Can You Deduct You Financial Advisory Fees?
Winnipeg Financial Planning
by Marc Sabourin Video
1y ago
Can you deduct your financial advisory fees? The short answer, It depends. Today, we’ll be going over the top 3 methods Canadian advisors use to charge their clients and whether or not those methods allow you to deduct their fees on your tax return.   Method 1: Fee for service The first payment method we’ll be covering is fee for service. This entails paying an advisor a flat or hourly fee to complete a financial plan. For example, John Smith is a certified financial planner with two payment options. You can pay him a flat fee of $5,000 for a financial plan or an hourly rate of $2 ..read more
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NHL Performance Bonuses
Winnipeg Financial Planning
by Adam Henry
1y ago
With Nathan Mackinnon signing the third largest contract in NHL history, and with 85% of it being paid as signing bonus, there has been a lot of chatter around the league regarding bonuses, and I figured now would be a good time to address them. More specifically, what are they, who is entitled to them, and what are the advantages? For simplicity, there are two types of player bonuses: Performance Bonuses and Signing Bonuses. Since they are two different topics, I will first cover performance bonuses in this article, and in my next article I will cover signing bonuses. NHL Performance Bonuses ..read more
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Should You Wait Until Things Look Better To Invest?
Winnipeg Financial Planning
by Colin Sabourin
1y ago
With the recent decline in stock markets, some of you have called looking to take advantage of this drop and buy low. The one question that comes up in every conversation is:   “I know I should buy when stocks are down, but should we wait until things start to look better before investing?”   This is a fair question. Nobody wants to buy and then watch their portfolio decline, but there is one issue with this question…   What’s the definition of look better? Does look better mean “when markets are rising?” Or does look better mean “when markets have dropped further?” If your de ..read more
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A Reminder As To Why You Are Investing
Winnipeg Financial Planning
by Colin Sabourin Video
1y ago
Is it worth it? How confident are you feeling about your investment portfolio these days? Are you questioning if you’ve made a mistake investing, if it’s worth it, if it will ever bounce back? If these thoughts are crossing your mind, you’re not alone.   But it’s going to be okay – let’s get into it. The post A Reminder As To Why You Are Investing first appeared on Trans Canada Wealth Management. The post A Reminder As To Why You Are Investing appeared first on Trans Canada Wealth Management ..read more
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Best Questions To Ask A Financial Advisor
Winnipeg Financial Planning
by Marc Sabourin Video
1y ago
Whether you are looking to hire a financial advisor or already working with someone, there are a few key questions that you should get answered. Let’s dig into these questions and review some of the answers that should raise red flags.   Are you a fiduciary? If you asked a friend or family member whether or not current regulations required financial advisors to act in clients’ best interest, I would imagine the majority would answer yes, or I certainly hope so. Unfortunately, that’s not the case. A fiduciary is a person or organization that acts on behalf of another person or persons ..read more
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Should You Be Using More Than One Financial Advisor?
Winnipeg Financial Planning
by Marc Sabourin Video
1y ago
Instances of clients using multiple advisors rose after Bernie Madoff’s Ponzi scheme was revealed during the 2008 financial crisis. However, in good or bad times, multiple advisors can lead to higher fees and lost efficiencies. Ponzi Scheme Protection Nobody wants to be the victim of a Ponzi scheme, so using multiple advisors sounds appealing as you diversify your portfolio across different advisors. The big issue for investors in Bernie Madoff’s Ponzi scheme was that Bernie’s firm was the one’s holding the funds and issuing the statements. No third party was involved to ensure that the fun ..read more
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Invest Large Lump Sum of Money Tax-Efficiently By Using Your Children
Winnipeg Financial Planning
by Colin Sabourin Video
1y ago
Here is the scenario You’ve just inherited $1,000,000. You invest the million and it starts generating $40,000/year in dividends. $40,000 is great until you realize the tax man takes away $15,114 every year, leaving you with $24,886. What can you do? Well, you have these kids, your kids! And their current annual income is a big fat $0. So here’s what you could do.   **This example uses $1,000,000. However, the strategy would also work with smaller amounts and still save you thousands.** The post Invest Large Lump Sum of Money Tax-Efficiently By Using Your Children first appeared ..read more
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Case Study: Simple Tweak Saves $50,000 in Taxes
Winnipeg Financial Planning
by Marc Sabourin Video
1y ago
Two Main Concerns Sarah was concerned about two things now that she was retired. The first being how to invest tax efficiently. The second concern was with the portfolio fluctuations that she had experienced and now that she was no longer contributing to her accounts she was worried about it in retirement. In this video, Marc works through how to solve both of Sarah’s concerns while finding tax savings along the way. The post Case Study: Simple Tweak Saves $50,000 in Taxes first appeared on Trans Canada Wealth Management. The post Case Study: Simple Tweak Saves $50,000 in Taxes appeared fi ..read more
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How much money should an NHL Player save?
Winnipeg Financial Planning
by Adam Henry
1y ago
In a previous article – How much of their salary do NHL players keep? – I outlined a rule of thumb for players to assume they’ll only have 40% of their stated salary as cash they can use. For example, if they have a salary of $3 million, they should budget for $1.2 million. The next question is: How much of that 40% should they save and invest?   The Answer That depends. NHL salaries vary substantially, so there isn’t a one-size-fits-all financial planning solution. However, I’m a big fan of trying to simplify things into a language players can understand. So, I figured that illustra ..read more
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2 Things That Should Be In Your Corporation
Winnipeg Financial Planning
by Colin Sabourin Video
1y ago
Today let us look at the two things that business owners own personally and should actually be owned corporately.   Personal Debt Number one is your debt. If you have any personal debt, mortgages, credit cards, car loans, consider trying to move those into your corporation because then you’re able to write off the interest. Now you may be asking, how do you write off the interest of a mortgage or personal mortgage? We can use a strategy that’s called a debt swap. Here’s an example of how it could work. You borrow money corporately, you pull it out of the corporation tax-free via the sh ..read more
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