Millennial Money Canada

Ep.030: CRM 3 Is About to Change Everything: The Fee Shock No One Is Ready For

Summary
In this episode, Guillaume and Sam discuss the upcoming changes to fee disclosure under CRM3, which will significantly impact how Canadians view their investment fees. They explore the implications of these changes, the importance of transparency in building trust between clients and advisors, and the potential for clients to question the value they receive for the fees they pay. The conversation also touches on the role of segregated funds, the future of financial advisory services, and the importance of understanding investment philosophy for peace of mind.
Topics Covered in this Episode
00:00 Introduction to CRM3 and Its Importance
02:01 Understanding Fee Disclosure Changes
07:05 The Impact of CRM3 on Investors
12:45 Transparency and Trust in Financial Advisory
16:21 Segregated Funds and Their Reporting
22:06 Evaluating Fees and Value in Financial Services
30:59 The Future of Financial Planning
34:00 Understanding Fees and Value in Investments
39:11 The Importance of Trust in Financial Advisory
50:39 Investment Philosophy and Client Peace of Mind
Millen Wealth AdvisorsVisit our Website: https://www.mwadvisors.ca/Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast
Follow Guillaume on Social MediaGuillaume’s Instagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
Follow Sam on Social MediaSam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enSam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/
Keywords
CRM3, fee disclosure, financial planning, investment fees, transparency, trust, financial advisors, segregated funds, client awareness, investment philosophy

Ep.029: From Burnout to Balance: How Financial Literacy Can Help You Thrive

Summary
In this episode, Guillaume Girard interviews Dr. Christian Wigmore, founder of BudgetYourMD, about the financial challenges physicians face and the importance of financial literacy. They explore Dr. Wigmore's journey to becoming a physician, the pressures of medical school debt, and the impact of lifestyle inflation on financial decisions. The conversation emphasizes the need for better financial education for medical students and the role of BudgetYourMD in empowering future physicians to manage their finances effectively and avoid burnout.
 
Topics Covered in this Episode
00:00 The Journey to Medicine
04:20 Exploring Financial Insights
08:10 The Role of a Family Doctor
12:27 Deciding on a Medical Specialty
14:08 Financial Literacy Challenges for Physicians
16:27 Managing Debt and Lifestyle Inflation
19:18 Navigating Financial Advice and Insurance
22:17 The Evolution of Financial Planning Models
29:30 The Challenge of Active Fund Management
30:49 Introducing BudgeterMD: A Passion Project
32:12 Addressing Financial Literacy in Medicine
34:45 Services Offered by BudgeterMD
36:53 Feedback and Community Engagement
39:07 The Importance of Open Conversations About Money
41:55 Future Vision for BudgeterMD
44:30 The Cashflow Clinic: A Unique Approach
45:37 Exploring Podcasting as a Medium
48:39 Final Thoughts on Financial Literacy
 
Budget Your MD
Website: https://www.budgetyourmd.ca/
LinkedIn: https://www.linkedin.com/in/christianwigmore/?originalSubdomain=ca
 
Millen Wealth AdvisorsVisit our Website: https://www.mwadvisors.ca/
 
Follow Guillaume on Social MediaPodcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcastGuillaume’s Instagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
 
Keywords
Financial literacy, physicians, medical school, budgeting, financial planning, lifestyle inflation, debt management, financial advice, burnout, Budget

Ep.028: The Downsides of Using Family Trusts

Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard and Sam Lichtman, along with guest Mohammed Al-khooly, discuss various financial topics ranging from personal achievements in ultra marathons to misconceptions about the Canadian tax system, particularly regarding inheritance taxes. They delve into the complexities of family trusts, exploring their benefits and drawbacks, and discuss when they are appropriate for individuals and families. The conversation also touches on the importance of financial planning and the implications of prenuptial agreements in relation to trusts.
 
Topics Covered in this Episode
00:00 Introduction and Personal Accomplishments
06:12 Understanding Canadian Tax Misconceptions
15:26 Exploring Family Trusts: Basics and Benefits
32:40 Navigating Capital Gains and Business Sales
33:08 Competing Interests in Family Business Planning
34:29 Understanding Trusts and Associated Corporations
36:00 The Complexity of Trusts in Family Dynamics
39:25 When Trusts Are Not the Right Fit
40:34 Trusts for Special Circumstances
41:53 The Suitability of Trusts in Financial Planning
42:42 Professional Perspectives on Trust Recommendations
47:23 Trusts and Divorce Protection
49:53 Prenups vs. Trusts: A Personal Perspective
55:46 Investing in Relationships vs. Legal Protections
 
Millen Wealth AdvisorsWebsite: https://www.mwadvisors.ca/
Co-Pilot Tax
Website: https://copilottax.ca/
Canadian Tax Guy: https://x.com/canadataxguy?lang=en
 
Follow us on Social MediaPodcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcastSam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enSam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/Guillaume’s Instagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
 
KeywordsFinancial planning, tax system, family trusts, estate planning, ultra marathons, Canadian tax misconceptions, wealth management, inheritance tax, personal finance, financial education

Ep.027: Paying Dividends To Family Members (TOSI)

Summary
In this episode, the hosts discuss their experiences at a recent portfolio strategies conference, sharing insights on investment strategies and the importance of having a defined investment philosophy. They delve into the complexities of the Tax on Split Income (TOSI) rules, explaining how these regulations impact business owners and their ability to pay dividends to family members. The conversation highlights the need for careful tax planning and understanding of the rules to navigate potential pitfalls. The episode concludes with a discussion on the importance of knowing the intricacies of investment products and the trade-offs involved in financial planning.
Topics Covered in this Episode
00:00 Conference Insights and Networking
12:33 Understanding TOSI: Tax on Split Income
24:42 Navigating Dividend Payments and Family Structures
24:44 Understanding Income Splitting Rules
28:47 Exploring Non-Resident Shareholder Implications
31:30 Navigating Tax Risks with Non-Resident Corporations
35:32 Client Engagement and Tax Knowledge
38:42 The Complexity of Tax Compliance
43:30 Investment Knowledge and Client Understanding
 
Millen Wealth AdvisorsWebsite: https://www.mwadvisors.ca/Register for our Free Financial Planning Masterclass for Business Owners: https://event.webinarjam.com/channel/Financialmaster
 
Co-Pilot Tax
Website: https://copilottax.ca/
Canadian Tax Guy: https://x.com/canadataxguy?lang=en
 
Follow us on Social MediaPodcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcastSam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enSam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/Guillaume’s Instagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
 
Keywords
TOSI, Tax on Split Income, investment strategies, financial planning, tax planning, portfolio management, business income, dividends, family business, tax risk

Ep.026: Income Splitting Strategies for Business Owners

Summary
In this episode, the hosts discuss various strategies for income splitting, focusing on tax efficiency for business owners. They explore the implications of salary versus dividends, the use of capital dividends, and the importance of understanding attribution rules. The conversation emphasizes the need for holistic financial planning and the potential benefits of utilizing tools like RRSPs and RESPs for effective income splitting.
 
Topics Covered in this Episode
00:00 Introduction to the New Format
02:21 The Importance of Holistic Tax Planning
04:39 Income Splitting Strategies
11:34 Tax Risks in Income Splitting
17:21 Exploring Tax-Efficient Dividend Strategies
20:15 Balancing Immediate Costs and Future Growth
21:22 The Importance of Long-Term Financial Planning
22:44 Salary vs. Dividend: Making the Right Choice
24:36 Understanding Tax Implications for Business Owners
26:42 The Role of Income Splitting in Financial Strategy
30:12 Basic vs. Advanced Income Splitting Strategies
31:14 Utilizing RESPs for Tax-Efficient Income Splitting
32:40 Creative Strategies for Spousal RRSPs
38:57 Navigating Attribution Rules in Income Splitting
41:10 Understanding Anti-Avoidance Rules in Tax Strategies
 
Co-Pilot Tax
Website: https://copilottax.ca/
Canadian Tax Guy: https://x.com/canadataxguy?lang=en
 
Millen Wealth AdvisorsWebsite: https://www.mwadvisors.ca/Register for our Free Financial Planning Masterclass for Business Owners: https://event.webinarjam.com/channel/Financialmaster
 
Follow us on Social MediaPodcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcastSam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enSam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/Guillaume’s Instagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
 
Keywords
Income splitting, tax efficiency, salary vs dividends, capital dividends, attribution rules, financial planning, tax strategies, Canadian tax, RRSP, RESP

Ep.025: Tax Considerations with Real Estate

Summary
In this episode, the hosts discuss the partnership between Copilot Tax and Millen Wealth Advisors, focusing on how this collaboration will enhance client services. They delve into the complexities of real estate investments, including tax considerations when buying, renting, and selling properties. The conversation highlights the importance of financial planning, the implications of depreciation, and the legal aspects of property ownership. The hosts emphasize the need for a cohesive approach among financial advisors to provide clients with comprehensive guidance.
 
Topics Covered in this Episode
00:00 Introduction and Partnership Announcement
02:53 Exploring Real Estate Tax Considerations
06:02 Buying Real Estate: Key Tax Issues
09:01 Understanding Rental Properties and Tax Implications
12:10 The Importance of Financial Planning in Real Estate
14:57 Depreciation: Benefits and Risks
17:56 Legal and Liability Considerations in Real Estate
20:58 Structuring Real Estate Investments: Personal vs Corporate
24:11 Final Thoughts and Key Takeaways
 
Co-Pilot Tax
Website: https://copilottax.ca/
 
Millen Wealth AdvisorsWebsite: https://www.mwadvisors.ca/Register for our Free Financial Planning Masterclass for Business Owners: https://event.webinarjam.com/channel/Financialmaster
Follow us on Social MediaPodcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcastSam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enSam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/Guillaume’s Instagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
 
Keywords
Real estate, tax considerations, financial planning, depreciation, rental properties, investment strategies, partnership, liability, home buyers, tax advice

Ep.024: Family Trust, Holding Co & Succession Planning with Amanda Doucette

Summary
In this episode of the Millennial Money Canada podcast, host Guillaume Girard speaks with Amanda Doucette, a tax lawyer specializing in estate and succession planning. They discuss Amanda's journey into tax law, the importance of continuous learning, and the complexities of tax strategies for business owners. Amanda emphasizes the need for financial awareness, the common mistakes made in tax planning, and the role of family trusts in estate planning. The conversation also touches on the importance of advocacy in tax law and the need for effective communication in family dynamics regarding financial matters.
 
Topics Covered in this Episode
00:00 The Journey to Tax Law
04:40 Evolving Clientele and Complexities
07:40 The Importance of Continuous Learning
10:52 Approaches to Tax Law
13:42 The Motivation Behind the Tax Check Podcast
16:42 Common Mistakes of Business Owners
19:30 Understanding Financial Numbers
22:50 Transitioning from Sole Proprietorship to Corporation
25:39 The Role of Advisors in Business Growth
28:43 Planning for Future Success
31:47 Estate Planning and Succession Strategies
34:15 Navigating Estate Planning and Tax Changes
38:59 Understanding Family Trusts and Their Implications
46:28 Flexibility in Estate Planning: Balancing Goals and Tax
52:45 Common Pitfalls in Estate Planning Strategies
55:06 Advocacy in Tax Law: Empowering Clients and Communities
 
Amanda Doucette
Website: https://www.shtb-law.com/lawyers/amanda-s-a-doucette
LinkedIn: https://www.linkedin.com/in/amandasadoucette/
Instagram: https://www.instagram.com/tax.chick/?hl=en
Podcast: https://thetaxchickpodcast.transistor.fm/
 
Millen Wealth Advisors
Visit our Website: https://www.mwadvisors.ca/
Register for our Free Financial Planning Masterclass for Business Owners: https://event.webinarjam.com/channel/Financialmaster
 
Follow Sam and Guillaume on Social MediaPodcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcastSam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enSam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/Guillaume’s Instagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
 
Keywords
Tax law, estate planning, succession planning, financial literacy, tax advocacy, business strategies, family trusts, tax mistakes, financial awareness, corporate structures

Ep.023: Costly Tax and Investment Planning Mistakes Made By Business Owners

Summary
In this episode, Guillaume Girard and Sam Lichtman discuss the four most common mistakes made by business owners, focusing on the implications of salary versus dividends, the importance of notional accounts, and the benefits of leveraging the lifetime capital gains exemption. They also explore investment strategies for business owners to optimize their financial growth and tax efficiency.
 
Topics Covered in this Episode
00:00 Introduction to Business Owner Mistakes
11:15 Understanding Salary vs. Dividend Payments
25:18 Utilizing Notional Accounts for Tax Efficiency
31:08 Tax Implications of Foreign Income
36:42 Understanding the Capital Dividend Account
43:39 Lifetime Capital Gains Exemption Explained
55:45 Common Investment Mistakes in Corporations
 
Work with Millen Wealth AdvisorsBook an intro meeting: https://www.mwadvisors.ca/Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/
 
Follow Sam and Guillaume on Social MediaPodcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcastSam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enSam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/Guillaume’s Instagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
 
Keywords
business mistakes, salary vs dividend, notional accounts, lifetime capital gains exemption, investment strategies, financial planning, corporate structure, tax efficiency, retirement planning, wealth management

Ep.022: Investment vs Insurance with Graham Bergsma

Summary
In this episode of the Millennial Money Canada podcast, host Guillaume Girard interviews Graham Bergsma, a seasoned expert in the insurance industry. They discuss Graham's journey from playing NCAA lacrosse to becoming a successful insurance consultant. The conversation delves into the importance of understanding client needs, the role of financial planning, and the nuances of whole life insurance. Graham emphasizes the significance of bridging the gap between numbers and client values, and how insurance can serve as a tool for financial flexibility and control. They also explore tax liabilities, estate planning, and the evolving landscape of insurance fund management.
 
Topics Covered in this Episode
00:00 Graham's Journey: From Lacrosse to Wealth Management
08:37 The Importance of Coaching in Financial Services
15:03 Understanding Client Goals and Financial Planning
19:57 Diving into Whole Life Insurance
33:39 Evaluating Growth in Permanent Policies
40:17 Understanding Policy Design and Market Dynamics
44:33 Innovations in Insurance Fund Management
49:08 The Role of Insurance in Wealth Management
53:59 Maximizing Cash Value in Insurance Policies
01:00:16 Tax Planning and Estate Management Strategies
01:06:10 The Importance of Control in Financial Planning
 
G3 Wealth Strategies & Consulting
Website: GBL: https://g3-wealth.com/
Graham on LinkedIn: https://www.linkedin.com/in/grahambergsma/
 
Work with Millen Wealth AdvisorsBook an intro meeting: https://www.mwadvisors.ca/Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/
 
Follow Sam and Guillaume on Social MediaPodcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcastSam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enSam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/Guillaume’s Instagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
 
Keywords
Insurance, financial planning, whole life insurance, financial literacy, client needs, estate planning, tax liabilities, cash value, investment strategies, wealth management

Ep.021: The Swiss Army Knife of Retirement Planning for High-Income Earners

Summary
In this episode of the Millennial Money Canada podcast, hosts Guillaume Girard, Sam Lichtman and guest Tatenda Mawoyo delve into the intricacies of Retirement Compensation Arrangements (RCA). They explore the mechanics of RCA, who benefits from it, and its use cases, particularly in severance packages for high-income earners and professional athletes. The discussion also covers tax implications, investment strategies, and how RCA compares to other retirement plans. Additionally, they address the costs associated with setting up and maintaining an RCA, the scrutiny from the CRA, and legal precedents that impact its implementation. The episode concludes with final thoughts on RCA as a tool for effective wealth management.
 
Topics Covered in this Episode:
00:00 Introduction to RCA and Its Importance
03:08 Understanding Retirement Compensation Arrangements (RCA)
07:15 Who Benefits from an RCA?
11:45 Tax Implications and Benefits of RCA for Athletes
14:50 How RCA Works: Contributions and Refunds
18:44 Evaluating RCA for Business Owners
21:02 RCA vs. Holding Company: Trade-offs
23:56 RCA at Death: Beneficiaries and Tax Efficiency
26:33 Ongoing Contributions to RCA
31:11 RCA and IPP: Working in Tandem
33:59 Investment Options within RCA
34:11 Understanding RCA and Life Insurance Integration
41:15 Decumulation Strategies for RCA
48:45 Tax Implications and Compliance for RCA
53:19 CRA Scrutiny on High-Income Athletes and Executives
GBL Inc.Website: GBL: https://gblinc.ca/about/Tatenda M. LinkedIn: https://www.linkedin.com/in/tatenda-mawoyo-42ba5543/
Work with Millen Wealth AdvisorsBook an intro meeting: https://www.mwadvisors.ca/Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/
Follow Sam and Guillaume on Social MediaPodcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcastSam’s TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enSam’s LinkedIn: https://www.linkedin.com/in/sam-lichtman/Guillaume’s Instagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
 
KeywordsRetirement Compensation Arrangement, RCA, tax benefits, retirement planning, high-income earners, severance packages, investment strategies, CRA scrutiny, wealth management, financial planning