Doug Buss interviewed with Richard Rosin about planning your lifestyle with YourStyle Financial. Listen to the explanation of the four phases of planning.
If you have a will, you have a choice on what you would like to happen with your money once you are gone. We often think of the beneficiaries of our estate as loved ones. But a beneficiary can be any person or entity you choose to leave money or assets to. The top three are:
Who do you care most about??
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For many, the last two years have made a lot of people more attentive to two things; money and mortality – both of which are the pinnacle of adulting. They’re also both the two things no one likes to think about. For most, there’s not enough of either money or time. But when the time comes, will there be enough money?
If you’re evaluating your accounts and expenditures and deciding where you can cut costs, are you wondering if your life insurance policy is worth the monthly premiums? Is it a necessary expense? Is it something you need and why? Let’s explore those questions.
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As we quickly approach the holiday season, instead of wrapping presents we’re wrapping our heads around the latest changes. That pretty much sums up the last two years. However now is the time to remember to celebrate all the good things that have happened as well.
At Yourstyle Financial, we have been grateful to continue to help our existing and new clients – even if it’s virtual. We’ve had the opportunities to work with organizations like Businesses & Organizations Supporting Seniors (B.O.S.S) and Pros Know Expos. Just recently we were excited to host webinars for the Real Estate Agents explaining the latest changes allowing them to incorporate.
Now we are going to take some time to celebrate with our family and friends and will be closed from December 24th to January 3rd. We want to wish all our clients a very happy holiday season and a fresh start to a new year.
Happy Holidays!
For the first time in history, Realtors will be allowed to establish Personal Real Estate Corporations (PREC). This is a wonderful opportunity that will permit you to manage your business.
To learn more, we are hosting two live 1 hour education workshops specifically designed for Real Estate Agents.
When: November 23, 2021
Time: 11:00 AM
Where: Zoom
When: November 24, 2021
Time: 300 PM
Where: Zoom
Please contact Maria to confirm your spot or call 204-474-2929.
Today’s environment has changed the employment market significantly. While Manitoba has one of the highest unemployment rates of recent history, it is still the employees market. Government subsidies have made it easier for some to opt to stay home leaving many open positions and therefore choices for those who are continuing to work. With that it falls back on the employer to be competitive and offer incentives to work at their company and stay working there. One of those offerings are Group Benefit Plans. If you’re a business owner, you’ve probably wondered “is now the right time to add group benefits?”. Here are a few points to help guide your decision:
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Aging is a fear most of us have. When we think about it, we like to think we’ll be taken care of and more importantly won’t be alone. Being alone became very common during the pandemic. During this very isolating time, we had more time than ever to not only ponder our future, but watch the news to see what’s happening with others. This included seeing how the older population were being looked after and the results are in. We are not terrified of ending up in a long-term care (LTC) facility.
According to a survey by Angus Reid, the pandemic changed the way people view LTC homes and left 44% of people dreading the thought of ever being in one – even for one day. With 45% of Canadians showcasing their belief the industry requires massive change or a complete overhaul, it’s a day of reckoning for the Long-Term Care Industry. In another study, 70% of respondents said the country should invest more in healthcare, 39% supported an increase in staffing levels and 38% indicating a pay raise may make employment more attractive to qualified caregivers.
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Ready to kick start your wellness journey, or take it to the next level? Take advantage of LifeWorks for free. Get personalized resources for improving your physical and mental health, access to assessments, coaches and more!
Need a little more motivation to watch your wellness? We’re giving two lucky winners an Apple Watch through our Watch Your Wellness & Win Giveaway! Plus, we’ll do bonus draws for a LifeWorks Swell water bottle or Yeti coffee mug!
Winners will be contacted July 29 and August 26. Good luck!
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The conversation of estate planning might be one of the most difficult
conversations you will ever have with your family and loved ones. However, with an estimated 90% of wealth transfers failing in Canada, we believe it is a conversation worth having.
Please join Mike Kat, Director of Wealth Distribution at Sun Life Global
Investments for an in-depth conversation surrounding the complexities and challenges Canadians are facing when transitioning their wealth to their loved ones. Specifically, Mike will discuss some of the financial as well as emotional costs of settling an estate and how these can be minimized through proper estate planning.
March 9th, 2021 at 2:30 PM CST
March 11th, 2021 at 7:00 PM CST
Simplifying an estate doesn’t have to be complicated. For more details or to ask questions, contact us.
Our spending habits have changed this year. Some have taken advantage of special offers or spent the money they had saved for holidays on toys to use around home. Some have been holding on to all their money waiting to see how everything plays out.
Are you looking on how to grow your money? Now is the time to save and invest. Manulife currently has a special offer you’ll want to take advantage of sooner than later as the earlier you contribute, the more you’ll earn!
Clients with Tax-Free Advantage Account (TFSA) or Registered Advantage Account (RRSP) will earn 2.00% until April 30, 2021 on new deposits made between December 1, 2020 and March 12, 2021. Whether you’re trying to save for short or long-term goals, your money remains fully accessible, for better flexibility in a time of uncertainty.
If you’re ready to take advantage of this great opportunity to earn “free” money, contact us.
The holiday season is a time we normally spend time searching for the perfect gift for our loved ones. This year may make the gifts a more important part of the season as spending time may be limited due to the pandemic.
If your family members are elderly or have cognitive impairment, the restrictions may cause even more stress than usual during this time. One way to alleviate some of that concern is with the MyDignity Homecare Assistance Program, the perfect gift for peace of mind.
Learn more about this program and how it can help.
In the event of a loss of independence and/or cognitive impairment one will have the means to select the appropriate level of care and avoid placing physical and financial hardship on the family. Above all it preserves your dignity. It allows you to remain in your own home rather than being placed in a facility, while maintaining everybody’s standard of living and protecting the family’s financial security.
There are 2 ways one qualifies for benefits:
1) A monthly income or service becomes payable when the insured needs the help of another to accomplish at least two of the following activities of daily living (loss of independence):
(Transferring, Bathing, Dressing, Toileting, Continence and Eating)
Generally, one loses their broader mobility skills first, which affects transferring and bathing simultaneously, followed closely by the loss of finer motor skills which in turn affects one’s ability to
dress and feed themselves. The loss of self-toileting skills can be either a function of loss of mobility and balance or a consequence of the normal aging process.
2) A monthly income or service is also payable if the insured becomes Cognitively Impaired i.e. has a loss of ability to reason, perceive, think, reflect or remember.
People prefer to be cared for in their own home rather than being relegated to a facility. The cost for homecare varies largely according to location and the type of care required. Today the cost for care can range from $400-$500 a week for minimal care such as assistance with bathing, light housekeeping, meal preparation and laundry to $1,200-$1,500 per week which might include skilled nursing care, specialized medication administration and wound management. The cost in the future is anticipated to increase in proportion to the demand. This brings us to a very sobering fact: The coming demographic with the avalanche of boomers will be unprecedented and will affect all levels of health care, both acute and long term.
Each one of us bears a responsibility to act as our own advocate and plan for our own care when the time comes. Many mistakenly believe the government will take care of their needs when the time comes.
They could not be more wrong. Any government assistance covers only the most basic care in what are sometimes far less than desirable settings.
Even though long term care insurance is the logical solution, this solution comes with its own set of issues. The conventional long term care products in the market place not only require full underwriting, they are difficult to obtain as over 50% of applicants are declined, and they are unfortunately much more costly and out of the reach for most Canadians.
MyDignity Inc. is pleased to provide a proprietary simplified issue (CARP endorsed) homecare assistance plan, underwritten through established Canadian insurers, that is easy to obtain and affordable. Underwriting consists of a short health declaration allowing for a 95% approval rate.
For more information on a specific issue or assistance related to the aging process and our homecare assistance plan, please refer to our website.
Watch the MyDignity (Your Care Your Way) Video to learn more:
Sometimes a little can do a lot to help keep a financial plan on track. Like having a bank account that does double duty – as a personal savings account and a versatile chequing account at the same time. The Manulife Bank Advantage Account does just that, and we’re really pleased to be able to ffer an introductory 4-month 2.15% interest rate offer* for our clients who open an Advantage Account by October 31, 2020.
If you’re ready to open an Advantage Account now, don’t hesitate. You can apply online in less than five minutes, using our personal link:
We’re also available to discuss how we can use and Advantage Account to help make your money work harder and reach some of your financial goals faster. Contact us!
*The 2.15% promotional rate is for a new personal, non-registered, Canadian-dollar Advantage Account. The promotional interest rate is made up of regular posted annual variable interest rate of 0.15% and the variable annual promotional rate of 2.00%. Interest is calculated daily and paid monthly on net new deposits for the first 120 days (4 months) after account opening to a maximum of $250,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer is limited to one account per client and cannot b combined with other offers. The offer and rates are as of September 17, 2020 and subject to change without notice. See full terms and conditions and visit manulifebank.ca/rates for current rates.
**Interest is calculated daily on the total daily balance and paid monthly. Rate is subject to change without notice.
***Everyday banking fees for ABM cash withdrawals, direct payments (debit), e-transfers and bill payments are waived when the account balance is $1,000 or more. All other everyday withdrawal and deposit transactions are free at any balance. Visit manulifebank.ca for additional details.
With all that is going on in the world right now, it makes you stop and think about the future and what would happen if something happened to you. Or your loved ones. This type of thinking should lead you towards thinking about life insurance. Scary thought, but a realistic and responsible one.
Now it’s easier than ever for you toget the longer duration term insurance you need. From Sept. 1 until Dec. 1, 2020, Canada Life ™ is making a special introductory offer of four free months premium*on qualifying, new Canada LifeTMterm 20, term 30 and term to age 65 policies. This includes additional benefits (riders). For a new policy to qualify, the application for the policy must be received between Sept. 1 and Dec. 1 inclusive. This offer extends to reissues, if the original policy qualified.
Do you want to know more? Contact us today to take advantage of this great offer.
Daily banking just got a whole lot better.
The new Manulife All-In Banking Package is designed to maximize your money. It’s a new, innovative mobile-based banking bundle that’s unlike any other banking experience in Canada.
Sign-up with one easy online application and five minutes of your time – and you’ll get an everyday banking and high-interest savings account along with a ManulifeMONEY+™ Visa Platinum card1 and travel disruption insurance.2
Click the link below:
What makes this product special?
As an All-In Banking customer, you’ll be able to:
Plus… for a limited time, new customers will get a one-year Amazon Prime membership and up to five-months of Amazon Audible4 just by making ten or more purchases in each of the first full two months following their Manulife All-In Banking Package opening date.5
Contact me today to get started and you’ll receive our special discounted banking fee of just $8 per month. And by saving $100 each month, you’ll get free banking!
1 Subject to credit card approval.
2 Underwritten by The Manufacturers Life Insurance Company (Manulife) and First North American Insurance Company, a wholly owned subsidiary of Manulife. Manulife, P.O. Box 670, Stn Waterloo, Waterloo, Ontario, N2J 4B8.
3 At the end of every month, if the balance in your High Interest Savings Account is $100 higher than the balance on the last day of the previous month, we’ll waive the monthly fee.
4 If you’re not already an Amazon Prime member and you haven’t used an Audible free trial before, you’ll be eligible to receive 5 months of Audible as part of this offer. Amazon Prime now comes with a 3-month Audible free trial. If you’ve used an Audible free trial before, you’ll be eligible to receive 2 months of Audible as part of this offer.
5 You must redeem your Amazon Prime Membership Code and agree to the Amazon Prime Terms and Conditions to qualify for Amazon Prime membership. The membership codes are good for one-time use only and must be redeemed within 2 years of receipt. Your Amazon Prime membership automatically renews for the membership fee in effect at the time of renewal plus applicable taxes. You may cancel at any time by visiting Your Account and adjusting your membership settings. Valid credit card required at time of registration if Amazon does not have one on file. Amazon Prime Membership Codes cannot be transferred or resold. For more information about Amazon Prime, visit amazon.ca/prime. Amazon Prime has a CAD $79/year value. Amazon.com is not a sponsor of this promotion. All Amazon ®, TM & © are IP of Amazon.com, Inc. or its affiliates.
Podcast Episode Alert!
Wondering how you can secure your financial security given your income or work realities? Doug Buss is the man to talk to if you desire to develop financial well-being. Listen to the show as he shares some tips and strategies.
A little win for me could mean a big win for you today! In appreciation of my business, Manulife Bank just offered me a special promotion on their combined personal savings and chequing account, called the Advantage Account. I’m excited to share it with you because there’s much more to this offer than the great 2.60%* interest rate.
We can use this account to enhance your current financial plan, make your money work harder, and help you reach your goals sooner. High daily interest is the first of many key benefits you’ll enjoy without having to lock in a single dollar:
If you’re ready to start taking advantage of all the Advantage Account has to offer, you can apply online in less than five minutes, using my personal promotional link.
This special offer is now closed. Thank you for your interest!
* The 2.60% promotional rate is for new deposits to a new personal, non-registered, Canadian-dollar Advantage Account. The promotional interest rate is made up of the regular posted annual variable interest rate of 0.30% and the variable annual promotional rate of 2.30%. Interest is calculated daily and paid monthly on net new deposits for the first 150 days (5 months) after account opening, to a maximum of $250,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer is limited to one account per client and cannot be combined with other offers. The offer and rates are as of April 22, 2020 and subject to change without notice. See full terms and conditions and visit manulifebank.ca/rates for current rates.
**Everyday banking fees for ABM cash withdrawals, debit payments, e-transfers and bill payments are waived when the account balance is $1,000 or more. All other everyday withdrawal and deposit transactions are free at any balance. Visit manulifebank.ca for additional details.
***Interest is calculated daily on the total daily balance and paid monthly. Rate is subject to change without notice.
Advantage Account is offered through Manulife Bank of Canada.
The COVID-19 pandemic poses not only a health challenge, but a financial one as well.
Doug joins the podcast All Things Seniors to talk about how the coronavirus affects older adults.
Have a listen:
Our commitment is to your safety and well-being, now and always. If you are directly impacted by the coronavirus and facing financial challenges, we are prepared to help you find a solution that meets your needs. Contact us today.
Yesterday it was announced Canada’s big banks to allow mortgage payment deferrals and opportunity for relief on other credit products. We encourage you to be proactive and contact your financial institution TODAY to make a plan. If you are experiencing financial strain, take advantage of these extraordinary offerings and ensure you do NOT let payments go NSF. This virus may affect your health and well-being, but it doesn’t have to affect your credit. Learn more about the temporary banking changes:
Canada’s big banks to allow mortgage payment deferrals
Stay safe, healthy and remember we’re just a phone call or email away.
In these times of uncertainty, one thing which is certain is the importance of a well-diversified portfolio. As the markets shift, a variety of assets will aid in minimizing dramatic shifts.
Our partners at RBC have put together a overview of how effective diversification can be achieved in your investments:
https://www.rbcgam.com/en/ca/learn-plan/investment-basics/why-its-important-to-diversify/detail
If you have questions on your investments, we’d love to meet with you. Contact us for your free assessment.
You’ve all heard the old adage: Out of sight, out of mind? Well, we recently decided to try the opposite with our fruit in the fridge. Doug and I are working with Shauna Muldrew, Owner and Health Coach of Infinity Health and Nutrition Coaching, to spruce up our eating and work outs and she suggested that we get the fruit OUT of the crispers and on a shelf in the fridge – RIGHT AT EYE LEVEL. I have also been placing apples, plums, peaches and oranges in a fruit bowl on the kitchen counter. Lo and behold, because all these healthy goodies are now visible, the whole family is eating more fruit rather than reaching for processed snacks. You’re all familiar with those hangry times when you get home from a busy, stressful day and you just want to rip open a bag of chips? I’m not saying that fruit cuts it over chips, but at least at our house, fruit is now the first thing you see when entering the kitchen or opening the fridge. This makes it soooooo much easier to grab a healthy snack. Anyone who knows us knows we love to chill in our living room and watch sports or movies. We call our reclining seats Row 1 Seats 1 &2 for Jets games! However, those food commercials on TV can be sooooo enticing. You can practically smell the aromas coming from the TV! I now pre-wash and prepare strawberries and grapes. They are ready to go! All we have to do is grab a bowlful and crunch down on some grapes. The sweet crunchiness also satisfies the chocolate cravings. Making small, visible changes keeps us moving in the right direction. The same can be said for having a financial plan and meeting regularly with a financial planner. We now have a plan to increase our healthy snacks and it’s working. Having a financial plan with visible goals and objectives works the same way by keeping your finances In Sight and Top of Mind.
Great benefits of opening a RESP
Benefit from tax-free savings
Provided that the earnings that you make from investments are not withdrawn from the RESP, you will not pay any tax on them, giving you the opportunity to grow your savings quicker.
Take advantage of government grants
The Canada Education Savings Grant (CESG), established by the federal government, will add to your RESP every year. It provides an additional 20% on contributions up to a maximum of $2,500- that’s up to $500 each year. If it isn’t used, the CESG top up can be carried forward and applied to future contributions to a lifetime maximum of $7,200. What’s more, families on lower incomes might also receive money via the Canada Learning Bond. The Government of Canada contributes up to $2,000 to a RESP for an eligible child. This includes $500 for the first year of eligibility and $100 each year the child continues to be eligible (up to and including the benefit year in which they turn 15.)
You can choose your investment options
Take full control of your finances by deciding which investments are best matched to your financial goals, appetite for risk and short / long term objectives. You can choose from a variety of options including GICs, segregated and mutual funds.
Others can contribute towards a RESP
A friend or family member is able to set up a RESP for your child and they can contribute towards it too to help it to grow faster.
Your children are liable for the tax of educational assistant payments (EAP)
Educational assistance payments can be drawn by your child if they take post-secondary education but they are liable for the tax on the payments. This can be beneficial as your child, while studying, is likely to have little or no income and therefore the tax burden is likely to be lower than if you were liable for it yourself.
Benefit from your RESP account for up to 36 years
There are a few rules to be aware of relating to the time periods that apply to RESPs. For example, if you are eligible for disability tax credit, your RESP account can stay open for a maximum of 40 years. And if your child wants to take a break from studying before returning to education later, they may still be able to use the money invested in the RESP. Contact us to learn how we can help.
Sunday October 27th
1:30PM – 3:30PM
Your Style Financial,
2020 Portage Avenue
$1000 cash back on new Manulife One accounts. As a Manulife Group customer, you may be eligible for this exciting bonus for opening a new Manulife One account.
If you’ve read all this and are intrigued but would like to learn more, the video below gives a great overview or you can click here to visit Manulife for more information.
If you need help determining if this is or any other great options for improving your finances, we’d love to help.
