either oversold if you could. What you DON'T want is to have your settlement sit in a bank account or an investment account and sit there for two, three, four years while you wait for a correction. You want to have some of your money that's participating in the market and then depending on the amount and depending on your asset allocation, we would suggest a timeline to have all the money legged in. It could possibly be three months, a year or two years, but a period of time where all the money gets legged in. The way we do it is we pre-establish rules. The rules are pre-set. If the following were to happen: a 5% correction or a 10% correction, we start buying more equities. With a 20%-30% correction, we buy more, and we may invest all of your portfolio. Market Correction and Recession If you end up buying in a market correction, you end up buying all the way down and your average cost based on your securities is going to be significantly lower and in a much better position to participate in the rally that always follows corrections. Full Blog Article and Video on How To Prepare For A Recession And A Stock Market Crash (https://robtetrault.com/stock-market-crash-how-to-prepare-for-a-recession/) Now, what if the stocks don't correct? What if the stocks just continue to rally? The good news is that over a period of time, with our pre-established rules of legging in at three months, at six months and at nine months, you were buying equities regardless of what was happening in the market. The reason we do that: We want to remove emotion with pre-established rules. We don't want to be emotional when it comes to money. It's very difficult for people to not be emotional with their own money, so we pre-establish rules, make sure that the money's put in over time. Also, it reduces your market timing risk. We want to own equities because equities have performed so well in the last 100 to 150 years. It's a really good asset class. There are some really good companies that exist out there and you get to participate in the profit. If a company can generate 10 to 15% return on their investment for their shareholders, that's something we want to get. You want to own the fixed income and the alternatives right away and then just build a strategy around the legging in portion.
A rundown on the tax advantages of different account types from Open to RESPs. When, how and why to RRIF. Capital gains and taxation.
Andrew: This week, that Canadians are missing out when it comes to tax free savings accounts, and how they can get the biggest bang from that product Pattie Lovett-Reid has more. Pattie: Yes. I wrote a blog on it and I did so because you know, when I looked at the report that came up from RBC, 43% of Canadians that they surveyed still really felt misinformed about how to use a tax-free savings account. The problem is it's a decade old. It came out with a lot of fanfare. Many would argue that the title savings misled it to be a savings account rather than possibly an investment vehicle or even a savings vehicle. But it is a plan that you can put a whole host of investments in. It came out a decade ago. We're not talking about it anymore. People, we just assume that, okay, we understand RSPs, we understand tax free savings accounts. And the fact is many Canadians simply just don't get it. In the blog, I do highlight what can go in, what doesn't go in. Rob, I'm interested in your perspective because you're dealing with clients. Do they really not understand it and not maximize it? Because where I'd love to see things happen is stocks that you think have the potential to go higher. They're in line with your tolerance for risk. A great opportunity, no tax on the capital gains, but if there's a loss, yikes, there's no offsetting, Rob: I think you're dead on here. When I speak to clients, it's often they're confused. They'll have the cash or GICs in there in the savings account. We bring it over, we build the portfolio, we'll build their risk tolerance, asset allocation and of that we will take, as you mentioned, the emerging markets or the growth stocks or whatever's going to grow. or we'll take, you know, if we have a high yielding debt instrument that is taxable, that could also potentially go into TFSA. You've got a private debt instrument. It's yielding 8% or something taxable, you know, that could go into TFSC or an NRSP instead of a non-registered. Pattie: What are the things that I also think about is think about it from a strategic perspective and I highlight three different areas. If you're someone who's retired, you no longer have employment income, can't put any more money into an RSP. What you can do is use a tax-free savings account to supplement your retirement income. The other is saving for your child's education. I love RESPs, registered education savings plans, but also a tax free savings account allows you to take money in and out without the tax on it. And the final one, this is a great way to split income. You could contribute to a spouse, lower income, any gains that are realized in that plan. You're not going to be taxed on it. No attribution, but we try to cover it in the blog. [inaudible] Andrew: I like to think of them as our funds for Canadian university students or no illusion. Okay. We're going to be right back. You are watching the street right here on BNN Bloomberg.
How RESP Grants Work Rob: Hey guys, today we're talking about the RESP grant, how it works, when it makes sense, how much you can get, what the limits are, and how to take advantage of it. I'm Rob Tétrault from robtetrault.com, head of the Tétrault Wealth Advisory Group here at Canaccord Genuity Wealth Management. To my right, your left is Adam Buss, Senior Wealth and Estate Planner here at Canaccord Genuity Wealth Management. Adam, we're thrilled to have you. Thanks for coming in. Adam: Thanks for having me again. Rob: Alright, RESP grants. Adam, first of all, how do they work? What's the basic percentage and what do you get when you make an RESP contribution? Or first of all, what is an RESP? Adam: Whoa, that's a great question. So Registered Education Savings Plan, the grants is kind of the whole concept as to why you should put money into an RESP. You get 20% of free government money added to the RESP account for every contribution that you make. Rob: All right, so I put 1000 bucks in… Adam: They'll throw on $200 extra for you, added to the pot to use towards future education. Rob: Do I get that as cash or does that go into the account? Adam: Goes into the account. Rob: Okay, I knew that. Just testing! Adam: But it's good. But, of course there's maximums. They're not going to say, oh, okay, well Rob put a hundred thousand dollars into the RESP, let's give him 20 grand. That's not how it works. Rob: There's a maximum per year. Adam: There's a maximum per year. And there's also a lifetime maximum. Rob: The maximum per year is… Adam: Is 20% of up to $2,500 contribution. Rob: $500 in grants. Adam: $500 per year. However, you can make up for past unused contribution room of up to $5,000 that you put in, the government will throw in $1,000. Rob: All right, so that's per child. Adam: Per child. Rob: I'm lucky I have four kids. I could in theory put $10,000 into my RESP per year and I would get $2,000 of grants every single year. Adam: Correct. Rob: And if I forgot to do it last year, I could do $20,000 this year, Adam: Absolutely. Rob: Okay. And I'd get $4,000. Adam: But if you decided to do $21,000, they would not give you any additional grant money on that extra thousand dollars. Rob: Now how would that be set up for me if I wanted to do it that way. That would likely be set up as a RESP family plan. Adam: Correct. Rob: We put all the four kids – Alexandre, Arielle, Angéline, Aubrie – all in one plan and then they all get to use the grants effectively. Adam: Yeah. The best part is any of the children can use that grant money when they go to post-secondary education. Rob: If one of your, kids decides they don't want to go to post-secondary education, you don't lose that grant. Adam: Don't lose it. Rob: Very interesting. I'm sorry, go ahead. Adam: Yeah, sorry. I did mention there is a lifetime maximum as well. It's up to $7,200 of grant money per child. Rob: Okay. Adam:So they do cap it. Rob: Oh, okay. So $7,500, that'd be like $37,500 of contributions. Okay. So that's quite a bit of contribution amount. Yeah. All right. Clearly this can't be tax free, right? Adam: It's after tax dollars that go into the RESP account. Rob: Okay. Adam: You pay tax on it and then you put the money into it. Unlike in RRSP, which is often confused. And when you take the money out down the road is when it's taxable as withdrawn. So your money you put in is withdrawn, tax free. The government money and any income or growth has been generated in the account is taxable to the beneficiary when withdrawn. Rob: We always like to say the grants and the growth. Adam: Grants and the growth. Rob: The grants and the growth are taxed. In theory, the way this works out is, in my mind anyways, is hopefully the kids have a much lower income bracket than you do. And when they're pulling it out, most of it is likely tax-free. Adam: Yeah. Ideally they're in university, they're poor students and don't have necessarily that income level. And they also probably have additional write-offs from education credits. Rob: Right, right. Adam: Essentially, they hopefully will pay as close to zero taxes on that money as possible. Rob: Okay. It's the first year, my son's in university, we submit a confirmation of enrollment. This could be for pretty much any post-secondary education. Adam: Yeah. There is a list on the government of Canada website as to qualify post-secondary education institutions. It was a little bit more limited when the program came out, but it's pretty wide variety now, including some international schools as well. Rob: International, some trades. Adam: Yeah. Rob: Some traditional universities, colleges, those are all candidates. Adam: Fairly flexible. Rob: And I know there's a limit in your first 13 weeks. Adam: I think it's $5,000 if I remember correct. Rob: $5,000 bucks your first 13 weeks, and after that effectively the sky's the limit. Let's talk about the Canada learning bond and how that works. So that would be for lower income families? Adam: Yeah. So that is additional money that they throw into the pot. It has nothing to do with your contributions, so it doesn't even matter if you throw any money into it. They will add money to the RESP free of charge based on your income level. Rob: If you open the RESP, Adam: If you open the RESP, and they'll continue to do so and as long as your family income is within a certain level. Rob: How long can I contribute for my kids RESPs, does it end at some point? Can I contribute all the way until they're 18? Adam: Generally, you would contribute to the end of the year that they turned 17 because that is the last year that you can qualify for the grant money. Really you can contribute beyond that. But what's the point if you're not going to get the government money? Rob: Absolutely. How long do these things last? I imagine I have to pull the money out at some point. Adam: There are different restrictions in place. It depends as to when the plan was established, how old the kids are. Those are all different things that we want to work with our clients on. Hopefully take out the money early on when the first child goes to school, and that way we can close it later on. Full Video & Blog Article on How an RESP Works, and RESP Withdrawal Rules Rob: It's basically a really neat tax arbitrage strategy. Adam: Absolutely is great. Rob: Yeah. What happens if none of my kids go to university? Adam: Okay, well if none of your kids go to school, you still get your money back. You essentially get all the growth and income that was generated on your money. All the government money goes back to the government. That's only fair. Your kids didn't go to school. There is a penalty that the government does charge, which is approximately 20% which equates to the growth on the government money as they put in 20%... anything that you take out and you get your money back, tax free, any income is you can either roll to your RRSP if you have the enough room in your RRSP, or where you take it out as taxable income. Rob: The RESP grant, pretty neat stuff. Makes sense for a lot of families out there. Some of them super important to consider too. I would say be an important part of a financial plan, right? When you're building a financial plan, you want to factor in this and any other education goals, right? Adam: Yeah. If the goal is to help the kids pay for post-secondary education costs is a fantastic program to do so. Rob: All right. Adam, thanks so much for joining us today. Adam Buss, Senior Wealth and Estate Planner here at Canaccord Genuity Wealth Management. If you have questions on this or your portfolio, go to speaktorob.com, and book a no obligation consultation.
Alan Whitton aka BigCajunMan has been writing about finance, child disabilities, RESPs and consumerism on his blog Canadian Personal Finance Blog for over a decade. He's a homeowner in Ottawa who's married with four kids. He has been featured in the Globe and Mail, the Toronto Star and MoneySense. In my interview with Alan, we discuss dealing with double digit mortgage rates, why downsizing doesn't always make sense and the right way to help adult children buy their first homes.
Today we're reviewing the popular RESP, the Registered Education Savings Plan, a fantastic tool that is available to save for the next generation's post-secondary education needs. ⭐ Video & Blog Article on How Does a RESP Work – What are the RESP Withdrawal Rules? (CLICK HERE) https://robtetrault.com/how-does-an-resp-work-what-are-the-resp-withdrawal-rules/ It is a really neat tool that the government started several years ago. A truly great program to help save for education costs for your child, a niece/nephew, grandchild or even a family friend. Thankfully it's not just restricted to your direct children. Most people will set them up for their own children because it's easier to track the government grants, right? Oh wait, what are these grants? Canada Education Savings Grants The grants (CESG – Canada Education Savings Grants) are the key to the popularity of this savings vehicle in Canada, in which the government will match 20% of the first $2,500 of contributions annually. Let's say you contribute $2500 to your child's RESP, the government will kick in an additional $500! That is an instant 20% return on your money and free money to help your children pursue post-secondary education. Given this level of RESP grants being provided, there are certainly RESP contribution limits, as you can't simply contribute as much as you want and get a 20% bonus. There is a lifetime maximum grant limit of $7,200, which means after lifetime contributions of $36,000, you will no longer get any grant monies. However, the RESP limit for lifetime contributions actually is $50,000, you just won't benefit from any more grant money. Now the RESP rules limit the amount of grant you can get in one year, which is based on $5000/year for contributions (using your current year limit plus one catch up year), but we will cover that shortly. If you want to maximize the full value and the full grant, you could contribute $2000 per year for 18 years. That would equal the $36,000 in contributions or you could do $2,500 for approximately 14-15 years. Canada Learning Bond The government also has another form of a grant, which is called the Canada Learning Bond (CLB). The CLB is designed to help those with low or modest income levels to save for future education costs. Upon opening the RESP, the account automatically gets the CLB of $500 and then an additional $100/year for every year your household meets the requirements. Many families may find finances a bit tight while raising a young family and they may not have surplus cash to add to the RESP until the later years. The great part of the RESP, as we eluded to earlier, is the ability to make up for past unused contributions. Perhaps your children are now seven, eight, or even ten years old and you have a better cash flow. You can actually contribute up to $5,000 per year, per child to maximize the grant monies. However, if you decided to put $10,000 in today for one child, the government would only match up to one year of carry forwards. This means $2,500 for the current year plus your $2,500 for one prior unused year. This would result in $1000 of CESG for your $5000 of contributions and $0 of CESG on the other $5000 contributed. Of course, all the RESP excitement does not stop there. Let's review the benefits of a Family Plan RESP. Family Plan RESP Using a family plan is critical, if you have more than one child, are considering having more than one child, or beneficiary, then you want a family plan. As you likely know, kids have different ambitions and different goals and will likely take different paths in life. Let's discuss a possible scenario about how great the family plan would be. Perhaps my son chooses not to go to university, but my daughter decides that she does wants to go – she can actually use the grant and the contributions for my son and take it out in her name. So, the family plan is a great way of having access to the entire funds to benefit any of your beneficiaries. What investment options are available for your RESP account? RESPs have the same investment options that you can take advantage of with your RRSP or TFSA. This provides you with access to a variety of asset classes. You can invest in stocks, you can invest in bonds, you can invest in preferred shares and more. ⭐ Video & Blog Article on Value vs Growth Stocks (CLICK HERE) https://robtetrault.com/value-vs-growth-stocks/ Choosing the right investment mix is critical, and best of all with a RESP you already know your exact investment time horizon as to the earliest they will begin university. Any investment growth or income generated within the portfolio, is fully tax sheltered until withdrawn, thereby allowing a greater rate of growth. A quality Portfolio Manager will help you determine the best investments to grow your children's RESP. Now your children are going to school and require money, how does that work? Generally, you can take out a maximum of $5000 in the first 13 weeks provided your child is registered in a qualified post-secondary education institution. Once they are in their second semester and are still registered fulltime, then there is essentially no limit on the withdrawals available. So, you could potentially take out the entire amount if you wanted to. When you complete the withdrawals, there is no requirement to show proof of what the funds are used for. However, the funds are intended to be used towards education related expenses (Tuition, Room & Board, Books, Laptops, Fuel, Bus Pass, Parking etc). What is the catch? Well, you received all this free government grants and tax-sheltered growth, at some point there will be tax, right? When you withdraw the funds for education costs, there are two forms of withdrawals, Education Assistance Payment “EAP” or Capital. EAP is the grants, investment growth/income or any CLB in the account. EAP payments are taxable to your child when withdrawn and the capital portion is already after-tax dollars and is tax free upon withdrawal. The majority of the time, your child is in a very low tax bracket while attending post-secondary education and could pay little or no tax on their income. Not only does the RESP help with education costs, it is also a great tax planning tool to use! What happens if your children or beneficiaries don't actually pursue further education. Well, there are time frames required for the plan to be open for and ages for the beneficiaries, however you do get your money back! The grant money goes back to the government, there is a penalty charge of 20% (which coincidently equates to any income/growth on the grant money). Any income or growth left is taxable in your hands; however, it can be sheltered in your RRSP if you have adequate room. Your contributions go back to your pocket tax-free. In the end, the RESP is a really exciting tool to use in save for future education costs.
What is your Investment Horizon? Let's talk about your time horizon investment risk profile. In meeting with individuals to discuss their investment planning horizon, I've noticed that there is a common misunderstanding of the concept. As an investment horizon is a frequent section on investment questionnaires and forms, I want to break it down for you guys. Anytime you open an investment account or a bank account, you'll be asked the question: Do you have a short-term or long-term investment horizon? While your answer could be 4 years, 5 years, 10 years or more, the actual concept of investment time horizon is very important for the purposes of drawing out your assets and determining what your exposure to equities should and could be. Therefore, the first step to determine your risk tolerance is assessing your ability to stomach movement in the market. Are you losing sleep at night? Are you stressing over a market correction? Full Blog article on How Much Money Do I Need To Retire Comfortably? Another important factor is deciding whether you need your money in 6 months, 1 year, 2 years, 10 years or only at retirement. This, will have a significant impact on your investment strategy. Let's look at the following example. A young couple just got married, they've put aside their first $50,000 and are saving for the future. The couple own their home, have a little bit of liquidity either through a credit line or a tax-free savings account and the rest of their assets are in their RRSP. The couple are 25-30 years old and thus, have a very long investment horizon and are likely not going to touch that RRSP money till they're 65 or 70. The couple will likely go through many economic cycles: the highs and the lows. If they do and if they are able to stomach the volatility through their mental fortitude or their intestinal fortitude, the time horizon question becomes less relevant for them because of their long-term investment horizon. Contrary to that, there's another young couple who puts their first 50K aside as a down payment for a house. Now, if this young couple is set on the idea of buying their house shortly, then that couple should not be invested in equities and stocks. Why? Because who knows what will happen in the stock market in the short term. If we see a 20% correction in the market, that couple might no longer be able to use that 50K for a down payment. Consequently, the time horizon question becomes more relevant for them, as they most probably will use that money in the short term. Accordingly, individuals either have a short, a medium or a long term investment horizon. RESPs (Registered Education Savings Plan) and how it applies with the topic of investment time horizon Let's pretend you have a couple kids at home. They're 3, 4, 5 and/or 6 years old. When it comes to their RESPs, think of your investment horizon for this specific investment account (RESP) as these kids grow and before they turn 18. If you have a 5 year old, he/she will start using his RESP at 18 years old so that gives you a 13 year investment horizon. Therefore, you could own equities in that portfolio and over time, you could consider reducing the equity ratio in the portfolio as those cycles can generally be anywhere from 3 to 7 years. The closer you get to the lower end of those years, the more you want to move towards some fixed income and some more defensive strategies. The key factor you need to know with your investment time horizon is obviously your retirement date. I often hear this misconception: ‘'When I retire at 65, all my assets need to be in cash.'' I don't believe this is right, I believe it's a misnomer. Full Blog article on How To Prepare A Sound Retirement & Estate Planning Strategy: What usually happens and what I've seen with my own eyes with my clients is entirely different. One would retire, then start drawing a little bit on their income. Perhaps you have a pension, you have some other dollars coming in and maybe you have some real estate income coming in. Regardless, you have some income coming in and some income needs to be derived from equities, dividends, dividend paying preferred shares, etc. It may also make sense to include some fixed income in there as well. Over time, you should reduce your allocation of longer-term investments as you near the end of your investment time horizon. The team and I would welcome the opportunity to discuss what is best for your specific situation.
Today, we're elaborating on divorces and the financial ramifications of going through one. If you happen to be going through one or you think you might be going through a divorce, you might find some valuable information here. I know it's not pleasant, but at least you can start to consider all the financial moving parts that need to happen when you are going through this. A lot of things are happening and obviously the change in your financial plans is a big one. You need to make sure you have a team in place that you trust and that you can focus on: -Your accountant and your lawyer. Hopefully, you have one of those professionals in your network that can help and guide you through the painful process of a divorce. There's a ton of marital assets that are there. First and foremost, you will want to divide the marital assets. This is going to be one of the steps that's going to be very complicated. One other key point you need to consider is factoring in the tax implications of dividing those marital assets. Sometimes you're much better to have a real asset like a property or a home (the marital home) than it would be to potentially own a registered asset, like an RRSP or something similar. These are factors that you definitely have to consider. When you're going through the split, there will often be pensions involved and you're going to have to consider all of these pensions that come into play in the divorce. How much of each do you have access to? Do you have access to the future cashflow? Are you doing a NPV (Net Present Value) on those pensions in order to figure out what they're worth today? At the end of the day, there will be a ledger indicating the assets for husband, the assets for wife and then there will be an equalization payment. It's complicated, trust me. Have the RESPs been factored in? Is that being taken care of? Who's going to be the trustee for the RESPs and how are you going to function that on a go forward basis, especially if the kids are still a young age? You also must consider and ask yourself this; what does my retirement look like? The retirement for a couple is significantly different than retirement for a divorcée. The divorcée now needs to factor in less cash flow. Expenses will most likely be similar for a house, for a condo, for travelling expenses, etc. Your cashflow is now way less than it potentially was before. Our priority at Tetrault Wealth Advisory Group is to make sure we can generate that cashflow. We do it in the most tax efficient way possible. You certainly want to make sure you look at all the documentation, the insurance needs, the beneficiary change. You'll want to look at the liabilities, look at any joint bank accounts with your name on it. There's unfortunately a laundry list of things that you need to go through and some of this stuff can easily be forgotten. The worst case scenario is that you forget one of these factors and the next thing you know, you're jointly held liable for something with your ex-spouse.
In this episode we talk about the RESP or the registered education saving plan in Canada and how this can be a great investment tool.
In E002 I'm joined by a young and inspiring investor, Jake Campagnaro. Jake makes BIG returns and in this sessions he tells the story of how he did his first private mortgage investment at the age of 19. Jake turned a $50,000 investment into approximate $500/month and travelled the world. You won't want to miss this! Jake can be reached at jacob@reccanada.com for those who would like to connect with him direct. As Jake points out in the episode, there are pros and cons to this type of investing. Yes, cash flow is a selling point with private mortgage investing but the con is that you don't get the 'passive appreciation' that you get from owning a property. It is a tradeoff. I particularly found it interest how Jake told the story of borrowing a personal, unsecured, line of credit and using that to invest the banks money and make profit in an arbitrage situation. While Jake didn't specifically discuss it, this type of investment can be done with registered funds such as RRSPs, LIRAs, TFSA, RESPs and the like. Music Info: Artist: JPB, Song: High, NCS Release: Feb 1 2015, No Copyright Copyright Free
New changes to OSAP - Including eliminating "free tuition", mandatory fees, and more were announced by the Ontario Government. Find out your impact here. Simple Money Podcast - Canada's own personal finance podcast
In the 12th edition of the MoneySaver Podcast, Ellen Roseman chats with Colin Ritchie from colinsritchie.com and Canadian MoneySaver contributor about grandparents funding RESPs, TFSA or RRSP, The Smith Manoeuvre, taxation, Wills and Powers of Attorney as well as his tips for a successful financial career. Questions Asked: 1:15 How do I make the best of my TFSA or RRSP for retirement? Let's say the person is 10 or 15 years out of university, making an income and has a little bit of student debt but not a crushing amount. 4:03 Who should be focusing more on maximizing their TFSA contributions? 7:18 What are some ways to get the max benefit from an RESP? And how to you invest at the beginning versus near the end when you're about to pull the money out for post-secondary education? 10:04 Can you explain what the Smith Manoeuvre is? 15:02 We should have a will and a power of attorney. What is your advice for people to get up to date with these important documents? 18:05 Does the power of attorney go along with the will? 19:37 What are your three best tips for handling your finances? 20:15 What's the best way to educate yourself about your taxes? 25:08 Since you're a CFP, have you made any mistakes in your day? Or do you find yourself procrastinating when it comes to financial planning? 27:40 What is the earliest age that you can start contributing to a TFSA?
Overview of funding an education. RESPs, grants, scholarships, and borrowing. Simple Money Podcast, Canada's own personal finance podcast! email: info@ffcoach.ca twitter: F_FCOACH
Intro to our incredible new series on education planning. RESPS, education grants, determining the future cost of an education, understanding the barriers facing vulnerable students, and more! This series will include special guests from all across Canada. Thank you for listening to Simple Money Podcast - Canada's own personal finance podcast
We’ve been angling to get our friend MYD on the show for a long time. If you don’t remember, he’s the nice guy who offered to convert the show to audio and list it in all the podcast places before Season Three, Well, we still haven’t managed to get him on the show, but here’s the next best thing: we asked him what he wanted us to talk about, and he sent us a long list of questions to answer about RESPs. There are a few 101 questions, lots of 201 questions, and even a few 301 and graduate level ones. Thankfully, we got the list before we recorded the show! 2:14 - Family Plan vs Individual Plan 5:28 - RESPs Basics and Terminology 14:09 - Why Scholarship Trust Funds are the absolute worst 20:02 - For gifted children is there a lower age limit to RESP withdrawals? 22:02 - What happens if you want to open an RESP later in life? 26:00 - What’s the best way to set up an RESP for a child that isn’t related to you? 31:08 - What if there’s a falling out between the subscriber and beneficiary? 34:54 - What happens to an RESP if you die before the child is ready for the money? 41:30 - Where should I go to open an RESP? 51:33 - How should you change your asset allocation over the lifecycle of an RESP?
- True Family Wealth & the Business of Family with author Chris Clarke - Daycare negligence - what you need to know with McLeish Orlando's Kate Mazzucco - Tangled Up in Blue! Musicologist Eric Alper with stories behind some of our favourite blue songs - 4 Steps to cover up #Rosacea with award winning makeup artist Cheryl Gushue - Paying for your child's education & understanding RESPs with Meridian Credit Union's Dilys D'Cruz - Musician David Bray talks looking at life with a new perspective & performs 'Who Do You Turn To?' LIVE with Lorraine Reid SUBSCRIBE to What She Said and watch interviews & more: http://www.youtube.com/WhatSheSaidTalk Miss a show? Stream & download full shows for free on iTunes: http://www.apple.co/1U700c0 Follow us on Facebook/Twitter/Instagram: @WhatSheSaidTalk Website: http://www.whatshesaidtalk.com What She Said! with Christine Bentley & Kate Wheeler airs Saturday and Sunday at 10-11PM ET on Jewel 88.5 Toronto. Listen LIVE on the APP: http://www.streamdb5web.securenetsystems.net/v5/CKDX
On today’s show we have three guests. Mike Davies is a financial planners with IPC Investment Corporation in Brantford, and he explains the RESP rules, including how much you can contribute. In the second segment Barton Goth, a bankruptcy trustee based in Edmonton, Alberta, explains what happens to an RESP if you go bankrupt. Alberta has different rules than Ontario, and we discuss the differences. In the bonus segment Ted Michalos, co-founder of Hoyes Michalos, gives his opinion on how the federal government should change the rules to make the RESP rules consistent across Canada.
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