Over the years, as many as 95% of our clients have come to work with us through a referral from an existing client. We are fortunate to have a business which grows essentially on word of mouth. We would like to extend our gratitude to every client that has referred a family member or friend to us over the years.
We have additional capacity in our firm and would like our growth to continue. The big questions we grappled with […]
The percentage that a retiree decides to withdraw in retirement from their investments is referred to as a drawdown percentage. This is the portion of retirement account that a retiree withdraws each year. What percentage is the best amount to withdraw?
If the drawdown percentage is too high, the retiree will outlive their savings and struggle financially at the end of their life. If the drawdown percentage is too low, the retiree will die with money left over. Many people […]
In many cases Baby boomers not only have to plan for their own financial future, but also that of their parents. Not all Baby boomers are going to inherit money from their parents; many will have to assist their parents both financially and personally. There is a distinct gap between the level of financial assistance that parents of adult children think they want, and what they really need.
Toronto-based, Bayshore Home Health conducted a survey in February 2018 that revealed […]
RRSP withdrawals must be part of your tax planning strategy. It is extremely important to understand the implications of Registered Retirement Savings Plan (RRSP) withdrawals on your taxable income in the year you make the withdrawal.
Below is a well written article that highlights the implications of RRSP withdrawals, and provides a good understanding of the tax system. Remember, seeking professional tax advice is always a prudent strategy.
Running afoul of the CRA on RRSP withdrawals can be a costly mistake
By […]
I have always wanted to volunteer in my community, doing something that impacts peoples lives. So, two years ago I joined Arrowsmith Search and Rescue. I am really enjoying the experience, and hope that my efforts positively affect the people we serve.
Because of my previous military training, I believed that S&R (Search & Rescue) was the best fit for me. From a training perspective, we are all required to complete the initial MIT (Member in Training) course. If you graduate from that course, you then move […]
Underliving is a common condition mostly found among retired Canadians, and it is caused by the individual’s inability to give permission to spend their own money. This inability is due to lack of planning—not knowing what you have—and what you can spend.
This lack of planning pushes people toward the default behaviour of hoarding money, as they are unsure of how long it will last. It is natural to hoard cash when you have no plan, and one should not […]
Here are highlights from the 2019 Federal Budget, which seeks to close tax loop holes to make a fairer tax system, and offers incentives for first time home buyers, training credits for eligible workers, and improvements to the Registered Disability Savings Plan:
Modernizing the Home Buyers’ Plan
Currently, the Home Buyers’ Plan (HBP) allows first-time home owners to withdraw up to $25,000 from their Registered Retirement Savings Plan (RRSP) to purchase or build a home, without paying withdrawal tax. The amount […]
We are growing to serve you better! Precision Wealth Management is delighted to welcome Ron Hickey, the newest Wealth Advisor to join our firm.
Ron brings a depth of valuable experience in the financial industry. He is looking forward to working with our Wealth Advisors to bring our clients the very best financial solutions available.
Why did he choose us? One important reason he says, “is the desire to move forward with an independent firm—one that focuses on the […]
As advisors we can get frustrated with our clients when we know that they are making the wrong decisions at the wrong times. Sometimes the most important part of my job is saving people from themselves.
I would like to demonstrate my point with a story of fiction, based on actual data:
Many years ago there were 3 friends named Chris, Bob and Alfred. They decided to each invest $100,000 with me at Precision Wealth Management. They all had similar risk […]
Media coverage of short-term market volatility is prompting
people to worry about their investments. Market analysis of past, rolling
return holding periods helps to shed some light on these fluctuations, and how
we should respond. And our response is typically to do nothing.
Do Nothing? Data Analysis Tells the Story
Here below shows data representing rolling return holding
periods from Bloomberg LP for the S&P 500 from January 1, 1928 to June 30,
2018 (the past 90 years). The idea behind using rolling returns is […]
