Barenaked Money

Smart People Get Scammed Too: Why Anyone Can Fall for Fraud and How to Protect Yourself (with Jean Douchey).

Josh Sheluk and Colin White of Verecan Capital Management are joined by Jean Douchey, founder of Think Twice, to discuss why falling for a scam has less to do with intelligence than many people think. Douchey explains how personal circumstances, stressful life events and the right timing can leave anyone more susceptible to fraud, while AI is making it easier for scammers to reach people at scale. The conversation covers investment scams, family and friendly fraud, impersonation, social media, why so much fraud goes unreported, and how scammers can build trust over time before asking for money. Douchey also discusses how to help someone who may already be caught in a scam, explaining why judgement can push victims away and how asking questions may help them recognize what is happening for themselves. She shares practical ways to reduce the risk of fraud, including using trusted contacts and family code words, saving verified contact information for financial institutions, setting transaction alerts, and taking a second look before responding to an unexpected request.

Click here to view the episode transcript.

• (00:00) - Welcome & Meet Jean

Your Brain Is Costing You Money: How Bias, Behaviour, and Experience Shape Financial Decisions (with Dr. Lisa Kramer)

Josh Sheluk and Colin White of Verecan Capital Management welcome back Dr. Lisa Kramer, Professor of Finance and Verecan Chair in Behavioural Finance at the University of Toronto, to explore what can influence the way people make financial decisions. Dr. Kramer discusses how sleep disruption and seasonal changes in daylight can affect investor risk preferences, and why even financial professionals are susceptible to behavioural biases. The conversation also covers short-term thinking, information overload and social media, as well as Dr. Kramer's research into how financial beliefs and attitudes toward risk can be passed down through generations. She shares her work examining the lasting effects of the Freedman's Savings Bank collapse more than 150 years ago and how those experiences may continue to influence participation in financial markets today. They also discuss incentives in the financial industry, gamification on investing platforms, and growing concerns around how prediction markets can blur the line between investing and gambling.

Click here to view the episode transcript.

Cross Border for Business Owners: Tax Residency, Departure Taxes, and Cross-Border Planning (with Todd King)

In this special bonus episode, Matt Kempton and Devin Cattelan, specialists in cross-border services with Verecan Capital Management, are joined by Todd King, Tax Practice Leader at Baker Tilly Nova Scotia, to discuss what business owners should know before moving between Canada and the United States. King explains how the two countries' tax systems differ and why changing tax residency can create unexpected complications. The conversation covers Canada's departure tax, which can leave business owners facing a substantial tax bill even without selling their company, along with strategies that may help reduce or defer that tax. They also discuss the risk of double taxation, how U.S. business structures such as LLCs can create complications in Canada, and the tax considerations surrounding trusts, insurance policies, and investments. Drawing on his experience working with clients on both sides of the border, King shares examples of situations where early preparation helped avoid costly problems, as well as cases where people sought advice after relocating. The discussion also covers the potential tax consequences of renouncing U.S. citizenship or relinquishing a long-held green card, emphasizing the importance of planning before a move, while more options may still be available. Click here to view the episode transcript.

• (00:00) - Welcome and Setup

Moving to Canada: Citizenship by Descent, Express Entry, and Common Immigration Pitfalls (with Grace Allen)

In this special bonus episode, Matt Kempton and Devin Cattelan of Verecan Capital Management, specialists in cross-border services with Verecan, interview Halifax immigration lawyer Grace Allen about what Americans should know before relocating to Canada, stressing that immigration, tax, investment, banking, estate planning, and lifestyle planning must align. Allen explains two main permanent-move avenues: family (citizenship by descent - potentially far back after Citizenship Act changes in December 2025 - and spousal sponsorship leading to permanent residence) and economic immigration, chiefly Express Entry, a points-based system now emphasizing category-based draws such as French proficiency (outside Quebec), healthcare, and trades, with options like provincial nomination. Timelines are typically 6–12 months after invitation, but candidates can wait years in the pool and may use temporary pathways like CUSMA work permits. She debunks buying property or investing as a shortcut, warns DUIs and non-disclosure can cause bans for serious criminality/misrepresentation, and notes citizenship can follow 1,095 days of presence as a PR plus testing and ceremony. Click here to view the episode transcript.

• (00:00) - Moving to Canada Basics

Risk vs. Volatility: Why “More Risk = More Return” Can Mislead Investors

Josh Sheluk and Colin White discuss how “risk and return” is widely marketed yet poorly understood, arguing that the industry often equates risk with volatility using measures like standard deviation, even though risk is subjective and tied to an investor’s goals. They outline different risks—volatility, permanent loss, inflation, liquidity, and behavioral risk—and stress that avoiding risk has costs, as seen in insurance and in giving up liquidity via products like long-term GICs or private investments. They challenge the simplistic pitch that more risk guarantees more return, noting examples where higher risk can have low expected returns (lotteries, casinos, zero-day options, concentrated positions, leveraged ETFs, and prediction markets). Their key point: define risk relative to objectives and time horizon, and be wary of sales-driven risk framing. Click here to view the episode transcript.

• (00:00) - Aug2026: The True Cost of Risk

ETFs vs Mutual Funds: Wrappers, Not Winners

Josh Sheluk and Colin White of Verecan Capital Management debunk the belief that ETFs are inherently good and mutual funds inherently bad, arguing both are simply investment “wrappers” and that what matters is what’s inside, the strategy, costs, and role in a portfolio. They explain how mutual funds have historically been associated with higher-cost active management while ETFs began as lower-cost passive index vehicles, but the lines have blurred with actively managed ETFs and low-cost passive mutual funds. Key structural differences include ETFs trading intraday on an exchange with bid-ask spreads and liquidity considerations, while mutual funds transact at end-of-day NAV. They discuss risks of complex/leveraged ETF products, note similar strategies can exist in mutual funds, and contrast hedge funds as more loosely regulated, often higher-cost and less liquid. They also explain why Verecan launched pooled mutual funds to simplify reporting, improve execution efficiency, and potentially reduce client costs without adding fees.

00:00 ETFs vs Mutual Funds Myth
02:52 Defining the Wrappers
04:33 Active vs Passive Origins
07:02 Marketing and Narrative Shift
08:52 Cost vs Value Debate
10:23 ETF Hype and Copycats
11:26 Hidden Costs and Bid Ask
13:10 Trading Mechanics and Liquidity
15:28 Leveraged ETFs and Strategy Risk
18:17 Hedge Funds Explained
24:39 Why We Launched Our Funds
28:47 Wrap Up and Disclosures

Why Retail Investors Should Avoid IPOs (SpaceX, OpenAI, and Index Inclusion Games)

Josh Sheluk and Colin White of Verecan Capital’s Barenaked Money explain what an IPO is, why companies go public, and the trade-offs versus staying private, including disclosure requirements and transparency. They argue retail investors should generally avoid IPOs because offerings are structured to favor insiders and investment banks, often rely on hype and limited float to influence valuation, lack a meaningful public track record, and tend to lose money or underperform the market on average—especially for buyers who can’t access the IPO price. Using SpaceX as a timely example, they discuss its extreme valuation, heavy losses, and the unusual, accelerated index-inclusion process and float adjustments that invite complex “gamesmanship” by large traders, making it a risky arena for individuals. They conclude markets can still build wealth, but it’s better to avoid IPO speculation.Click here to view the episode transcript.

• (00:00) - Should You Invest

How Much Do You Need to Retire? Why the Question Is Wrong—and What to Ask Instead

Hosts Josh Sheluk and Colin White of Barenaked Money discuss why common retirement questions—like how much money you need, when you can retire, average retirement spending or savings by age, and the “safe” 4% withdrawal rule—are often useless without personal context. They emphasize retirement planning is goals-based and depends on expected spending, timing, pensions, taxes, inflation, market variability, and especially changing priorities over time. They critique reliance on averages and fear-based industry numbers, and note plans rarely unfold in straight lines, citing unpredictable events and life changes. Their recommended approach is to focus on financial independence, understand trade-offs (e.g., retiring early vs. paying for kids’ education or buying a cottage), build flexibility and “slack,” and “retire to something” by replacing work’s purpose and social structure. They liken a financial plan to Google Maps that reroutes as conditions change. Click here to view the episode transcript.

• (00:00) - Tradeoffs That Matter

Canada Strong Fund vs. Sovereign Wealth Funds: Why Borrowing to Invest at Home Could Backfire

Hosts Josh Sheluk and Colin White discuss the proposed Canada Wealth/Canada Strong Fund and argue it differs materially from traditional sovereign wealth funds. They explain sovereign wealth funds originated as a response to “Dutch disease,” using commodity windfalls to build large funds (e.g., Norway’s) that invest outside the country to diversify and stabilize the domestic economy and currency. By contrast, they say Canada would start with about $25B in borrowed money, likely invest domestically, and overlap with existing vehicles like the Canada Infrastructure Bank and Canada Growth Fund without clear details on governance, cost of capital, returns, or liquidity. They warn government investing can become politically driven, may crowd out private capital, and fear a retail component with capital guarantees would shift risk to taxpayers and repeat past failures like labour-sponsored venture capital funds. Their current verdict is “no.”

00:00 Sovereign Wealth Hype
00:21 Show Intro and Setup
01:26 What Sovereign Wealth Means
02:44 Dutch Disease Origins
05:03 Norway Model Explained
06:59 Canada Strong Fund Basics
08:46 Where Will It Invest
10:35 Domestic Focus and Diversification
11:38 Government Investing Risks
14:04 Retail Investor Idea Alarm
16:38 EV Subsidies as Warning
19:26 What Government Should Do
21:09 Labor Fund Cautionary Tale
23:04 Guarantees and Liquidity Problems
31:06 Best Case vs Worst Case
33:43 Verdict and Wrap Up
35:17 Disclaimers and Credits