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.
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.
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.
Estate planning often involves preparing for what happens after death. Yet, consider that giving while living can also play a complementary role within an estate plan. While the obvious personal benefit is the satisfaction of seeing your gift at work, consider that there may be other benefits, including financial ones, from giving while alive:
With the return of autumn, many families have turned their attention to school. If (grand)children are off to pursue post-secondary education, the rising cost of higher education may be top of mind. As investors, we have the opportunity to assist (grand)children with education at all levels. For starters, we can provide advice about money, teaching the fundamentals of saving, investing, and taxes. We may also choose to put aside financial resources to support the cost.
It may be easy to overlook the importance of patience in investing. Instant gratification has become a way of life. We’ve been conditioned to expect instantaneous results through influences like on-demand television and one-click shopping. Many of us aren’t willing to wait more than two seconds for a website to load.
You may have heard an oft-repeated advertisement in the media today that suggests that by reducing investment management fees, you have the potential to retire up to 30 percent wealthier. While few would choose to forego this amount down the road, it may be worthwhile to take a deeper look at these claims.
It is understandable that many of us prefer to avoid the subject of end-of-life planning, or at least try to put it off until the last moment. Yet, the pandemic should remind us of the importance of these discussions.
In married or common-law partnerships, using a spousal rollover1 has become a conventional strategy for many estate plans. Under a spousal rollover, any associated capital gains on certain capital property or registered plan income that transfers to a surviving spouse will be deferred until the spouse disposes of, or is deemed to have disposed of, those assets or withdraws them (in the case of registered plans).
With over one trillion dollars of inheritances expected to be passed along over the next decade, taking action to preserve wealth across generations has never been more important.1 Does your estate plan protect this wealth transfer? Here are some considerations:
Quintessence Wealth (Q Wealth) is a partnership that is registered as a portfolio manager, exempt market dealer and investment fund manager. The portfolio manager registration allows Q Wealth to provide investment advice to its clients. The exempt market dealer registration allows Q Wealth to engage in trading activity. These services are provided by Q Wealth through registered advising representatives and dealing representatives, respectively.
Q Wealth is a partnership that is owned by its partners, including Precision Wealth Management. As a client of Q Wealth, you may receive services from both Q Wealth and Precision Wealth Management. Note that individuals from Precision Wealth Management will only provide investment advice and trading advice if they are registered as advising representatives and dealing representatives of Q Wealth, and in providing such services, they will be doing so on behalf of Q Wealth only. Precision Wealth Management may however provide wealth management services such as financial planning, estate and retirement planning, insurance, group benefits and others.
Q Wealth Partners is a registered trade name of Quintessence Wealth, a registered Portfolio Manager in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan, an Investment Fund Manager in Newfoundland and Labrador, Ontario, and Quebec, and an Exempt Market Dealer in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Quebec, and Saskatchewan. The Ontario Securities Commission (OSC) is the principal regulator for Quintessence Wealth. Please visit www.qwealth.com for more information.
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