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 […]

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 […]


Have you been Diagnosed with Underliving?

Underliving is a common condition mostly found among retired Canadians, and it is caused by the individual’s inability to give permission to spend their own money. This inability is due to lack of planning—not knowing what you have—and what you can spend.
This lack of planning pushes people toward the default behaviour of hoarding money, as they are unsure of how long it will last. It is natural to hoard cash when you have no plan, and one should not […]


Federal Budget 2019 Summary

Here are highlights from the 2019 Federal Budget, which seeks to close tax loop holes to make a fairer tax system, and offers incentives for first time home buyers, training credits for eligible workers, and improvements to the Registered Disability Savings Plan:
Modernizing the Home Buyers’ Plan
Currently, the Home Buyers’ Plan (HBP) allows first-time home owners to withdraw up to $25,000 from their Registered Retirement Savings Plan (RRSP) to purchase or build a home, without paying withdrawal tax. The amount […]

Ron Hickey Wealth Advisor Parksville

Welcoming Ron Hickey to Our Advisor Team

We are growing to serve you better! Precision Wealth Management is delighted to welcome Ron Hickey, the newest Wealth Advisor to join our firm.
Ron brings a depth of valuable experience in the financial industry. He is looking forward to working with our Wealth Advisors to bring our clients the very best financial solutions available.
Why did he choose us? One important reason he says, “is the desire to move forward with an independent firm—one that focuses on the […]


Investing while in a Coma

As advisors we can get frustrated with our clients when we know that they are making the wrong decisions at the wrong times. Sometimes the most important part of my job is saving people from themselves.
I would like to demonstrate my point with a story of fiction, based on actual data:
Many years ago there were 3 friends named Chris, Bob and Alfred. They decided to each invest $100,000 with me at Precision Wealth Management. They all had similar risk […]


Checking Investment Statements Frequently can be Misleading

Media coverage of short-term market volatility is prompting
people to worry about their investments. Market analysis of past, rolling
return holding periods helps to shed some light on these fluctuations, and how
we should respond. And our response is typically to do nothing.

Do Nothing? Data Analysis Tells the Story

Here below shows data representing rolling return holding
periods from Bloomberg LP for the S&P 500 from January 1, 1928 to June 30,
2018 (the past 90 years). The idea behind using rolling returns is […]


Tax Free Income from a Non-Registered GIC

Recently a client asked how to get tax free income from a non-registered GIC, as their TFSA was maxed out. I mentioned that they could use the pension income credit. Here is how it works: if you or your spouse are 65 or older and do not have income from a RRIF or private pension plan, there is another alternative to take advantage of the Pension Income Tax Credit.
What is the Pension Income Tax Credit?
If you receive eligible pension […]


Informed Investors Avoid Fraud

Every now and then we read about an unscrupulous so-called investment advisor who has managed to fleece some innocent unsuspecting investors. Most of these cases look and feel the same. Normally guaranteed returns are offered well above markets rates, and the investments are normally deposited into corporations that no one has ever heard of. There is good news and bad news here. The bad news is that the industry and regulators can only do so much to prevent these […]


Royal Mutual Fund dealer violates sales practices rule—will pay over $1 million

After violating the sales practices rule and paying reps higher commissions to sell its proprietary funds, Toronto-based Royal Mutual Funds Inc. has been ordered by the Ontario Securities Commission (OSC) to pay more than $1 million to settle these allegations.
The firm is ordered to pay a $1.1 million administrative penalty and $20,000 in costs. In light of this news, we would like to highlight some important advantages that you the client can enjoy with Precision Wealth Management.
First of all, […]