UPotential is a fee-for-service financial planner – meaning that our compensation is based on a transparent, pre-established rate agreed upon before our engagements begin. We do not receive any compensation from, and do not offer, the sale of any investment or insurance related products/services. As a UPotential customer you will be under no obligation to utilize any particular investment or insurance product/service to action any of the plans we create. If you wish to engage the services of ETF Capital Management – a registered portfolio manager – you should be aware (and will be made aware at the time) that UPotential is under common ownership. Our goal is to help you get the most out of your money – so we will act always in the best interests of our clients, with full transparency, and in a manner which aligns our interests accordingly.
Is Pension Income Splitting Available for the Year of Death?
Although we like to focus on the joy and excesses of the season, a year-end must remind us of some looming deadlines as well. With increasing wealth accumulated in RRSP and RRIF accounts and their punitive tax treatment upon death, it is important to note that there are some time-limited rules that must be respected when distributing funds from the deceased’s registered accounts. Delays could tamper with the spousal and qualifying beneficiary rollover provisions and should be avoided wherever possible.
Click here to read the full article on Advisor’s Edge
How Financial Psychology Can Boost Savings Rates
People have long understood that a goal with a short-time frame and a tangible benefit has a greater likelihood of being achieved than one that will take years to achieve. This article links successfully achieving a goal with being in a sentimental mindset when you undertake the commitment required to achieve the goal. That got me thinking: what would you bring to a meeting with me to put you into the right sentimental mindframe for a financial goal? Your passport? A photo of a home or car? A photo of your parents are your post-secondary convocation?
Click here to read the full article on Wealth Professional
On #GivingTuesday, Companies Turbocharge Holiday Giving Efforts
Giving Tuesday has become a world-wide phenomenon promoting philanthropy alongside the excesses of Black Friday and Cyber Monday. Usually, the emphasis is on the tax benefits for individuals and explains the use of the donation tax credit. This article focuses on corporate philanthropy as a way of aligning corporate and client values. Read on!
Click here to read the full article on Reuters
Five Ideas to Reduce the Clawback of OAS Benefits
This article highlights some simple ideas you can implement to reduce the clawback of your OAS benefits. These strategies all form part of our plan to save you taxes, preserve your Federal income streams and optimize your goals.
Click here to read the full article on The Globe and Mail
Decoding Your Clients: How Technology and Genetics will Impact Financial Planning
This article presents several viewpoints with respect to the intersection of financial planning and genetic testing. As a fee-for-service financial planner, my role is to create financial models that project your household’s financial situation into the future. I believe that my clients will benefit substantially from the progress made in medicine and genetic testing. The better we can understand the opportunities and constraints that lie ahead of us, the more knowledgeable our decisions will be with respect to the delicate balance between living for today and protecting ourselves from outliving our wealth.
Click here to read the full article on Advisor’s Edge
How Do the Wealthy Spend Their Money?
In reading this article, I was reminded of clients who not only want to know, “will I be OK?” but are interested in learning about what others in similar situations are doing with their wealth. This article identifies 10 common ways in which wealth is used and shared. In my experience, clients do like to spend on vacations, hobbies and services – especially as they age. I don’t see many people who want to isolate themselves as the article describes but I am increasingly seeing the focus turn towards inter-generational transfers and philanthropy.
Click here to read the full article on ThinkAdvisor
Money SOS: Emergency Fund Basics
An emergency fund is the least sexy of all the financial planning topics. However, knowing that your financial obligations will be covered for a period of time—no matter what happens to your job, health, or personal circumstances—is critical. This is true whether you’re just starting out or already have substantial savings.
Click here to read the full article on GoldenGirlFinance.com
Salary or Dividends, Which is Best for Small Business Owners?
I have taken countless exams over the course of many years of study. Frequently, they use multiple-choice questions. Yet, I’ve never seen the option, “It Depends”—which is often the most accurate response in financial planning. Here are some issues to consider and discuss with your financial planner and/or accountant.
Click here to read the full article on GoldenGirlFinance.com
4 Easy—and Legit Ways— to Save Tax in 2019
In the coming weeks, we’ll be busy collecting receipts, following up on t-slips that have been misplaced and wishing that we could have done a better job of our tax planning. Unfortunately, by the time we’re in the middle of tax reporting, it may be too late to do much tax planning.
Click here to read the full article on GoldenGirlFinance.com
Financial Planner or Portfolio Manager— How to Choose the Right One
For the past 17 years, I’ve been a certified financial planning professional (CFP). During all that time, I’ve been explaining to people what I do because they’re confused. I blame industry jargon on this problem, so let me straighten things out a little…
Click here to read the full article on GoldenGirlFinance.com