It's Personal Finance Canada

What has happened will happen again. Bull and Bear markets come and go but it is important to study and understand the Bear markets and crashes so we don't make mistakes the next time they come around.  This week we go over some the of the biggest North American stock market crashes and find out what triggered them, how the recovered and who those lessons can apply to today's Bear Market so you can protect and grow your investments. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com

What happens when you are no longer able to manage your finances? This is where a Power of Attorney comes into play. This week we talk about what this power is, how to choose a representative and how to structure it in a way which will help you live more comfortably and be able to take care of those you love better.  If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com  Useful Resources: Governmetn of Canada Report: "What every older Canadian should know about: Powers of attorney (for financial matters and property) and joint bank accounts" https://www.canada.ca/en/employment-social-development/corporate/seniors/forum/power-attorney-financial.html 

Economists say that over the next four years over a Trillion dollars will be moved from parents to kids in Canada. If you're lookling to better understand how to get money to your kids or are looking to start a conversation with family members then this weeks episode can help get that informed dialogue going and understand the benefits and limitations of estate planning. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com  Useful Resources: Macleans's article on intergenerational wealth transfers: https://www.macleans.ca/economy/generational-wealth-often-comes-in-the-form-of-down-payments-and-trust-funds-does-it-also-include-grocery-runs/#:~:text=Kang%20says%20wealth%20is%20%E2%80%9Cthe,by%202026%20is%20the%20largest From Manulife "Preparing your family for the great wealth transfer": https://www.manulifeprivatewealth.com/ca/en/viewpoints/investor-education/preparing-your-family-for-the-great-wealth-transfer  

This week we talk about how your financial planner or advisor should be deciding which funds are the best fit for you. We cover all the ins and outs and everything you need to be aware of as you prepare to put your hard earned money to work with the right person. From KYP to KYC, sales charges, fund composition and everything in between we take away the mystery of investing with an advisor. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com 

This week we give you an inside look at what goes on inside your first meeting with a financial planner. We go over the different desiganations and what they mean for you so you can make sure the person you're talking to is actually qualified. We then cover many of the best questions you can ask to determine if they are really the best fit for you and your family. There's also tips about proper expectations, governemnt regulations, industry protocols and sales practices you need to be aware of to ensure you're getting the best service possible. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com  Don't forget you can email us at contact@braunfinancial.com to get a sample of our client fact finder so you can see what to expect, and to make sure your planner is being as thourough as they should be.  Useful Resources: What it takes to become a Certified Financial Planner: https://www.fpcanada.ca/certifications/cfp-certification 

Today there seems to be all kinds of options when it comes to investment accounts. But knowing which one will benefit you the most isn't always obvious. Today we get a refresher on RRSP's and TFSA's but we also delve deep in to what a Non-Registered account is and when it's a good time to use one. Finally we talk about how you can maximize your savings and tax bill by using a combination of these different account types. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com  Useful Resources: RRSP: Contribution rule info: https://www.savvynewcanadians.com/rrsp-deduction-limit-carry-forward-and-over-contribution-rules/ CRA and Capital Gains: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037/capital-gains.html Dividend Taxation: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12000-taxable-amount-dividends-eligible-other-than-eligible-taxable-canadian-corporations.html

This week we go deep into our motivations behind making more money and find out if the true cost of "success" is worth it. From recent sociological, economic and goverment studies we find out if it's really worth working yourself to the extreme in order to have more money. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com   Useful Resources: -Stats Can study on sources of stress: https://www150.statcan.gc.ca/n1/pub/11-627-m/contest/finalists-finalistes_2-eng.htm  -Daniel Kahneman's 2010 study "High income improves evaluation of life but not emotional well-being": https://www.pnas.org/doi/10.1073/pnas.1011492107   -Harvard Busniess School study on the corrolation between happiness and income: https://hbswk.hbs.edu/item/more-proof-that-money-can-buy-happiness#:~:text=When%20we%20wonder%20whether%20money,cause%20stress%2C%20new%20research%20shows -Killingsworth's article from the Proceedings of the National Academy of Sciences Journal: https://www.pnas.org/doi/10.1073/pnas.2016976118  -World Economic Forum study on a 4 day work week: https://www.weforum.org/agenda/2022/05/4-day-work-week-what-means-for-the-future-of-work/  Books Mentioned: -Deep Work by Cal Newport -The 80-20 Principle by Richard Koch -Is Work Killing you by Dr. David Posen

Carbon Prices are going up! This week we talk about what Canadian Carbon Taxes meant to you and how you need to start preparing. What is the tax, how it's trying to change you behavior and how the choice for change is evaporating before us while we also stare down the barrel of a recession.  If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com  Useful Resources: Fraser Institute - Estimated Impacts of a $170 Carbon Tax in Canada: https://www.fraserinstitute.org/sites/default/files/estimated-impacts-of-a-170-dollar-carbon-tax-in-canada.pdf International Energy Agency - Global Energy CO2 Status (2019): https://www.iea.org/reports/global-energy-co2-status-report-2019 Nature Climate Change Journal - Limited impacts of carbon tax rebate programmes on public support for carbon pricing: https://www.nature.com/articles/s41558-021-01268-3 BC Climate action tax credit info: https://www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/climate-action Goverment of Canada - Carbon pollution pricing systems across Canada: https://www.canada.ca/en/environment-climate-change/services/climate-change/pricing-pollution-how-it-will-work.html

This week we tackle many examples of conventional wisdom and try to offer eight financial tips that will actually help you right now. Everything from education, job oppertunities, buying habits, and savings get put to the test to see what still bears proverbial fruit in 2022. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com 

It's been a rough start to the markets in 2022, and high inflation and rising interest rates aren't making things any better. This week we take you behind the curtain for a look at what is happening behind the scenes with carriers and fund managers and how you can ask your financial planner the right questions about your investments. If you live in British Columbia, let us help you take care of the people you love and visit braunfinancial.com