The Canadian Money Roadmap

Dealing with money topics with a partner can be stressful and particularly stressful for the person who is not the "money person" in the relationship.In this episode, I help outline a way that you can very simply explain your entire money life to your partner without getting into the weeds of technicalities.The high level details of your financial life can fit on a single page under the following categories:1. What do you have?2. What do you owe?3. Where are you going?4. What if...?Do more if you want! But start here to end the year on a note of transparency, clarity and openness.Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

You might not want to hear it... but here are 7 inconvenient truths about investing: Low fees won't solve all your financial problemsAny long term investment worth owning will go down at some pointIf you're properly diversified, some part of your portfolio will always be underperformingSomeone you know will always have a better performing portfolio than youIf you're reacting to the news with your portfolio, you're already too late.  And you can't know in advance what the impact of that news will be (even if you're right about predicting the bad news).Making money in the stock market takes a lot of timePast performance is not indicative of future results (including the S&P 500!)Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

In this episode, I'll discuss the new TFSA contribution limit for 2024 and why it might be a good idea to withdraw funds now if you're planning to use them early next year. We'll also look at the First Home Savings Account (FHSA), and the importance of opening this account in the year you wish to use the contribution room. We'll additionally explore the RSP contribution room for 2024, pegged at $31,560, and why your earned income is the only income that counts towards this room. I'll also go over the process of tax-loss harvesting, and the year-end distributions for mutual funds and ETFs in non-registered accounts.  We'll also talk about how making charitable donations can work in your favour and a reminder to exhaust your workplace benefits before the year concludes. Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

Are you well-armed against the 20 most common investing pitfalls? In this week's episode, I dive into the critical importance of setting reasonable expectations for returns, having clear investment goals, ensuring portfolio diversification, and avoiding the pitfalls of falling into short-term focus. We also shed light on the dangers of excessive trading, the influencing power of media hype, and how unchecked emotions of fear and greed can lead to poor financial decisions.The episode doesn't just stop at identifying these mistakes; it offers valuable guidance on how to steer clear of them. Learn about the often-overlooked aspects of financial planning, including controlling asset allocation, managing fees, and understanding the impact of inflation on investments. I also emphasize the merits of long-term planning and informed decision-making.Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

Have you ever struggled with finding the perfect gift for that person in your life who seems to have everything? This week, fellow financial planner Jordan Arndt joins me to propose a unique and meaningful solution: charitable gifts. Our conversation takes us through the concept of Giving Tuesday, showcasing the importance of giving back during the holiday season and the key role it plays in our communities. But the benefits of charitable giving extend into the financial world as well.  We break down how making donations to registered charities can have a significant impact on your tax bill. We talk about everything from non-refundable and refundable credits, different brackets for tax credits based on donation amounts, and the exciting concept of matching campaigns. We underscore the importance of researching before donating and highlight the various tax credits available, including the ability to transfer them to a spouse or carrying them forward for five years. So tune in and let's explore the power of generosity and its potential perks this holiday season!Follow Jordan on Twitter/XSign up for Jordan's newsletterWant a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

November is Financial Literacy Month in Canada and this week's episode is dedicated to that! We talk about the importance and benefits of financial literacy and then walk you through a quiz to see where you'd land on the literacy scale.If you need some help with getting rid of some of your financial "I Don't Know's", get started with my Financial Foundations Course at the links below:Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

November is Financial Literacy Month in Canada so this episode is a whirlwind tour through the big topics you need to know to master your money:1. Cash flow2. Budgeting3. Taxes4. Debt Management5. Insurance6. Investing7. Retirement Planning8. Estate PlanningWant a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

In this episode, I walk through a real case study from clients of mine where I’m helping them prepare to make a $187,000 TFSA contribution.I use this real life example to explain some of the key TFSA concepts:- Contribution room- What happens when a spouse dies?- Making a withdrawal- Over-contribution penalties- Re-contribution of withdrawalsWhile this situation is unique to the client, the steps taken along the way might be relevant for you and someone you know.Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

In this week's conversation with Jason Yee, we discuss all things related to the Canada Pension Plan (CPP).  Jason helps unravel the diverse types of CPP benefits, eligibility rules, and how to leverage CPP's unique features optimally. To make the concepts easier to understand, Jason created an animated video that explains the process of obtaining the maximum retirement pension from CPP. You can watch Jason's CPP Explainer Video HereLater in our discussion we talk about your decision on when to take CPP being a strategic choice. We take you through this crucial choice and the trade-off it brings between receiving it earlier for a smaller amount or waiting for a larger payout. Delving into CPP's two types of inflation adjustments, we explore how the pension maintains its purchasing power. We also briefly talk about recent changes with the Additional CPP and their potential benefits. Planning for retirement can often seem like venturing into the unknown. With Jason, we address this uncertainty by highlighting the importance of accurate CPP benefit estimation for effective retirement planning. Together, we navigate the four essential questions to ponder when considering your future spending. Additionally, we shine the spotlight on CPP sharing,  post-retirement benefits, and death benefits. Join us in this insightful journey as we demystify CPP and equip you with the knowledge to make the best decisions for your retirement future.Contact Jason at Finepoint SolutionsWant a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

This week, I jumped onto Reddit to find a few topics that are top of mind for many Canadians. Here are the headlines for the posts I discuss on the episode:1. So lost. Lost my high salary job. What do I do now??2. One bad financial decision. The stress is constant now. Not sure what to do3. Am I doing something wrong, or is this roboadviser not that good?4. With the enhanced CPP, you may not need to save much for retirementAs always, I will use these situations to give you ideas for how to prevent problems in your own financial life and provide some context for how to better understand the financial world around you.Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet