Entries by Vince Olfert

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 […]

Business Owners Fail To Plan

Prepare Your Business For Sale Only 9% of business owners have a documented transition plan in place and yet 70% of small business owners plan to transition in the next 10 years*! As a financial planner I continue to meet business owners who are planning to sell or transition their company but they do not […]

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Protecting Your Biggest Asset

The Most Overlooked Risk What is your biggest asset? Most people might answer your house, boat, car, or investments. When in fact it is your income and your ability to earn a living. When I review a person’s financial situation, one of the most common areas that is overlooked is to protect their ability to […]

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To Downsize Or Not?

That Is The Question Should we downsize our house? If so, when? Maybe never? I think that downsizing too early or without planning can be one of the most costly retirement mistakes. I have seen couples that have downsized, found that they have not liked it, and then purchased a house similar to what they […]