RetireRite Financial Strategies

Ontario’s Best Buttertart festival is happening in Midland tomorrow! This is a great event, definitely worth checking out! What’s your favourite type of buttertart?

https://www.midland.ca/en/community-tourism-culture/ontarios-best-butter-tart-festival.aspx

You've probably seen all the commercials about investment fees and how foolish you'd be to pay them. And we agree, high fees hurt your investment returns, which hinders your retirement goals. But what those commercials don't talk about is the Value of Advice.

Our team of advisors have spent decades working with clients to build realistic, achievable and sustainable financial plans, taking them from their first home straight through to retirement, and all the steps along the way. We understand estate planning, taxation, market fluctuations and income planning, and we are continuously learning.

Studies have shown that Canadians working with an advisor feel better prepared for retirement, have accumulated more assets over their lifetime and have less stress about their finances. That's the value of advice.

Call, email or message us to book an appointment with one of our advisors. We'll review your current investments plans, ask you about your future goals and understand your risk tolerance so that we can put together a plan that works for you and your family.

One of the main objections to life insurance that we hear is that it's too expensive! But life insurance is way more affordable than you think. Because we work with multiple insurance carriers, our advisors can find you a product that meets your needs AND your budget. It doesn't cost anything to book the appointment, so call, email or message us today!

Starting your retirement savings at a younger age and making regular contributions allows you to benefit from compound growth.

For example:
If you put $500 away today with a 6% annual rate of return compounded monthly, and continued making the same contribution each month for the next 40 years, assuming the same 6% annual rate of return, you’d end up with $1,000,724.
Without the benefit of compound growth, you would only have about $240,000 - that's a big difference!

Talk to one of our advisors about setting up your RRSP and regular contributions. Every little bit helps!

If you’re passionate about issues such as:

🌎 Climate change

🧑‍🤝‍🧑 Gender equality

🚰 Water scarcity

You can invest in funds that align with your values, while having a positive impact on communities and the environment.

Talk to one of our advisors about Socially Responsible investment options.

Keeping your beneficiaries current on your life insurance policies and investments plans is crucial to making sure your estate is distributed according to your wishes. Adding a contingent (secondary) beneficiary is also a great idea. Your beneficiaries should be reviewed annually, or whenever a major change, such as marriage, divorce or birth of children, happens in your life.
Call, email or message us to book a review appointment with your advisor.

It's the unofficial start to summer! Wishing you a safe and happy holiday weekend!

Our office will be closed Monday, May 20th and will reopen on Tuesday, May 21st.

Your ability to earn an income is your biggest asset. What would you do if you became disabled and couldn't work anymore?

Disability insurance provides a monthly benefit while you are disabled, allowing you to focus on your recovery and not your finances.

Call, email or message us to talk to one of our advisors about Disability Insurance and how it can be part of your financial plan.

🏡 You have a mortgage or other debt
💰 You don't want extended family to have to pay your final expenses
💼 You own a business
📈 You want to grow your wealth
❤ You want to leave a legacy

Life insurance coverage won't get cheaper than it is right now. Call, email or message to book an appointment with one of our advisors, and they will help you find the coverage you need, at a price you can afford.

A critical illness, such as cancer, heart attack or stroke, can seriously impact your mental and financial well-being as well.
Critical Illness Insurance offers a lump-sum, tax-free benefit payment that allows you to focus on your recovery without the stress of wondering how your bills will get paid.
Our advisors can help design a plan that meets your needs and budget, and offers protection for you and your family if an illness should hit.
Call, email or message us to book an appointment with a member of our team.

If you're worried about market fluctuations and are looking for a more secure investment option, we can help. Our advisors have access to a range of high interest savings options that can fit your needs, including;
💰 Canada Life Mutual Funds High Interest Savings Account, with a current rate of 4.55%
💰 Canada Life Segregated Funds Money Market account, with a current rate of 4%
💰 GICs through the Registered Deposit Brokers Associate, with 1-year rates typically ranging from 4.95% - 5.13%, depending on the carrier and plan type

Call, email or message us to set up an appointment with one of our advisors to determine which of these products will work best for your needs.

Starting August 1st, first-time home buyers will be able to have a 30-year amortization period on an insured mortgage when purchasing a new build home.
Increasing the amortization from the standard 25 years to 30 years can lower monthly payments, which can alleviate budget concerns for many first-time homebuyers.

As well, renters will soon be able to use their rent payment history to improve their credit score, which helps buyers qualify for a mortgage and can help them get lower interest rates.

If you're looking for a mortgage but don't know where to start, talk to your RetireRite advisor - we can refer you to local mortgage brokers with whom we've built a relationship, to help you get a mortgage for your new home.

On Administrative Professionals’ Day, our advisors would like to thank our amazing admin, Elizabeth, for all her work. She keeps us moving forwards and we would be lost without her!
Happy Administrative Professionals’ Day!

The newly released budget from the Federal Government included several initiatives to help first-time homebuyers, which included expanding the Home-Buyer's Plan.

💰First-time home buyers can withdraw up to $60,000 from an RRSP to buy a home (up from $35,000)
💰Grace period to repay the loan has been extended by three years - people who have made withdrawals between January 1, 2022 and December 31, 2025 will now have 5 years to begin repayment

Combined with the First-Home Savings Account (FHSA)'s tax-deductible $8000 annual contributions, and the Tax-Free Savings Account (TFSA)'s increased contribution room of $7000 for 2024, this gives first-time home buyers more options for saving and accessing tax-free funds to purchase their first home.

Looking to open an FHSA, TFSA or RRSP? Call, email or message us to set up an appointment with one of our advisors.

Our very own Ravella Wiles has been nominated in CommunityVotes Barrie 2024 as Best Financial Advisor!
Please take a moment to vote for her!

CommunityVotes Barrie 2024 Official 2024 Community Voting Awards Platform for Barrie, ON. Where the community votes for their favourites every year.

A Tax-Free Savings Account (TFSA) is a registered plan that allows for tax-free growth and withdrawals, but has set contribution limits, for Canadians aged 18 and up.

💰 if you were 18 or older in 2009, your cumulative contribution amount is $95,000
💰 the 2024 contribution amount is $7,000
💰 any amount withdrawn is added back on to your contribution limit the following year
💰 growth and withdrawals are tax-free, allowing you to keep more money in your pocket
💰 TFSAs can be invested in segregated funds, mutual funds, high interest savings accounts or GICs
💰 TFSAs allow for spousal rollover - if you pass away, your spouse can transfer your TFSA in to their account without affecting their contribution limit
💰 The penalty for overcontributing is 1% of the highest excess TFSA amount in the month, for each month that the excess amount stays in your account

TFSAs can be a great short- and long-term savings plan, and should be part of your overall retirement plan.

Want to open a TFSA? Call, email or message us to make an appointment with one of our advisors.

We often hear that our clients don't need any more life insurance because they have group coverage through their employer. While that coverage is great to have, is it enough to provide your family with financial security if you should pass away? Will the coverage pay off any outstanding debts, provide income replacement for a surviving partner or help children get through post-secondary education? And what happens if you leave that employer? Converting group insurance coverage to personally owned can be quite expensive, as premiums are calculated based on your age at the time of conversion, not at the time you started working there.

Let's sit down and do a full needs-analysis to figure out how much coverage you actually need, and how your group life coverage can supplement that. Call, email or message us to book an appointment.

If you have a mortgage, you should have life insurance to cover that debt. Sure, you can get coverage through your lender, but is it always the best idea? And what's the difference between lender insurance and personally owned term insurance?

Lender insurance:
💰 provided by your lender, usually not underwritten until death, so it's easier to decline the death benefit payout
💰 decreasing coverage amount - as your loan balance goes down, so does the amount that your lender will pay out; they only pay off the remaining loan balance
💰 if you change lenders, you lose the coverage and have to reapply at the new lender
💰 the lender is the only beneficiary of the policy

Personal Term insurance:
💰 underwritten at time of application with a simple claim process
💰 coverage amount remains the same for the length of the term
💰 term lengths available from 5 to 30 years
💰 appoint your own beneficiary, so it doesn't have to be used to pay off the loan

Our advisors go through a needs-analysis process with you to determine how much coverage you need, and we can find a product to suit that need and your budget. Call, email or message us for an appointment.

If you're ready to start saving for a home, the tax-free FHSA is a great place to start!

🏡 $8000 annual contribution limit
🏡 $40,000 lifetime contribution limit
🏡 Open to Canadians 18-71 who do not own their home currently, and have not owned their home in the past four calendar years
🏡 Unused contribution room can be carried forward from past years, to a maximum of $8000 cumulative carry forward
🏡 Get a tax deduction for your annual contribution
🏡 Unused funds can be transferred to an RRSP, on a tax free-basis, or withdrawn (as a taxable withdrawal)

Call, email or message us to book an appointment with a member of our team, to discuss your savings goals.

Building your wealth involves cutting your spending AND saving that money. Here are some tips to help you build your wealth:

💰 Set a budget and stick with it!
💰 Automate your savings through payroll deductions or pre-authorized contributions
💰 Cut down on unnecessary expenses (take out, entertainment, clothing)
💰 Take advantage of free stuff! Community Facebook groups often have free items and don't forget to check out your local library!
💰 Shop out your bills, like cable, internet, cell phone, auto and property insurance. There are better rates out there! And find out if your employer can get discounted rates for employees for these items.
💰 If you have a pension or group retirement plan through your work, take maximum advantage of employer contributions. It's free money!

Let's take a look at your budget and savings, and figure out ways to increase your wealth. Call, email or message us to book an appointment with a member of our team.

Your Net Worth is the value of all your assets minus any debt or liabilities that you may have.
It's easy to calculate: Add up the value of everything you own (house, cars, recreational vehicles, etc.) plus any investment accounts that you have. From that number, subtract any debt balances that you may have (mortgage, loans, credit cards). This final number is your Net Worth.

Net Worth is an important metric to gauge your financial health. The higher the number, the better!

There are two ways to increase your Net Worth - increase your assets by saving more money, and decrease your debt by paying it down faster. If you can do both at the same time, you'll notice a difference in your Net Worth much faster.

Calculating your Net Worth regularly can help you determine if you're on the right track towards reaching your financial goals.

We can help you create a budget to maximize your income dollars, and set up savings plans to reach your goals.
Call, email or message us to book an appointment with a member of our team!

We just couldn't resist a math joke! Happy Pie Day!

Tomorrow is the RRSP deadline! If you want to make a contribution, each out now! We’re happy to help!

Wondering when you'll get your 2023 tax slips? Each type of slip has a different mailing schedule:

2023 RRSP contributions - estimated mailing date of January 31st
First 60 day contributions - estimated mailing date of March 31st
T4A, T4RIF, T4RSP & T5 - estimated mailing date of February 29th
T3 - estimated mailing date of March 16th

RRSP contributions made between January 1st and February 29th 2024 will generate a "First 60 Days" contribution receipt, which can be claimed on either your 2023 or 2024 taxes.
RRSP contributions can potentially reduce the amount of tax you will be subject to pay on your income tax return. The amount you contribute to your RRSP is deducted from your taxable income in the year of the contribution.
If you want to make a last minute RRSP contribution, or open a brand new account, contact our team.

💰 In 2024 you can contribute up to $7000 to your TFSA.
💰 TFSA contribution room is cumulative, back to 2009.
💰 If you were 18 or older in 2009, your lifetime limit is $95,000.
💰 If you've turned 18 since 2009, your contribution room is cumulative back to the year you turned 18.
💰 TFSA withdrawals are tax-free, and withdrawal amounts are added back on to your contribution limit the following year.
💰 TFSA growth is tax-free, making the TFSA a tax-efficient savings vehicle.
💰 Your TFSA can be a GIC, mutual fund, segregated fund or High Interest Savings account, or any combination of these.

If you don't have a TFSA yet, contact our team and we'll find the right product design to meet your savings goals.

Our team will be taking some time off over the holidays, to enjoy the season with our loved ones.
We would like to thank each and every one of you for your support this year, and look forward to working with you in 2024!

Life insurance will never be more affordable than it is right now! Contact our team for a quote and let's make sure you have the right coverage in place!