The online Canadian Financial Summit is coming up the week of October 25-27. It’s the #1 personal finance event of the year. As a reader of the Unconventional Wisdom blog, here are your FREE passes for a limited time. With these FREE passes, you can watch all the talks for 48 hours. I’ll be one of the speakers again this year with three talks (see …

Tax brackets for parents and seniors are way different than you think. This might be a real eye opener for some people because I think a lot of people that do some basic tax planning are doing it all wrong. In my latest podcast episode I'm going to give you a tax planning made easy using tax brackets. I'm going to show you how, some basics of tax b…

When planning for retirement, many Canadians rely on a government pension like OMERS (Ontario Municipal Employees Retirement System) as their foundation. Do you need savings in addition to your government pension to maintain the lifestyle you want? A buddy called me from his car and said, “I’m driving. Will I get to my destination on time?” I asked…

In the vast landscape of personal finance, dividend investing has carved out a significant niche. Whether you're browsing through countless blogs or hearing investment advisors champion its benefits, it’s clear that dividend investing is a popular choice, especially with the FIRE (Financial Independence, Retire Early) community. However, a closer l…

The Smith Manoeuvre is an efficient strategy to use your home equity to invest for your future without using your cash flow, while converting your mortgage into a tax-deductible debt. If you do the Smith Manoeuvre, understanding the new OSFI mortgage rules is crucial. In this podcast episode with Barry Choi, I break down what the changes mean and h…

With the Canadian Financial Summit coming up at the end of October, I wanted to share over the next few weeks content that Summit attendees had access to last year. When you register you get access to talks like these, plus a myriad of other speakers who are some of Canada’s top financial experts. I’ll be promoting the Summit and giving away free t…

Most people struggle with money. It might feel like you’re the only one who doesn't have it all figured out, but trust me, you're not alone. Over the last two months, I've had countless conversations with individuals just like you who are grappling with various financial concerns. In my latest podcast episode, I share 25 common worries and question…

Here are three key insights that I believe are essential for navigating the rest of the year and beyond. These insights are grounded in the principles that have guided our successful financial planning and investment strategies. The three key areas: Some timeless truths that guide our financial planning, a few observations on the markets so far thi…

Many people are saving for their kids’ future education costs in an RESP. For some parents, it is a higher priority and they want to be able to maximize the benefits of an RESP - not just contribute the standard $2,500/year for each child. In my latest podcast episode I talk about the five hacks to maximize your child’s RESP. You’ll learn: How much…

The Smith Manoeuvre has long been a popular strategy for Canadian homeowners seeking to convert their mortgage debt into tax-deductible investment debt. However, recent tax and regulatory changes have impacted the efficacy of the Smith Manoeuvre, and further changes from the Liberal government could pose additional challenges. In my latest video I …

Have you ever wondered how long you might live? Understanding life expectancy is crucial for planning a secure and fulfilling future. In my latest podcast episode I explore the dramatic changes in life expectancy over the past century, why it's expected to continue increasing, and how this impacts your retirement planning. You'll learn: Has life ex…

Deciding between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) can be one of the most challenging financial decisions you'll face. Each has its benefits, and the right choice depends on your unique financial situation. In this post, I'll guide you through understanding the factors that determine whether a TFSA or…

How long should you expect to be retired? You want your money to last the rest of your life. How long will you live? What quality of life will you have? What will your lifestyle cost you when you are older? What if you could: Live longer (long lifespan). Be healthy longer (long healthspan). Have financial freedom longer (long wealthspan). In my lat…

I recently worked with Kornel Szrejber, host of Canada’s #1 financial podcast “Build Wealth Canada”, on his family’s financial plan, so he could feel confident about his retirement. Kornel retired in his 30s, but he was starting to feel anxious because he wanted to make sure he wasn’t overspending. This podcast interview is a Q&A between the two of…

You know the basics about the Smith Manoeuvre. It’s one of the most effective wealth building strategies if done by the right people in the right way over the long term. My latest podcast episode can be found on Sean Cooper’s “Burn YourMortgage” podcast on YouTube and his website www.BurnYourMortgage.ca, and you can listen here too. You’ll learn: W…

You may have heard that we just had a new budget here in Canada, and increased the taxes on capital gains. Canadians with a rental property, cottage or investments and their tax advisors are scrambling to figure out what to do before the deadline of June 25, 2024. Here are the questions we’ll cover in this latest podcast episode: What is the new hi…

You may be thinking – what difference can I make in the world? As a financial planner I talk a lot about money, however, it’s not really about the money itself, but what it does for your life – how to live well, retire comfortably, and give back. In my latest podcast episode, I give you some ideas to help you choose causes that matter to you, as we…

It’s easy to outperform financial advisors. Why? Conventional wisdom is they underperform because of fees, but there is a bigger reason. They don’t even try to outperform. They try for: “Reasonable return with less risk”. Financial advisors are mainly salespeople, not financial planners. They are more likely to lose a client because of a 30% 1-year…

Divorce is never financially smart! As a financial planner, I don’t recommend divorce. It’s bad for your finances! However, you can go through it in the most financially smart way – to leave both of you in the best possible position. We have seen quite a few people go through divorce. We’ve seen some total disasters, fighting for years through lawy…

Many people today feel they have no choice but to be a tenant, however, what if you actually choose this? You can choose to be a tenant forever and it can be a great life! I’m going to introduce you to the concept of “Tenant Freedom,” to show you how great of a life it can be. Watch my latest podcast episode to find out: Advantages & disadvantages …

Gold goes down on inflation. Why doesn’t the industry know this? This is one of the most common and wrong conventional wisdoms. The conventional wisdom is that Gold protects you from inflation, so if we have high inflation Gold should be up. It should maintain its value. The problem is – this isn’t true and hasn’t been true for decades. So why does…

20 years ago I took the most fascinating investment course, and by far the most in-depth. The course made me a “Certified Hedge Fund Specialist” (CHFS). I loved it so much I received the top mark in Canada. From the course and meeting with hedge fund people, I’ve learned the ins and outs of the Hedge Fund World, which to many, seems like a secret c…

I was honoured to be invited by Ellen Roseman to speak with her Investment Club about the 6 key lessons I have learned as a fee-for-service financial planner. They have had investment guest speakers, but never someone just talking about financial planning. Ellen Roseman is a journalist who sticks up for ordinary Canadians. Her personal finance & co…

Do you own a business? If yes, then you’ll love my latest podcast episode. I cover the few things that you really need to know about corporations. You’ll learn: When should you incorporate. If you should get a holding company. Whether you should pay yourself a salary or dividend. Common mistakes by business owners. If you should invest in a corpora…

The most common question I get asked about the Canada Pension Plan (CPP) is: “Is it smart to take my CPP early?” And what I say is - it depends, as the answer is contingent on five main factors. How long do you expect to live? How do you invest? What will inflation be? Are you still working? When do you need the money? In my latest podcast episode …

What will it take for you to become financially free? To have enough money that you never have to work again? This latest podcast episode is my insight into the few key ideas you really need to know. It’s an overview to give you the big picture of what really works. Some of these ideas are not conventional wisdom. They are the ideas that give you r…

It’s easy to outperform robo-advisors. Why? Because they don’t even try to outperform, they try for reasonable returns with less risk. You would think robo-advisors would just invest in a few broad indexes, but often they don’t. And they require you to invest in bonds no matter how high your risk tolerance. Robo-advisors are big investment companie…

The average Canadian wastes $22,000 after tax during their life for every $100,000 of their mortgage and takes 38 months longer to pay it off, according to a study by Moshe Milevsky. This is because of taking 5-year fixed mortgages instead of variable. They are marketed as being safe and a good protection against a sharp rise in interest rates. The…

Smith Manoeuvre or Smith Maneuver? Why the two spellings and which is correct? This strategy (which I’m most known for), helps Canadian homeowners make their mortgages tax deductible in a simple way. What’s the proper spelling? Who pioneered this legal strategy? Does it work in Quebec? Can you use it if you live in the United States? All these ques…

Asset Allocation Loss Ratio (AALR) – What Is It & How Does It Help You? When you go to any investment firm in Canada, they require you to sign a risk tolerance questionnaire to prevent you from investing too aggressively. However there are two important questions: What prevents you from investing too conservatively? Can you achieve your life goals …

I recently did an interview with Bryn Griffiths from 630 CHED radio in Edmonton about how different things can affect people's credit ratings and how to avoid making common mistakes. It’s a quick, but important podcast episode, because even a $10 missed credit card bill can cost you hundreds of dollars in interest. Plus how to start or build your c…

Remember the show “Who wants to be a millionaire?” Are you the kind of person that wants to build some serious wealth? Live an exceptional life? Be financially free? I don’t mean just a comfortable amount. I mean a lot – like being a multi-millionaire. The truth is, average people can become very wealthy just by managing their money for maximum gro…

It is easy to outperform index investors. Why? Because they don’t really try to get index returns, they try for reasonable returns with less risk. This makes them use “performance drags” that typically reduce their returns by at least 1-3%/year. In my latest podcast episode (which is under 3 minutes!), you’ll learn exactly how to EASILY outperform …

How should you invest your money? If you don’t invest wisely, it will be hard to fund your future. There are always new areas you can put your money into, but are they worthwhile long-term? In my latest podcast episode, I look at all the possible areas to invest your money and fit them into 4 categories: gambling, speculating, saving, and investing…

Financial freedom is what we all want. We talk to people about their finances all the time and most people just want to know that their money is there, and they can live their life the way they want, but very few Canadians actually get there. Why? Most Canadians are not financially secure because of sub-optimal investments and focusing on the wrong…

When you’re planning for your future you need to have a sound investment strategy, that gives you confidence that you’ll eventually have the retirement that you’ll want. The best way to understand this is with a hockey analogy. Would it be more effective for me to go on the ice and stickhandle and shoot, or for me to pick an NHL superstar to play f…

Do you feel financially secure? What would it take for you to build a huge nest egg to become financially secure? Conventional wisdom says it’s mostly about investing better. It suggests you should focus on getting a higher return or lower fees. My experience, though, is surprisingly completely different. I have seen the full finances of thousands …

The RRSP Gross-up Strategy is a relatively simple concept that can help you contribute 40-70% more to your RRSP, without using any more of your cash. Do this every year and you can retire with 40-70% higher income for life! The last podcast was quite detailed, while this episode is a quick and concise overview of the strategy. In my latest podcast …

Wouldn’t it be great if you could save a lot more for your future without affecting your day-to-day cash flow? One of the main things you learn from your retirement plan is that you need a lot more to retire comfortably than you may have thought. But with all the day-to-day expenses, it can be difficult to find the money to contribute as much as yo…

Are you a parent? If yes - you’re probably paying a lot more tax. Parents are often in higher tax brackets than non parents. This means your planning must be diligently looked at, as it can affect your RRSPs, deductions, and more. I’ve talked about this topic before on my blog, but this is the updated version. In my latest podcast episode you’ll le…

If you’re investing in equities, you may be using various investment data software like Morningstar. The problem? Investment data often gets misused. This is because you may be looking at short-term stats and ratings from only the last 1-5 years. It takes a lot of effort looking at investment stats, but most people who do this incorrectly, don’t ge…

5 Steps for You to Become Wealthy One of the really cool things about my job is that I get to meet a lot of wealthy people. I get to see what kind of people they are and what their life is like. What I find really rewarding though is to take people whose lives are struggling or just regular income earners and put them on a path to become wealthy. I…

Is your mortgage tax-deductible? The Smith Manoeuvre is an elegant strategy to invest for your retirement without using your cash flow. You borrow against your home to invest for your retirement. It converts your mortgage over time into a tax deductible credit line. The Smith Manoeuvre is very effective as part of your retirement plan. It typically…

You have probably seen many articles Tax-Free Savings Account (TFSA) vs. Registered Retirement Savings Plan (RRSP). Here is the real answer specifically for you from a tax expert. Deciding on the right one is an important part of your financial plan. Your personal Financial Plan should include the income per year you will need after you retire to h…

Dividend investing is a brain fart! The entire concept is your brain playing tricks on you. I know that thousands of people like dividend investing. In fact there are hundreds of blogs dedicated to it. Dividend investing may sound like a solid and steady way to invest. But it’s a brain fart! In my latest podcast episode you’ll learn: Why is dividen…

What's important about money to you? Understanding how you feel about money is the first step in an effective financial plan to create the life you want. Money impacts so many aspects of your life. How you handle it, save it, and spend it can say a lot about you. There are some common themes in how people feel about money, and what it means to them…

As we look forward to the holidays and 2024, one thing I know for sure is: "The World is Getting Better All the Time". Every generation of young people thinks the world is getting worse, but the world is dramatically better in every important way than 100 years ago. For example, 170,000 people are lifted out of extreme poverty every day for the las…

You probably think credit card interest is pretty high. It can be far higher than you think! If you or your kids ever do not pay your credit card balances in full by the due date, this is the video to watch. Credit card debt is the single most common place where Canadians get stuck, which can create havoc with your finances (and future). In my late…

Can You Be Confident in the Stock Market? There are two schools of thought on this question. The stock market is a decent investment, but it’s a gamble that may or may not make money for you. The stock market is a reliable long term investment that should be the core of your future financial planning. Most investors are scared of suffering a major …

You should open up an FHSA Account this year! This is for you if you don’t own a home now or in the last four years and are age 18 - 71. You get contribution room starting the year you open your FHSA, but if you wait until next year you lose that room. The deadline is December 31. An FHSA Account is the # 1 way to save for a home down payment if yo…