We are very pleased to announce that Jenny Reimer, Director of Financial Planning at Money Coaches Canada, has taken on the additional role of Chief Operating Officer (COO). Jenny has more than twenty years of experience in the financial services industry and holds the Chartered Investment Manager (CIM) and Certified Financial Planner (CFP) designations. As our Director of Financial Planning for the past three years, Jenny has been responsible for managing ongoing training for our coaches. She keeps our team up to date on current trends, legislation, and best practices, ensuring our clients re ..read more

By Steve Bridge, BA (Hons.), CFP®  Retirement, or financial independence, ranks as one of people’s top financial goals. We’re currently in the midst of “RRSP Season”, and many Canadians are giving at least a passing thought to their eventual retirement. A January 2024 survey by the National Institute on Ageing revealed that 26% of working Canadians aged 50+ say they are unsure of whether they can afford to retire at their desired time, with another 39% indicating they are not in the financial position to do so. The same survey found that the rising cost of living was by far the most frequ ..read more

By Sheila Walkington, BBA, CFP®  The new year is a great time to reflect on the past and look forward to the future, both personally and financially. Here are five tips for kicking off 2024 with a financial fresh start: 1. Revisit your Goals At Money Coaches Canada, we always like to start with your goals. After all, your money is really just a tool to help you achieve them. What were you hoping to work towards last year? What did you achieve and what are you still working on? What new goals would you like to set for yourself and what do you need to do to reach them? Some goals might be ..read more

By Jenny Reimer, CIM, CFP® Director, Financial Planning Financial Literacy month is here again. You can tell by all the financial stories in our news feeds. Some warn you to watch out for hidden investment fees. Others explain the benefits of RRSPs and TFSAs. And what about that new First Home Savings Account? There’s always something to learn (or be reminded of) when it comes to managing our money. Turning Plans into Action At Money Coaches Canada, we’re happy to help educate you on the technical aspects of personal finance. But what we find even more effective is teaching the financial skil ..read more

By Noel D’Souza, CFP® Director, Communications It has often been said that “Cash is King”, but when it comes to personal finance it wouldn’t be a stretch to say that it’s all about CASH FLOW. Cash flow planning is a key aspect of financial planning that involves monitoring, analyzing, and managing the inflows and outflows of cash over a specific period. Effective cash flow planning is crucial for achieving financial stability, regardless of your age or income. It will help you manage your day-to-day finances, achieve your longer-term financial goals, and live a comfortable life free from mone ..read more

Clients sometime ask why their take home income increases later in the year when they haven’t received a pay raise. The answer is CPP (Canada Pension Plan) and EI (Employment Insurance) contributions. CPP As Canadians, anyone who earns employment income is required to contribute to the CPP program. If you are an employee, your CPP contributions are deducted at source from your payroll until the maximum annual amount is reached. Once this maximum is reached, the deductions stop and your take-home pay will increase. For 2023 the ‘maximum annual pensionable earnings’ is $66,600.00, less a basic e ..read more

An undeniable advantage of working together as a team – as we do at Money Coaches Canada – is the opportunity for on-going collaboration and mutual learning. In May the Money Coaches Canada team assembled to review what we do – and more importantly, WHY we do it – and how we can grow as financial coaches to better meet the needs of our varied clients and guide them along their lifelong financial journeys. This year we gathered on beautiful Salt Spring Island in British Columbia. We thought we’d share a few pictures of the team and the breathtaking and inspiring view from our conference venue ..read more

By Jenny Reimer, CIM, CFP® Director, Financial Planning We’ve all seen the commercials and maybe even read an article that attempts to measure the value of financial advice. Simply put, most people who work with an advisor build more wealth over time. Research shows that this is due to a combination of appropriate investment strategies, better savings habits, and coaching to avoid costly mistakes. As Money Coaches, we have seen there are also significant intangible benefits to seeking out personalized financial advice and putting it into action. Results from the Financial Planning Standards Co ..read more

By Jenny Reimer, CFP® Director, Financial Planning Spring is around the corner, and along with the warmer weather comes tax season. This month, we would like to highlight a few changes to be aware of and share some helpful tips for preparing your 2022 taxes. The Effects of Inflation Inflation was felt by all of us in 2022, and it also affected important tax figures. The Canada Revenue Agency (CRA) used an inflation rate of 6.3% to index the 2023 tax brackets and other key amounts. The Tax-Free Savings Account dollar limit for 2023 has increased for the first time since 2019, from $6,000 to $6 ..read more

By Karin Mizgala, CFP® Co-founder and CEO Money Coaches Canada Wayne and Karin with their rig To say that my husband Wayne and I are quite different is an understatement. He’s an artist and I’m a financial planner. Say no more! However, the one thing we are in perfect agreement on is that we love road trips. Any chance we get, we hit the road and often use this opportunity to dream and set goals and intentions for our life together. Over the years one of our big dreams was to buy an RV and bring our home with us on our adventures. We hit a few roadblocks when the time came to make this a rea ..read more