Millennial Money Canada

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

EP.020: How To Protect Your Data Against AI Threat Actors

In this episode, Sam takes a deep dive into cyber threats and discusses how prevalent they have become in today's world. Sam talks with Brennen Schmidt, a cybersecurity consultant who specializes in identifying and protecting corporate digital assets.
Find Brennen OnlineLinkedIn: https://www.linkedin.com/in/brennenschmidt/ Instagram: https://www.instagram.com/brenzens/
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/

Ep.019: The Cost of a Superficial Advisor-Client Relationship with Dr. Moira Somers

SummaryIn this episode, Dr. Moira Somers discusses the psychology of money, emphasizing the importance of understanding financial behavior and decision-making. She highlights the role of financial advisors in fostering effective client relationships and the need to overcome procrastination and impulsivity in financial decisions. The conversation explores the significance of building effective financial systems, the emotional aspects of financial choices, and the importance of communication between clients and advisors. Additionally, the episode touches on generational perspectives on wealth, the need for meaning beyond money, and the future of financial advisory in a changing landscape.
 
Topics Covered in this Episode:
00:00 Introduction to Moira Somers
06:02 Transitioning to Financial Psychology
07:45 Understanding Habit Change in Finance
12:51 The Role of Catastrophic Events in Financial Change
14:44 The Importance of Systems in Financial Planning
16:12 The Advisor-Client Partnership
20:46 Encouragement and Client Relationships
24:31 Common Mistakes Advisors Make
30:59 Effective Communication in Financial Advisory
32:30 Organizational Challenges in Financial Management
34:44 The Evolution of Financial Planning
35:41 The Personal Side of Money
39:44 Cognitive Biases and Decision-Making
41:00 The Future of Financial Advisory
42:02 The Illusion of Superiority in Financial Decisions
47:00 Aligning Wealth with Values
54:16 Finding Meaning Beyond Wealth
 
Work with Dr. Somers
Website: https://moneymindandmeaning.com/
Blackwood Family Enterprise Services: https://www.blackwoodfes.com/
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/
KeywordsPsychology of money, financial behavior, financial advisors, client relationships, procrastination, financial systems, communication, wealth management, emotional decisions, generational wealth

Ep.018: Money & Mindset: From Scarcity to Abundance

Summary
In this episode of the Millennial Money Canada podcast, host Guillaume Girard shares his personal journey from a scarcity mindset to an abundant mindset regarding money. He discusses his achievements in sports and fitness, the importance of mindset in financial planning, and the lessons learned from his experiences in the workforce and entrepreneurship. The conversation emphasizes the significance of having a plan, living in the present, and understanding that money is a tool for achieving a fulfilling life rather than the ultimate goal.
 
Topics Covered in this Episode:
00:00 Introduction to the Journey
14:55 From Scarcity to Abundance Mindset
25:08 Childhood Influences on Money Mindset
26:03 From Humble Beginnings to Financial Awareness
28:32 The Importance of Budgeting and Financial Education
33:14 Transitioning to Professional Life and Money Mindset
37:17 Finding Balance: Work, Money, and Happiness
43:56 Redefining Wealth: Beyond Financial Success
 
🤝 Work with Millen Wealth Advisors
Book a Financial Review Meeting: https://www.mwadvisors.ca/financial-advice
 
🔗 Connect & Follow Us for Insights
Podcast YouTube Channel:
https://www.youtube.com/@MillennialMoneyCanadaPodcast
Guillaume’s Instagram Personal: https://www.instagram.com/guillaumegirard20/
Guillaume’s Instragram Business:https://www.instagram.com/financialplannergui/
Guillaume’s LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
Keywords
mindset, financial planning, abundance, personal growth, wealth, life lessons, financial independence, business, happiness, legacy

Ep.017: A Supercharged RRSP for Business Owners (Individual Pension Plan)

Summary
In this episode of the Millennial Money Canada podcast, host Guillaume Girard speaks with Tatenda Mawoyo about Individual Pension Plans (IPPs) and their benefits for incorporated business owners. They discuss the intricacies of setting up an IPP, who should consider one, the tax advantages, and the legal protections associated with these plans. Tatenda shares his journey from Zimbabwe to Canada and his experience at GBL, a firm specializing in actuarial services for business owners. The conversation also covers the importance of financial planning and collaboration with financial advisors to maximize retirement savings.
 
Topics Covered in this Episode:
00:00 Tatenda Mawoyo's Journey from Zimbabwe to Canada
05:10 Career Development and Transition at GBL
07:29 Understanding GBL's Mission and Services
10:18 Exploring Individual Pension Plans (IPP)
13:02 Who Should Consider an Individual Pension Plan?
15:51 The Mechanics of IPP Contributions
18:38 Tax and Legal Benefits of IPPs
21:11 Transitioning from RSP to IPP
23:48 Setting Up an Individual Pension Plan
30:32 Understanding Individual Pension Plans (IPPs) and Their Benefits
36:22 Contribution Mechanics and Strategies for IPPs
43:01 Investment Strategies for Maximizing IPP Contributions
49:51 Administrative Requirements and Considerations for IPPs
57:27 Options for IPP Assets at Retirement
58:49 Final Thoughts on Exploring IPPs for Business Owners
 
🤝 Work with Millen Wealth Advisors
Book a Financial Review Meeting: https://www.mwadvisors.ca/financial-advice
 
🔗 Connect & Follow Us for Insights
Podcast YouTube Channel:
https://www.youtube.com/@MillennialMoneyCanadaPodcast
 
Keywords
Individual Pension Plans, Retirement Savings, Tax Benefits, Financial Planning, Business Owners, Actuarial Services, GBL, IPP Setup, Investment Strategies, Retirement Planning

Ep.016: Navigating Marriage & Divorce as a Business Owner with Family Lawyer Chantal Cattermole

In this episode of the Millennial Money Canada podcast, host Guillaume Girard speaks with family lawyer Chantal Cattermole about her journey into family law, the emotional and financial challenges clients face, and the importance of proactive planning for families and business owners. They discuss the role of prenups, generational perspectives on financial planning, and the divorce process, including the four buckets of divorce: division of property, spousal support, parenting time, and child support. Chantal emphasizes the need for open communication in relationships and the potential for graceful separations.
 
Topics Covered in this Episode:
00:00 Chantal's Journey to Family Law
05:26 Understanding Client Needs and Roles
08:10 Navigating Emotional and Financial Challenges
11:08 Proactive Planning for Relationships
13:43 Prenups and Legal Considerations
19:35 Generational Perspectives on Prenups
22:32 Drafting Effective Prenups
25:18 Revisiting Agreements Over Time
27:08 Business Ownership and Asset Protection
29:18 Divorce After Long-Term Marriage
29:56 Understanding Long-Term Relationship Breakups
33:26 The Divorce Process Explained
40:46 Navigating the Four Buckets of Divorce
51:41 Divorcing Gracefully: A New Perspective
 
Work with Cozen O'Connor
Website: https://www.cozen.com/
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/@MillennialMoneyCanadaPodcastTikTok: https://www.tiktok.com/@millennialmoneycanada?lang=enInstagram: https://www.instagram.com/financialplannergui/Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/Sam LinkedIn: https://www.linkedin.com/in/sam-lichtman/
 
Keywords
Family law, divorce, financial planning, prenups, emotional support, asset division, mediation, spousal support, generational perspectives, proactive planning

Ep.015: How to Find a Financial Advisor in Canada with Jason Watt

In this episode of the Millennial Money podcast, Sam Lichtman speaks with Jason Watt about the complexities of finding a financial advisor, the importance of trust, and the challenges faced by underrepresented demographics in accessing financial advice.
They discuss the advice gap in Canada, the role of social media in connecting clients with advisors, and the ethical considerations in financial planning. The conversation also covers the questions clients should ask potential advisors and the nuances of fiduciary standards in Canada.
Jason Watt and Sam Lichtman delve into the complexities of fiduciary obligations in financial planning, contrasting the suitability standard with fiduciary standards. They discuss the importance of client education, identifying red flags in financial advisory practices, and the value of personalized financial planning.
The conversation also touches on the evolving role of financial advisors in a landscape increasingly dominated by low-cost investment options, emphasizing the need for advisors to provide value beyond mere investment selection.
 
Takeaways
Trust is essential in the financial advisory relationship.
The advice gap exists for underrepresented demographics.
Clients should ask about an advisor's process and experience.
Cookie-cutter approaches to financial advice are problematic.
Fiduciary standards are not universally applied in Canada.
Behavioral coaching is a key value of financial advisors.
Avoiding big mistakes is a primary goal of financial planning.
The financial planning process should align with client values.
Advisors should be transparent about conflicts of interest.
 
Work with Millen Wealth Advisors
Book 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 Media
Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast
TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en
Instagram: https://www.instagram.com/financialplannergui/
Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/
Sam LinkedIn: https://www.linkedin.com/in/sam-lichtman/
 
Keywords
Financial advice, financial advisor, trust, advice gap, fiduciary, ethical standards, client relationships, behavioral coaching, financial planning, underrepresented demographics
 

Ep.014: Must-Have Health Accounts for Canadian Business Owners

Summary
In this episode, Guillaume invited Kyle Welsh from MyHSA to discuss the transformation of health benefits through technology, the growth and scalability of MyHSA, and the competitive landscape of health spending accounts. He highlights the unique offerings of MyHSA, including health spending accounts and wellness spending accounts, and explains how these solutions cater to business owners and employees. The discussion also covers the importance of company culture, the guidelines for setting up health spending accounts, and the eligible expenses under these plans. Kyle emphasizes the flexibility of wellness spending accounts and flex plans, as well as the custom solutions available for larger enterprises. He concludes with insights into future innovations at MyHSA and the importance of working with advisors to implement these solutions.
 
Topics Covered in this Episode:
00:00 Introduction to My HSA
03:56 Growth and Transformation of My HSA
07:10 Technology and User Experience
09:37 Funding Models and Differentiation
12:21 Health Spending Accounts for Business Owners
15:05 Eligible Expenses and Benefits
17:41 Wellness Spending Accounts for Employees
26:49 Creative Employee Benefits for Retention
28:57 Understanding Health and Wellness Spending Accounts
31:15 The Flexibility of My Flex Plan
32:55 Cost Considerations for Spending Accounts
37:50 Custom Solutions for Growing Enterprises
39:10 Exploring MySO: Administrative Services Only
44:59 Future Innovations at MyHSA
 
MyHSA
Website: https://www.getmyhsa.com/
 
🤝 Work with Millen Wealth Advisors
Book a Financial Review Meeting: https://courses.mwadvisors.ca/FinancialAdvice
 
🔗 Connect & Follow Us for Insights
Website: https://www.mwadvisors.ca/
Podcast YouTube Channel:
https://www.youtube.com/@MillennialMoneyCanadaPodcast
 
Keywords
Health benefits, MyHSA, health spending accounts, wellness spending accounts, employee benefits, technology in healthcare, corporate wellness, financial planning, Canadian health benefits, advisor solutions