As a financial planner, I've had a unique view into the full financial picture of thousands of Canadians and have read countless studies.

My experience spans clients of varying financial backgrounds, as well as countless conversations with readers of my blog, friends, and acquaintances.

Although our clients may not represent the entire population—they tend to have higher incomes, are growth-focused, and always work with a clear plan—my broad exposure has helped me form a solid understanding of what wealth really is and the common ways people achieve it.

In my latest podcast episode I'll cover some key questions that get to the heart of wealth.

You'll learn:

• How much do you need to be "wealthy"?

• What do media stories get wrong about the wealthy and the poor?

• Why are people with high incomes different from people with high net worth?

• Is a high income important to become wealthy?

• Do most wealthy people inherit their wealth, or do they grow it themselves?

• What types of people have high net worth?

• What does the Lifecycle Investing study tell us about growing wealth?

• How can you become wealthy?

The online Canadian Financial Summit is coming up the week of October 25-27.

It's the #1 personal finance event of the year.

As a reader of the Unconventional Wisdom blog, here are your FREE passes for a limited time.

With these FREE passes, you can watch all the talks for 48 hours.

I'll be one of the speakers again this year with three talks (see below), and I'll be joined by over 35 other Canadian personal finance and investing experts such as Rob Carrick from the Globe & Mail and Ellen Roseman former Toronto Star columnist.

Where else will you find all these experts in one place?

With your FREE pass, each morning, all the talks for the day will be available to you for 2 days. If you want to access them forever, you can purchase an All Access Pass for $99.

My three talks are:

Friday, October 25:

7 Best Ideas to Optimize the Smith Manoeuvre The Smith Manoeuvre allows you to convert interest on your mortgage to tax-deductible over time and save for your retirement without using your cash flow, but not many people know about it. Ed Rempel is a fee-for-service financial planner and tax accountant with the best ideas on how to optimize the Smith Manoeuvre.

Saturday, October 26:

How to Easily Outperform Financial Advisors, Robo-Advisors & Index Investors Many Canadians use financial advisors, robo advisors or invest on their own with index funds. However, there might be an easy way to outperform them all. Ed Rempel is a fee-for-service financial planner and tax accountant with how this is possible.

Sunday, October 27:

Retiring Right Before, or during, a recession – Debunking Sequence of Returns Risk

Many older Canadians fear retiring right before a recession. Ed Rempel, a fee-for-service financial planner and tax accountant who will discuss how you can create a reliable and maximum retirement income for yourself for your golden years.

Some more info about the talks:

• Watch my 3 talks any time in a 2-day period for FREE.

• It's 100% online so you can stream all the talks right from your computer/tablet/phone.

• You don't need to go anywhere or buy anything.

• You can forward this to any of your friends to give them a FREE ticket.

See you at the Summit!

Here is a LINK to get your passes.

Ed

Tax brackets for parents and seniors are way different than you think.

This might be a real eye opener for some people because I think a lot of people that do some basic tax planning are doing it all wrong.

In my latest podcast episode I'm going to give you a tax planning made easy using tax brackets.

I'm going to show you how, some basics of tax brackets, and briefly how tax planning is done, so you can get the concept.

Then we're going to talk about why tax brackets for parents and seniors are way different than you think - and how this completely changes tax planning.

You'll learn:

• Tax planning made easy using tax brackets.

• Why are tax brackets for parents way different?

• Why is the CCB Clawback a game changer for your tax planning?

• What are the actual effective tax brackets for parents?

• Why do parents benefit more from RRSP contributions than single people?

• Why are tax brackets for seniors way different?

• What are the three main clawbacks on seniors?

• What are the actual effective tax brackets for seniors?

• How can you plan for your retirement income to be taxed at only 20%?

• When is a TFSA and RRSP better for you?

• How does a financial plan become the GPS for your life?

When planning for retirement, many Canadians rely on a government pension like OMERS (Ontario Municipal Employees Retirement System) as their foundation.

Do you need savings in addition to your government pension to maintain the lifestyle you want?

A buddy called me from his car and said, "I'm driving. Will I get to my destination on time?" I asked, "Where are you going and where are you now?"

It's the same with the question of whether retiring with just your pension is enough. Well it depends on your lifestyle, your goals, and whether you want the freedom to enjoy big-ticket items, like vacations or regular nice dinners.

The answer depends on your vision of retirement.

If your goal is to replace 70-80% of your working income, you'll need to fill the gap between your pension and that target with personal investments like RRSPs, TFSAs, or non-registered savings.

In my latest podcast episode, you'll see examples of people with different investment setups to help you discover what's right for you.

You'll learn:

• What is the formula to know how much your government pension will be?

• What is the rule of thumb for your pension with 30 years service?

• How much do you need to retire with the lifestyle you want?

• 10 examples of a retirement plan with a full pension.

• Do you need to invest more conservatively after you retire?

• How does a Financial Plan become the GPS for your life?

In the vast landscape of personal finance, dividend investing has carved out a significant niche.

Whether you're browsing through countless blogs or hearing investment advisors champion its benefits, it's clear that dividend investing is a popular choice, especially with the FIRE (Financial Independence, Retire Early) community.

However, a closer look reveals that almost all the advantages claimed for dividend investing are not actually true.

In this YouTube video with Barry Choi, we'll fact-check the advantages of dividend investing, explain how it is a brain fart, and introduce an alternative that is better in every way: Self-Made Dividends.

You'll learn:

• Why is dividend investing so popular today?
• What are the advantages of dividend investing?
• Why is tax on dividends a weird formula?
• Fact Check: Are the advantages of dividends true?
• What are the problems with dividend investing?
• How can you perfect dividend investing?
• What are self-made dividends?
• How are self-made dividends taxed?
• Head-to- head: Self-made dividends vs. ordinary dividends.
• Life of self-made dividend investor vs. ordinary dividend investor.
• Why are self-made dividends better than ordinary dividends in every way?
• Why are self-made dividends a perfect fit for your life?

The Smith Manoeuvre is an efficient strategy to use your home equity to invest for your future without using your cash flow, while converting your mortgage into a tax-deductible debt.

If you do the Smith Manoeuvre, understanding the new OSFI mortgage rules is crucial.

In this podcast episode with Barry Choi, I break down what the changes mean and how they impact your strategy.

You'll learn:

• What is the Smith Manoeuvre?
• What are the new OSFI mortgage rules?
• How will they affect the Smith Manoeuvre?
• What is the formula in the rules?
• Examples of the effect.
• Effect on monthly investment.
• Best & worst-case examples.
• How do you manage the process?
• How to minimize or eliminate the effect.
• Effect on Smith Manoeuvre vs. TFSA decision?

With the Canadian Financial Summit coming up at the end of October, I wanted to share over the next few weeks content that Summit attendees had access to last year.

When you register you get access to talks like these, plus a myriad of other speakers who are some of Canada's top financial experts.

I'll be promoting the Summit and giving away free tickets too!

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When it comes to retirement, it's crucial to get the big picture right before diving into the details.

Setting up your retirement income involves more than just ticking boxes; it requires a strategic approach to ensure you're financially secure throughout your retirement years.

In this podcast episode, Barry Choi interviewed me about designing your retirement income effectively.

You'll learn:

• What are the 4 steps to design your retirement income?
• What's Important about Money to You?
• How do you know when you have reached "Financial Independence"?
• What is "Your Number"?
• What are the key concepts to understand retirement income?
• How much can you reliably withdraw from your investments for life?
• What are the 3 retirement income design strategies? How do you decide which is best for you?
• How do you design your retirement income? How much from which source?
• Overview or when to start pensions, RRIF, CPP, OAS & other investments.
• Should you defer or commute your pension?
• Should you worry about high tax on your estate?

Most people struggle with money.

It might feel like you're the only one who doesn't have it all figured out, but trust me, you're not alone.

Over the last two months, I've had countless conversations with individuals just like you who are grappling with various financial concerns.

In my latest podcast episode, I share 25 common worries and questions that I have been asked just in the last couple months, plus you'll learn the four things a financial plan can do for you.

Here are three key insights that I believe are essential for navigating the rest of the year and beyond.

These insights are grounded in the principles that have guided our successful financial planning and investment strategies.

The three key areas: Some timeless truths that guide our financial planning, a few observations on the markets so far this year, and an update on what we're doing in our practice to keep you on track toward your financial goals.

In my latest podcast episode you'll learn:

• Timeless truths for financial success
• General principles of our investment strategy
• Market commentary for the first half of 2024
• Current observations and insights
• Updates on our practice

Many people are saving for their kids' future education costs in an RESP.

For some parents, it is a higher priority and they want to be able to maximize the benefits of an RESP - not just contribute the standard $2,500/year for each child.

In my latest podcast episode I talk about the five hacks to maximize your child's RESP.

You'll learn:

• How much might a 4-year degree cost in 18 years?

• Is it good for your child to pay for their education?

• What asset allocation is best to maximize your child's RESP?

• What are the RESP contribution rules?

• How do most parents contribute to their child's RESP?

• What are the top 5 hacks to maximize your child's RESP?

• What are the issues with using an In Trust For (ITF) account?

• Should you use a Family RESP or individual RESP?