Live Wealthy Blog

Fresh insights from our Professional Wealth Advisors.
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Teaching kids about finances

Teaching Kids About Finance in the Digital Age

If you’re having a hard time pulling your (grand)child away from their smartphone, you’re not alone. A recent CBC article shed some light on the complications emerging from smartphone use. Meal delivery services have become so ubiquitous that high-school students are ordering meals to school. One high school reported 50 to 70 deliveries in a day before a ban was put in place.1
It may seem harmless, but there are concerns that deeper behaviours are being cultivated. In this age […]

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Confident Outlook in 2020

Looking Ahead with Confidence in 2020

Happy New Year, and welcome to the new decade!
The start of any new year is a time often rife with market predictions. But remember to keep perspective during prediction season.
Perhaps one of the more striking reminders of the dangers of predictions occurred 40 years ago when Businessweek Magazine declared the “Death of Equities.” It warned the “death of equities as a near permanent condition.” While inflation was rampant and markets did perform poorly during this time, as Bloomberg […]

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RRSP vs TFSA

RRSP Season Again: The $1 Trillion Opportunity

Over $1 trillion: At last count, that’s how much that was reported by Statistics Canada as the total amount of unused Registered Retirement Savings Plan (RRSP) contribution room of Canadian taxpayers.1 While unused contribution room may be carried forward indefinitely — and there may be good reasons to do so — there is a forgone opportunity of tax-deferred, compounded growth.
RRSP contributions appear to be declining over recent years, perhaps due to certain perceptions. One belief is that it is […]

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thank you

Growing our Business, Thanking You, and Supporting our Community

Over the years, as many as 95% of our clients have come to work with us through a referral from an existing client. We are fortunate to have a business which grows essentially on word of mouth. We would like to extend our gratitude to every client that has referred a family member or friend to us over the years.
We have additional capacity in our firm and would like our growth to continue. The big questions we grappled with […]

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Checking Investment Performance

How Often Are You Checking Investment Performance?

Technology continues to change the speed at which we process information. According to Netflix, it takes just 1.8 seconds for subscribers to consider each program title they encounter.1 Studies show that online shoppers are more likely to make a purchase if they can retrieve product information more quickly. It was reported that for every 100 millisecond improvement in load time, Walmart experienced up to a one percent increase in online revenue.2
At the same time, we’ve conditioned ourselves to seek […]

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Prioritize Estate planning

Make Estate Planning a Priority in 2020

Have you made your estate plan a priority? If not, why not resolve to do so for the year ahead.
An effective estate plan ensures the efficient distribution of assets according to your wishes to maximize the legacies to your family or other beneficiaries. With the realities of complicated family structures or business ownerships, and the intricacies of tax and succession laws, forward planning can help promote efficient administration and minimize expense down the road.
A well-prepared estate plan offers benefits […]

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Gift Funds

Thinking About Gifting Funds to Adult Children?

Most of us have heard the statement: “back in my day, I walked uphill both ways to get to school.” But given the rising costs to own a home or earn a higher education, perhaps kids these days don’t have it as easy as we may think. If we look back 35 years, the average cost of a home was only 1.6 times annual family income; today, it has climbed to around eight times average income. Tuition costs have […]

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Lifespan for retirement plan

Impact of Longer Lifespans on Retirement Plans

There are many factors that can affect the amount you need to save for retirement. One factor that is often overlooked is the increasing average life expectancy.
Here is a great article about the impact of longer lifespans on our retirement plans:

Canadians are living longer and it’s changing the financial equation for retirement
By Kate MacDonald
“…Today, one of the most taxing challenges that is often left out of the conversation is the impact of the change in average lifespan. According to […]

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RESP for Grandchildren

Funding an RESP for Grandchildren

With the rising costs of education, many grandparents have been asking about funding a Registered Education Savings Plan (RESP) for a grandchild’s post-secondary education. While it is possible for grandparents to open an RESP for grandchildren, it is important to exercise caution, for two reasons:
1. Don’t Exceed Maximum Allowable Amount
If multiple RESPs exist for the same child, total contributions need to be carefully monitored so they don’t exceed the maximum of $50,000 per beneficiary, as penalties will apply.
2. Know […]

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Percentage to Withdraw in retirement

What Percentage of Investments Should I Withdraw in Retirement?

The percentage that a retiree decides to withdraw in retirement from their investments is referred to as a drawdown percentage. This is the portion of retirement account that a retiree withdraws each year. What percentage is the best amount to withdraw?
If the drawdown percentage is too high, the retiree will outlive their savings and struggle financially at the end of their life. If the drawdown percentage is too low, the retiree will die with money left over. Many people […]

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