Smart Tax Planning: Creating a Legacy That Gives Back

Part 7 of 7 | Financial Wellness Series

In the final episode of our Financial Wellness Video Series, Doug Buss, founder of YourStyle Financial, joins Rafiq Punjani from Right at Home to discuss how thoughtful tax planning can help families keep more of what they’ve earned — while also supporting the causes that matter most to them.

Recognizing the Warning Signs: How Caregivers Can Spot Changes in Loved Ones

Part 6 of 7 | Financial Wellness Series

In the sixth installment of our Financial Wellness Video Series, Doug Buss, founder of YourStyle Financial, joins Rafiq Punjani from Right at Home to discuss one of the most important questions private caregivers can ask:
👉 “What are the signs we should look for that might signal concern?”

Balancing Care and Independence: Avoiding Costly Mistakes for Family Caregivers

Part 5 of 7 | Financial Wellness Series

In the fifth episode of our Financial Wellness Video Series, Doug Buss, founder of YourStyle Financial, joins Rafiq Punjani from Right at Home to discuss some of the most common mistakes families and private caregivers make — and how to navigate those challenges with financial awareness and compassion.

Supporting Independence: Helping Elders Live Safely at Home

Part 4 of 7 | Financial Wellness Series

In the fourth episode of our Financial Wellness Video Series, Doug Buss, founder of YourStyle Financial, joins Rafiq Punjani from Right at Home to talk about how to provide meaningful support for elders who are beginning to need help — while maintaining their independence, confidence, and dignity.

When Finances Get Tight: How to Reassess and Regain Control

Part 3 of 7 | Financial Wellness Series

In the third installment of our Financial Wellness Video Series, Doug Buss, founder of YourStyle Financial, joins Rafiq Punjani from Right At Home to talk about what happens when someone reaches out for help because they’re struggling financially — particularly later in life.

Exploring Financial Tools for Families and Caregivers — Interview with Doug Buss

Part 2 of 7 | Financial Wellness Series

In the second installment of our Financial Wellness Video Series, Doug Buss, founder of YourStyle Financial, joins Rafiq Punjani from Right At Home to discuss an important topic — the financial tools available to families and private caregivers who want to help their loved ones remain at home for as long as possible.

Understanding Financial Challenges in Retirement — Interview with Doug Buss

Part 1 of 7 | Financial Wellness Series

Part 1 of 7 | Financial Wellness Series

In this first installment of our Financial Wellness Video Series, Doug Buss, founder of YourStyle Financial, sits down with Rafiq Punjani from Right At Home to talk about the real financial challenges adults — especially retirees — are facing today.

With inflation driving up the cost of everyday goods and services, many Canadians living on a fixed income are finding it increasingly difficult to maintain the lifestyle they once enjoyed. Doug explains how YourStyle Financial works closely with clients to understand where their money is going, identify opportunities to make changes, and help them use their income and investments more efficiently.

“It’s about helping people make informed decisions,” says Doug. “When interest rates are at 40-year lows, those who rely on investment income — particularly seniors — are often hit the hardest. Our job is to help them adjust, plan, and still find ways to enjoy life.”

This episode highlights the importance of personalized financial planning, proactive budgeting, and creative strategies to maximize income, even in a challenging economic climate.

🎥 Watch the full video below to hear Doug’s insights and practical advice.

📆 This is Part 1 of our 7-part Financial Wellness Series. Be sure to check back every week for a new episode featuring helpful discussions about financial planning, investments, and real-world solutions to help you live the life you deserve.

Why Millennials Need Life Insurance

If you’re young and single, you may think that the things you want out of life are attainable with persistence and planning, and that you have lots of time.
But the reality is, you just never know about that last part.
This is why you might want to put life insurance — a financial product often overlooked by young adults — on your radar.

Don’t Dismiss It

Fewer than 20% of millennials say they’re likely to buy life insurance. 60% say Internet, cable and cellphone bills are higher priorities, while about 3 out of 10 millennials say saving for a vacation is more important than buying life insurance.
But just because you’re a young, healthy single with no children doesn’t mean you should disregard the need for life insurance coverage.
Just think… what would happen to the people you love is something were to happen to you?

Why You May Need (More) Life Insurance

If you offer some financial support to your parents or other relatives, or if you fall into the majority of young adults with sizable student loan debt, you ought to think about life insurance. Keep in mind, for example, that if someone has co-signed on a loan for you, the obligation could fall on your co-signer to pay off your debt if you are no longer around.
Chances are you already have some life insurance — group coverage — if you’re working full time. But do you need to go out and buy more coverage?
To answer that question, you must calculate how much your family would need if you were suddenly out of the picture.

Assessing Your Coverage Needs

You must consider:

• How much money your family would need to cover funeral expenses if you were to die unexpectedly.
• How much would be needed to replace any income that you’re contributing to your family.

When dealing with the loss of a loved one, the emotional side is a big enough struggle. If you can take the financial struggle off the table, it makes it much easier for the surviving family members to focus on just the emotional side.
Term life insurance may be the best option for a 20-something on a budget. It covers you for a determined time period, such as 20 or 30 years, and is relatively low-cost.
You can get a lot of coverage from an excellent insurance company for very little money.

Term vs. Permanent

Another option is permanent life insurance, which costs more than term but covers your entire life.

Do Your Homework

Life insurance can be hard to understand. Usually, it’s a lack of knowledge that prevents young adults from being more secure in their financial situation.
So, read up — like you’re doing now. And be sure the insurance company you select is financially solid.
This is probably going to be a 20-year relationship, so go with a highly rated company.
Most of all, keep it simple. Focus on the need to replace that lost income. There are a lot of complicated products out there.
If you have any questions about this topic, please contact Yourstyle Financial to discuss more!

Insurance Protection Info From QUS

• No strenuous exercise for at least 24 hours before and after the exam.
• Be well rested.
• If applicant has a cold, menses or flu – reschedule!
• Limit alcohol for 24 to 48 hours prior to exam.
• Limit caffeine.
• Reduce smoking.
• Ideally fast for 4-8 hours before the exam depending on the Insurance Company requirements. If there have been prior health issues, a 12 hour fast may be required.
• Avoid vitamins and supplements for 24 hours.
• Continue all prescribed medications.
• RELAX!

QUS is pleased to provide nine one-minute videos to help clients prepare for their insurance medical. These videos are the first of any paramedical provider in Canada! You will find everything you need to know – how long the appointment will take, important tips, as well as specialized information for specific tests. Please visit https://getready.qus.ca  for more information.

Retirement and Estate Planning

BNI Manitoba!

Wawanesa Insurance Walk To Fight Arthritis

YourStyle Financial was at the Wawanesa Insurance Walk to Fight Arthritis in Winnipeg on Sunday, June 5, 2016! The Walk to Fight Arthritis stretches across Canada to unite families, friends and organizations to achieve one common goal: to help the over 4.6 million Canadians, who live with arthritis every day. This figure includes more than 200,000 Manitobans, from infants to seniors. Arthritis has no cure. The Arthritis Society builds awareness and raises funds for arthritis research. Fundraising for the Walk also permits The Arthritis Society to keep providing vital programs and services that enable people with arthritis to live well at home, work and play. “We are grateful for YourStyle Financial’s support of the Walk,” says Donna Wills, Regional Manager for Manitoba/Nunavut.  “YourStyle sponsored the event, helped promote the event in their newsletter and entered a very energetic team! They were among the almost 500 walkers who raised nearly $65,000 for, The Arthritis Society, Prairie Division – Manitoba/Nunavut. THANK YOU YourStyle!”

Insurance For Newlyweds

Joint policies may seem attractive because of the cost savings. But it doesn’t cost much more to insure each life individually, and you or your spouse receives double the payout. For example, if you and your spouse are 30 years old, a joint 10-year term first-to-die policy worth $1 million insures both of you and costs about $787 annually (2014 rates). The contract pays out upon the first insured’s death to the surviving spouse. However, you could purchase two $1-million contracts for an annual premium of about $849. And the total payout from both contracts would be $2 million. Complications with joint policies can arise if your marriage falls apart. A divorce doesn’t invalidate a contract, so if you forget to cancel it, your ex-partner could receive an unintended death benefit. Also after divorce, you and your spouse may have to purchase insurance individually (depending on the type of original policy), and if either you or your spouse’s health has worsened, it may be difficult to get new coverage. Already insured Your parents may already have bought you life insurance. In that case, parents usually pay the premiums and are the beneficiaries. The parents own the contract and you are usually appointed as contingent owner. If the parent dies, the ownership automatically reverts to you, the insured child. When you marry, the family needs to discuss when you should take over the premiums based on financial ability, and whether the beneficiary should be changed to the new spouse. Subsection 148 (8) of the Tax Act allows a tax-free rollover from a parent to a child insured under a life insurance policy. Your uninsured spouse should also purchase a policy, even if he stays at home to care for children, since you would have to pay for childcare if he dies unexpectedly. If you can’t afford permanent insurance for the uninsured spouse, you can purchase term insurance and convert it when your finances are healthier. Make sure the policy you choose has this feature. Health insurance If both you and your spouse work, your advisor can help you decide whether to opt out of one of your health plans. For instance, if you have a 50% co-pay in your health plan and your spouse is fully covered, you could opt out of the first plan. But it could also be advantageous to keep both plans in place. That way, you may first claim under your own plan and then under your spouse’s plan to get more or all of the health expenses covered. Spouses should talk finance A 2013 BMO survey shows most married Canadians wish they’d discussed financial matters before walking down the aisle. While 98% of Canadians agree they should be on the same page as their spouses, when it comes to finances, most of them aren’t. A whopping 40% of these couples say they have different investing styles from their partners. It’s not surprising, then, that more than half of Canadian married couples have financial regrets, with 62% saying they wish they had discussed their financial pasts and plans before getting married. Types of policies Joint policies insure two lives on one contract and are underwritten by combining the health and ages of each life. The premium is determined by the average longevity of the two spouses. A joint life first-to-die contract pays out when the first insured dies, while a joint life last-to-die policy pays out after the second death. A joint last-to-die policy is better if you want to leave money for heirs or cover taxes after death. To discuss this further or to book an appointment, contact YourStyle Financial today!

How To Shrink Your Interest Payments

Currently, there’s a lot of talk about what may happen if interest rates rise. So, chances are, you’re looking for tips on how to protect your income and balance your portfolio.

However, capturing money that’s wasted on inefficient interest payments should always be a priority. When it comes to cash flow planning, that’s one of the main ways people are able to save money and free up income. Paying more interest on debts than you need to can significantly affect your finances. So consider whether you’re falling into the following traps.

• Mortgage myopia. You may assume your interest rates and mortgage payments will remain the same over a long period of time, or you may not know how to plan for fluctuating rates. As a result, you could fail to build interest rate-movement assumptions into your financial plans and projections.
• Amortization risk. It’s easy to compare interest rates, so you may focus on doing only that when choosing mortgages and structuring your debts. Yet, amortization is one of the main variables you should consider, given it impacts the total repayment cost of your debts.
• Lower rates aren’t always better. Paying 3% versus 4% interest may seem better, but there’s more to calculating the total costs of debts than comparing rates. Along with looking at amortization risks, you need to review all of your repayment options, as well as the total cost of debts over your lifetime.
• Other debts. What matters is the total average rate that you pay over all debts. So, you can consider whether combining all of your debts is more cost-effective.

Just as you can save money through tax planning and insurance solutions, you can protect your income through cutting down on inefficient interest payments. Through cash flow planning, you’ll better understand the importance of paying down debt principals quickly, as well as how to reduce exposure to fluctuating interest rates. As published in Advisor.ca December 22, 2015

Why Baby Boomers Go Back To Work After Retirement

Retirement is meant to be a time to kick back and enjoy your golden years. It’s a time to relax, to travel and do the things that you’ve been dreaming about. As wonderful as this sounds, it may not be possible for many Canadians nearing their 50’s and 60’s. A lot of baby boomers in Canada today are faced with more financial stress than ever before. For many of these Canadians, the necessity of returning to the workforce after officially retiring has become an unfortunate realty. Many simply can not afford to retire. With monthly payments such as mortgage, vehicle loans and credit cards, it may just not be possible. Other factors that could be preventing retirement may include providing financial support to family members or divorce. Also, with the cost of living increasing each year, it may be difficult to live on pension alone.

Why Is Credit So Easily Accessible?

Doug chatted with CTV’s Morning Live to discuss a growing problem with students and credit being so accessible. Students particularly are graduating with more debt and have no idea how to deal with it. Institutions are focusing on future earning potential. Learn how a Financial Planner can help secure that.

Investment Terms You Should Know

It’s always good to be well informed when dealing with your finances. Knowing these basics will help, especially if you are new to investing. What is a Financial Advisor? You want to get help with financial advice from a Financial Advisor, but who will you turn to? Advisors can specialize in different areas including investments, tax and estate planning and insurance or one Advisor can provide all of these combined services. Advisors can be paid by salary, commission, fees or a combination of commission and fees. Advisors work at banks, insurance carriers or independent firms and must be registered with an industry regulating agency. A good way to ensure you are dealing with a reputable advisor is to check out their credentials and experience.

Oh Behave! Halloween Fun

We  recently participated in a BNI bowling event for Halloween and we won for best costume:  Austin Powers and Felicity Shagwell!

View all Community Events

Alumni Night

Doug and I were privileged to attend an Alumni Event at the Asper School of Business, Drake Centre University of Manitoba on September 30, 2015. We joined in the celebration of achievements of Faculty in the in the Commemorative Room.  We were treated to a tour of our old stomping grounds and had an opportunity to mix and mingle with fellow Alumni, current students and on-campus student groups.

There were brief remarks from the Dean, Michael Benarroch. As well, Paul Soubry, B.Comm.(Hons.)/1984, Asper Alumni;  Front and Centre Campaign Chair and CEO of New Flyer delivered a message about the vision and philanthropic campaign for the University of Manitoba. Doug graduated from UM in 1987 with a Commerce degree in Finance and Loreen graduated in 1994 with a Commerce Finance degree as well.

For over 75 years, the I.H. Asper School of Business has been providing a world-class education to leaders and innovators who contribute ethically to the social and economic wellbeing of Manitoba and the world.

Raised Funds for BNI Givers Gain Golf Classic

YourStyle Financial was proud to be a dinner sponsor for the BNI Givers Gain Golf Classic on June 18, 2015. We were able to help raise almost $25,000 towards Camp Quality Manitoba. See more about the BNI Givers Gain Golf Classic Click here to view all Community Events

Are You Travelling This Winter?

“Am I covered for emergency health care outside of Canada?” It’s one of the most frequently asked questions of travelers — and an important one to answer. With U.S. medical care costs skyhigh (and rising), even a simple doctor visit can put a serious dent in your bank account. If you’re unfortunate enough to require an extended hospital stay, your finances can suffer permanent damage. Do you need additional health insurance? Simply put: YES. Technically, all Canadians are covered under their provincial plans for any time they’re overseas, but coverage is extremely limited. For example, Manitoba Health will only pay for emergency doctors’ services outside of Canada at a rate equal to what a Manitoba doctor would receive for similar service.  In other countries, services can cost much more than they do here in Manitoba. As a result, you could find yourself responsible for a large medical bill. Emergency hospital care is paid on an average daily rate established by Manitoba Health. The difference above the covered amount could be substantial and is YOUR responsibility to supplement your coverage with some travel health insurance. Travel insurance gives you peace of mind to cover emergencies such as physician’s fees, diagnostic services, ambulance and paramedic costs, and hospital accommodations. So, what’s the best way to obtain additional coverage? Head over to our Resources page for direct links to travel insurance providers. Also, while there, be sure to check out other helpful information as well such as The Glossary of Common Investment Terms.

How healthy will you be in your golden years? Long Term Care Insurance may be the solution.

Do you and your loved ones have enough funds to last through the golden years? Will you be financially secure if you outlive your savings? How will you cover the costs in the event that you require care? Issues such as these should be taken into consideration so that you are financially prepared for the future. Careful planning helps with peace of mind without having to place a burden on family and friends down the road. According to the chart below, the average cost of Long Term Care (LTC) in Canada is $61,500. These ranges cover the cost of care for couples at different income levels. The starting income level is $22,394 (very low) and the highest income level is $184,500 (three times average).  Average is $61,500. Source: N. Fernandes and B. Spencer, “The Private Cost of Long-Term Care in Canada: Where You Live Matters,” Canadian Journal on Aging 29 (3), 2010.

When planning for your retirement, you have to keep in mind that you may need to cover the cost of care. These costs can be due to an illness, accident or diminished physical or mental capacity. Your investments and retirement savings may not be enough to cover these expenses. Activities of Daily Living (ADLs) is a term used to refer to people’s daily activities. Think of the activities you do to get your day started:

1. Climb out of bed
2. Use the bathroom
3. Take a shower
4. Get dressed
5. Brush your hair
6. Have breakfast

If you are unable to perform two out of the six activities and own Long-Term Care insurance, you could qualify to receive benefits. Long Term Care benefits provide an additional source of income that can help when you need it the most.  Long Term Care is a tax-free monthly benefit to help supplement your savings, provincial and private health insurance coverage. Eligibility for Long Term Care does not depend on admission to a care facility nor do you have to obtain any receipts for the care received. You have the freedom to use your benefit the way you see fit. Contact YourStyle Financial if you would like assistance with planning your retirement for you or a loved one and to discuss if Long Term Care coverage is right for you.

What you should know about TFSAs

Tax Free Savings Accounts (TFSAs) are registered savings plans with the ability to earn investment income that is tax free. These funds can provide security for the future and financially prepare you for retirement. Other registered savings plans include Registered Retirement Savings Plans (RRSP) and the Registered Education Savings Plans (RESP). Anyone who is 18 years of age or older, is a Canadian resident and has a Social Insurance Number can open a TFSA.

Contributions

Did you know that as of January 1, 2015, the annual contribution was increased from $5,500 to $10,000? Only 14% of Canadians are aware of this fact. Contributions of up to $5,000 per year for 2009-2012; $5,500 for 2013-2014; and $10,000 for 2015 can be deposited. Unused contribution room (the maximum amount you can contribute to your TFSA) can be carried forward to following years. More than half of Canadians who have a TFSA only contribute once a year; however, there is no limit to the number of contributions made in a year as long as you do not exceed your contribution room. Penalties will be assessed for over-contributions.

Withdrawals

When a withdrawal is made, you are able to replace the amount within the same year if you have available TFSA contribution room. You can determine your TFSA contribution room through the Canada Revenue Agency. Any income earned in the account whether it be interest income, dividends or capital gains is sheltered from tax as long as it stays in the TFSA. Government benefits and credits such as Old Age Security (OAS), Guaranteed Income Supplement (GIS), Employment Insurance (EI) and Age Exemption Tax Credit are not affected or reduced as a result of income earned in a TFSA. The income earned also does not affect your eligibility for federal credits such as the Canada Child Tax Benefit (CCTB), Working Income Tax Benefit (WITB) and Goods and Services Tax/Harmonized Sales Tax Credit (GST/HST). If you are interesting in learning more about Tax Free Savings Accounts, contact YourStyle Financial.

So you’re getting married?

You’ve found “the one” and have decided you will spend the rest of your lives together. You may have talked about growing your family, a new house and other plans for the future but have you thought about how you will achieve those goals? Marriage is a partnership and you need to know how you can achieve those goals together. Discussing your finances may not be a conversation that you want to have but it is necessary to avoid issues that may arise later. Debt, for example is one of the most important things a couple should discuss. Do you or your partner have any outstanding debt? If yes, does your partner know about it? Are you aware of each other’s income? Whatever the case may be, you need to communicate with each other and be open about your finances. A recent BMO survey shows that most married Canadians wish they had discussed their financial matters with each other before walking down the aisle. While 98% of Canadians agree they should be on the same page as their spouses, when it comes to finances, most of them aren’t! A whopping 40% of these couples say they have different investing styles from their partners. It’s not surprising then, that more than half of Canadian married couples have financial regrets, with 62% saying they wish they had discussed their financial plans and pasts before getting married. Use our Marriage Preparation Checklist to discuss with your partner to ensure your plans for wedded bliss include financial matters. For help with your financial planning, give us a call.

2015 BNI Givers Gain Golf Classic

YourStyle Financial is proud to be a dinner sponsor for the BNI Givers Gain Golf Classic on June 18, 2015 and we will be having a draw to win a Kids BMW X5 Ride-On.
This event is attended by BNI members and their guests to raise funds for the non-profit, charitable organization Camp Quality Manitoba. The first camp was held in 2005 and aims to improve the quality of life for children living with cancer. The camp offers the children and their siblings a week to have fun, be themselves and to enjoy the summer.
For more information visit:
http://www.bnigiversgaingolf.com/

Click here to view all Community Events

Do you have a plan for debt elimination?

When most people think about retirement planning, they think of building a retirement nest-egg through RRSPs and pension plans. While these are key pieces of the puzzle, it’s important not to forget about another important element of retirement planning – debt elimination. After all, the less you spend on interest payments, the more you can allocate to your retirement savings. A debt-elimination plan doesn’t have to be complicated. But you should have one or you’ll likely be in debt longer than you have to. There are a few simple strategies for getting out of debt sooner, such as:

• Building extra debt payments into your budget.
• Consolidating all of your debts at the lowest rate possible.
• Using your income and savings to automatically reduce your debt (without giving up access to that money).

When you’re planning for retirement, don’t forget about the impact that your debt has on those plans. With a strategy for becoming debt-free sooner, you may even be able to retire earlier than expected. I’d be happy to help you develop a debt-elimination strategy that complements your overall retirement savings strategy. Give me a call if you’d like to discuss how you can be debt-free sooner.