Live Wealthy Blog

Fresh insights from our Professional Wealth Advisors.
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Financial Advice

The Value of Financial Advice

Money is emotional and the biggest risk is embedded in ourselves as decision makers. And that is why it is of utmost importance to have a good advisor to guide us through our financial decision-making. But how much value does an advisor really add?
Once I’ve done my homework and have partnered with a skilled and principled advisor who I trust, I may need them to be both my money planner and psychologist. Financial Tip: I will listen to my financial […]

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Happiness is linked to Money

Happiness has a Dollar Value—Less than You Think

What drives our happiness? This is a question that researchers continue to investigate. Despite the oft-repeated adage suggesting otherwise, there is indeed an intrinsic link between money and happiness. However, the research might surprise you.
Each year, the United Nations (UN) measures the happiness of countries globally in its World Happiness Report. According to the UN, the variables that drive a nation’s happiness include income, social support, healthy life expectancy, freedom, trust, and generosity. Canada consistently places in the top […]

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probate fees

Keep Probate Fees in Perspective

In Canada, we don’t have a “death tax,” where significant taxes must be paid on the transfer of wealth at death. Consider that in some countries like the U.S. or Japan, estate tax can reach rates of up to 40 and 55 percent respectively!1 Yet, over the years, probate fees have become a de facto estate tax.

Estimated Probate Fees on a $1M Estate Value by Province2

Probate is the process by which a court confirms the validity of the will […]

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Precision Wealth Management streetview

Finding the Right Financial Partner in Parksville

It’s important to take action and make sure your financial future is in order, and it’s never too early to start. But where do you begin? Everyone wants to know if they are getting what they pay for. How do you choose the right financial partner?
Financial planners have varied training, qualifications, and experience in Parksville and across Vancouver Island. Many financial planners hold designations and have passed courses in financial planning. Others are also registered with their securities regulator […]

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Budget

Budget 2019: New Housing Affordability and Retirement Planning Initiatives

In late March, the Federal Government tabled their final budget prior to October’s federal election. The Budget holds key initiatives aimed at helping young people with housing affordability, and to help seniors with retirement planning. Here are some notable changes that may impact you or your loved ones, specifically targeting the young and the old:
The Young: Housing Affordability
While many children may be hoping for support from the bank of mom and dad to purchase a home, if this isn’t […]

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RRSP withdrawal

Don’t Make this Costly Mistake! Be Sure to Declare RRSP Withdrawals as Taxable Income

RRSP withdrawals must be part of your tax planning strategy. It is extremely important to understand the implications of Registered Retirement Savings Plan (RRSP) withdrawals on your taxable income in the year you make the withdrawal.
Below is a well written article that highlights the implications of RRSP withdrawals, and provides a good understanding of the tax system. Remember, seeking professional tax advice is always a prudent strategy.

Running afoul of the CRA on RRSP withdrawals can be a costly mistake
By […]

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Estate planning with TFSA

What Happens to a TFSA When you Die?

Tax-Free Savings Accounts (TFSAs) are a great investment option with tax free investment growth and tax free withdrawals. Upon death, what happens to your TFSA depends on who the beneficiary is, or if you have named a successor holder.
TFSA Successor Holder or Beneficiary
Let’s look at the difference in tax consequences and probate, assuming the following designations:
Successor Holder – Spouse
Only your spouse can be designated as the successor holder of your Tax-Free Savings Account. The successor holder is designated instead […]

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RESP Grant BC offers

New Parents: Making RESP Contributions

I recently became a new parent at the ripe old age of 40. It has been exhausting, amazing, and overwhelming all at the same time. There are many things to consider financially for your new child, and this can feel daunting.
The first topic I will tackle in this series of blogs is the Registered Education Savings Plan (RESP).
RESP Grant BC parents should access for their child’s education
RESP’s are made up of contributions (principal) and different government grants. For example, […]

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Investing is a bumpy road

Investing: Never a Smooth Road

Fear and greed—the two emotions that are said to drive the equity markets. How quickly, it seems, that the sentiment can oscillate from one extreme to the other. Over recent times, Canadian and U.S. equity markets have experienced periods of remarkable advances in prices, as well as many months which seemed to forecast an Armageddon just around the corner.
It is interesting how quickly the focus of many market commentators can shift with these movements. After a volatile December for […]

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Arrowsmith Search and Rescue members

Volunteering for Arrowsmith Search & Rescue

I have always wanted to volunteer in my community, doing something that impacts peoples lives. So, two years ago I joined Arrowsmith Search and Rescue. I am really enjoying the experience, and hope that my efforts positively affect the people we serve. 
Because of my previous military training, I believed that S&R (Search & Rescue) was the best fit for me. From a training perspective, we are all required to complete the initial MIT (Member in Training) course. If you graduate from that course, you then move […]

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