The Live Wealthy Blog – Precision Wealth Management

Have You Been Appointed Estate Executor? Five Mistakes to Avoid

March 24, 2023 by Christopher Briggs, RRC®, CIM® in Estate Planning

Administering an estate can be a time consuming and complex task, often occurring during an emotionally difficult time. It isn’t uncommon for mistakes to be made, which can lead to increased tax liabilities, conflict with beneficiaries or, worse yet, litigation. Equally concerning, the executor may be held personally liable for any errors. If you have been appointed as executor, being aware of these potential pitfalls may help as you contemplate the role.

Pensions

Reducing Demands on Portfolios During More Difficult Times

March 15, 2023 by Jake Steele in Pensions

During more difficult market times, we often suggest the importance of reducing withdrawals to put less stress on investment portfolios. This can be especially challenging for retirees who do not have the comfort of employment income. Many are also faced with mandatory withdrawals from the Registered Retirement Income Fund (RRIF). We do know that markets are cyclical and expect them to resume their upward climb.

Pensions

Inflation and the Impact on Timing CPP Benefits

March 9, 2023 by Iwona Nicastri, CFP® in Pensions

While there has been little reason to embrace the high inflation of today, there may be a silver lining for certain government benefits. Higher inflation means higher Canada Pension Plan (CPP) benefits and the outcome can be especially significant the longer you wait to begin. The standard age to start CPP is 65, but you can begin as early as age 60. In fact, most people start early.1 However, if you have yet to apply for CPP, it may be an opportune time to revisit the timing decision.

Tax Strategy

Tax Season: Bucking the Trend

March 3, 2023 by Carly Broetz, BBA in Tax Strategy

Even Albert Einstein, a man with a brain capable of solving the most complex physics equations, stumbled when it came to taxes. “The hardest thing in the world to understand,” he said, “is the income tax.” These days, tax advice is everywhere. TV ‘experts’, newspaper columnists and social media influencers will dispense tips on how to keep more of your money, but these brush strokes, at best, aren’t suitable for everyone and, at worst, perpetrate damaging misconceptions about certain benefits and how to use them.

RRSP

RRSP Checkup: How Well Are You Managing Your RRSP?

February 22, 2023 by Christopher Briggs, RRC®, CIM® in RRSP

Reminder that the deadline to contribute to your RRSP for the 2022 tax year is March 1st, 2023!

Personal Finance

New Year’s Advice for the Younger Generation: It Starts With Saving

February 15, 2023 by Jake Steele in Personal Finance

At one time in the not-so-distant past, our society was tuned into saving. We wouldn’t think of buying something until we saved enough cash to pay for it, whether for a car or other consumer goods. Only for the rare, big-ticket item, such as a home, would we go into debt.

Personal Finance

Investing Resolutions for 2023

February 10, 2023 by Iwona Nicastri, CFP® in Personal Finance

A recent article in the Washington Post offered a different perspective to the view that kids these days are getting too much screen time. In fact, there’s another demographic struggling to put down their devices: baby boomers. As one man put it: “My 75-year-old dad’s phone may as well be an implant; he lives with it like a teenager!”1 Of course, this has implications for our investing ways. With easy access at our fingertips, we may all be guilty of checking investment accounts too frequently.

Financial Planning

Look Forward, Not Back

January 31, 2023 by Carly Broetz, BBA in Financial Planning

One of the weaknesses of human nature is our tendency to focus on what is most recent in our memories. Our minds are naturally influenced by things that have just happened, and this can impact the way we make decisions.

Personal Finance

Beyond Estate Planning: The Importance of a Financial Inventory

January 9, 2023 by Christopher Briggs, RRC®, CIM® in Personal Finance

If an unexpected event were to happen, would you, or others, be able to find important documents to handle your finances?

Tax Strategy

You Asked: Should I Delay RESP Withdrawals?

December 15, 2022 by Jake Steele in Tax Strategy

With the volatile market performance in 2022, some who hold a Registered Education Savings Plan (RESP) have asked: Should I delay RESP withdrawals? Having patience is never a bad thing when it comes to investing through the inevitable cycles and for those with sufficient funds to cover short-term education needs this may be an option. However, there may be reasons not to delay withdrawing RESP funds.

Firm News

Introducing James McInnis

December 13, 2022 by admin in Firm News

Precision Wealth Management (PWM) and Q Wealth Partners are ecstatic to share that we have partnered with James (Jim) McInnis, who has also become an owner of Precision Wealth Management, a partner in the Q Wealth Partnership.

General Economy

Helping Younger Generations Cope with Higher Rates

December 8, 2022 by Christopher Briggs, RRC®, CIM® in General Economy

For the younger generations, this may be the first time they are experiencing rising rates and high inflation. As such, here are a few thoughts on helping them prepare for this changed landscape.

General Economy

Insurance & Women: The Gender Gap

December 1, 2022 by Carly Broetz, BBA in General Economy

According to recent statistics, there continues to be a gender gap when it comes to life insurance: men are better protected than women. In the U.S., 58 percent of men have coverage, whereas only 47 percent of women do, and that gap further increases for minorities and younger women. Over the past five years, the life insurance rate for women has dropped by 10 percentage points.1 Insurers in Canada suggest that this gap exists here at home.2

Investment Types

Is the 60-40 Strategy Dead and Buried?

November 24, 2022 by Christopher Briggs, RRC®, CIM® in Investment Types

The 60-40 portfolio strategy is a touchstone for the industry, and shorthand for the tried and trusted method of protecting capital from wild market swings. There are endless variations on this theme, largely dependant on client risk tolerance and time horizon, but the navigational starting point of a “balanced” 60% stocks and 40% bonds mix has endured.

Tax Strategy

Thinking of Escaping the Canadian Winter?

November 16, 2022 by Carly Broetz, BBA in Tax Strategy

For the past two winters, many snowbirds have been forced to hibernate at home. With travel now accessible, some are looking to resume their migration south to escape the cold. If this is within your plan, consider the potential implications.

General Economy

How Does a Recession Impact My Portfolio?

November 7, 2022 by Christopher Briggs, RRC®, CIM® in General Economy

Over the summer, the U.S. reported its second successive quarter of declining GDP, which commonly defines a recession. Yet, the U.S. government pointed to economic data that suggested otherwise: strong jobs growth, robust corporate earnings and continued consumer spending. However, it prompted considerable debate about whether the U.S. had entered a recession, and if Canada would follow. Semantics aside, there is little doubt that we have entered a slowing economic period, largely due to continuing efforts by the central banks to aggressively raise rates to curb inflation.