In this episode, my goal was to make it relevant for both types of listeners:

First, for those who are just getting started in do-it-yourself investing or are looking to transition to becoming passive index investors instead of trying to beat the market by stock picking or owning expensive actively managed funds.

We’re going to build a strong foundation for you here to help you get started, such as discussing what it actually means to be a total market index investor, and what the research says about passive index investing versus actively trying to pick investments that will beat the market. We'll also talk about the different ways you can be a DIY passive index investor here in Canada and the pros and cons of each.

Next, we’re going to tackle something that’s a bit more intermediate level and something that I’ve personally been deliberating and have been curious about for quite some time: When it comes to the more stable, fixed-income portion of our investment portfolio (often called the bond portion), what are some of the options available to us here in Canada, and what are the pros and cons of each?

We’ve all heard of high-interest savings accounts, GICs, and all-in-one bond ETFs that capture the aggregate bond index and have an assortment of bond types in them. But what if we only want a specific type of bond in our portfolio because of the degree of volatility and income that it provides? What are these different types of bond ETFs that we can buy, and what’s the trade-off that we incur by choosing one over another?

In the past, we have had both stocks and bonds fall at the same time (2022), so what are our options and tradeoffs when it comes to specific types of bonds that we can choose, so that we can avoid or mitigate the large drops in the “safe/less volatile” portion of our portfolio?

Links from the Episode

ETF Comparison Tool. This is especially useful for comparing fees (the management fee and MER) among similar ETFs. At this link, I've already included some comparisons for you.

Here is the episode on fixed-income choices that I mentioned during the episode: Fixed Income ETFs Episode

ETF Market Insights YouTube Channel

Investor Profile Questionnaire (to help you determine your asset allocation)

This podcast is sponsored by BMO Exchange Traded Funds. Build Wealth Canada is compensated under this arrangement by BMO ETFs.

This communication is intended for information purposes only. This update has been prepared by Build Wealth Canada and represents their assessment at the time of publication. The comments contained do not necessarily represent the views of BMO Global Asset Management (BMO GAM). The views expressed by the host and the interviewee are subject to change without notice as markets change over time. The information contained herein is not, and should not be construed as, investment advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.

Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds managed by BMO GAM. Any reference to a particular company is for illustrative purposes only and should not be considered as investment advice or a recommendation to buy or sell nor should it be considered as an indication of how the portfolio of any investment fund managed by BMO GAM is or will be invested. This social media network is an independent organization and is not affiliated with BMO GAM.

Links to speak to today's guests: Thuy Lam: buildwealthcanada.ca/plan Alanna Abramsky: broadmoney.ca

After conducting hundreds of interviews over the past 10 years with different financial experts and those who have been able to hit their financial independence number early, one of the common themes and best practices that I’ve noticed emerge time and time again is that those who are wealthy actually track their spending.

At the end of the day, knowing what you spend every year on essential expenses versus discretionary expenses like vacations and fun activities lets you actually forecast with pretty good accuracy how much you need to become financially independent so that you can retire early if you wish.

It’s also one of the key, critical ingredients that you need to be able to know whether you can sustainably live off your portfolio, and for how long.

Now, I will admit, tracking expenses is not something that I personally find fun. It’s one more thing to do, and we’re all busy enough as it is. But literally every single financial planner that I have ever worked with over the years who knew what they were doing, and every single person that I’ve talked to who was able to retire early or reach financial independence early, had expenses as one of the key components that they managed and that they needed to know to be able to determine with accuracy when it is safe to stop working and live off your investments forever.

It really is a skill and process worth developing that you will literally be using your whole life. My wife and I have now been either fully retired or semi-retired for the past 9 years here in Canada, and I can tell you that knowing our expenses year to year has been critical in making sure that we don’t overspend and have to go back to work. And, as I’ve mentioned in the past, knowing this has also been a huge financial anxiety reducer for me personally, since you actually know how much you have and how much you need, and so you aren’t in a state of anxiety every time that the credit card bill comes in, hoping that you and your family didn’t overspend this month.

In this episode, I invited 2 highly experienced financial coaches here in Canada to discuss how we should be tracking our expenses, whether we actually need a traditional budget, the different processes that we can follow to properly manage this key component of our financial lives as efficiently as possible, and what tools we can use here in Canada to make this whole process less tedious and more automated and productive.

Our first guest is Thuy Lam. Thuy is a Certified Financial Planner (CFP) with over 20 years in financial planning, financial coaching, wealth management, and business consulting experience. She enjoys working with clients who value financial advice conveyed in an easy-to-understand fashion, and especially those looking for help with cash flow planning while going through a life change, such as a new job or career, marriage, divorce, or retirement. I've worked with Thuy personally, and she's been amazing at helping my wife and I plan out our finances in our early retirement.

Our second guest is Alanna Abramsky. She has been financial coaching for over 10 years and has helped more than 1,000 Canadians over this time. She has over 30 years of experience in the personal finance field, and she started Broad Money with the mission of empowering Canadians to take control of their financial futures, offering support and guidance every step of the way.

Have you ever felt that knot in your stomach watching the stock market tumble, especially after you’ve just invested some of your hard earned money? Have you ever wondered how seasoned investors with large amounts invested handle those gut-wrenching portfolio drops? 

Well in this episode, we're tackling market volatility head-on. Our guest Marc Beavis is a seasoned investor who’s lived through multiple major crashes over the decades, and he shares powerful mindset shifts and actionable strategies to help you stay calm, stay invested, and stay on track—even when the headlines scream chaos.

I also share my own strategies that have helped me stay calm, anxiety-free, and stay invested after nearly two decades of investing which has played a huge impact in helping us achieve financial independence in our early thirties. 

Saily Discount Link for 15% Off their Data Plans: https://saily.com/buildwealth

One of the reasons that I really wanted to have Marc on the show is that:

1. He’s been in the industry for decades working with clients, so he’s got not only wisdom on what has helped him stay the course over the decades with multiple stock market drops, but also what has worked well for others that he’s worked with; Canadians with different personalities and temperaments. 

2. He’s retired and in his 60's so he actually has real life experience going through the crashes with a significant amount of his own money invested, like in the 2008 financial crisis and the tech crash in the 2000s, just to name a few.

3. He also runs one of the largest Canadian investing YouTube channels in Canada, called Beavis Wealth, so despite retiring, he’s still very much on top of what’s been happening and what we can do to better handle declines in our own portfolios.

Thanks to Marc’s help, you'll learn the mindset shifts needed to endure significant declines, and discover proven strategies for staying calm and confident when your investments plummet.

Today’s episode is a must-listen for anyone who’s ever felt confused, anxious, or just plain stuck when it comes to money. We're diving deep into the emotional and psychological side of personal finance with Jessica Moorhouse, an accredited financial counsellor who's spent over a decade helping Canadians untangle their money struggles.

In this conversation, Jess reveals the most common patterns she's seen over the years—from overspending traps to financial fears we rarely talk about—and the simple, practical strategies that can truly make a difference.

We’ll also unpack powerful insights from her new book, “The Hidden Barriers Between You and Financial Freedom”, including why even those who are financially secure can still feel stressed about money. You’ll learn how to spot the invisible forces that keep you stuck, and more importantly, how to move past them.

Plus, if you're in a relationship, this episode is packed with real-world advice on managing money as a couple—without the fights and resentment.

By the end of this episode, you’ll walk away with actionable tips and the clarity you need to take control of your financial future—without losing your peace of mind.

A Big Thanks to Our Sponsors:

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Sun Life MyRetirement Income: To learn more about if Sun Life MyRetirement Income is right for you, visit https://buildwealthcanada.ca/myretirementincome.

BMO Asset Allocation ETFs: I use these ETFs a lot, and they are the largest Canadian ETF provider. You can see them and learn more here: http://www.bmoetfs.com/

Today I’m excited to have a panel discussion with some of the largest personal finance and investing personalities, here in Canada.

Together they have over 46 million views on YouTube (that’s more than the entire population of Canada), and in this episode, I thought it would be great to pick their brains on how they actually invest their own money, what types of investments do they actually buy? what specific ETFs do they buy and what type of investing style have they found to work best for them?

They also ask me the same questions so you’ll get a pretty diverse view of the different options out there, for us Canadians, when it comes to investing.

You’ll notice too that while some of our styles overlap, we do also diverge in a few areas, and so we also tackle what are the pros and cons of the different styles, allowing you to make an informed and more educated decision, on what is the best fit for you.

Saily Discount Link Mentioned in the Episode:

Get an exclusive 15% discount on Saily data plans! Go to saily.com/buildwealth or download the Saily app on your phone and use the code “buildwealth” at checkout.

Questions Covered:

1. Let’s start by introducing the panel. Brandon, can you start by telling us a bit about yourself, your area of expertise, roughly how much you currently invest in ETFs, and tell us about the investing style or strategy that you’ve chosen for yourself.

2. To kick things off, I thought it would be good to start with what I consider, one of the easiest investing styles to implement and get started with, while also being extremely effective, very passive, and low cost.

   Brandon, as you can probably guess, I’m of course talking about asset allocation ETFs which you mentioned is your preferred investing style. For anybody new to this, can you explain what asset allocation ETFs are, and then go into why you chose this as your primary investing style, along with the ETFs that you actually buy and why.

3. Let’s open it up to the panel: Does anybody else here buy asset allocation ETFs? Why or why not? And if you do, what specific asset allocation ETF do you buy?

4. Adrian, you like to buy the underlying ETFs, instead of just one asset allocation ETF. For anybody new to this, can you explain what that actually means, why you choose to invest in this way, and can you share specifically which ETFs you like to buy as part of this investing style.

5. Let’s open it up to the panel: Does anybody else invest in this way, and if so, what are your favourite ETFs, and give us some explanation on why you chose them and this style of investing.

6. Are there any negatives that you think are worth mentioning when it comes to this investment style of buying the underlying ETFs?

7. Marc, so far our conversation has been dominated a bit by equities (the stock portion of the portfolio), but of course, fixed income is also something that most investors find to be a good fit, especially since not everyone can stomach having a 100% equity portfolio and dealing with those occasional 30% or 40% drops and just riding those out and not panic selling. You have some focus on fixed income in your portfolio which can help reduce that volatility. Can you take us through your thought process on having these types of investments, along with which ones you like and why?

8. Thanks Marc. Would anybody from the panel like to add anything to the fixed income discussion? Are there any fixed income ETFs that you like to buy?

9. Adriano, let’s talk about your investing style now. Yours is a bit different from the vanilla, total market, index investing strategy that most of us on this panel use. Can you speak to why you chose your particular investing style, the pros, the cons, who is it for, and do you have any favourite ETFs or other investments that you like to use as part of it?

10. Let’s open it up to the panel: Do you have any questions, concerns or comments?

Today, we’re going to cover what you need to know from a tax, investing, and financial planning perspective as all our taxes become due here in Canada on April 30th, 2025, and as we get well underway with 2025 in general.

As you know, the government makes changes every year in these areas. The implications of these changes can have a pretty substantial impact on how much you pay in taxes, your net worth, and what government benefits you are eligible to get, and how much you get.

These can easily affect your net worth in the thousands of dollars every single year, so it’s definitely in your and my best interest to know about these changes and get a bit of a refresher, so that we can all better prepare, and also take advantage of any opportunities that arise, like any benefits that we might become eligible for.

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BMO Asset Allocation ETFs: I use these ETFs a lot, and they are the largest Canadian ETF provider. Why wouldn't you want to buy from a Canadian provider with your ETFs? You can see them and learn more here: BMOETFs.com 

About Our Guests:

To help me with this episode, I have Certified Financial Planners Jason Heath and Paul McVean on the show. Jason is a popular returning guest on the show, definitely one of the more well-known and respected financial planners, here in Canada. Jason has been providing fee-only, advice-only financial planning since 2002, so over two decades. He is also a personal finance columnist for the Financial Post, MoneySense, and Canadian MoneySaver. He has a Bachelor of Economics degree from York University and holds the Certified Financial Planner designation.

In addition to being a Certified Financial Planner, our 2nd guest, Paul McVean is also a Senior Tax Accountant, he is a CPA, and he’s a Trust and Estate Practitioner (a TEP), so definitely very knowledgeable, especially on the tax, and how to save you tax side of things where he has over 25 years of experience.

Jason and Paul are both fee-only financial planners here in Canada, which means they don’t sell any investments so there isn’t that potential conflict-of-interest that you see a lot of here in Canada where someone calls themselves a financial planner or a financial advisor, you think you’re getting a good financial plan and that they have your best interests at heart, but really they are just trying to get you to buy the investments that their firm sells so that they can earn a hefty commission.

None of that here, we’re going for purely unbiased financial education in this episode with Jason and Paul.

If you want to speak to Jason, Paul or someone from their team, you can reach them at buildwealthcanada.ca/jason.

Jason and his team have been increadible educational contributors to the Build Wealth Canada Podcast for multiple years now, their episodes are consistently some of the most popular on show, and I did want to give a big thanks to Jason as he has once again agreed to continue giving Build Wealth Canada listeners a discount, if you do decide to work with them when it comes to your financial planning, optimizing your taxes, etc.

A big thanks to Jason for that, and that link again to speak to them to see if you are a good fit for each other, and to get a discount if you do decide to work together is buildwealthcanada.ca/jason. 

And now let’s get into the show.

Questions:

1. To kick things off, can you take us through any significant changes and things to keep in mind for 2025 when it comes to investing, taxes, and financial planning in general, here in Canada?
2. One other thing that I wonder about is the importance of tax planning. I get the impression most accountants are tax preparers, not tax planners. Can you talk about the difference and why it matters?
3. Let’s talk about the elephant in the room: The changes to the capital gains inclusion rate. This could have a major financial impact for many of us here in Canada, but I think there are also a lot of misconceptions of who this applies to and in what situations. 

4. One very attractive headline that I see here in Canada from time to time, is that for 2025 for example, Canadians can receive up to $53,375 in eligible Canadian dividends tax free, if the investments are in their taxable investment accounts (and if they have no other sources of income). 

   Some retired couples, and aspiring early retirees will then reason that combined with their spouse, they can each earn that $53,375 tax free every year, so $106,750 together. They can then just live off their dividends in retirement, pay no income tax, and never have to sell anything. 

   This strategy has a lot of different caveats and very easy mistakes to fall into. Can you unpack this for us so that we are all aware of this strategy, but also understand its risks and limitations.

5. While on the subject of dividends, one big consideration for Canadians is that when we receive Canadian dividends in our taxable accounts, those dividends can increase the speed at which we start getting clawed back on our government benefits like the Canada Child Benefit (CCB) and Old Age Security (OAS) for example (i.e. the gross up). 

   One potential solution for this, is to use corporate class ETFs like HXCN from Global X for example (previously Global X was under the brand Horizons).

   What are your thoughts on these ETFs and can you give us your thoughts on the extra risk that we are taking on by using this type of structure where our dividends are essentially being turned into capital gains so that we don’t have to worry about these clawbacks as much? 

6. For anybody new to this world of Canadian financial planning and optimization, can you take us through what an advice-only financial planner is (what you are), compared to a more traditional financial advisor title/role here in Canada?

If you own a home, are thinking about buying or selling a home, or have a mortgage renewal coming up, today’s episode is here to help you make the best financial decisions in this changing market. Ultimately my goal is to save you some money when it comes to all this, or at least make things less stressful for you.

We’re bringing back our trusted mortgage expert and best-selling author, Sean Cooper, to first, break down the potential impact that the new US tariffs may have on our mortgage and real estate market here in Canada. 

Sean also goes over the new mortgage rules that you need to be aware of if your mortgage is coming up for renewal, or if you’re getting a brand new mortgage.

We also cover:

What’s happening in Canada’s housing market right now? Is it a buyer’s or seller’s market?

We cover the different ways that you can make changes to your mortgage if you’re finding cashflow to be a little tight. 

We also give an update on the fixed vs. variable rate mortgage debate. Which is the better choice based on the current state of the mortgage market and interest rates here in Canada?

Enjoy the episode.

A big thanks to Sean for offering to answer questions from Build Wealth Canada listeners at no cost. You can set up a meeting to speak with Sean over at: BuildWealthCanada.ca/sean

1. Sean, can you give us an update on what’s happening in the real estate market, in Canada, right now? and can you touch on what the repercussions might be of the new tariffs between the US and Canada? Is this something that could potentially affect our Canadian mortgage rates and real estate market?
2. Is it more of a buyer’s market or a seller’s market? What should we expect if we’re considering buying or selling our home currently, here in Canada?
3. One interesting finding, is that more than 4 million mortgages, or about 60% of all outstanding mortgages, will renew over the next 2 years, in 2025 and 2026. What should Canadians know when their mortgage is coming up for renewal, and they are shopping around for a mortgage in 2025?
4. Sean, before we continue with more questions, I just wanted to say that you’ve been the podcast’s resident mortgage expert for years now, helping many listeners of the show. Thank you for that! For anybody that has mortgage questions, or would like to know the best mortgages that you’ve been able to find here in Canada, can you briefly explain how it works when working with a mortgage broker like yourself, especially when it comes to payment, just so that anybody new to all this doesn’t maybe think that there are some fees they have to pay to get their questions answered or to see your research. 
5. With all these interest rate fluctuations, I’m sure many Canadians are wondering, if there is an opportunity for savings, with their current mortgage. Can you speak to this?
6. Cash flow is a concern for a lot of Canadians. What are some strategies for homeowners to lower their mortgage payment?
7. Let’s talk about Fixed mortgage rates vs variable rates. Which one make the most sense right now for Canadians when choosing a mortgage, considering the current interest rates and economic environment?
8. Can you talk about all the new mortgage rules that were introduced since our last podcast in March 2024?

Have you ever wondered how financial planners in Canada plan their own retirement once they decide to retire?

Our guest today is a recurring guest that we’ve had on the show many times. He’s a fee-for-service financial planner with decades of experience in the industry, and while he’s not retired yet, he’s gotten to that age where he’s getting really close, and so it makes sense for him to do a more thorough financial plan for himself, for his own retirement.

And so, I thought it would be useful for us to look under the hood, and hear his thought process when planning his own retirement as a Canadian, as surely there are nuggets of wisdom, best practices, strategies, tactics and insights that he’s applying when planning his own retirement, that we can then use ourselves, in our own finances.

Enjoy the episode!

A big thanks to John for offering a free 30 minutes consultation to Build Wealth Canada listeners. You can speak to John for free by going to: BuildWealthCanada.ca/john

With the end of the year arriving and the new year starting shortly, there are certain deadlines that you should be aware of every year, from an investment and tax optimization perspective.

There are also some elements to keep top of mind as the new year begins. These happen every year, so even if you are listening to this episode years from now, it will still be relevant to you, as these are things to think about and reevaluate every year.

Think of this episode as a checklist that you can use every year to help ensure that you aren’t missing anything from an investment, tax, and government benefit optimization standpoint.

Enjoy the episode!

My ETF Guide: What I invest in and why (free)

My "How to Invest for Canadians Course"

What DIY Passive Investing Style is Optimum for You? (video presentation)

RESP Guide (Registered Education Savings Plan)

Asset Allocation ETFs

ZEQT - BMO All-Equity ETF

ZGRO - BMO Growth ETF

ZBAL - BMO Balanced ETF

Active vs. Passive Investing: Interview with S&P Dow Jones Indices (S&P 500) & How to Choose the Right ETFs

How to do Nobert's Gambit Guide

Today, we tackle one of the most intricate financial puzzles faced by Canadians: transitioning from accumulating wealth for retirement to effectively managing it during the decumulation phase—when you’re actually living off your investments.

In this episode, we’ll explore why this shift can be so complex, even for seasoned savers and investors. You’ll gain insights into balancing financial security with enjoying your retirement lifestyle and sustainably spending the wealth you’ve worked so hard to accumulate.

We’ll also discuss both hands-on and passive approaches to managing retirement funds and share strategies to help maintain your financial stability while still enjoying life.

Whether you’re nearing retirement or planning ahead, this episode offers valuable strategies for navigating the decumulation puzzle with confidence and peace of mind.

Joining me today is Eric Monteiro. Eric helps lead Canada’s largest provider of workplace savings and retirement platforms, covering over 1.3 million Canadians and managing more than $125 billion in assets. He does this at Sun Life, where he has worked since 2016 as the Senior Vice-President of Group Retirement Services. Eric also serves on the Board of Directors for The Princess Margaret Cancer Foundation, one of the world’s leading cancer research and care organizations. And now, let's get into the interview.

1. Easily one of the most complicated financial puzzles that I’ve ever had to solve, was how to transition from the accumulation stage where we’re just adding to our investments for retirement, to the decumulation stage where we are now living off our portfolio, and now have to worry about not running out of money. For those of us who haven’t fully gone through this challenge yet, can you shed some light on why transitioning to this new stage in life is so much more complicated? and why should we all care about it now, even for those that are still in the accumulation stage?
2. When it comes to Canadians managing their finances while living off their portfolio, there are several different approaches available to them. Some are very hands-on, more time consuming, and can get very complex. They do however have the benefit of generally having low fees and potentially being very tax optimized if managed correctly. On the other end of the spectrum, we have very hands-off, passive solutions, but those tend to have larger fees associated with them (at least from what I’ve seen here in Canada). Can you take us through the different decumulation solutions or strategies available to us, as Canadians, and what are the pros and cons of each?
3. I’m a passive index investor, and I don’t mind micromanaging the investments and withdrawals myself to save extra money on fees and taxes. But, one thing that I worry about and that I believe all Canadians should consider, is: Who is going to manage the decumulation for your aging parents? Especially if they are not as financially savvy, and when they eventually go through cognitive decline as they reach those later years. And, what happens if you die before your partner, or go through some form of cognitive decline yourself? How can you transition what you currently do, to a partner that maybe is not willing or able to micromanage your investments to the same degree as you? Can you speak to which options you have found to work best for Canadians in these situations?
4. One of the challenges that we all face, especially as we start to live off our portfolios, is how to balance the need for security where we don’t run out of money in our retirement, while still enjoying the fruits of our labour, especially while we are still healthy. In other words, ensuring that not only do we not overspend, but also that we don’t underspend and end up passing away with an enormous portfolio that we regret not fully utilizing. Do you have any practical strategies, tactics, or ways of thinking to help us find the balance so that we don’t end up on either extreme end of this spectrum?
5. One solution that you mentioned earlier that could potentially be used to help automate and simplify our finances in the decumulation phase was the ‘MyRetirement Income’ product. This is something that’s new, that I’m not too familiar with. Can you tell us more about it, how it works, and what are the fees associated with it?
6. Thanks so much Eric, I’m always on the lookout for what is available out there, particularly for solutions that I can maybe suggest to my parents, or that I can transition to my wife if something was to happen to me. Can you tell us where we can learn more, and are there any other educational resources that you can direct us to when it comes to helping solve that decumulation puzzle here in Canada?