The Canadian Money Roadmap: Recent Episodes
Evan Neufeld, CFP®
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In this episode of the Canadian Money Roadmap, Evan and Sam each draft 5 things they each believe are worth the money. Ranging from Toyota vehicles, paying off your credit cards, to a day at a Nordic spa, their selections spark conversations about how spending fits into financial plans.
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On this episode of the Canadian Money Roadmap, Evan and Sam argue that markets and life change too fast to predict, so financial success depends not on timing the market but on building a diversified, evidence-based plan focused on the variables you can actually control.
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In this episode of the Canadian Money Roadmap, Evan and Sam examine common examples of bad financial advice they've encountered online and with real clients — including chasing past returns, being pressured to commute a pension into a complex insurance product, and having locked-in investments (like labor-sponsored funds and GICs) placed in accounts where money is needed by a specific deadline.
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On this episode of the Canadian Money Roadmap, Evan walks through his semi-annual "full financial picture" review process — a simple spreadsheet exercise that tracks net worth, insurance, and estate planning documents — and explains how to use it as a starting point for couples to get on the same page about their finances.
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On this episode of the Canadian Money Roadmap, Sam and Evan discuss how the markets have performed over the first half of 2026 covering how international stocks (especially South Korea) are outperforming the US, value stocks are beating growth stocks, the Magnificent Seven have stalled, and speculative assets like Bitcoin and gold have failed to act as expected hedges.
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In this episode of the Canadian Money Roadmap podcast, Evan and Sam play a game of "This or That," debating personal finance preferences across six topics: TFSA vs. RRSP, paying down your mortgage vs. investing, stocks-only vs. including bonds in your portfolio, lump sum vs. dollar cost averaging, buying vs. renting a vacation property, and leaving an inheritance vs. giving money while alive.
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This episode of the Canadian Money Roadmap explores why chasing past investment returns is a losing strategy.
Hosts Evan and Sam explain that actively managed funds overwhelmingly underperform their benchmarks over time.
They advocate for an evidence-based approach built on broad diversification, low costs, and factor-based investing (size, value, and profitability) aligned with a personalized financial plan.
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Nearly two-thirds of Canadian pre-retirees don't have a retirement withdrawal plan.
On this episode of the Canadian Money Roadmap, Evan and Sam use a case study to show how optimizing your withdrawals during retirement can have a significant impact on your available investments and estate projection.
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In this episode, Evan and Sam explore new research challenging the conventional wisdom of shifting to bonds as you near retirement, making the case that a globally diversified equity portfolio — tailored to your personal risk tolerance, capacity, and financial needs — may actually give you better odds of reaching your retirement goals.
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In episode 200 of the Canadian Money Roadmap, Evan reflects on how his views on financial planning have evolved over his first decade in the industry.
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On this episode, Evan and Sam propose a new savings challenge that will allow people to save over $5,000 in 100 days.
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On this episode, Evan and Sam analyze the results from their Financial Foundation Scorecard — revealing that while listeners excel at saving, budgeting, and debt management, most lack a written retirement plan and the confidence to know if they're truly on track for retirement.
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In this episode, Evan and Sam provide advice about how to help children financially during your retirement. Key point include: make sure you can afford it, communicate clear expectations, specify what the money is for, and consider non-cash ways to give — because intentional generosity protects both your retirement savings and your family relationships.
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In this episode, Sam puts Evan on the hot seat and gets him to answer questions related to ethical investing, building a portfolio, and financial red flags.
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On this episode of the Canadian Money Roadmap, Evan and Sam break down what prediction markets are and why Canadians should be cautious now that platforms like Wealthsimple are beginning to offer them.
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On this episode, Evan and Sam walk Canadians through the critical financial and lifestyle decisions to make in the 5–10 years before retirement — covering savings milestones, debt payoff, retirement lifestyle planning, asset allocation, and retirement withdrawal strategies.
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In this episode of the Canadian Money Roadmap, Evan and Sam consider how much Canadians need to save for retirement based upon the recommendations in two Canadian finance books The Wealthy Barber and The Rule of 30. They also discuss other insights from both books.
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On this episode of the Canadian Money Roadmap, Evan and Sam discuss the implications of Canadians holding more cash. The episode distinguishes between emergency funds, planned spending, and a "sleep at night" buffer, while warning against using cash as a market-timing tool.
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On this episode, Evan and Sam consider the practicality of retiring in Canada without pension through a case study of Tracy and Derek, who have saved $500,000 at age 50.
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On this week's episode, Evan and Sam discuss key reasons to file your taxes, the relationship between taxes and financial planning, and discuss ways to use your tax refund to optimize saving.
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On this episode of the Canadian Money Roadmap, Evan and Sam discuss how to balance family spending and retirement savings across three life stages — early parenthood, supporting older kids, and legacy/retirement planning.
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On this episode of the Canadian Money Roadmap, Sam puts Evan in the hot seat and asks questions about market volatility, investment fees, retirement savings, and more.
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In this episode, Evan discusses the value of staying invested during periods of market volatility, specifically the market decline triggered by fighting in the Middle East, explaining that diversified portfolios are still positive year-to-date and why panic-selling during downturns is a costly mistake.
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On this episode, Evan and Sam discuss why building a "better" investment portfolio requires looking beyond past performance to factors like diversification, fees, and turnover—challenging the oversimplified belief that higher returns automatically mean a better portfolio.
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In this episode, Evan and Sam explore whether historical patterns and current market data suggest there is an AI Bubble.
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In this episode, Evan explains how Canadian government retirement programs (CPP, OAS, and GIS) work, emphasizing their value in retirement planning.
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In this episode, Evan examines the pros and cons of RRSP loans—borrowing money to contribute to your retirement savings. He notes while RRSP loans offer tax deductions and lower interest rates, most people would be better off avoiding them due to the costs, risks, and limited flexibility of leveraged investing.
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In this episode, Evan explains how Canadian retirement income accounts—RRIFs, LIFs, and PRIFs—work, covering how to convert accumulation accounts into income-producing accounts, the minimum and maximum withdrawal rules, tax implications, and province-specific regulations for managing retirement savings.
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On this episode, Evan describes the key accumulation accounts available to Canadian and their potential uses for investors.
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In this episode, Evan and Sam discuss gold's historical performance as a hedge against market downturns, inflation, and economic crises, ultimately concluding that while gold has surged recently, the evidence doesn't support it as a reliable hedge in times of economic uncertainty. The episode concludes with a discussion of ways to get exposure to gold's upside through diversified evidenced-based investing.
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On this episode, Evan examines mutual funds and ETFs. He notes both mutual funds and ETFs can be useful investment containers for building diversified portfolios, challenges the idea that one is inherently better than the other, while clarifying that the real differences lie in their transaction mechanics rather than their investment strategies or tax efficiency.
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On this episode of the Canadian Money Roadmap, Evan describes what stocks and bonds are, why they're essential building blocks of a retirement portfolio, and how diversification and long-term holding periods reduce risk and increase the likelihood of positive returns.
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This episode analyzes whether a 20-year-old Quebec lottery winner made the right choice by taking $1,000 per week for life instead of a $1 million lump sum.
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In this episode, Evan highlights three common financial mistakes to avoid in the new year while sharing practical tips to help you get ahead and retire confidently.
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In this year-end episode, Evan pulls back the curtain on his personal finances, the launch of Cedar Point Wealth, and the growth of The Canadian Money Roadmap, sharing real numbers, lessons learned, and what’s ahead for 2026.
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Evan shares his annual checklist of key financial tasks to consider before the year ends. Topics include maximizing your First Home Savings Account (FHSA), TFSA withdrawal timing, spousal RRSP strategies, charitable giving, capital gains/losses, mutual fund distributions, workplace benefits, and tips for staying organized. Evan also highlights useful resources to help you get your finances in order for the new year.
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Learn one of the most reliable ways of increasing your happiness when it comes to your money.
Free Kindle Books from Dr. Daniel Crosby - Until the end of December 2025
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The Behavioural Investor
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The Soul of Wealth: 50 Reflections on Money and Meaning
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The Laws of Wealth
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Most Canadians have no idea what they’re actually paying to invest — and many are overpaying by a lot.
In this episode, Evan breaks down how investment fees really work in Canada, what’s reasonable, what’s not, and how to tell if you’re paying for advice you aren’t actually getting. You’ll learn how to read MERs, Fund Facts, and trailing commissions so you can spot red flags and avoid getting ripped off.
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In this Q&A episode of the Canadian Money Roadmap Podcast, Evan answers two listener questions:
- How do TD ETFs compare to other providers like Vanguard and BlackRock? Evan breaks down the differences, explains why TD funds may get less attention, and shares what to look for when evaluating ETFs for your portfolio.
- What’s the best order to withdraw funds in retirement? Evan discusses the factors that influence withdrawal strategies, including account types, tax implications, and personal goals
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Record your money question here - No account or email required.
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In this episode, we explore how the art of making the perfect smash burger—mastered by burger expert George Motz—parallels the principles of smart investing. Discover why simplicity, quality ingredients, and avoiding unnecessary complexity lead to better results, whether you’re building a great burger or a strong investment portfolio. Tune in for practical insights and a fresh perspective on financial success.
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In this episode of the Canadian Money Roadmap, we explore why chasing last year’s top-performing stocks or sectors can leave your investment strategy “late to the party.” Evan breaks down the pitfalls of following market hype—like AI, tech chips, utilities, and even nuclear power—and explains how much of the expected growth is already priced in by the time most investors notice.
Learn why diversification, humility, and keeping costs low are the real keys to long-term investing success. Plus, hear research on why only a tiny fraction of stocks drive most market gains, and why trying to pick the next big winner is a losing game for most.
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In this episode of the Canadian Money Roadmap Podcast, Evan records from his mobile studio (aka his truck) and reflects on the parallels between the Toronto Blue Jays’ unexpected playoff run and the world of investing. He discusses how both sports and markets can defy expectations, the importance of managing your emotions during winning streaks, and why it’s crucial to remember that “this too shall pass”—whether times are good or bad. Evan also touches on the value of risk management, the role of cash in your portfolio, and why speculative assets like Bitcoin and gold differ from stocks and bonds. Tune in for practical advice on keeping your investment expectations realistic and building a system you can stick with through market ups and downs.
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In this episode of the Canadian Money Roadmap Podcast, Evan Neufeld shares practical strategies for making smarter spending decisions during Amazon Prime Day and other major sales events. Learn how to spot real deals, avoid marketing tricks, and use tools like CamelCamelCamel to check price histories. Evan also discusses the value of spending money on meaningful experiences rather than just accumulating more stuff, and introduces a simple rule of thumb for deciding when to make a purchase. Tune in for actionable tips to help you get the most value from your money—on Prime Day and beyond.
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In this episode, Evan discusses a recent news story about a family facing a $660,000 tax bill after both parents passed away in the same year.
He explains the tax rules around RRSPs, capital gains, and estate planning in Canada, and clarifies common misconceptions presented in the media.
The episode covers the importance of understanding tax implications, planning ahead, and communicating with family about estate matters. Evan also shares practical advice on strategies like life insurance and early RRSP withdrawals.
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In this episode, learn a practical strategy for families with multiple children to get the most out of their Registered Education Savings Plan, especially when kids are different ages. Perfect for parents navigating tuition and RESP withdrawals this school year.
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This episode covers the pitfalls of bad financial advice and how to avoid it.
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Are you wondering what the best thing you can do with your money is right now? In this episode, you’ll discover the simple step that can put you miles ahead on your financial journey: tracking your spending for the next three months.
You’ll hear real-life stories that show how easy it is to underestimate your expenses—and why knowing where your money goes is the foundation for confident retirement planning. You’ll get practical tips on how you can track your spending (with tools or a simple spreadsheet), and why this one habit can unlock clarity for your future.
If you want to take control of your finances, start with this three-month challenge. You don’t need to sign up—just start today, and see how much more confident you feel about your money.
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Explore the real reasons behind overspending, debt, and financial comparison in this episode of the Canadian Money Roadmap Podcast. Discover how social pressure, priorities, and personal finance habits shape what we buy—and what we can truly afford.
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In this episode of the Canadian Money Roadmap Podcast, Evan introduces a new segment called 'Hot Takes On Hot Days,' where he critiques an article from BNN Bloomberg titled 'Five Warning Signs Your Investment Advisor is Not Up to the Job.' Evan discusses the misunderstandings and incomplete information commonly found in such articles, covering topics like portfolio performance, fees, advisor communication, and tax considerations. He emphasizes the importance of understanding risk-reward relationships, the various structures of mutual funds and ETFs, and the necessity of having an advisor who comprehends the nuances of financial planning.
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In this episode, Evan is joined by Aaron Hector to walk through the basics of estate planning. They cover what a will does, the role of an executor, and the importance of powers of attorney and health care directives. They also talk about probate, taxes at death, and why it’s important to keep your estate plan up to date.
Aaron Hector is a senior wealth advisor, and founding partner of Calgary-based TIER Wealth, which is a partner of Q Wealth Partners. He is also the President of the Institute of Advanced Financial Planners.
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In this episode, Evan provides timely financial advice on planning ahead for the upcoming Christmas and holiday season, even in the middle of summer. He suggests setting up a budget and a dedicated holiday savings account to avoid financial stress in January. Additionally, he discusses thorough vacation budgeting, sharing his own experience of how careful planning revealed a significant increase in expected costs. Evan offers practical tips, including using a vacation planner spreadsheet with currency conversion to ensure a smooth and enjoyable trip without unexpected expenses.
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In this episode of the Canadian Money Roadmap, Evan Neufeld discusses a real-life case study of a couple, Cal and Steph (**not their real names...), who were frustrated with the advice they were getting from the bank.
He identifies three main issues: poor use of RRSPs, overly conservative asset allocation, and high investment fees. Evan explains how simple adjustments in these areas can significantly improve retirement outcomes
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Enjoy this bonus episode coming from my YouTube channel which you can also watch here: https://youtu.be/AY6Pa-o25uY?si=O4ilORbUtz6OpC1m
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If you’ve ever lived, worked, or held citizenship in both Canada and the U.S., your financial situation could be more complex than you realize. In this episode, Andrea Thompson explains what cross-border Canadians need to know about taxes, investments, retirement accounts, and common mistakes to avoid. Whether you’re planning a move or just want to stay onside with the IRS, this is a conversation worth hearing.
Andrea Thompson: Modern Cents - Advice Only Financial Planning
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Evan marks 500,000 podcast downloads and shows how the same four habits that grew The Canadian Money Roadmap can grow a half‑million‑dollar investment portfolio:
- Stay consistent (not necessarily perfect)
- Lay a solid plan before you start
- Automate the boring stuff
- Know when to outsource
Hear real‑life client stories, quick wins you can steal today, and why the right metrics matter more than having a big pile of cash. If you want a clear, doable path to your first $500k (and beyond), this episode is for you.
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If you have some extra cash every month, should you invest more or pay down your mortgage? The answer that is best for you is going to consider more than just the interest rate of your mortgage and the most recent returns on your investments.
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In this episode of the Canadian Money Roadmap Podcast, we'll analyze the volatile start to the 2025 stock market and explore how different types of investors—aggressive, conservative, and balanced—are faring. Note: This content is for informational purposes only and not specific investment advice.
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This episode is an update on where I've been and where I'm going next. I'll see you very soon with new episodes!
Everything But Money - Live event with Jessica Moorhouse in Saskatoon
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Retirement Readiness Scorecard 🇨🇦
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Retirement is a time to enjoy the fruits of your labor, whether it's traveling, spending time with family, or fulfilling your bucket list. In this episode of the Canadian Money Roadmap Podcast, we present 15 critical questions to gauge if you're truly ready for retirement. From understanding your vision for retirement and calculating expenses to planning for healthcare costs and managing risk, these questions will help you plan a confident and fulfilling retirement.
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Retirement Readiness Scorecard 🇨🇦
Get your money organized - Your Full Financial Picture Spreadsheet
In this episode of the Canadian Money Roadmap Podcast, Evan Neufeld discusses seven strategies to manage investment risk in your portfolio as you prepare for retirement. Topics include diversification, rules-based implementation, adding bonds, holding cash, annuities, deferring CPP, and using put options. These methods aim to help you retire with confidence while reducing the volatility and uncertainty of your investments. Remember to consult with a financial professional before making any changes to your portfolio.
00:00 Introduction: Politics and Your Portfolio
00:23 Seven Ways to Manage Investment Risk
00:53 Diversification: Don't Put All Your Eggs in One Basket
02:13 Rules-Based Portfolio Implementation
05:26 The Role of Bonds in Your Portfolio
06:09 Cash Wedge Strategy
08:11 Exploring Annuities
09:55 Deferring Your CPP for Better Returns
11:06 Using Options for Portfolio Insurance
12:17 Conclusion and Final Thoughts
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Retirement Readiness Scorecard 🇨🇦
Get your money organized - Your Full Financial Picture Spreadsheet
Become a client in 2025
In this episode of the Canadian Money Roadmap Podcast, we explore financial and retirement planning tailored for single individuals in Canada. With nearly 30% of Canadian households being single-person households, it's vital to highlight the unique benefits and strategies available for singles. From decision-making ease to agility in financial planning, we discuss the advantages and key priorities for singles aiming to retire with confidence. Additionally, we cover high savings rates, pensions, insurance needs, and the importance of professional financial planning. Tune in to get practical tips and insights specifically for single Canadians.
00:00 Introduction: Financial Planning for Singles in Canada
00:39 Understanding Singleness: Different Scenarios
01:39 Advantages of Being Single in Financial Planning
06:30 Successful Financial Strategies for Singles
10:25 Priorities for Single Individuals
20:09 Conclusion and Final Thoughts
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Retirement Readiness Scorecard 🇨🇦
Get your money organized - Your Full Financial Picture Spreadsheet
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In this episode, we explore the benefits and strategies behind using a spousal RRSP to optimize retirement savings, drawing from a real-life scenario with clients Curtis and Cynthia. The video outlines how high-income earners can contribute to a spousal RRSP under their partner's name and eventually convert it to a spousal RRIF, enabling tax-free withdrawals. We also discuss the spousal attribution rules, the significance of minimum withdrawals, and how to use these funds for TFSA contributions, ensuring the money remains tax-free.
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Retirement Readiness Scorecard 🇨🇦
Get your money organized - Your Full Financial Picture Spreadsheet
In this episode, Evan Neufeld delves into how retirement income can fluctuate for Canadian retirees in 2025. Learn about the implications of converting RRSPs to RRIFs, including changes in minimum withdrawal amounts, portfolio balance changes, and withholding tax. Evan also explains the complexities of LIFs, inflation adjustments for CPP and OAS benefits, and offers practical advice to plan for these changes in your retirement income.
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Retirement Readiness Scorecard 🇨🇦
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Credit for the idea for this video goes to Aaron Hector from CWB Wealth. You can find more of his insights on X and LinkedIn:
https://x.com/AaronHectorCFP
https://www.linkedin.com/in/aaronhector/
In this video, we discuss the recent changes announced by the Canadian government to income tax brackets and various benefits for 2025. These changes include a 2.7% increase to match inflation. While many benefits will see an increase, some elements such as the CPP death benefits and withholding tax system for RRIFs have remained unchanged for decades. Additionally, we examine other benefits like non-refundable tax credits, pension income amounts, and the Canada Education Savings Grant that have not kept up with inflation. Learn how these adjustments and untouched areas could affect your finances in the coming year.
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Retirement Readiness Scorecard 🇨🇦
Get your money organized - Your Full Financial Picture Spreadsheet
In this episode of the Canadian Money Roadmap Podcast, we explore practical strategies to save more money and improve your finances for 2025. Learn about the importance of reassessing your regular expenses, finding cheaper alternatives for necessities, and cutting down on non-essential recurring costs. We also discuss ways to save on travel expenses and effectively allocate your savings to ensure long-term financial benefits. Whether it’s lowering your phone bill or smart travel planning, these tips can help you get a head start on your New Year’s resolution to save more and spend less.
00:00 Introduction: New Year's Resolution for 2025
00:12 Practical Tips to Save Money Now
01:01 Reducing Regular Expenses: Phone Bills
07:32 Cutting Down on Non-Necessities
11:45 Saving on Travel Expenses
20:58 Maximizing Your Savings
22:51 Conclusion: Improving Your Finances for 2025
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Retirement Readiness Scorecard 🇨🇦
Get your money organized - Your Full Financial Picture Spreadsheet
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As the year draws to a close, Evan shares nine powerful strategies to enhance your financial health, decrease your tax liabilities, and set yourself up for future success. Whether you're retired, working, or just starting your financial journey, this episode offers valuable insights including a new update relevant for 2024. Topics covered include opening a first home savings account (FHSA), tax loss/gain harvesting, timing TFSA redemptions, charitable giving, RRSP and RESP contributions, RRIF conversions, and the benefits of a registered disability savings plan (RDSP). Tune in to ensure you're on the right financial track as we approach 2025!
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Retirement Readiness Scorecard 🇨🇦
Get your money organized - Your Full Financial Picture Spreadsheet
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In this episode of the Canadian Money Roadmap Podcast, we delve into the many benefits of Tax-Free Savings Accounts (TFSAs) for retirement income, covering one-time expenses, and leaving a tax-free legacy for your family. Discover how TFSAs can provide tax-free retirement income, offer flexibility for large expenses, and simplify your estate planning. Don't miss this eye-opening discussion that could change how you think about your retirement strategy.
00:00 Introduction to TFSA for Retirement
00:41 TFSA vs. RRSP: Understanding the Differences
01:50 Using TFSA for Regular Monthly Income
03:40 Withholding Taxes: A Deep Dive
06:23 Systematic Withdrawal Plans (SWPs)
08:02 Covering One-Time Expenses with TFSA
12:34 TFSA for Estate Planning and Legacy
16:45 Conclusion and Recap
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Retirement Readiness Scorecard 🇨🇦
Get your money organized - Your Full Financial Picture Spreadsheet
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In this episode of the Canadian Money Roadmap Podcast, we explore seven actionable ideas to ensure a fun, fulfilling, and purposeful retirement. Moving beyond the financial aspects of retirement planning, Evan delves into the importance of creating structure, lifelong learning, building intentional relationships, focusing on health and wellness, giving back through service, engaging in creative pursuits, and thinking about your legacy. Through real-life examples and practical advice, this episode is designed to help you plan for a rewarding retirement experience.
00:00 Introduction: Purposeful Retirement
00:30 The Importance of Planning Beyond Finances
02:58 Creating a Retirement Vision Statement
03:50 Adding Structure to Your Retirement
07:13 Lifelong Learning and New Skills
09:29 Building Intentional Relationships
11:52 Prioritizing Health and Wellness
14:12 Service and Giving Back
15:54 Cultivating Creativity
18:12 Leaving a Legacy
20:24 Conclusion and Final Thoughts
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Retirement Readiness Scorecard 🇨🇦
Get your money organized - Your Full Financial Picture Spreadsheet
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In this episode, Evan outlines three key decisions to set up your retirement on autopilot: asset allocation, choosing the right plan type like RRSP or TFSA, and deciding how much to regularly invest. Learn how to simplify your retirement investing strategy with clear, actionable steps.
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Retirement Readiness Scorecard 🇨🇦
Get your money organized - Your Full Financial Picture Spreadsheet
In this episode of the Canadian Money Roadmap Podcast, Evan discusses the limitations of the '25x your expenses' rule for retirement savings. He delves into real-world considerations and personalized financial planning to realistically determine one's retirement number. Covered topics include tax implications, government benefits, retirement spending needs, and investment strategies, illustrating how these components can drastically alter retirement savings goals. The episode aims to inform listeners about personal finance beyond general guidelines, emphasizing the significance of tailored financial planning.
00:00 Introduction to Calculating Your Retirement Number
00:31 Welcome and Background Information
01:04 Overview of the Retirement Roadmap Series
01:43 Understanding the 25 Times Principle
02:57 Hypothetical Couple Case Study
04:02 Detailed Financial Breakdown
06:35 Retirement Spending and Timing
09:00 Government Benefits and Pensions
12:49 Impact of Assumptions on Retirement Number
17:47 Major Wrinkles Affecting Your Retirement Number
23:58 Conclusion and Final Thoughts
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Retirement Readiness Scorecard 🇨🇦
Get your money organized - Your Full Financial Picture Spreadsheet
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Join us in Episode 4 of the Retirement Roadmap series on the Canadian Money Roadmap Podcast as we delve into the essential strategies and income sources to ensure a secure retirement. This episode focuses on practical steps to estimate your Canada Pension Plan (CPP) and Old Age Security (OAS) benefits, and how to integrate additional income sources like pensions, savings, and other assets. We also share tips on planning for fixed and variable income streams, emphasizing the importance of a comprehensive retirement plan.
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Become more confident with your money - Financial Foundations Course
In this episode of the Canadian Money Roadmap Podcast, join Evan as he discusses how to build your dream retirement on your terms. Learn about setting spending and time targets, the importance of early planning, and practical savings milestones you should aim for at different ages. Whether you're aiming for financial freedom, work optional, or traditional retirement, this episode is packed with valuable insights to help you plan effectively. Tune in to discover how to align your retirement goals with your current lifestyle and income, and ensure you retire confidently. Don't forget to subscribe for more episodes on achieving your financial goals
00:00 Introduction to Building Your Dream Retirement
00:40 Setting Retirement Goals and Targets
03:24 Understanding Retirement Spending
08:34 Determining Your Retirement Timeline
14:52 Savings Milestones for Retirement
18:15 Recap and Next Steps
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Become more confident with your money - Financial Foundations Course
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In today's episode of the Canadian Money Roadmap Podcast, we continue our Retirement Roadmap Series by focusing on the foundational elements necessary for a secure retirement. We discuss essential steps like ensuring consistent cash flow, getting disability and life insurance, setting up a will, and eliminating high-interest debt. We also feature a real-world analogy of the Millennium Tower in San Francisco to underline the importance of a strong foundation. Join us as we outline how to set the groundwork for a stable financial future.
00:00 Introduction to the Retirement Roadmap Series
00:34 The Importance of a Solid Financial Foundation
03:54 Step 1: Managing Cashflow
07:47 Step 2: Disability Insurance
11:56 Step 3: Life Insurance
19:08 Step 4: Creating a Will
22:33 Step 5: Tackling High-Interest Debt
28:14 Conclusion and Next Steps
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Become more confident with your money - Financial Foundations Course
In today's episode of the Canadian Money Roadmap Podcast, we embark on the first step in building your retirement roadmap. I'll share insights into getting your finances ready for this major life event, emphasizing the importance of organization. I'll also recount some personal experiences from our summer camping trips to highlight the significance of having a proper plan. Plus, don't miss the introduction of a fantastic tool to help you stay organized, covering everything from listing your investment accounts to ensuring your insurance details are in order. Join me and take the first step toward a well-organized financial future.
Download The Full Financial Picture Spreadsheet
David C Barnett Small Business and Deal Making M&A SMB
I discuss buying, selling, financing and managing small and medium sized businesses...
Listen on: Apple Podcasts Spotify
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Become more confident with your money - Financial Foundations Course
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In this episode of the Canadian Money Roadmap podcast, host Evan Neufeld chats with Jason Yee, the dynamic co-founder and CEO of GrantMe. Jason shares invaluable insights on how Canadian families can navigate their way to a debt-free university education for their children. From understanding the difference between grants, bursaries, and scholarships to the strategic timing of applications, Jason covers it all. Whether you’re a parent looking to ease the financial burden of your child’s education or a student preparing for the future, this conversation is packed with actionable advice. Tune in to learn how proactive planning and smart financial decisions can make higher education affordable and attainable. Don't miss this opportunity to hear from an expert who's helped thousands of students successfully graduate debt-free. Enjoy the discussion!
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Become more confident with your money - Financial Foundations Course
Join me as I revisit one of my most popular episodes ever on the Canadian Money Roadmap Podcast. In this special summer highlight, I delve into 'The Laws of Wealth' with Dr. Daniel Crosby. Dr. Crosby, a psychologist and behavioural finance expert, provides valuable insights into the psychology of money and how it shapes our financial decisions and behaviours. Whether you're a seasoned investor or just starting your financial journey, this episode is packed with actionable advice and fascinating discussions on becoming a better investor and managing risk. Tune in to learn from Dr. Crosby’s expertise and discover practical strategies to enhance your financial well-being. Don’t miss this chance to hear from one of the best in the field. Enjoy your summer and I'll see you with new episodes in September!
Become more confident with your money - Financial Foundations Course
Submit your comments or questions via text message (Evan CANNOT reply to your text but your question could be featured in a future episode)
In this episode of the Canadian Money Roadmap Podcast, host Evan Neufeld shares his personal journey to becoming a certified financial planner at an independent investment firm in Canada. Evan discusses his educational background, early entrepreneurial ventures, and the pivotal moments that led him to his current role. He elaborates on his experience transitioning his firm's dealer to Sterling Mutuals and explains what it means to work at an independent firm. Evan also shares insights into his business practices and his plans for the podcast and his YouTube channel over the summer.
00:00 Introduction and Listener Feedback
01:56 Taking a Summer Break
03:42 Early Aspirations and Education
06:48 Entering the Financial Planning Industry
09:20 Joining Enns and Baxter Wealth Management
09:42 Understanding Independent Firms
15:41 Building the Business and CFP Designation
20:33 Transitioning Clients and COVID Challenges
22:43 Starting the Podcast
25:41 Future Plans and Conclusion
Submit your comments or questions via text message (Evan CANNOT reply to your text but your question could be featured in a future episode)
In today's episode, we're tackling one of the biggest challenges pre-retirees face: accurately calculating their retirement income needs. Many people underestimate their expenses, leading to potential shortfalls in their retirement planning.
Join host Evan Neufeld as he breaks down the essential expenses you'll need to consider, including those that will remain, those that will disappear, and new ones that might arise. Evan provides practical tips and a free downloadable spreadsheet to help you categorize and estimate your spending, ensuring you have a clear roadmap to a secure retirement.
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In this episode of the Canadian Money Roadmap Podcast, Evan Neufeld addresses a wide range of listener questions. Topics covered include understanding capital gains on property sales, taxation of CPP payments, investment strategies for different time horizons, setting up custodial accounts for children, and managing pensions from previous employers. Evan offers practical financial advice, discusses the importance of timeline-specific investment risk, and highlights the value of working with a financial advisor.
00:00 Welcome to the Canadian Money Roadmap Podcast
01:49 Capital Gains: Understanding Taxes on Property Sales
05:12 Decoding CPP Taxes: Monthly or Yearly?
06:47 Investing After a Settlement: Short-Term vs. Long-Term Strategies
11:17 Setting Up Custodial Investment Accounts for Kids
(Expert Advice on Selecting the Best Financial Planner for Your Needs)
15:12 Navigating Pension Options: To Move or Not to Move
19:55 Maximizing RESP Contributions Without Government Grants
21:49 Exploring a Career in Financial Planning
22:55 Looking Ahead: Retirement Planning Episodes
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Can You Retire at 55 in Canada with $500,000?
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In this special Tuesday edition of the Canadian Money Roadmap Podcast, host Evan Neufeld shares the audio from his recent YouTube video discussing the feasibility of retiring with $500,000 in savings for a 55-year-old couple. He explores various factors such as spending needs, savings strategies, and the impact of deferring Canada Pension Plan (CPP) benefits to age 70. Using retirement planning software and Monte Carlo analysis, Evan evaluates the couple's retirement projections, highlights shortfalls, and suggests changes to create a successful retirement plan. Key recommendations include retiring closer to age 65, saving more in Tax-Free Savings Accounts (TFSAs), and deferring CPP benefits to secure guaranteed, inflation-protected income later in life.
00:00 Welcome to the Special Tuesday Edition!
00:55 Retiring in Canada with $500,000: Is It Enough?
01:51 Exploring Retirement Planning Software Insights
02:58 Adjusting Retirement Strategies for Success
03:50 The Impact of Deferring Retirement and CPP Benefits
08:58 Stress Testing the Retirement Plan with Monte Carlo Analysis
10:34 Final Recommendations and Summary
13:06 Closing Thoughts and Podcast Sign-off
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In this episode I explore why a significant number of investment funds fail to outperform their benchmarks (let alone survive for the long term).
This episode breaks down the critical factors of high fees and high turnover, offering insights on how these elements negatively impact fund performance.
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55 Year old couple wants to retire with $500,000
XEQT vs VEQT. Which ETF is better?
How to stress test your retirement plan (For Free)
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In this episode, I introduce my new Fan Mail feature where you can text me your questions. Depending on the questions I receive, I might be able to feature it in a future episode!
Click on the link above the description to send me a text question.
To clarify a few questions about this service: I cannot reply to the text, I don't receive your full phone number, you will not receive any spam from me, and it doesn't give you my personal cell number either.
At the end of the episode, I try to answer the first question I received about CPP timing for single people.
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55 Year old couple wants to retire with $500,000
XEQT vs VEQT. Which ETF is better?
How to stress test your retirement plan (For Free)
Connect With Evan
Send us a Text Message.
Gain a clear understanding of trusts and how they can be leveraged for estate planning with tax expert Amanda Doucette, my insightful guest and fellow podcaster from The Tax Chick. We take the mystery out of trusts, explaining the three certainties - intention, subject matter, and beneficiaries - that are essential to their formation. Whether you're considering setting up a formal or informal trust, this episode illuminates the importance of precise documentation and the implications of each type.
The landscape of trust taxation is ever-evolving, and we're here to guide you through the complexities. We discuss the changes that have affected testamentary trusts taxation, including the shift to the highest marginal rates and the critical 21-year "birthday" that could trigger a significant tax event. As we explore the cultural perceptions surrounding "trust fund kids," we clarify the realities and debunk myths associated with trust beneficiaries. This episode offers a practical look into how trusts can provide for future generations while meeting your intended objectives.
Dive into the roles and responsibilities that trustees bear, as this episode highlights the fiduciary duties vital to the proper management of a trust. We address the intricacies of trust taxation and how integrating income from different sources can affect your estate planning. Whether you're faced with a beneficiary's milestone birthday or adapting to new tax regulations, this episode is packed with insights to ensure you're well-informed and prepared to engage with your advisors effectively. Join Amanda and me as we equip you with the knowledge to handle your trust-related financial planning with confidence.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Add some STRESS to your retirement plan
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On this week's episode, I was delighted to be a guest on Amanda Doucette's The Tax Chick Podcast to talk about all things Tax-Free Savings Accounts (TFSAs).
As we delve into the nuanced world of TFSAs, you'll gain a clearer understanding of how these accounts can be much more than a place to stash your cash. Get the scoop on navigating over-contributions and withdrawals, and learn the critical aspects of setting up beneficiary designations and successor holder arrangements—vital knowledge for polishing your estate planning.
This episode isn't just about saving; it's about strategizing for wealth accumulation. We break down the best practices for leveraging your TFSA for long-term investments and dissect the all-important recontribution rule. I'll guide you through the minefield of contribution limits and the confusion that can arise from registered versus non-registered investments within your TFSA. Savvy financial planning can be complex, but with our insights, you'll be well-equipped to make informed decisions without attracting unintended attention from Canada's tax authorities.
Lastly, we shine a light on the profound impact TFSAs can have when it comes to passing on your wealth. Discover the seamless transfer benefits that come with naming a spouse or common-law partner as a successor holder, and consider the more intricate scenarios that arise with other beneficiaries.
Stay tuned for Amanda's appearance on next week's episode as we expand our discussion to the world of trusts.
Listen to The Tax Chick Podcast Here
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
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Could the financial strategies that appear flawless on paper be leading us astray in the real world? We're peeling back the layers of investment principles to reveal why some inefficiencies might just be your portfolio's best friends. Taking a page from Morgan Housel's "Same as Ever: A Guide to What Never Changes," we delve into the unexpected virtues of financial buffers and the fallacy that cost always equates to value. Discover how the pandemic's strain on just-in-time manufacturing shines a light on the need for slack in our systems, and why the presence of an emergency fund during economic highs could save you during the lows. Plus, we discuss the underrated advantages of investment advisors, challenging the penny-pinching mindset to embrace quality that pays off in the long run.
Then, we shift gears to a provocative study that upends conventional retirement planning wisdom—should you stockpile equities all the way to your golden years? We dissect the enticing, yet nerve-wracking notion of an all-equity portfolio and confront the harsh truths about our own risk tolerances and financial aspirations. It's not just about the potential gains; it's the psychological rollercoaster and the necessity for a tailored asset mix that fits like a glove. As I advocate for a well-rounded investment strategy, consider this your invitation to explore how aligning your portfolio with your personal narrative could be the smartest financial move you make. Join us as we navigate through the complexities of balancing risk and reward, and crafting a financial future that doesn't just look good on paper, but feels right in your gut.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
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This week I'm joined by Mark McGrath as we dig into segregated funds. These investment vehicles blend mutual funds with insurance and offer unique guarantees but….. the benefits to investors are less clear.
We delve into fees, performance, guarantees and other pros and cons.
We also examine the human side, critiquing sales practices and exploring seg funds in estate planning.
Whether you're a seasoned investor or just starting out, this episode provides essential guidance for informed decision-making in the Canadian investment landscape.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
The stock market has looked great recently! Is it time to take some money off the table?
In this episode, I walk you through the considerations you need to make to decide whether it is time to sell or stay the course.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
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This week, I'm tackling a few topics that were popular on Reddit over the last month.
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What should you use for return assumptions in your planning?
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Becoming a TFSA multi-millionaire
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What should be your priority after building your first $100,000
**For a more in-depth look at expected returns, check out the recent Rational Reminder Podcast episode on the topic
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
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In this week's episode we walk through the two phases of your RRSP: accumulation (RRSP) and spending (RRIF).
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
If you could split your income with your spouse, there is a pretty good chance you could drastically reduce your tax bill. In this episode, I show you how that will be possible for you in your retirement years.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
This episode comes from The Canadian Money Roadmap YouTube channel from a video I posted on March 8 2024. If you want more content like what you find here on the podcast, the YouTube channel is the place for you! Thanks for listening and watching as always.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
I usually keep my episode descriptions pretty minimal but this AI generated description was too flavourful to keep to myself. Enjoy.
Ever find yourself marveling at grandma's mouthwatering dishes, only to discover her "secret ingredient" was something quite unexpected? That's the essence of my snowy Saskatchewan weekend revelation: the culinary magic of MSG is akin to the world of factor investing—both can enhance the outcome in surprisingly simple ways. Hitch a ride with me, Evan Neufeld, as we stew over how a pinch of systematic factor investing can potentially spice up your portfolio. We're stirring the pot, debating whether stock market success is more about the chef's talent or the seasoning they choose, and examining the savory blend of factors like value, small cap, momentum, and quality.
Grab your apron and prepare to sift through the complexities of the financial market, as we uncover the robust flavor of high-quality businesses and the subtle zest of low volatility. We'll also reveal why some factors have become timeless recipes for success across different global markets. Whether you're a culinary novice in the kitchen of investing or a master chef ready to season your assets to perfection, this episode promises a full course meal of enlightenment. So, let's turn up the heat and cook up some mouth-watering strategies that could make grandma's secret ingredient seem like child's play.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
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In this episode I will discuss the ideas of "safe" investments and how risk can be viewed differently depending on your perspective.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
In our conversation we discuss the concepts of the Financial Independence Retire Early (FIRE) movement.
If you're wanting to pursue FIRE for yourself, we go over a few challenges you might run into and things to consider before committing your lifestyle to this goal.
Connect with Sam Lichtman, CFP®
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
Unlock the full potential of your retirement savings with our latest episode, where we unravel the power of spousal RRSPs. As the RRSP deadline looms, we delve into strategies that not only prepare you for a stable retirement but also smartly align your savings with your current income bracket to maximize tax benefits. With an eye on the future, we discuss how adjusting your contributions can significantly reduce your taxable income now and how a spousal RRSP can be a game-changer for couples, particularly where one spouse earns a higher income.
Our conversation extends beyond just RRSPs, as we explore the clever use of spousal RSPs for income splitting, which can be especially advantageous in single-income, households. We dissect the three-year rule that prevents immediate withdrawal by the non-contributing spouse. This episode doesn't just throw numbers and rules at you; it integrates these strategies with other financial vehicles like TFSAs and FHSAs, painting a comprehensive picture of how to stretch every dollar for a financially secure horizon. Join us as we guide you through these pivotal strategies, ensuring you're equipped to make informed decisions that could pay dividends in your golden years.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
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In this episode I walk you through the benefits of registering for your CRA My Account. It is an incredibly useful tool for understanding your tax situation and finding tax slips all in one place.
I would highly recommend that everyone register for it before you file your taxes this year!
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
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Today, I'm joined by Aravind Sithamparapillai to discuss financial planning for people with variable incomes including sales professionals.
Aravind has a wealth of personal experience in this area as a former medical device salesperson so he brings a unique perspective and very practical advice.
Connect with Aravind
**Aravind is an Associate at Ironwood Wealth Management however, he inadvertently used the formal title of "Advisor" later in the episode.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
Welcome to Part 2 of my exploration of investing at "all time highs". This week, I'm looking into high valuations and what it means for investors nervous about investing when stocks are expensive.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
Have you ever felt uneasy about investing when the market is nearing all time highs? What if a crash happens or it declines right away?
In this episode we look to history to help inform what investors should do in this potentially tricky situation.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
I don't like goals... I like processes and systems and rituals that will eventually lead to accomplishing goals. I just call them, Areas of Focus.
In this episode, I will go through my personal areas of focus for my financial life this year.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
In this episode, I explore the Canada Child Benefit (CCB), a tax-free financial support for families. l lead off discussing who qualifies and how much you can receive before going over how household income affects your CCB. Finally, I'll provide some strategies to increase your payments, including the impact of RRSP contributions.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
Finishing off the year with a few of my top episodes of 2023!
Thanks to all of you for being loyal listeners of the podcast.
See you with some new episodes in 2024
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
Finishing off the year with a few of my top episodes of 2023!
Thanks to all of you for being loyal listeners of the podcast.
See you with some new episodes in 2024
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
Dealing with money topics with a partner can be stressful and particularly stressful for the person who is not the "money person" in the relationship.
In this episode, I help outline a way that you can very simply explain your entire money life to your partner without getting into the weeds of technicalities.
The high level details of your financial life can fit on a single page under the following categories:
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What do you have?
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What do you owe?
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Where are you going?
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What if...?
Do more if you want! But start here to end the year on a note of transparency, clarity and openness.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
You might not want to hear it... but here are 7 inconvenient truths about investing:
- Low fees won't solve all your financial problems
- Any long term investment worth owning will go down at some point
- If you're properly diversified, some part of your portfolio will always be underperforming
- Someone you know will always have a better performing portfolio than you
- If you're reacting to the news with your portfolio, you're already too late. And you can't know in advance what the impact of that news will be (even if you're right about predicting the bad news).
- Making money in the stock market takes a lot of time
- Past performance is not indicative of future results (including the S&P 500!)
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
In this episode, I'll discuss the new TFSA contribution limit for 2024 and why it might be a good idea to withdraw funds now if you're planning to use them early next year. We'll also look at the First Home Savings Account (FHSA), and the importance of opening this account in the year you wish to use the contribution room. We'll additionally explore the RSP contribution room for 2024, pegged at $31,560, and why your earned income is the only income that counts towards this room.
I'll also go over the process of tax-loss harvesting, and the year-end distributions for mutual funds and ETFs in non-registered accounts. We'll also talk about how making charitable donations can work in your favour and a reminder to exhaust your workplace benefits before the year concludes.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
Are you well-armed against the 20 most common investing pitfalls? In this week's episode, I dive into the critical importance of setting reasonable expectations for returns, having clear investment goals, ensuring portfolio diversification, and avoiding the pitfalls of falling into short-term focus. We also shed light on the dangers of excessive trading, the influencing power of media hype, and how unchecked emotions of fear and greed can lead to poor financial decisions.
The episode doesn't just stop at identifying these mistakes; it offers valuable guidance on how to steer clear of them. Learn about the often-overlooked aspects of financial planning, including controlling asset allocation, managing fees, and understanding the impact of inflation on investments. I also emphasize the merits of long-term planning and informed decision-making.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
Have you ever struggled with finding the perfect gift for that person in your life who seems to have everything? This week, fellow financial planner Jordan Arndt joins me to propose a unique and meaningful solution: charitable gifts. Our conversation takes us through the concept of Giving Tuesday, showcasing the importance of giving back during the holiday season and the key role it plays in our communities.
But the benefits of charitable giving extend into the financial world as well. We break down how making donations to registered charities can have a significant impact on your tax bill. We talk about everything from non-refundable and refundable credits, different brackets for tax credits based on donation amounts, and the exciting concept of matching campaigns. We underscore the importance of researching before donating and highlight the various tax credits available, including the ability to transfer them to a spouse or carrying them forward for five years. So tune in and let's explore the power of generosity and its potential perks this holiday season!
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Sign up for Jordan's newsletter
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
November is Financial Literacy Month in Canada and this week's episode is dedicated to that! We talk about the importance and benefits of financial literacy and then walk you through a quiz to see where you'd land on the literacy scale.
If you need some help with getting rid of some of your financial "I Don't Know's", get started with my Financial Foundations Course at the links below:
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
November is Financial Literacy Month in Canada so this episode is a whirlwind tour through the big topics you need to know to master your money:
- Cash flow
- Budgeting
- Taxes
- Debt Management
- Insurance
- Investing
- Retirement Planning
- Estate Planning
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
In this episode, I walk through a real case study from clients of mine where I’m helping them prepare to make a $187,000 TFSA contribution.
I use this real life example to explain some of the key TFSA concepts:
- Contribution room
- What happens when a spouse dies?
- Making a withdrawal
- Over-contribution penalties
- Re-contribution of withdrawals
While this situation is unique to the client, the steps taken along the way might be relevant for you and someone you know.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
In this week's conversation with Jason Yee, we discuss all things related to the Canada Pension Plan (CPP). Jason helps unravel the diverse types of CPP benefits, eligibility rules, and how to leverage CPP's unique features optimally. To make the concepts easier to understand, Jason created an animated video that explains the process of obtaining the maximum retirement pension from CPP.
You can watch Jason's CPP Explainer Video Here
Later in our discussion we talk about your decision on when to take CPP being a strategic choice. We take you through this crucial choice and the trade-off it brings between receiving it earlier for a smaller amount or waiting for a larger payout. Delving into CPP's two types of inflation adjustments, we explore how the pension maintains its purchasing power. We also briefly talk about recent changes with the Additional CPP and their potential benefits.
Planning for retirement can often seem like venturing into the unknown. With Jason, we address this uncertainty by highlighting the importance of accurate CPP benefit estimation for effective retirement planning. Together, we navigate the four essential questions to ponder when considering your future spending. Additionally, we shine the spotlight on CPP sharing, post-retirement benefits, and death benefits. Join us in this insightful journey as we demystify CPP and equip you with the knowledge to make the best decisions for your retirement future.
Contact Jason at Finepoint Solutions
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
This week, I jumped onto Reddit to find a few topics that are top of mind for many Canadians. Here are the headlines for the posts I discuss on the episode:
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So lost. Lost my high salary job. What do I do now??
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One bad financial decision. The stress is constant now. Not sure what to do
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Am I doing something wrong, or is this roboadviser not that good?
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With the enhanced CPP, you may not need to save much for retirement
As always, I will use these situations to give you ideas for how to prevent problems in your own financial life and provide some context for how to better understand the financial world around you.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
Are you on the path of creating generational wealth, or perhaps in the throes of navigating a family business transition? If so, this episode holds keys to unlock some of your biggest challenges. I had the pleasure of hosting CFP® Professional and Wealth Advisor, Steve Willems, who expertly guides us through the journey of managing and transitioning generational wealth. Our conversation extends from the use of the three-circle model, designed to surmount communication challenges, to the intriguing case of 'missing billionaires'.
Ever thought of how your children would handle the wealth they inherit? We dive into this fascinating topic, introducing the concept of 'starter funds' to initiate your children's journey into financial awareness without inducing apathy. Steve and I show the ways a proactive approach towards a life starter fund can make a world of difference for your child's perspective on wealth.
Finally, we believe it's not just about passing on the wealth, but the values that accompany it. Our discussions take a deeper look at the importance of instilling financial and personal values in the younger generation, preparing them to handle wealth without feeling burdened. We stress the significance of having intentional, contextual discussions about money, hard work, and planning for the future. This episode is a goldmine of wisdom for anyone interested in generational wealth, family business transitions, and imparting children with financial values and communication skills.
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
How do perceptions, priorities, and goals shape retirement outlook for pre-retirees and retirees? And how does a written financial plan play into the picture? I am thrilled to dive into these intriguing questions with our special guest, Michelle Munro, Director of Tax and Retirement Research at Fidelity Investments. Michelle brings to our discussion fascinating insights from Fidelity's Retirement Report, shedding light on the significance of having a sound financial plan and how it is strongly associated with a positive retirement perspective. We also touch upon the range of activities that retirees look forward to, with travel taking the top spot.
Canada's growing trend of immigration has undeniably influenced retirement savings and plans. We navigate through this complex landscape, examining how immigration and culture impact the savings goals of both Canadians who were born here and Canadians who were born elsewhere. Interestingly, Canadians born in other countries show higher savings targets across the board, with an emphasis on multi-generational plans for their children and elderly parents. We also dissect the role of external factors like macroeconomic events on retirement goals and attitudes, alongside the differences for those with defined benefit plans, those employed, or self-employed.
Have you ever wondered why working in retirement is a popular choice? We delve into this phenomenon, revealing that it's not just about the money. Staying active and mentally engaged are key motivating factors. Stressing the importance of thorough financial planning, we discuss how many retirees are working to thrive rather than to survive. To wrap up, we discuss potential changes that could affect retirement, such as RIF minimums, and how the Fidelity Retirement Report can provide invaluable insight into retirement goals of Canadians. Join us for an episode packed with valuable insights and advice!
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
Get ready for an enlightening journey into the world of behavioral finance with our special guest, Dr. Daniel Crosby. Not only is he a psychologist, but he's also a recognized expert in behavioral finance and the author of the incredible book, "The Laws of Wealth". Through his insightful lens, we'll discuss the complexity of human behaviour when it comes to money, our misconceptions about wealth and happiness, and how we can build a rules based portfolio that lets our own laziness work in our favour.
Lots of fun topics in this episode and a true pleasure to hear from Dr. Crosby who makes these topics easy to understand and applicable to every day life.
**Note: The draw for a copy of The Laws of Wealth has been completed
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
In this episode, I review a few of the core ideas I share on this podcast about money. Many of you are new listeners so I want to give you an overview of some themes that you'll continue to hear from me going forward. I also realized that there are many more things I could have included here but I'll go over the following items this week:
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Simple > Complicated
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Systems are better than you at picking investments
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"Always on" diversification
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You control the factors that have the greatest effect on outcomes
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Financial planning is more important than portfolio optimization
Start the Find Your Focus Quiz to learn where you should be focusing your time and effort with your money.
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TAX CHANGES: Budget 2024
XEQT vs VEQT. Which ETF is better?
Connect With Evan
Is 'free money' too good to be true? Allow us to clarify the often misunderstood world of dividend investing with my guest, Mark McGrath, a financial planner and investment advisor at PWL Capital. We're here to debunk the myth that dividends are 'free money' and to provide an understanding of their distribution and impact on a company's share price.
Mark clarifies the specifics of how dividends work but adds points of caution, advising against the trap of focusing on dividends and dividend yields alone, particularly when preparing for retirement. His expert perspective brings light to the often-quoted concept of yield on cost and the risks it poses through over-concentration.
Finally, we delve into the all-important topic of diversification and the inherent risks of investing in dividend stocks. With Mark's guidance, we explore the concept of sequence of returns risk and its potential implications during turbulent market periods. So join us as we navigate the world of dividend investing in this episode filled with practical advice and insights.
Follow Mark on Twitter/X
Join the waitlist for the Foundations Course
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It is so easy to spend countless hours learning about something without taking any action on it and financial topics are no exception.
But the best way to learn something is to put down the books, podcasts and social media and just try it for yourself.
So in this episode, I provide ideas for things that you can do TODAY to improve your financial situation. Not earth shattering, ground breaking things with lots of complexity but simple, approachable and practical steps you can take now and expand on in the future.
If you're a complete beginner or further along in your investing journey there's something for you here.
Join the waitlist for the Foundations Course
Start the Find Your Focus Scorecard Now!
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I receive lots of emails from listeners asking questions but I rarely receive emails from 17 years olds trying to get a jump on their investing knowledge before turning 18! This episode goes over some of the amazing questions I received from a person completely new to investing and I hope it is valuable to anyone else getting started on their investing journey.
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In this episode I lay out a simple 3 account strategy for managing your cash. It doesn't get much simpler than this!
This approach will make sure you have cash set aside for monthly expenses, future expenses and emergencies.
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Ever wondered how the cryptic language of finance can be decoded, specifically for Canadians? Looking to navigate the maze of tax-related terms and financial jargon? This episode will aid you in your quest.
It's time to make finance less intimidating and more accessible. Join us as we break down the financial language barrier.
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I received a few questions after my last TFSA episode so I thought I would answer them for you here:
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How do you invest in stocks in a TFSA?
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What are the factors to consider between TFSA and RRSP for high income earners?
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What happens to your TFSA after you die?
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Can you get your TFSA contribution room back if you make a withdrawal?
Work With Evan
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Better late than never! This episode goes through the first half of the year (ish) and how different stock markets around the world have performed.
Next I explain why a viral TikTok video is completely wrong about income taxes.
And finally, why Beyoncé could be a culprit for causing inflation in Sweden.
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Ever wondered how two seemingly identical investments can lead to dramatically different outcomes? Ready to decode the mysteries of investment returns? Buckle up as we embark on an enlightening journey. We'll dissect three hypothetical ten-year scenarios that, on the surface, appear to have identical returns, but when examined closely, reveal radically divergent investment narratives.
Gain a firm grasp on the role that rate of return and standard deviation play in investment analysis. We'll expose the critical impact that volatility has on your path to investment returns. You'll also gain insights into personalized investment returns, shedding light on money-weighted returns, an essential measure of average return per dollar invested. We’ll dissect the differences between time-weighted returns, and examine the profound implications of the sequence of returns on your portfolio. We'll present two unique 10-year scenarios with identical average returns, but contrasting end results, to visualize these concepts.
Lastly, we'll delve into the stock market's rollercoaster ride through the gripping saga of Carvana, a company that's seen dramatic peaks and valleys since it went public. Get set to understand the importance of context of when and why you invested.
Calculate Your Net Worth With The Full Financial Picture Spreadsheet
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Imagine if you could transform a small monthly investment of $500 into a million-dollar nest egg for your retirement. Sounds unbelievable, right? Yet, that's exactly what we're exploring in this episode, where we delve into the world of Tax-Free Savings Account (TFSA) investing and the incredible potential it holds. We discuss why the million-dollar mark is not just a psychological goal, but one that potentially offers substantial retirement income, significant tax savings, and the ability to pass on wealth to future generations—tax-free.
Calculate Your Net Worth With The Full Financial Picture Spreadsheet
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On this episode I discuss all things Net Worth.
What is your net worth?
How do you calculate it?
What are some things you can learn from your net worth?
It's not just for celebrities or old men. Your net worth will help you guide where you can focus your efforts to improve your finances today and long into the future.
Calculate Your Net Worth With The Full Financial Picture Spreadsheet
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Here's the latest Reddit Roundup for July where I cover off popular topics found on Reddit throughout the month. This month's topics include:
- Understanding why your retirement funds might not be keeping up with "the market"
- Debunking credit card myths
- Comparing yourself to others in better financial shape
- Should you take the monthly payment or cash upfront with a lottery win? A few factors to consider
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Can a single fund be the answer to your investment goals? Achieving success and maintaining diversification might seem impossible with just one fund, but I'm here to break down the pros and cons of this simplified investment strategy. Join me as we explore various types of single fund solutions, either as ETFs or mutual funds, and how they create a balanced and diversified portfolio through target allocations.
We compare Fidelity and Vanguard, two industry giants offering different single fund investment options, and take a deep dive into the costs and returns associated with their offerings. Additionally, we touch on factor-based strategies from Dimensional and how they can potentially lead to outperformance over a longer period of time. Throughout the episode, we discuss the advantages and disadvantages of single fund solutions, showing you how investing doesn't have to be complicated to be successful.
Remember, before making any changes to your financial plan, it's important to consult with financial, legal, and tax advisors. So, tune in to discover if a single fund could be the key to simplifying your financial life while still achieving investment success.
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This episode is dedicated to helping you find the perfect professional for your situation. We dive into the world of financial planning designations, such as Certified Financial Planner (CFP), Qualified Associate Financial Planner (QAFP), and Chartered Investment Manager (CIM), to help you identify which credentials to look for in a potential advisor.
Navigating the complexities of financial planning fees and location preferences can be overwhelming, so we break down the differences between fee models to help you make a more informed decision. Plus, we share valuable questions to ask prospective advisors, ensuring you find a specialist who aligns with your goals and values.
Whether you're looking for a planner with expertise in a specific area or simply seeking unbiased advice, this episode will guide you toward finding the right financial planner for you and your situation.
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Join me in an episode that dives into the impact of wildfires on oil production and donation tax credits while shedding light on the recent increase in interest rates and the potential for millennials to build wealth in Canada.
Discover how the silver lining of rising interest rates can benefit savers through high interest savings accounts, GICs, and money market funds. Unearth the differences in housing costs, average incomes, and other financial factors when deciding to move from major Canadian cities like Toronto and Vancouver to other parts of the country. We'll also touch on venture capital funding for crypto-related companies and how they've moved on to other ideas.
Finally, don't miss our introduction to the Find Your Focus Scorecard – a tool designed to help you pinpoint areas of focus for your financial life and provide personalized tips to improve your financial situation.
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Are you ready to take control of your financial life and make improvements where it counts? This week, I'm taking a short break as my family and I move into our new home. While I'm away, I've created a special "Find Your Focus Scorecard" tool just for you. By clicking on the link in the show notes and answering a series of questions, you'll receive a personalized score in five categories: savings habits, debt management, retirement planning, cash management, and investment knowledge.
After completing the scorecard, you'll get a PDF report emailed to you, detailing your scores and offering three practical tips to improve your weakest area. No one has scored 100% yet, which means there's always room for growth. Give it a try, and let me know what you think. Enjoy the rest of your summer, and I'll be back next week with a brand new episode.
Start the Find Your Focus Scorecard Now!
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Do you ever find yourself swept up in emotions when it comes to your investments? What if you could learn to manage expectations and make more informed decisions based on data? Join us in this eye-opening episode where we explore the art of expectation management in investing and life in general. We even take a look at the world of baseball to see how expectations can be used for predictions on the outcome of a game or specific play.
We dive into various investment analysis strategies, such as technical analysis, macroeconomic analysis, analyst estimates, and company-specific factors, to help you better understand the market and determine the value of your investments.
Lastly, we examine the earnings yield and its inverse relationship with the P/E ratio, using ExxonMobil and Apple as case studies. We discuss the cautionary tale of Nvidia and the low expectation of returns when overpaying for stock. Plus, we touch on FP Canada's more complex portfolio guidelines that provide an expectation of returns for a globally diversified stock portfolio for the year 2023.
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In this iteration of listener Q&A, we'll kick things off by discussing the concept of selling winners and buying losers, and why maintaining a target allocation is crucial to avoid overexposure to a single risk. We also explore the unpredictability of country performance and the importance of diversification when building a portfolio of stocks.
Dive deeper into the benefits and risks of holding individual stocks within a Tax-Free Savings Account (TFSA). We reveal why it's best to have these stocks in a non-registered account and address the complexity of transferring investments between account types. As we unravel the confusion surrounding capital gains tax, you'll gain a greater understanding of how the Canada Revenue Agency (CRA) taxes capital gains, how capital losses can offset future gains, and even how donating these assets can become a valuable tax planning strategy.
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Sign up for my weekly newsletter, Fully Invested, that will teach you how to start, grow and maximize your investment portfolio with evidence based strategies for Canadians. Coming soon!
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In this episode, I reviewed the Netflix series "How to Get Rich" and shared my thoughts on the show's advice and effectiveness; a few things I liked and a few things I didn't like. I discussed the importance of communication and setting expectations with a partner when it comes to finances, as well as the concept of a conscious spending plan. Additionally, I critiqued the show's clickbaity title and cookie-cutter advice, and highlighted the importance of executing on details and automating good financial habits. Overall, I suggest that the show may be worth a watch for the relationship side of money and personal finance content, but it definitely won't teach viewers how to get rich
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Sign up for my weekly newsletter, Fully Invested, that will teach you how to start, grow and maximize your investment portfolio with evidence based strategies for Canadians. Coming soon!
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Diversification, participation and automation are the keys to getting your first $100,000 invested. It's the hardest milestone to reach but the most important one for building your long term wealth. Whether it's for retirement or financial independence or generosity, the sooner you can get to your first $100,000 the easier the rest of it becomes.
Download the Roadmap to $100,000 spreadsheet here
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Sign up for my weekly newsletter, Fully Invested, that will teach you how to start, grow and maximize your investment portfolio with evidence based strategies for Canadians. Coming soon!
Get started with my Full Financial Picture spreadsheet! It will help you get your entire financial life organized and track your net worth over time
In this episode, we cover a range of topics sourced from some of the top posts on Reddit over the last month. We cover some of the considerations needed when you have a $1 million RRSP, the potential risks and benefits of leveraging an RRSP loan, and what to expect from RRIF minimums. We also discuss how to manage tax payments to the CRA, including ways to avoid interest charges and establish a payment plan. Finally, we explore the pros and cons of shopping at Costco as a way to save money.
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What type of investor are you? Fill out the quiz now!
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To be a successful investor, you need to have a process for making investment decisions. To be more specific, you need to have a goodprocess.
In this episode, I talk about some of the things you need to consider to make sure you have a good investment process that can be repeated over and over again.
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What type of investor are you? Fill out the quiz now!
📈Get started with my Full Financial Picture spreadsheet! It will help you get your entire financial life organized and track your net worth over time
The legal side of money is one most people don't spend much time on but it can have a massive impact on your loved ones. Lauren Scharfstein is an estate lawyer at Scharfstein LLP here in Saskatoon and she walks us through how we can be proactive with estate planning (yes, even us "young" people) so we can feel empowered and confident with our money.
You can connect with Lauren by email at lscharfstein@scharfsteinlaw.com.
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Hot off the presses, the First Home Savings Account is a new account type that will help Canadians build a tax free down payment on their first home. However, it is much more valuable than that and Aaron Hector walks us through all of the details and how to maximize the value of this new account.
Follow Aaron Hector on Twitter to keep up with more of his expert insight on finances for Canadians.
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A roundup of some recent news items including the federal budget, oil price increases, minimum wage increases and a lawsuit against YouTubers promoting FTX.
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An honest discussion of some things I've done that are "dumb" on paper but made sense for my own situation.
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Andrea Hansen is the president of Sutton Benefits and Pension and is an expert in all aspects of workplace benefits plans. She joins me on this episode to help us all understand what to be looking for if you're considering a new job or what questions to ask to better understand your benefits at your current employer.
If you are a business owner in SK or AB and would like to get in touch with Andrea regarding your total rewards, please reach out to her by email at ahansen@suttonplanning.ca or connect with her on LinkedIn.
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A bonus episode for all of you who aren't quite sure what has been going on with the banking sector in the US and specifically with Silicon Valley Bank.
For an "in the weeds" look at the situation, check out The Demise of Silicon Valley Bank by Marc Rubinstein.
Let me know what you think at hello@evanneufeld.com
📈Get started with my Full Financial Picture spreadsheet! It will help you get your entire financial life organized and track your net worth over time
Some easy and some not so easy things you can do to maximize the value of your RRSP and to help you decide whether you should be using an RRSP in the first place.
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Short episode here about things you can do to start taking action on your finances to feel less overwhelm.
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First episode of the month means another batch of New and Noteworthy. I take a look at a survey from BMO that found Canadians feel like they need $1.7 million to retire and give some reasons why that may or may not be the "right" number. Secondly, I review some research from Morningstar that looks at why investors' returns have been consistently lower (1.7% on average) than the funds and ETFs they invest in.
Canadians now expect to need $1.7M in order to retire: BMO survey
Mind the Gap 2022: A report on investor returns in the United States.
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In this episode, I'm joined by Mark McGrath CFP®, CIM®, CLU® who provides a masterclass on all things corporations. If you're a small business owner, medical professional, engineer or on your way to becoming any of these, this episode will be a great resource for you.
If you'd like to connect with Mark, you can find him on Twitter, LinkedIn or by email at mark@sweeneybride.com.
Mark McGrath is a Wealth Advisor with Wellington-Altus Private Wealth. The information contained in this podcast is the opinion of the author. This content is for informational purposes only and is not intended as investment, tax or legal advice. Please contact your financial advisor for advice with respect to your personal financial situation and objectives. Wellington-Altus Private Wealth is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada
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This is the last instalment in my series on building your own investment approach and I highlight how you can adjust your portfolio to increase your expected returns over time; investing in small cap and value stocks.
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Some very influential people think that "diversification is for idiots". In this episode I cover why I think diversification is actually critical to your investment approach.
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A quick look at a few news items that caught my attention recently about the latest Bank of Canada rate increase, grocery price increases coming and layoffs in the tech industry.
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This is probably the factor that will have the most impact over how you see investing and how you construct your portfolio. However, listen through to the end as I explain how Passive and Active shouldn't necessarily be seen as "one or the other" and more as a grid for how you see the investing world and how you implement it for yourself.
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The next step in building your own investment approach is deciding when you want to make changes to your asset allocation. Do you want to change when the market changes hoping to time the market (tactical) or do you want to maintain a steady allocation changing when your situation changes (strategic)?
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The basic mix of stocks and bonds in your portfolio is often called your asset allocation. In this episode, I'll explain why it is valuable to understand the benefits of establishing your asset allocation and how you can determine a mix that works best for you. There isn't a right or wrong mix! The best portfolio is the one that you can stick with the longest.
This series will take you beyond the simplistic advice you've likely seen on the internet. It's not about making things more complicated, it's about giving you the full story so you can make the decisions that are appropriate for you.
Vanguard Asset Allocation Questionnaire
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In this episode, I introduce my upcoming series on developing your own investment approach. Much like the weight loss advice of "eat better and exercise", I think we can get a bit more specific on understanding an investment approach beyond "just buy an index fund". I have no problem with index funds whatsoever but this series will dig below the surface to help you understand what investment approach makes sense for you whether you work with an advisor or go with a DIY approach.
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Thanks to all of you for listening in 2022! This year end episode covers a few things you need to know going into the new year related to TFSAs, CPP, tax bracket changes and the upcoming First Home Savings Account.
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Working with a financial planner can add significant value to your financial life. However, it might not always be as cut and dry as certain commercials or media members will have you believe!
Steven Guenther joins me today for an open conversation of some of the benefits of professional financial advice.
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Contact Steven Guenther
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There are plenty of landmines to avoid when it comes to your money but in this episode I talk about 7 critical mistakes you'll want to be aware of in your 30's.
If you're in your 20's, 40's, 50's or older, these are all relevant for you as well! But the decade of your 30's comes with unique challenges and opportunities that I wanted to focus on specifically.
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TFSA Maximizer Scorecard
November is Financial Literacy Month in Canada and this week's episode is dedicated to that! We talk about the importance and benefits of financial literacy and then walk you through a quiz to see where you'd land on the literacy scale.
Of course, to help improve your financial literacy, please go back and listen to previous episodes of the podcast to learn more about the topics we discussed on this episode.
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Thank you for all of your questions! In this podcast I cover off a few recent ones:
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Is now a good time to buy GICs?
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Did I buy the wrong investments?
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Should I sell and wait for the dust to settle?
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What's happening with credit card fees?
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You've likely heard of active and passive investing but factor investing is somewhere in the middle. Sometimes called "smart beta", the idea behind factor investing is isolating the specific characteristics of an investment that can lead to outperformance, lower volatility or specific outcomes compared to the market as a whole.
Build your financial plan with Evan
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OTHER EPISODES
Dividend Investing
This is a foundational episode on the topic of investing. If you've ever wondered what "the market" really is or what an index is, this episode is for you. I've heard from so many people that they feel embarrassed to ask some of these questions but they want to start investing. This episode is a great place to start to build your understanding of the stock market.
TOPICS IN THIS EPISODE
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What is the stock market?
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How does it work?
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What is an index?
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Which indexes are worth paying attention to?
Planet Money podcast about why you can ignore the Dow Jones
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Robin Taub joins us today to discuss her book The Wisest Investment and how we can raise money-smart kids.
Jordan and I both have young kids so this topic has been on my mind recently. As financial planners, we generally focus on retirees and business owner money issues instead of teaching the next generation about money so Robin's expertise was a great resource for us.
To purchase a copy of her book and to find access to all the other resources she mentions in the episode, please go to https://robintaub.com or https://www.thewisestinvestment.com to download a free excerpt from the book.
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There are a number of ways that an investor can get in their own way and fail to reach their goals. Today, we discuss how to reduce these single points of failure to increase your chance of investment success.
Build your financial plan with Evan
TOPICS IN THIS EPISODE
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Too much in any one country, sector or individual holding
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Not enough upside potential
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Speculation
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Insurance
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Spending habits
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More people are making a point of being intentional with how their money is invested. Focusing on environmental, social and governance (ESG) factors is one way that you can align your values with your investment strategy. In this episode we discuss all things ESG including some concerns and whether we think ESG is just another gimmick.
Build your financial plan with Evan
TOPICS IN THIS EPISODE
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What is ESG?
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Benefits of an ESG investing strategy
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Issues with ESG and whether it's just another gimmick
4. Where do you find ESG investments?
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OTHER EPISODES
Dividend Investing
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EPISODE SUMMARY
In this episode, Evan and Jordan discuss dividend investing and some key items to keep in mind if this is a strategy you're wanting to consider.
Build your financial plan with Evan
TOPICS IN THIS EPISODE
- What are dividends?
- What types of companies typically pay dividends?
- Key dates to keep in mind
- Are dividends truly passive income?
- Yield traps and understanding the risks of dividend investing.
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OTHER EPISODES
RRSP, LIRA, TFSA.... Where do you withdraw from first?
Stocks, Bonds or Cash? How do you decide?
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EPISODE SUMMARY
Whether you find a new job, retire or are laid off, if you have a pension or savings plan at work, you'll have to make some decisions about what to do with it.
You have to know what type of plan you have, what options are available for that plan and then what makes sense for you based on your financial goals and timeline.
Build your financial plan with Evan
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OTHER EPISODES
The Perfect RRSP Strategy
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EPISODE SUMMARY
More and more people are borrowing money to invest in stocks, crypto and real estate. Should you be using leverage to do the same?
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TOPICS IN THIS EPISODE
- What is leverage?
- How you might be using leverage already
- Why is this relevant today?
- The risk and opportunity with leverage
- Practical considerations before you borrow to invest
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OTHER EPISODES
Why you should care about rising interest rates
Reduce your taxes with deductions and credits
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After two years, I think it is time to say hello and tell my story of why I started this podcast.
I've always been inspired by Teddy Roosevelt's speech about the value of being the "man in the arena" which highlights the risk takers over the critics and the people who try to create something of value despite imperfection. So starting this podcast was my version of sticking my neck out to try to bring value to people despite being a young financial planner and having no experience in audio or content production of any kind.
Podcasting is hard and kind of scary sometimes but it is also a lot of fun. Based on the feedback I've received about how the podcast has improved people's financial lives, it has totally been worth the effort and the risk. Mistakes, voice cracks, vision changes etc. have all been part of the process of building this podcast but I appreciate each and every one of you for listening and sharing with your friends.
More to come!
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BUILD A FINANCIAL PLAN OR INVEST WITH EVAN
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RESOURCES MENTIONED
OTHER EPISODES
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EPISODE SUMMARY
In our first book review on the podcast, Jordan and Evan provide their thoughts and key takeaways from Nick Maggulli's book, Just Keep Buying.
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TOPICS IN THIS EPISODE
What did we like about the book?
When is saving more important that the specifics of your investments?
How to spend without feeling guilty
How much to invest
How much of your raise should you be saving?
Why you shouldn't be fearful of volatility
Investing in bear markets and reframing the upside opportunity
Why you'll never feel rich and why money isn't everything
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RESOURCES
Nick Maggulli's blog Of Dollars and Data
OTHER EPISODES
Guide to Recessions and Bear Markets
Dips, Corrections & Crashes
How can money make you happier? A conversation with Andrew Hallam
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❓ What do you want to hear on the podcast? Let me know for a chance to win one of my favourite finance books!
EPISODE SUMMARY
You've likely seen headlines or articles talking about recessions or bear markets. While these things might make you nervous, I have you covered to make sure you can continue to invest smarter, reduce taxes and retire with confidence. Download the FREE PDF guide here:
Guide to Recessions and Bear Markets
TOPICS IN THIS EPISODE
3:32 - What is a recession?
6:54 - What is a bear market?
8:53 - Are recessions and bear markets connected?
11:34 - Preparing for a recession
14:11 - Investing through a bear market
16:41 - Do More
21:28 - Do Less
25:23 - Do Nothing
28:42 - The Good News
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RESOURCES MENTIONED
✅ DOWNLOAD FREE RETIREMENT READINESS CHECKLIST
OTHER EPISODES
Dips, Corrections and Crashes
Why you should care about rising interest rates
If you enjoy listening to the podcast, please leave a 5 star review on Apple Podcasts
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EPISODE SUMMARYJordan Arndt takes the lead in this episode to discuss some unique ways that you can give to charity to maximize your tax savings and maximize your charitable gifts. If you have questions for Jordan, please feel free to email him at Jordan@ennsbaxter.com
✅ DOWNLOAD MY FREE RETIREMENT READINESS CHECKLIST
TOPICS IN THIS EPISODE
- Donating stocks, mutual funds or ETFs
- Donor-advised funds and why they could be a better option than a personal foundation
- Making gifts of life insurance
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If you enjoy listening to the podcast, please leave a 5-star review on Apple Podcasts
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Interest rates are going up and in this episode, Jordan Arndt and I discuss what that means for you and why you should care.
If you have any questions or comments about the show, please reach out through my website or send me an email at hello@evanneufeld.com
In this episode I talk about the things you would want to consider before helping your kids with a downpayment to buy a home.
Please reach out through my website if you have any questions or send me an email at hello@evanneufeld.com
This episode won't be able to make the decision for you, but we offer some food for thought when making the choice on whether to rent or buy.
Check your city's typical rent cost here https://rentals.ca/national-rent-report
Check your city's average home price here https://www.crea.ca/housing-market-stats/national-price-map/
If you have any comments or questions, please reach out to me at hello@evanneufeld.com
If you're thinking about a short getaway or a longer trip to relieve your cabin fever, start planning right away.
In this episode, Jordan and I discuss ways that your vacation can go from a dream to a financial nightmare. The good news is that planning ahead with some of our tips will make sure that you can spend your vacation relaxing and having fun instead of worrying about your money.
Start by going to evanneufeld.com/downloads and download our vacation planner spreadsheet
On this episode we welcome back Luke Hergott, Senior Manager of tax services at EY. Luke brings a wealth of knowledge regarding tax so I would encourage you to listen to this episode prior to filing your return for this year.
Click here to listen to episode 10 on the topic of tax brackets
If you have any comments or questions, please reach out to me at hello@evanneufeld.com
Forget inflation for a second, we need to talk about the Russian invasion of Ukraine.
These are some thoughts I shared in an email update to my clients.
Let me know what's top of mind for you at hello@evanneufeld.com
Inflation is the story of the day so in this episode, Jordan Arndt and I discuss some possible reasons why inflation is so bad right now and what we can do about it.
Let me know your thoughts at hello@evanneufeld.com
Thanks for listening!
Is it possible to have a perfect RRSP strategy? Well it depends.... In this episode I'm joined by my colleague, Jordan Arndt, and we discuss the situations where an RRSP can provide the most value to you as a long term investor.
For more information please visit evanneufeld.com
In this episode I discuss what might be going on in the stock market when you see headlines mentioning dips, corrections, crashes, bear markets etc. Declines in the market happen more frequently than you'd probably think so I provide some tips for successfully navigating declining stock markets.
Feel free to reach out to me at evanneufeld.com for comments or questions about this episode
For more information about your TFSA contribution room or previous years, check out my blog post HERE
Vanguard Investor Questionnaire**
If you have questions or comments about the podcast, please feel free to reach out through my website at evanneufeld.com
*This questionnaire and the sample asset allocations do not provide investment or financial advice. The sample asset allocations presented are not tailored to any particular investor's circumstances. Investors should speak with a financial advisor for help in selecting an appropriate asset allocation for their particular circumstances and carefully consider all options before investing.***
Andrew Hallam is the acclaimed author of the popular personal finance books Millionaire Teacher and Millionaire Expat, but he joins me today to discuss his latest book as it relates to money and happiness.
The new book is called Balance: How to Invest and Spend for Happiness, Health and Wealth and is available on January 18, 2022.
If you have questions or comments about the podcast, please feel free to reach out through my website at evanneufeld.com
In this episode I cover off some rules of thumb for saving for retirement, how to know if you're on pace and whether you actually need $1M to retire.
Download my retirement readiness checklist HERE
Get yourself a customized retirement plan that works for you! Contact me for more information
To follow along with my retirement readiness series, click HERE to download the checklist from my website.
This episode focuses on risk and how you can make adjustments to your portfolio as you get closer to retirement and throughout your retirement years.
evanneufeld.com
When you're living off your savings instead of relying on employment income, the idea of an emergency fund changes a bit. Here's a quick episode with what I recommend!
Download my Retirement Readiness Checklist HERE
To follow along with this series, head over to my website and download my Retirement Readiness Checklist.
To learn more about the details of OAS, click on the following links:
Old Age Security
Guaranteed Income Supplement
To look up your CPP estimate, log into your My Service Canada account
Retirement Readiness Checklist
Click here to learn more about how the CPPIB is investing money on behalf of millions of Canadians.
Spending is easy, but spending with the goal of reducing your lifetime tax bill isn't as straight forward. In this episode I explain how your different plans (RRSP/RRIF, LIRA/LIF, Non-registered and TFSA) are treated from a tax perspective and how to prioritize your withdrawals to keep more money in your pocket.
If you'd like to get into more detail on this topic, please check out my video workshop called Saving to Spending
Click here to download the checklist and follow along with our Retirement Readiness Checklist series.
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Working in retirement is a bit of an oxymoron but many people choose to pick up jobs to supplement their income, stay active or even start a business in a new field entirely!
Having some employment has it's benefits but many Canadians aren't finding work when they were banking on that to supplement their savings.
Tax and OAS clawback are things you'll want to watch out for when having employment income in retirement.
Click here to download my Retirement Readiness Checklist and follow along with this current series.
If you have comments or questions about the show, please feel free to email me at hello@evanneufeld.com
Today's episode is the first in my series highlighting the items from my retirement readiness checklist.
Having guaranteed income from a pension, annuities or government benefits can be critical to your success in retirement. These items will form your "income floor" where your income will never be lower than that. Understanding your income floor is a good place to start when planning for a confident retirement!
If you have questions or comments, please feel free to email me at hello@evanneufeld.com
Over time your investment portfolio will move along with the market. But if you wanted to have a specific split between stocks and bonds, these investments won't stay in the perfect split that you want because they'll move at different speeds and sometimes in different directions. To keep your risk profile in check and take advantage of lower prices in other assets, rebalancing is your friend!
If you have comments or questions about this episode, please send me an email at hello@evanneufeld.com
Here are a few ideas to help you contribute money to a spousal RRSP in a high tax bracket and withdraw in a low bracket in the future. In the right situation, you can drastically reduce your lifetime tax bill by using a spousal RRSP correctly.
If you have any questions or comments, feel free to send me an email at hello@evanneufeld.com
TFSAs are the best way to invest smarter and reduce taxes over the long term. But you’ll want to be careful of some of these critical pitfalls that can get you into trouble.
For any comments or questions about this episode, please feel free to email me at hello@evanneufeld.com
While some people think that investing is essentially gambling, in this episode I explain how investing is like the opposite of gambling when you have time on your side.
If you have comments or questions about this episode, send me an email at hello@evanneufeld.com
This episode is about where to invest your stocks and bonds to save as much tax as possible. If investment income is taxed in different ways (interest vs capital gains vs dividends) and each plan type (RRSP vs TFSA vs Non-Registered) creates taxable income in different ways, you need to have a plan to invest with the goal of reducing taxes over time. Lots of concepts here but for reviews, check out my other episodes:
Tax Basics
TFSAs
RRSPs
If you have questions or feedback on the episode, please send me an email at hello@evanneufeld.com
When building an investment portfolio, the mix between stocks, bonds, cash and and other assets is called Asset Allocation. Steven Guenther joins me again to discuss this critical aspect to building an appropriate portfolio you can stick with for the long term.
If you have questions or comments, please feel free to email me at hello@evanneufeld.com
Over summer I wanted to try doing some shorter episodes on the themes of investing smarter and reducing taxes. Steven Guenther joins me again to discuss risk and how to think about it for your investments.
Let me know what you think of the new format at hello@evanneufeld.com
Thanks for listening to season 2 of the Canadian Money Roadmap! Heres a recap episode of everything we covered on the "Next Steps" season.
If you have questions or ideas you'd like to see on future episodes, please send me an email at evan@ennsbaxter.com
How can an average person buy stocks and bonds easily and make sure they are diversified in the process? Mutual funds and ETFs (exchange traded funds) can help!
This isn't a recommendation of either or a head to head battle with a winner but just comparing the two investment tools and highlighting some pros and cons of both.
Always do your research before investing and be careful about believing everything you hear in advertising!
Please let me know if you have any questions or comments about this week's episode at evan@ennsbaxter.com.
An intro to the investment you've heard of but probably don't really know what it is.
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What are bonds?
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How can you make money with bonds?
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Why should you consider bonds for your portfolio?
If you have questions or comments, please send me an email at evan@ennsbaxter.com
Thanks for listening!
On today's episode, I'll be covering off some of the basics when it comes to investing in stocks. No recommendations or hot stock picks here but just what you need to know before you dive into the world of investing.
In addition to some of the key language used with stock investing, I'll answer the following questions:
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What are stocks?
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How do you make money with stocks?
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What affects the price of a stock?
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Why should you own stocks?
Let me know if you have questions or comments on the show! Send me an email at Evan@ennsbaxter.com
Won't somebody please think of the children?! Well, if you're thinking about saving for your kids' education, this is the podcast for you. Steven Guenther and I walk through the basics and the not-so-basics when it comes to RESPs.
The main takeaways:
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The government will match 20% of your contributions up to a maximum per year. More incentives are available for lower-income families
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To make a withdrawal, the beneficiary must be attending an accredited post-secondary program.
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What if they don't go to university?? Don't worry, you have options
If you have comments or questions, send me an email at evan@ennsbaxter.com
On today's episode we cover all things mortgages with Bud Jorgenson of The Mortgage Group.
How to qualify for a mortgage, the types of mortgages available, CMHC insurance and whether you should really look to have 20% down when purchasing a home.
Lots of great nuggets of wisdom from an expert on this topic!
If you have comments or questions, please send me an email at evan@ennsbaxter.com
My guest this week is Luke Hergott, a Chartered Professional Accountant (CPA) at EY. Luke walks us through the steps you need to take to make sure you're prepared to file your taxes for the 2020 tax year.
Certified tax software options
CRA My Account
COVID-19 Benefits and Taxes
Please reach out to me at evan@ennsbaxter.com if you have any questions or feedback on the podcast!
In this episode I cover some of the myths and misconceptions about how RRSPs really work and how they might not be the best option for most people.
Feel free to send me your comments or questions to evan@ennsbaxter.com
Thanks for listening!
If you're looking for some tips on the home buying process, this episode is for you! Kindra Sowden is one of Saskatoon's top Realtors and she gives some great advice when it comes to making one of the biggest purchases of your life. No pressure....
Feel free to reach out to me for any comments or questions!
On this week's episode, I'm actually the guest! This is an episode I recorded with Matt Ramage from the Sask Wedding Podcast where we discuss money conversations you should be having with your partner before your wedding and then as you build your lives together.
Matt is a wedding and lifestyle photographer based out of Saskatoon. You can find him on instagram or on his website.
As always, feel free to reach out to me for comments or questions through our website.
We're back with Season 2 of The Canadian Money Roadmap Podcast! Today's episode is focused on TFSAs.
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TFSAs are best used for building long term wealth. Short term savings are best saved in a non-TFSA Savings account.
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You can (and should!) invest for growth within a TFSA. Here's a link to the BMO study showing nearly half of Canadians thought they could only have cash in a TFSA
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Building long term wealth starts and ends with a TFSA. Focus on maximizing your TFSA first and spend the TFSA money last in retirement
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By building the bulk of your savings in a TFSA, you'll be able to keep your future taxable income low as well. This can have a significant impact on making sure you receive your full Old Age Security payments and potentially spend less money on other government subsidized costs like long term care that are indexed to your taxable income.
If you have questions or comments about the show, please feel free to reach out to me personally through our website.
Thanks for listening and leaving me a rating and review!
Thanks so much for listening to Season 1 of the Canadian Money Roadmap Podcast! I've had a lot of fun and I've received lots of great feedback about this season's topics so I'm excited to prep for season 2 and get that out as soon as I can.
This episode is a quick summary of the first season which focuses on your financial foundations.
Feel free to reach out to me at evan@ennsbaxter.com!
In this episode, I'm joined by Elizabeth Williamson of Williamson Law in Saskatoon, SK. She provides some advice and education on the basics of wills, whether or not you should have one (hint: you do!) and some risks involved with doing an online will.
If you are a resident of SK and need to create or update a will, you can contact Elizabeth directly through her website.
If you have questions or ideas for future episodes, you can email me at evan@ennsbaxter.com
This episode features discussion and advice most relevant to residents of Saskatchewan. Always consult with a legal professional in your home province when developing your own will and estate plan.
Today's episode features an interview with Alisha Esmail, founder of Road Coffee Co. Road is a coffee roaster based out of Saskatoon with a goal and story that goes well beyond a simple cup of coffee. We discuss how Alisha received funding to start her business, how she decides to pay herself (or not) and how Road was able to pivot to remain profitable during this period of Covid-19.
For more info on how Road Coffee is changing the industry with their Beyond Fair program, please check out their website.
Alisha mentions that the Government of Canada has services available for locating grants and financing for your own small business. You can find their resources here.
Please feel free to reach out to me at evan@ennsbaxter.com with questions or topics you'd like me to cover in future episodes.
In this episode I cover the absolute bare bones basics when it comes to tax: how a progressive tax system works and average vs marginal tax rate. The big takeaway from this episode relates to the Next Bracket Myth and whether it is worth it to work overtime or take a bonus if you'll get bumped up to the next tax bracket.
To have a better understanding of your paystub, you can check out this guide for a basic overview.
Finally, to do a quick tax calculation for yourself, this tool from EY is really straight forward.
As always, feel free to contact me at Evan@ennsbaxter.com
A basic overview of insurance: life, critical illness and disability.
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Life Insurance: Pays tax free benefit upon death. Term vs Permanent. Aim for total coverage of Debt + 7x Income
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Critical Illness: Pays tax free benefit upon diagnosis of a covered condition.
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Disability: Pays benefit based on your inability to earn employment income. If you have benefits at work, you might already have sufficient disability coverage but double check the variables so you know what you have.
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Creditor Insurance: Typically more expensive and less comprehensive than a personally owned policy but can be a good option if your health prevents you from getting a policy on your own.
As always, feel free to reach out to me at evan@ennsbaxter.com
If you're listening to this episode, chances are that you're not a budgeter. I'm not a budgeter either! You need to know where your money is going but an automated system is going to be your best friend
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If you've ever said "Ugh, I finally need to set up a budget", a strict budget might not actually be your best option. And that's okay! People's brains are wired differently but you just need to find a system that works best for you.
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If you are looking for budgeting software, I'd start with Mint or You Need A Budget. If you already know approximately how much you're spending every month, pop your numbers into this budgeting calculator to see where you can find a bit of margin each month.
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When building your budget, aim for the 50-30-20 rule for the categories of Needs, Wants and Savings/Debt repayment.
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If you don't want to set up a strict budget, start by automating your good habits****. If you think you need a budget, chances are that your money isn't going where you want it to every month. By automating your good habits of paying your bills on time, repaying your debt and contributing to your long term savings, you can guarantee that you'll start every month on the right foot. The more things you can automate, the fewer speed bumps you're going to hit every month.
You can reach Evan Neufeld at evan@ennsbaxter.com
This week's episode looks at getting through post secondary school:
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Student loans - Know your status as a dependent or independent and know the income reporting requires before you apply to limit the surprises of a smaller loan than you had anticipated.
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Student lines of credit - Available through a bank, a line of credit is more flexible but you might run the risk of overspending as a result
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Interview with PhD candidate, Sam Derksen - How to get through your post grad studies without any debt
Feel free to contact me with any questions or ideas for future episodes at evan@ennsbaxter.com
Today's episode focuses on buying a vehicle. Buying a car is one of the first major purchases that a person will make but you're also likely to own over 10 vehicles over the course of your life. Buying a vehicle the wrong way can get you into lots of financial trouble so this episode should give you some tips to stay on track with a vehicle you'll be happy with for a long time.
Note this isn't a podcast of how to negotiate the best price or which vehicle to buy. I wanted to provide some realistic education on what the process of buying a vehicle is like so you can make the best choice for your unique situation.
Quick tips:
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Buying a used car with cash is likely the cheapest way to own a vehicle. Certified pre-owned is a nice sweet spot that offers warranty, low kms, a dealer inspection and someone else has paid most of the depreciation already.
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Leasing is the most expensive way to "own" a vehicle over time even though the monthly payments are lower. Generally only a good option if you use the vehicle to travel for work can expense the payment.
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Financing is the most common method of buying but try to stick to the 20/4/10 rule to keep your interest low and payments on budget. 20% down, 4 year term, payment is less than 10% of your monthly take-home income.
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Do your homework before going to the dealership: know the model and trim level you're interested in, know the MSRP and what you're willing to negotiate on, know your budget and don't deviate from it.
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Avoid the "extras" like undercoating, extra warranty, life insurance on the loan (own your own insurance policy instead!)
If you have questions or feedback, I'd love to hear from you. Feel free to reach out via email at evan@ennsbaxter.com
On today's episode, I'm joined by my colleague and Certified Financial Planner, Steven Guenther. We cover a lot of ground on credit cards, the pros and cons to using them and ways to get rid of your credit card debt.
For more strategies and techniques for becoming debt free, please visit this website from the Financial Consumer Agency of Canada
If you have any questions or ideas for future episodes, I'd love to hear from you!
Send me an email at Evan@ennsbaxter.com
In this episode we'll cover:
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Should you have an emergency fund?
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If so, how much you should save?
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Are there downsides to having an emergency fund?
I briefly mentioned Dave Ramsey and his 1st Baby Step of saving $1,000 to kickstart your emergency fund. Here's a link to his other baby steps.
If you have any questions or ideas for future episodes, I'd love to hear from you!
Send me an email at Evan@ennsbaxter.com