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Provided that the earnings that you make from investments are not withdrawn from the RESP, you will not pay any tax on them, giving you the opportunity to grow your savings quicker.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.
The last year of high school is filled with schooling, parties and the pressure of deciding what you want to be when you grow up. For most teens, this is a time overflowing with excitement to start their new identity and future. Unfortunately, some of you have already experienced what real-life can be like and have dealt with the loss of a parent or guardian. You have survived that, or are still surviving, and you’ve made the choice to take the next steps in your future and go to post-secondary school. The challenge of paying for this choice is now your primary concern. Manulife is proud to announce the Manulife Life Lessons Scholarship Program for Post-secondary Students for those who have lost a parent or guardian and are left with little to no life insurance. The Scholarship Program helps combat the financial burden of paying for post-secondary education during an emotional time and recognizes the perseverance that so many youth show in such adversity. The Manulife Life Lessons Scholarship Program is committed to student success and helps support students financially, making the decision to attend and finish a college, university or trade school program a little easier. This is a great opportunity for those who have gone through so much already and provides a chance at a new beginning. If you’re wondering if you qualify, click here for some additional information or contact us and we’ll be happy to walk through the process with you.
With all the societal changes in the last few decades, the one that seems to have staying power is the fitness trend. It started with Aerobics in the 80s which was taken over by Billy Banks with Tae Bo. Then came Spinning in the 90s, Zumba in the 2000s and most recently calisthenics’ and CrossFit. Some trends such as yoga and Tai Chi have survived the mania showing their true longevity. Then there are all the dietary trends such as being vegetarian, vegan, Atkin and now Keto. Regardless of how you chose to manage your health and lifestyle, ensuring you have proper insurance coverage should be one of your choices. With the GMS plan options available, our Individual Health plans can will provide another layer of health insurance. These plans have coverage for emergency services, routine medical, paramedical, and so much more to offset coverage not offered through standard Provincial coverage. If you’ve made the choice to be self-employed, on contract or work at a company which doesn’t offer coverage, a Personal Health Plan may be the right choice for you to gain some peace of mind. While you might be looking after your eating and physical well-being, life likes to throw us curve balls and we can’t also predict when illnesses or injuries occur. We’d love to discuss what’s important to you and help you choose the right option.
Spring is upon us (though the weather sure doesn’t feel like it) and real estate is just about to boom. That means home sales and purchases will be on the rise. In the mix will be a number of first-time home buyers. Buying a home for the first time is one of the most exciting and completely terrifying life moments. It’s thrilling to experience looking at homes, horrifying to see the inside of some homes and inspiring to see others. When you find the right home for you, you want to make sure you have everything in place to make it yours – and still do it right. There have been recent changes to the down payment requirements in Canada and this can make it challenging. This is where the government actually offers some assistance in the form of the Home Buyers’ Plan (HBP). Using this plan, you can use up to $35,000 from your RRSP for purchase of your home. If you’re buying with a second first time buyer, they can also withdraw the same amount giving you up to $70,000. That can make for a pretty nice house! Using the HBP may allow you to avoid paying CMHC fees. Mortgage default insurance is required for any home buyer who has a down payment equal to less than 20% of the purchase price. This is meant to protect the lender but it also opens up the purchasing option for those who don’t have the funds. The Home Buyers’ Plan is a great program, especially if you understand the parameters. You have 15 years to pay the funds back into your RRSP and this is an important number as any amounts not paid back are considered income and taxable. Now the question of paying it back should you come into some money. There are a couple of ways of looking at it. Say you’re required to pay back $500/year but you find yourself with $1000. You could put $1000 on your HBP and it will decrease the length of time for complete payback. This will improve your returns as you will start earning on those amounts. The other way to look at it is to take the $500 and put it towards your HBP and take the other $500 and claim it as a RRSP contribution which will benefit your tax return. Both are good options, it depends on your goals. Sometimes it helps to discuss these options with an independent party to get a better understanding of what this all means. As a Financial Planner, we can help clarify the best way to approach this exhilarating moment in time. Not to mention we can also help with setting up your mortgage based on our years of experience and contacts.
Graduating school, whether it’s high school, College or University should be one of the most exciting times in your life. Post-secondary education is a milestone which should open doors to your new future. You spent years putting in hard work with late night study session, writing papers and finishing assignments and you should be proud. Now, as you’re walking up to accept your diploma to the applause of your friends and family, instead of celebrating, all you can think about is the task of paying off your student loans. According to the National Student Loan Centre, it takes an average of nine years for Canadian students to pay off their student loans. With the average student debt around $25,000, it is becoming more important to create a plan for repayment. It can be overwhelming to think about what you owe, to whom and how you’ll repay it while still having a life. We’ve put together some suggestions for your plan:
- Determine Who You Owe You may not even know what you owe and when it is due. The first step in the process is to determine who you owe money to.
- Read the Fine Print Some people are aware of the grace period when it comes to student loan repayment however the interest on the federal portion starts on day one of graduation.
- Compare Interest Rates and Rank Loans Each student loan has a different interest rate and payment schedule. Be sure to compare all the loans and the fine details to determine which loan to start with. Obviously start with the one with the highest interest rate.
- Create a Budget It’s easier than you think; it’s not as scary as it sounds. Go through all your accounts and look for regular expenses. Go six months back at a minimum to ensure you capture quarterly payments. From there you can map out monthly, quarterly and annual bills to give you a clear indication of what you have left to spend and what you can put towards your debts.
- Pay Yourself First Once you have secured employment, review your budget again and slide that debt payment up. Most students don’t make adjustments to their repayment plan in relation to their income. For bonuses and tax returns, as tempting as it is to spend it, you are better off making a lump sum repayment.
Long story short, repaying debt takes sacrifice and compromise. In order to retain your sanity and life quality, decide what you can and can’t live with and be reasonable with yourself. Chip away at it and celebrate your successes instead of wallowing. Don’t be afraid to ask for help, from your family or reach out to us. We’d love to help.
A recent article by Joel Schlesinger at the Winnipeg Free Press presented the challenges being faced by a generation known to dance to their own tune. According to the study, there may have been too much dancing and not enough planning highlighted by the stat of 1 in six indicating they will be working until they die. Our own Doug Buss was showcased in the article and shared his experience that this is not a surprise for those involved in the financial discussions with this demographic. “Growing up in an era of affluence bred complacency among some boomers.” says Doug. It’s a great article that shows foresight can prevent the chance of getting to your golden years without a parachute. Take a read here.
In our last blog we discussed the results from the USB survey indicating the deferral of financial planning by women to their partners. If you recall, the highest demographic for this was millennial women. Millennials are famous for being an easy target for mockery but perhaps it’s time for the prior generations to help them pull up their bootstraps when it comes to financial planning. Millennials are the fastest growing group in the workforce and are dealing with the challenges of graduating during a recession and the continued wage gap. Combine these factors with the likelihood of taking time away to have children and a longer lifespan, it’s more important than ever to master finances and long-term planning. Another layer of complexity is that most millennials are raised by parents who live with high debt-ratios. Baby-boomers were raised with a fear of owing money and made a concentrated effort to avoid it and to pay it back as quickly as possible. The next generations were handed credit like candy and indulged. Learning by example may not be the best course of action, so we’ve compiled some advice for the up-and-coming.
- Spend Carefully. Along the same lines as “think before you speak”, think before you buy. Evaluate what long-term benefit that item is going to bring to you. When it comes to the nickel and dime type expenses such as your daily dose of fancy coffee, invest in a fancy espresso machine at home.
- Build an Escape Plan. Life often throws challenges our way and true power comes from being able to choose your own path. Having some cash squirrelled away allows you to make the choices which are right for you and prevent you from returning back to what was keeping you in debt.
- Set up an automatic deposit from your paycheck to an account which you are not able to easily access. That way you never had the money, so you can’t miss it.
- Funnel your wins. Instead of “treating” yourself with your birthday gifts, tax return or bonus, treat your future self by putting it into your savings account.
- Manage Your Debt. You’ve grown up in an era of credit and debts from student loans to car loans to credit cards. Make a list of all you owe and the corresponding interest rates. This will enable you to prioritize which debts you want to pay off the quickest. High-interest debts should be the first target to stop the cycle of handing your money to an institution.
- Save for Your Future. It’s hard to look that far forward when you’re in your 20’s, but imagine the freedom of being able to live your life your way when you’re older. With a few sacrifices, you can save now and play later.
The millennial generation espouses the importance of equality, empowerment and independence. As a millennial, it is your responsibility to implement changes in your life which align with your values. If you want to be in control of your destiny, you need to control your money. Money brings freedom and freedom brings independence. If you’d like some help taking your first steps towards your financial future, we’d love to meet with you.]]>
The slogan “girl power” has been used for decades to encourage and celebrate female empowerment, independence, and confidence. The term used most often relates to sports and employment; however, new studies are showing that women need to exert their girl power when it comes to finances and financial planning. A recent study released by UBS shows that 58% of women worldwide defer long-term financial decisions to their spouses. This study included nearly 3,700 high-net-worth married women, widows and divorcees in nine countries. The results of the study showed that 85% of women were responsible for the day-to-day finances; just not the long-term. What is really interesting is the generational span of this survey and, most notably, the generation most likely to allow someone else to control their decisions: millennials! Millennials are a generation well known for promoting equality and empowerment. Unfortunately, the survey results indicate the helicopter-style parenting millennials were raised with, where someone else is always ensuring their well-being, has bled into the financial realm. Fifty-nine percent of millennial women aged 20 – 34 are more likely to allow their spouse to take the lead compared to 55% of women over 50. The general excuse from the younger women is they have “more urgent responsibilities than investing and financial planning”. Even more contradictory to the equality movement is they “believe their spouses know more about long-term finances than they do”. The challenge this arrangement poses is the lack of preparation and understanding should a life event such as death or divorce occur. The report noted that 74% of the widowed and divorced women it surveyed reported “discovering negative financial surprises after a divorce or death of their spouse.” Hindsight resulted in 74% of these respondents wishing they had been more involved in long-term financial decisions while they were married, rather than trying to navigate them while coping with such significant life changes.” The ideal solution is for both partners in a relationship to be aware of both the short- and long-term aspects of their finances. Whether you are married, engaged, common-law or committed, financial planning is another part of creating a responsible long-lasting arrangement between two parties. In this age, knowledge really is power. So be powerful, take control of your money. Like the saying goes, the first step is recognizing the problem. Take the next step in addressing the problem and book an appointment for yourself and your partner with one of our Financial Planners and begin your journey.
An article recently published by Sheryl Ubelacker, The Canadian Press, provides insight into the result of a study in the Canadian Medical Association Journal on the effects of heart and stroke episodes and its impact on income. Some of the statistics are quite staggering. The study shows one-third of heart attacks, a quarter of strokes and 40 per cent of cardiac arrests occur in working people under 65. These medical issues are occurring during prime income earning years and are leaving some with physical or cognitive disabilities. In comparing two years of earnings prior to the health event and three years afterwards with their unaffected equals, it became evident those who were affected by cardiovascular events were less likely to be working and therefore less likely earning. The reductions ranged from 8 to 31 percent in lost earnings. Those who suffered a stroke, suffered the most significant loss of income at 31 percent, representing a third of their income. As strokes affect brain cells, the likelihood of physical limitations is increased compared to a heart related event. While labourers immediately come to mind as those most likely unable to continue in their role, the limitation of using your hand and arm can prevent one from being able to operate a computer. In conjunction with the person’s own inability to continue earning, members of their family may also be affected. If the family consists of younger children, the spouse who is now the main bread-winner may be required to spend more time with the family and less at work thereby further affecting their income. Should it be a parent whom is affected, the adult children may be required to take time away from work to attend to their medical care or appointments. The positive outcome to this study is the attention it will bring to those who require additional resources to manage the after-effects of the medical event, which is long overdue. With government bodies, change takes time – which you and your loved ones may not have. However, there are options for helping yourself. Critical Illness Insurance pays a lump sum benefit if you are diagnosed with a dreaded disease such as Multiple Sclerosis, Alzheimer’s, Cancer or Parkinson’s Disease. Other conditions covered may include coma, stroke, heart attack, and kidney failure. Benefits are paid for the first occurrence and may be used to pay medical expenses, modify your home or even take a vacation. In May, we shared a real-life story of the benefits of this insurance in the blog Money Can’t Buy You Love. By purchasing Critical Illness Insurance, this family was able to spend the last bit of time they had with their loved one without affecting their financial situation. When a situation such as this arises, that is all we can ever ask for. Planning for tomorrow is a key aspect to financial planning, so is planning for the unknown and unexpected. Medical circumstances are never convenient and rarely scheduled. If you’d like to prepare yourself, we’d like to help.
It seems like a polar opposite philosophy: “Spend Money to Make Money”, but it’s true. Gone are the days of 8 – 10% deposit interest. Now you’re lucky if you make pennies on a thousand dollars, especially with the penny now obsolete. If you have cash in the bank, there are options for investing beyond RRSPs and GICs. In 2009, the TFSA or Tax-Free Savings Account was introduced. The initial contribution limit was $5000 per annum, growing to $5,500 for a number of years. The inflationary increase in 2018 was high enough to push the maximum annual contribution to $6000. An added feature of the TFSA is that the annual contribution room accumulates so $63,500 can now be contributed overall. There are a number of reasons why a TFSA may be the right choice for you. The first is the fact they truly are tax-free. Any income or gains from the accumulated funds are tax-free for life. Funds can also be withdrawn without penalty or taxes at any time. Because of this status, TFSA withdrawals do not negatively affect any other benefits available to you such as Old Age Security (OAS). If the account is set up correctly, in the tragic event of a loss of the primary account holder, the successor annuitant would receive the full value of the TFSA without going through the estate. Age is not a factor. Other options such as RRSPs require the contributor to be under a certain age and be earning income. Anyone over the age of 18 can contribute to a TFSA. They are a popular choice for those in their Golden Years because they allow for continued tax-sheltering of money even after age 71. There are no forced withdrawals or tax consequences when amounts are withdrawn. The flexibility offered with the TFSA allows for withdrawals to be recontributed in the following year without reducing the contribution amount. Meaning, if you withdrew $1000 in 2018 you are able to contribute the $6000 for 2019 and top it up with the $1000 withdrawn the prior year. If you are an investor with money, maximizing your RRSP and TFSA would make the most sense. For those who don’t have a lot of money to spare but want to save for an event in their life such as a home or car, a TFSA offers a great way to protect, invest and grow your funds. There are many options available when it comes to savings and long-term planning and the information available may become overwhelming. This is why working with a Certified Financial Planner (CFP) and having the RIGHT plan in place can make all the difference.]]>
As 2018 becomes a shadow of the past and 2019 shines its opportunity upon us, it brings us closer to “that time of year”. Tax time. If you’ve ever seen The Lion King, saying tax time is like whispering Mufasa and watching the Hyena’s shiver. Now is the time where talk turns to deductions and retirement investments before the February cut-off for contributions. Now the shadow of 2018 is rearing its ugly head as it’s there to remind you that you had all year. You’re not alone. Millions of Canadians wait until Spring to start thinking about their RRSPs, and with a heavy heart they sigh and think “I’ll do better next year”. However, next year is already this year and it’s unlikely any signification changes have been made. Life has gotten back to normal after the holidays and lives have become a whirlwind of school, work, sports, family and just trying to manage life. Soon it will be summer and Manitoba will do it’s typical slow down where cottages become priority. Then school starts again and before you know it, it’s already the holiday season again. After which, you’ll sigh and say “I’ll do better next year”. The good news is, you can do something about it now. Instead of scrambling to put together a good contribution, perhaps this year (yes, this year) is the year to take an easier approach. RRSP loans strategies such as gross up, are a great way to boost your RRSP savings while minimizing interest rates Interest rates are quite low right now, and the gross up strategy is a great way to take advantage of that. Consider this scenario. You have $5000 to contribute to an RRSP, you’re sitting in the 40$ marginal tax rate and your RRSP limit allows for more than $5000. If you borrowed $4000, that would give you $9000 to invest in your RRSP. Based on the aforementioned scenario, you can anticipate receiving approximately $3600 in a tax refund which you can use to pay down the loan. This part takes self-control to apply those funds to the loan instead of self-indulgence. Remember, you’re indulging in the long-term plan using this approach. Depending on your stage of life, current income and debt ratio, there are numerous ways to invest in your future goals. Between RRSPs, high-interest saving accounts, TFSAs and GICs, it can be overwhelming to determine which route to take. A Financial Planner can help guide you on these options and what fits best for you.
Let me tell you a story. This story is about a client, who was experiencing an exciting life event. He had been with the same employer for over 10 years when he decided to pursue a new opportunity. He handed in his notice and received a stack of termination papers with what he thought was all he needed. Having had a close relationship over the years, this client knew that I am a Certified Financial Planner (CFP), so he asked me to take a look to make sure everything was in order. To my surprise, I noticed that there was no information regarding his pension. I double checked with him whether the company offered a pension and he confirmed that the company pension was a matching plan where the employer contributes and the employee matches. Astonishingly, there was no record of any pension being deducted from his pay cheques, despite him being eligible after two years of employment. Turns out, the employer had simply over looked (or neglected??) to deduct his pension contribution. On his behalf, I checked with the Human Resources office of his former employer, who confirmed that he was indeed eligible for a pension pay out – so where was it?
I negotiated with the company to ensure that he received the retirement funds to which he was entitled. This was no insignificant amount! Had my client not had the foresight to have me review his termination package, it is unlikely this error would have been uncovered. He was mighty happy to have me in his corner!
Are you experiencing a life event, or do you know someone who is getting married, having a child, divorced, retiring, starting a new job or going back to school?? It can never hurt to discuss life changing events with a Financial Planner. Likely, all will be fine; however, having a professional in YOUR corner could ensure that nothing gets left behind.
The sleigh bells are ringing, chestnuts are roasting and Rudolph is working out to prepare for a long night of making children’s dreams come true. The holidays are a time for goodwill, good memories and family fun. If you’re dealing with debt or trying to stick to a financial plan, Christmas can become a time of financial burden more than a time to be merry. Everyone wants to feel the euphoria of watching someone open that perfectly selected gift, but sometimes you have to find that joy in the intangibles. “The best of all gifts around any Christmas tree: the presence of a happy family all wrapped up in each other.” Burton Hills.
Life Insurance is not the one trick pony of the past, there are now many choices in how you structure it. From Term Life which allows you to choose the coverage period, to Whole Life which provides a lifetime of protection to Critical Illness. Unfortunately, our health is sometimes seriously affected and Critical Illness provides coverage to protect our families from the financial burden of our illness. If you are at a point where you don’t want to think about end of life, think about beginnings. It’s time to start your own chapter in the form of home ownership. You’ve done your research, found your new haven and negotiated your mortgage. Before you sign the papers, understand how to protect your investment. Should you decide to add children to your equation, you hope they will move on to post-secondary education. Planning early can provide the financial education they need before they incur the debt which could come with it. Each stage of life brings an opportunity to review your current financial standing and adjust for the future. It can be hard to know all your options and sometimes even harder to see the forest for the trees when reviewing your own assets. If you’d like some help, we’re here. ]]>
Unfortunately, we are not bears and are not afforded the luxury of shutting ourselves down for a few months. At a time where all you want to do is snuggle under a blanket on the couch and binge watch all the shows you missed while doing yardwork, the demands of family, friends and work dramatically increase. Tis the season of holiday shopping, parties and entertaining. Tis the season to exert extreme drain on our energy, wardrobe and pocketbook. Tis the season to spend. Before you start making your list and checking it twice, it may be time to ask yourself why. Here’s a few scenarios:(more…)
There is nothing better than sitting in your pajamas, sipping on a cup of tea while shopping for your latest must have. You don’t have to worry about driving there, looking for parking, dealing with sales associates, long lines or the disappointment of finding that big win only to realize it’s not in your size. Online it’s as easy as click, click, buy. The convenience of online shopping combined with the slew of discount opportunities makes it a powerful draw. Sometimes too powerful of a draw. All of the conveniences listed above are triggers for those with compulsive or impulsive buying habits. Online retailers make it even harder to resist with events such as Amazon Prime Day and other enticing reduced-price sales. How many times when you’re bored have you found yourself randomly browsing shopping sites? Looking at something and thinking what a great deal that is and adding to your cart? But you’re just adding it to your cart, right? Not buying it. Then you find that next item that you’ve always thought about getting but you really don’t need it. Wait, it’s on sale! Well, since you already found Item 1 at such a great price, you might as well buy Item 2, that way you’ll get free shipping. What a deal! Somehow, without even thinking about it you’ve spent $200 of hard-earned money on items you didn’t even plan for and most likely didn’t budget for. But you saved so much money compared to if you bought it in the stores! The question you must now ask yourself – would you have driven to a store to buy it? If the answer is no, you probably didn’t need it. That was a want, pure and simple. Remember, buying something you don’t need isn’t saving money. Next time you’re thinking about browsing online retailers, ask yourself the following questions:(more…)
You’ve seen those commercials on TV with clients questioning their advisors about how they are paid or requesting a “second opinion” on your investments. But the old cliché You get what you pay for is fitting.
With YourStyle Financial, the initial consultation is free. YourStyle Financial is more than an investment firm. We incorporate all aspects of the planning process: insurance, tax and estate planning, retirement projections and of course, investment advice. A lot of elements are involved in developing a Personal Financial Action Plan: it can take an average of 5-6 hours. There is no obligation to move forward or use any of the recommendations provided for your review; however, should you like what you see and decide to proceed, then, like most things in life: There is no free ride.
Compensation is paid one of two ways: Fee for Service or Commissions. Fee for service is based on an hourly rate. A typical Financial Plan will run from $1,500 – $3,000 depending on complexity. Commissions are based on investment deposits or insurance premiums. They are built into the management fees and typically range from 1% – 5% in the first year and .5% – 1% thereafter. Any commissions generated will offset fees for service eliminating any duplication.
Managing your wealth can be complex and time consuming. Our role is to simplify the process by addressing all aspects of your financial well being.
When you make the decision to explore your options, we’d love the opportunity to speak with you.
We are going to be an exhibitor at the Winnipeg Home & Consumer Show at the Winnipeg Winter Club hosted by BNI Accelerators. Attendance for this event is totally free!
This event has some great exhibitors for you, your home or your business. If you’re thinking of making any changes to yourself or your home, you will have first-hand access to the most recent and upcoming trends. If you weren’t thinking of it, you might be after wandering through the exhibitor showcase and listening to industry experts. Perhaps you just have some questions, here is where you can get answers from those who are in the know.
Find out more about the show:
Wednesday, Sept. 12th, 4:30pm to 7:30pm
Winnipeg Winter Club, 200 River Avenue
Hors d’oeuvres & Refreshments served
By attending you can also support a local animal Rescue Centre, D’Arcy’s A.R.C. Pet Food and donations are greatly appreciated and all proceeds will go to this haven for adoptable fur-babies.
Looking forward to seeing you there!
- Grand Beach. This huge stretch of soft sand beach and sand dunes is only a one-hour drive from Winnipeg. This beautiful beach has been listed world-wide as an experience to be had and so many locals have yet to make the trip. It’s a great getaway for a day and offers camping, motels and cottage rentals for longer stays.
- Birds Hill Park. Located a very short drive from the city, this vastly under-utilized year round provincial park offers a slew of activity choices. Paved and natural trails allow for biking, rollerblading and hiking. There are horse stables and quite often Polo games are available for viewing. There is a campground with choices of basic, electrical or full service camping and a beach with food and beverage options.
- Little Limestone Lake. A little longer trip, but the closest to the Caribbean you can get when you don’t live near the ocean. It is the biggest and best marl, colour-changing lake in the world.
- Whiteshell Provincial Park. Part of the Canadian Shield landscape about 1.5 hours east of Winnipeg, is a treasure trove of natural resources. This park is filled with wildlife as the wilderness is quite undisturbed. If you’re looking to spend time at the lake, there are beaches, waterfalls, rapids, diving, sailing, swimming and waterskiing as just a few choices.
- Assiniboine Zoo. An absolute gem located right within the city and one of the most beautiful urban parks the zoo offers a plethora of experiences for young and old. Right now you have the chance to see the incredibly endangered snow leopards. The two little cubs are just settling into their new enclosure and are still awaiting their names. Included in the regular admission this summer, the new attraction Xtreme BUGS is being offered for a limited time. One of the biggest attractions, literally, is the polar bears whom you can see in action without travelling to the North.
This is such a small sampling of the destinations available in Manitoba. If you love to travel and experience the outdoors, this is a great place to do it without having to hurt your wallet. Now, get out there and experience all there is to do in Manitoba!
What comes to mind when you hear the term “financial planning”? It’s a kind of fuzzy term that most people associate with retirement or other such occurrences in the future. Thinking and planning for the long term makes sense, but what about now – today, tomorrow, or the day after? Here’s a little scenario to get you thinking about today. You live in a nice home with your spouse and family. You’re both gainfully employed and life is going well. Since you’re feeling comfortable, you upgrade that old junker car to one that’s more appropriate to your current lifestyle. You deserve it! Then you and your spouse look around your house and compare it to your friend’s who just bought a new house in a new development. Hmmm, you wonder, what would your house look like with a new kitchen? So you start the process of meeting with the designer, picking out appliances, cupboards, countertops and lighting. All the stressfully exciting things that come with a home renovation. The work is done, the kitchen looks amazing and you sigh happily. Ahhhhh, life is good. You wake up the next day, stroll into your beautiful new kitchen, sip your coffee and head off to work in your new vehicle feeling content. Another day, another dollar. As you’re logging in for the day, your boss asks to see you in her office. “Be right there” you say. But, when you sit down across from your boss, you realize she’s not smiling and there is a letter flipped over in front of her. You have become a casualty of your firm’s downsizing. Suddenly, life is not so good. This is the moment where financial planning can ensure financial security. There are a number of options available to create a nest egg, not only for retirement but for all of life’s uncertainties. If this situation hits a little too close to home, it might be time to speak with a financial professional to ensure your bottom line is covered — no matter what life throws at you.
As the old adage goes, money can’t buy you love, but it can buy you time with the ones you love when you need it most. We all hope to have a long healthy life with plenty of time with family and friends. Sometimes however, life has different plans and a little planning can ease the financial burden at a time when the last thing you should be thinking about is money. Critical Illness Insurance is one option to account for the unforeseen future. A long term client of YourStyle found themselves in this exact situation. While they were diligently working on their retirement plans, one of them was diagnosed with terminal brain cancer only to pass 37 days later. Fortunately during the financial planning sessions, we discussed and included Critical Illness coverage to their suite of group and insurance options. This allowed the family to spend their limited time together as well as have the proper time to grieve the loss of a father and husband without worrying about finances. Critical Illness Insurance pays a lump sum benefit if you are diagnosed with a dreaded disease such as Multiple Sclerosis, Alzheimer’s, Cancer or Parkinson’s Disease. Other conditions covered may include coma, stroke, heart attack, and kidney failure. Benefits are paid for the first occurrence and may be used to pay medical expenses, modify your home or even take a vacation. There are many versions of Critical Illness Insurance available and different insurance carriers offer different coverage. Be sure not to let premiums be your guide when choosing the right coverage for you and your family. Speaking with a financial planner at YourStyle Financial can help you navigate the tricky waters of ensuring your future needs are met based on your family history and future goals. Due to the aforementioned situation, the children of this couple have now been meeting with YourStyle Financial on a regular basis to develop their own financial plans and to ensure that their inheritance and financial affairs are well looked after. Firsthand experience has shown them a little planning goes a long way.
Caregivers Are you a caregiver of a family member with a physical or mental impairment? If so you may be eligible for the Canada Caregiver Amount tax credit. The government recognizes the extra financial responsibility being a caregiver can have on your finances. This year determining if you qualify for the credit will be much simpler. Education Until recently, only post-secondary level course tuition qualified for a tax credit. If you took other courses at an educational facility, these fees weren’t eligible. With the recent changes, courses such as second language skills and occupational improvement courses such as computer skills may allow you to benefit in more ways than intellectually. While this option was added, the credit for post-secondary textbooks has been eliminated. This did not affect the tuition tax credit nor the ability to carry forward unused education and textbook amounts from years prior. Parents The Children’s Fitness and Arts Tax Credits were eliminated in 2017. Transportation It appears the tax credit for utilizing public transit was not enough motivation for travellers to change their transport habits. Therefore, the public transit credit was eliminated mid-year 2017. If you used public transportation in 2017, this is your last chance to claim this benefit as amounts purchased for travel between Jan 1 and June 30, 2017 are still eligible. Infertility Treatments Financial help has become reality for those needing medical assistance to conceive. As of 2017, infertility treatments are now included as an eligible medical expense. As an additional benefit, this has been made retroactive. Meaning if you have received fertility treatments within the past ten years, you can request adjustments of past returns. These are just a few of the highlights for the 2017 tax filing, not that taxes are ever a highlight. While it’s great to know how to benefit during the current tax season, maybe it’s time to start planning to benefit next year. Financial Planners are able to look at your current and future finances and create the most beneficial plan for you.