Your Canadian Retirement Specialist

For privately owned companies, succession planning is the process of preparing to pass the ownership and leadership of a company from the current owner to a new one.    Successfully transferring your business requires time, the right expertise, and a detailed strategy. The process doesn't happen overnight.    To ensure that this change in ownership doesn't affect your business operations, you can...

Health and dental care and other benefits are part of a comprehensive benefits package for which millions of Canadians are signed up.  Your company might provide you with insurance (Life, Disability, Critical Illness, etc.), dental and health care coverage and/or a pension/group RRSP. When one leaves their employment, what happens to them?    Eventually, you may decide you've had enough of your cu...

Have you heard about the Multi-Generational Home Renovation Tax Credit (MHRTC)?   This new tax law that came into effect in 2023 grants Canadians the expenses required to create a secondary living space for an elderly or disabled relative.    For those planning on renovating their home so an eligible family member can move in with you - then it may count as a qualified renovation.    Book your FRE...

Preparing for the potential of living to the age of 100 can be both a source of comfort and a stark wake-up call. Acknowledging this possibility is essential for effective retirement planning.    To reach this milestone, it's imperative to establish a robust support system and select a residence that aligns with your needs during your retirement years. Living to age 100 demands considerable effort...

Increasing inflation, especially the record levels we've witnessed lately, invariably grabs the spotlight. While numerous individuals are concerned about their ability to afford progressively more expensive goods, retirees often harbor greater concerns about the erosion of their savings' value caused by inflation. In this episode, I go over some strategies that will help you inflation-proof your p...

Welcome back to another episode of Fireside Financial. In this episode, Joe Curry and Regan Schiller explore the complexities of optimizing retirement income through strategic withdrawals from Registered Retirement Income Funds (RRIFs) and other retirement accounts. They delve into the advantages of early RRIF excess withdrawals, even in cases where clients may not immediately require these funds....

A Tax-Free Savings Account (TFSA) serves as a valuable tool for most Canadians seeking to build wealth while minimizing tax liabilities. While there are numerous advantages to using a TFSA for investment purposes, it's crucial to be aware of potential errors that can prove financially burdensome. This episode delves into the eight common missteps individuals often make and offers guidance on steer...

When your aging parent is no longer able to keep track of bills, investments and money management, someone else must step in. Often the parent has appointed an adult child or other relative to do the job. It can be a lifesaver or it can create explosive conflict and unnecessary costs. In today's episode, we go through some common mistakes made when managing money for an aging parent or relative. B...

Welcome back to another episode of Fireside Financial, where your hosts Regan Schiller and Joe Curry answer your retirement-related questions. Regan and Joe share their expert insights and practical examples, offering you valuable guidance as you navigate the challenges of retirement planning in Canada. They answer your questions on CPP, pension plans, and retirement planning strategies, and explo...

Anyone with a variable rate mortgage in Canada understands the impact of rising interest rates. A rate hike can either cause borrowers' debt payments to climb or reduce the amount of principal their mortgage payments pay off. Interest rate rises are caused when the Bank of Canada decides to increase its overnight rate, which is a short-term interest rate that factors into lending costs. Depending...

In today's episode, I sit down with author and coach, Jane Blaufus. We discuss the concept of courageous conversations and how to have them, so that we can be better prepared for life events, both personally and financially. Best Selling Author Jane Blaufus draws from her extensive expertise in the financial services world along with her own personal experiences after losing her first husband to h...

In Episode 4 of Fireside Financial, Joseph and Regan discuss the increasing trend of parents supporting their millennial children financially. They explore different forms of assistance parents are offering, including down payments on homes, groceries, rent, and mortgages. The hosts stress the importance of a solid financial plan to ensure the support does not compromise the parents' retirement or...

The saying, "Anything worth having is worth waiting for," is often true. Consider some of the most important goals you hope to complete in your lifetime. Perhaps your goals include starting a profitable company, getting an advanced degree, becoming a recognized authority in your industry, starting a family, or sailing the seven seas. All of these tasks require time and are infrequently completed b...

Although there is a significant intergenerational wealth transfer underway in Canada, many families are delaying difficult discussions about what life will be like once a parent passes. When everyone is in good health, having the talk is difficult, but when someone is unwell, it becomes even more difficult. In this example, Jane Doe experienced this firsthand when her father passed away in 2021. A...

If you would like to leave some money or assets to a loved one who is living with disabilities when you die, be sure to consider how receiving that inheritance might impact that person's other financial resources, such as social assistance benefits. Henson trusts can protect access to social assistance benefits Every province and territory has its own specific laws and regulations addressing socia...

In this episode, I have a conversation with Alison Howard, executive director of ABC Life Literacy Canada . ABC Life Literacy Canada is a national charitable organization that champions literacy by empowering adult learners, raising awareness, and supporting the adult learning sector. They develop and support the use of foundational learning materials and help to build the capacity of the sector b...

Nine out of ten parents give their adult children financial support. What they spend, why they spend it, and where the money goes are listed below. Nearly 37% of parents with adult children assist with grocery expenses, nearly 25% with rent, 10% with mortgage payments, and nearly half offer sporadic financial assistance. Welcome to raising adult children in a time of high inflation and pricey hous...

In this episode of Fireside Financial, Joe and Regan delve into the fascinating topic of retirement spending. They explore two sides of the same coin: the challenges faced by individuals who feel unprepared for unexpected expenses during retirement, and those who are reluctant to spend their hard-earned savings due to fear of running out of money. Joseph and Regan share valuable insights and real-...

In recent years, investors have been adding low-volatility investments to their portfolios. These are typically stocks and funds that are designed to fluctuate less than the overall stock market. These investments often consist of stocks from certain sectors that have less volatility than the market as a whole (such as health care, grocery stores and utilities). They move up and down considerably...

As people age, the chances of getting dementia or Alzheimer's increase. One in 20 Canadians over 65 has dementia, and this number increases to one in four Canadians aged 85 and over. Given that the effects of dementia can be extremely gradual, it can be difficult to tell if you or a loved one is experiencing the early signs of dementia or if these are just symptoms of normal age-related memory los...

We've all heard the advice about not keeping all your eggs in one basket. This is the principle that stock diversification is based on: for example, not putting all of your money in one sector, such as financial services. If that sector were to crash, you could lose a lot of your money. Having a well-diversified portfolio means owning a wide variety of assets, so as to reduce your overall portfoli...

If you're feeling frustrated and overwhelmed by the complexity of CPP and OAS timing and the lack of customized strategies to help you achieve smarter retirement planning, then you are not alone!   In this episode of Fireside Financial, Joseph Curry and Regan Shiller delve into every facet of retirement planning, to assist listeners in reaching their retirement goals. They discuss how the evolutio...

Many Canadians dream of retirement, no work and more freedom. Picking the right place for retirement is an important decision and in an ideal situation, it's a decision that you'll need to consider long before stopping work. When it comes to retirement homes, you may be asking yourself many questions such as "Are retirement flats a good investment?" or "Where to find a great selection of retiremen...

Enjoying time with family and friends, pursuing your passion, or building a career? The possibilities are endless. But, there are risks that you may not be able to avoid. Risks that can be devastating to your family, your future and your dreams, if you are not prepared. The right choices for your changing life.;We all face risks throughout life. As time goes by and circumstances change, the risks...

There are generally three options to choose from when members of a defined benefit pension plan have the option to commute their pension: Take the pension and commence monthly payments on a date allowed by the plan (usually between age 55 and 65). Transfer the pension's commuted value to another registered pension plan (if the new employer's plan permits a transfer). Transfer the pension's commute...