Entries by Vince Olfert

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Are RRSPs Overrated?

Are RRSPs overrated? For many years RRSPs (Registered Retirement Savings Plans) were viewed as the best option available for retirement savings. However, the truth is that there are several variables to consider for your best investment options. Here is a short list of questions to ask yourself: (more…)

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Big Retirement Mistakes

How to safeguard your retirement… Have you ever been scuba diving? With scuba diving, you need to plan your dive, how long, what depth, do you have the right gear, etc. If you make a big mistake there are no do overs, it could cost you your life. Retirement planning is similar, you only get […]

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Our Biggest Partner in Life

In life and finances, the government is our biggest business partner, usually in the form of taxes. If you are a business owner: 1.  You are a tax collector (payroll taxes, GST, PST). 2.  The government is your business partner (corporate taxes). As a family, taxes are often your largest expense: 1.  Income tax (as […]

Charitable Giving Takes on a New Look

Charitable gifting is about to change. As you may know, currently you can donate cash and receive preferential tax treatment.  For every dollar you donate over $200 you would get a tax deduction of $0.437.  In 2006, the benefits of donating stocks in-kind became substantial because if you donate the stock in-kind to a charity […]

Mortgage or RRSP?

This is the question I have been asked the most in my financial career: Should I pay down my mortgage or put money into my RRSP? The answer I give is: It depends! I know it’s probably not the answer you were looking for, so let me provide some rules of thumb and opinion on […]

Got A Will?

Do you remember the Got Milk ads and t-shirts that reminded everyone to drink your milk regularly? I think we should create a “Got a Will?” campaign. A will should be a standard document that every Canadian has in place but yet only around 30% have an up-to-date legal will*. That’s unbelievable!

RRSP vs TFSA

Canadians have two great tools available for accumulating wealth, Registered Retirement Savings Plans (RRSPs) which were introduced in 1957 and Tax Free Savings Accounts (TFSAs) which were introduced in 2009. We often get asked by clients which account type is better to contribute to, RRSPs or TFSAs.

Big Fees? Lack Of Service?

Know What You’re Getting From Your Financial Advisor Do you know how much you are paying your financial advisor? Are they doing a good job for you? Those both seem like reasonable questions, but most people cannot answer them. Can you? One of the services that financial advisors provide is to manage your investments. When […]

Where Did My Money Go?

The Latte Factor… No matter how much money one makes you can always find a way to spend it. Does your income keep going up but yet there is no extra money at the end of the month? Do you know where your money has gone? What happens in retirement once your income is fixed?

Baby Boomers Ready To Sell!!

Planning On Selling Your Business… Are you approaching retirement and planning on selling your business? As an entrepreneur, you dreamed of building your own successful business. After all those years of hard work, you plan to reap the rewards in the form of a successful business sale. Sounds like a great plan! But, making the […]

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Magic Eight Ball

How technology has made a difference… Remember that great invention, the magic eight ball? You ask it a question, shake it and then turn it over to reveal the answer. If only all of life’s difficult questions could be answered so easily! When it comes to retirement planning, people have a lot of questions but […]

Ready For The Role?

Four Tips For An Executor Have you said yes to be an executor for someone’s will? Do you know what the role entails? If you talk with someone that has performed the duties it can be a lot more work than you might first think. Here are some tips to help prepare you for the […]

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Who Wants To Be A Millionaire

It’s Not That Much Anymore… Is a million enough? It used to be that having a million dollars was a big deal, right? You were set for life with no cares or worries financially. When did that change? Have you ever made any statements such as; I remember when gas was only 25 cents per […]

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Saving For Retirement

What Are Your Options? What is the best investment plan to use to save for retirement? It used to be fairly simple; the answer was maximizing your RRSP. Do you know what is the best strategy for your situation? Do you know what your options are? Here is a basic overview: 1. Save – The […]