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Canada's housing affordability crisis has put the purchase of a home out of reach for many young aspiring homeowners. The government created the first home savings account (FHSA) in response. An FHSA is a vehicle people can use to save for purchasing their first home while receiving a tax deduction on contributions. The money grows tax-free, and you can use it to buy a house without needing to refund the account; unlike the RRSP's Home Buyers' Plan. Keith and Marcelo first spoke about the FHSA when it was announced in June 2022, and today they're coming back with more answers as we head towards the account's rollout. In this episode, Marcelo and Keith talk about what exactly an FHSA is, how it works, who benefits from using them, how it may impact the housing crisis, and so much more! Thank you for listening! Key Topics: The purpose of the first home savings account (FHSA) (3:05) Young Canadians’ attitudes toward homeownership (3:53) How the FHSA works (5:38) Parameters for using an FHSA (7:04) The main benefit of using an FHSA (8:24) How the FHSA works alongside a Home Buyers' Plan (HBP) (9:33) Implications of choosing not to buy a home (11:53) The main difference between the FHSA and the HBP (13:52) Primary beneficiaries of the FHSA (15:14) Rising criticisms of the FSHA (17:00) Advice for young investors (19:28) And much more! Mentioned in this Episode: The Empowered Investor | Episode 56: Tax-Free First Home Savings Account (FHSA) Tulett, Matthews & Associates Keith Matthews’ Book | The Empowered Investor: A Guide to Building Better Portfolios Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more! Follow The Empowered Investor on Facebook, LinkedIn, and Instagram

Will I have enough money to retire comfortably? Am I on track? Should I be saving more? These are the types of questions clients bring to us daily. We turn to financial planning and modelling into the future using expected returns to answer them. Expected returns estimate the average return that an investment or portfolio should generate over time. Being able to create realistic projections requires starting with appropriately developed expected returns. In this episode, Marcelo and Keith talk about how investors and advisors should use expected returns, what you need to know about how they’re determined, why they’re essential for retirement projections, the organizations that create expected returns, and so much more! Key Topics: What are expected returns? (3:17) The relationship between valuations and expected returns (4:33) How financial advisors use the Projection Assumption Guidelines from FP Canada™ and the IQPF (6:35) Expected returns for different asset classes according to the 2023 Projection Assumption Guidelines (8:09) What the reports from firms like Vanguard say bout expected returns (9:52) How we use expected returns in financial planning (11:20) A side-by-side comparison of current returns and historical returns (14:11) Real returns of stocks over the last 120 years (16:37) What you can do to improve the odds of a successful planning and investment experience (21:21) How management fees have changed over time (23:20) Why we’re optimistic about the future (27:10) And much more! Mentioned in this Episode: 2023 Projection Assumption Guidelines Elroy Dimson, Paul Marsh & Mike Staunton’s Book | Triumph of the Optimists: 101 Years of Global Investment Returns Tulett, Matthews & Associates Keith Matthews’ Book | The Empowered Investor: A Guide to Building Better Portfolios Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112   Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!   Follow The Empowered Investor on Facebook, LinkedIn, and Instagram

Whether you're a first-time home buyer or a seasoned real estate investor, understanding the intricacies of mortgages is a game-changer in your financial journey. Navigating the mortgage journey can be an intimidating experience, and mistakes can have long-lasting consequences.  With many potential pitfalls, confusing jargon, and seemingly endless options, proper guidance throughout the mortgage process is invaluable. Today we’re joined by experienced independent mortgage broker Morgan Englebretsen to break down the ins and outs of mortgages, ensuring that you have the knowledge you need to make informed decisions. In this episode, Morgan and Marcelo discuss how to get ready for the mortgage process, strategies you can use to save money, why it’s sometimes worth it to get a higher interest rate, how to decide how much of a deposit to make, the benefits of working with a mortgage broker, what to think about when deciding between lenders, the fixed and variable costs of buying a property, Morgan’s advice for a first-time home buyer and so much more! Thank you for listening! Key Topics: Why it’s valuable to get an independent perspective on mortgages (1:25) How Morgan moved from automotive financing to home financing (4:12) Growing up in a rational environment with both parents as academics (5:30) The behavioural aspect of financial decision-making (6:55) What does an independent mortgage broker do? (8:20) The primary benefits of working with an independent mortgage broker and a lender (10:10) How independent mortgage brokers can offer their services for free (12:01) The increasing number of Canadians using mortgage brokers (13:33) The hidden benefits of working with a mortgage broker (15:40) All lenders are not created equal (17:36) How to choose the best lender for you (21:50) The fixed and variable costs of buying a property (23:44) The biggest pain points for Canadian home buyers right now (27:46) Morgan’s advice for a first-time home buyer (31:42) The benefits of a holistic approach to your finances (34:42) How you can save yourself some money with your mortgage (39:42) What to do to get ready for taking a mortgage (44:45) Different ways to leverage the equity in your home (46:26) And much more! Mentioned in this Episode: Morgan Englebretsen on Instagram Morgan Englebretsen on TikTok Call Morgan Englebretson: 514-923-6606 Mortgage Architects Website Tulett, Matthews & Associates Keith Matthews’ Book | The Empowered Investor: A Guide to Building Better Portfolios Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on

With Tax Day on the horizon, tax tips, tricks, and hacks are being shared more than ever. From making charitable donations to incorporating and running everything through a company, word on the street is that the wealthy use particular tax strategies to minimize the amount of tax they owe. But while it might be tempting to try them, making the wrong decision about your taxes is an expensive mistake that can cost you many times more than what you would have paid initially. To help make sure you’re on the right track, tax specialist Réginald Pierre-Louis is back for part two of our tax myth series. Réginald has more than ten years of practice in the field and has a great way of making complex taxation rules and legislation more understandable so you can make sure you’re filing accurately. In this episode, Marcelo and Réginald talk about why it’s challenging to define a threshold for richness, how facts and feelings shape our perspective, what research shows about who pays the most taxes, and why many of the commonly shared “rich people” tax strategies might not be suitable for you. Thank you for listening! Key Topics: Why it’s so hard to come up with a definition of a rich person (1:37) How facts and feelings shape our perspective on wealth and poverty (7:25) People on both ends of the wealth spectrum are abusing the system (10:25) Surprising income statistics across Canada (12:35) Myth #1: The rich don’t pay taxes (16:33) Tax distribution across income levels (19:21) Myth #2: When wealthy people make charitable donations, they’re doing it because they’ll get it back on their tax return (22:00) Myth #3: I’ll create a company for myself like the rich do so I can get tax savings (26:18) Myth #4: I can include my personal expenses within my company (31:32) Myth #5: My corporation can pay a salary to my spouse and children, and since they have a lower tax rate, I’ll pay less in taxes (35:58) Myth #6: My company should own my home (37:07) Myth #7: I’m saving money in my business by paying cash and avoiding sales taxes (43:05) Mentioned in this Episode: Réginald Pierre-Louis on LinkedIn Tulett, Matthews & Associates Keith Matthews’ Book | The Empowered Investor: A Guide to Building Better Portfolios Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112   Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!   Follow The Empowered Investor on

It’s getting to be that time of the year again— Tax Day is approaching and you start hearing conflicting things from friends and family about what is—and what isn’t—okay when filing your taxes. There’s a lot of misinformation out there about various deductions, loopholes, and write-offs that can get you into hot water if you blindly follow someone else’s bad advice. We’ve all heard people saying the rich don’t pay taxes, and the government is robbing us, or horror stories of being taxed at over 50% once your income is more than $100,000. Social media has amplified the problem, spreading myths as fast as truth and making it difficult to know what’s fact and fiction. Add in recent changes in the tax laws and you are left feeling confused and unsure of where to go for the right answers. Countering bad advice, especially during tax season, is crucial. So we reached out to expert and tax specialist Réginald Pierre-Louis to bust several tax myths and give you the facts to help ensure that you file accurate returns.  His expertise can help ensure that you receive money the government owes you and avoid penalties for underreporting. In this episode, Marcelo and Réginald break down common tax mistakes and misconceptions, explore why these tax myths are so widespread, and share the facts you need to know as a Canadian investor. Thank you for listening! Key Topics: Réginald’s extensive background as a tax specialist (1:21) Réginald’s passion for teaching and what sparked his interest in tax (3:00) Myth #1: If we’re not living together, we’re not common-law partners (5:44) Myth #2: I have no income, so I don’t need to file taxes (9:39) Myth #3: My accountant is no good - I had to pay taxes (10:54) It’s your responsibility to share all relevant information with your accountant (14:04) Myth #4: I make above $100,000/year, so my tax rate will be 50% (16:41) Myth #5: I won’t accept this salary increase or work overtime since my tax is more than the salary increase (23:07) Examples of situations which might lead to an unexpectedly large tax bill at the end of the year (29:00) Myth #6: I work at a bar/restaurant. Aren’t tips tax-free? (32:17) Myth #7: RSPs are useless because future withdrawals are taxed (35:46) The emotional and psychological aspects of finance (43:39) Myth #8: Québec is the most taxed place in Canada (47:47) Mentioned in this Episode: Réginald Pierre-Louis  on LinkedIn L’investisseur transformé Épisode 18: Mythes et croyances populaires en fiscalité (partie 1) Épisode 19: Mythes et croyances populaires en fiscalité (partie 2) Revenu Québec Guidance | Employees Who Receive Tips Tulett, Matthews & Associates Keith Matthews’ Book | The Empowered Investor: A Guide to Building Better Portfolios Thanks for Listening! Be sure to subscribe on

Every year more complexity is added to the Canadian tax system, making it difficult for taxpayers to keep up to date. Understanding how to properly file your tax return and take advantage of deductions and credits can put more money back in your pocket, which can go a long way in achieving your financial goals. Your tax returns also entitle you to certain social benefits, and appreciating the various requirements can help you avoid costly mistakes. Whether working with a tax professional or filing yourself, there's always something new to learn about taxes. To help you gain clarity for this tax season, we’re doing a deep dive into Canadian tax returns with our colleague, Hugh Campbell. Keith and Hugh discuss why it’s essential to file your taxes accurately and on time, when spouses should file together, how requirements differ across provinces, the tax benefits of RRSPs and tax-free savings accounts, how to ensure you’re maximizing your allowable deductions, additional filing requirements for investors with foreign assets, and so much more! Thank you for listening! Key Topics: Hugh’s move from a neurobiology major to CPA (1:27) Early lessons from PricewaterhouseCoopers (2:42) The most rewarding aspects of working with individuals and small business owners (3:35) Consequences of not filing your tax returns on time (4:30) When and why families must file together (6:47) The types of information available through CRA downloads (10:13) Differences between preparing income tax returns in Quebec and other Canadian provinces (14:37) How an RSP works and its value from a tax perspective (17:10) Choosing between an RSP and a tax-free savings account (19:13) What to do with your tax refund (21:04) What you need to know about the new tax-free first home savings account (23:14) Key considerations around whether interest can be tax deductible (27:56) Criteria to qualify for home office deductions (30:54) Senior tax savings from income splitting (33:07) The most important credits for seniors (34:10) Tax implications of financial gifts to your adult children (36:39) How to treat foreign-source income on your Canadian tax return (40:04) When to file Form T1135 (41:00) Differences in tax consequences for cash and stock charitable contributions (47:46) Tax requirements when selling residential property (52:15) How to handle a notice of assessment (58:03) What happens if you don’t pay your tax bill in full (59:14) How long to keep your tax records (1:01:04) Hugh’s tips for making the tax filing process easier (1:03:27) Common tax reporting mistakes (1:04:13) Hugh’s perspective on the evolution of the Canadian tax system (1:05:57) And much more! Mentioned in this Episode: Tulett, Matthews & Associates Keith Matthews’ Book | The Empowered Investor: A Guide to Building Better Portfolios Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on...

Financial fraud is a serious issue that has unfortunately cost many investors their hard-earned savings. Although technology has helped fraudsters find new ways to dupe investors, the same core themes appear again and again. From Ponzi schemes to fake investment opportunities, these scams lure investors in with promises of high returns and low risk. In reality, there’s no increased reward without increased risk, and even when these plots are revealed, many people never recover what they invested. The best way to protect yourself is to be aware of the warning signs and educate yourself on the steps you can take to protect your investments. In this episode, Keith and Marcelo explore the world of financial fraud, some famous examples of these schemes, how they work, how you can safeguard your finances, and so much more! Thank you for listening! Key Topics: Why we’re talking about financial fraud (1:14) Different types of financial fraud and famous examples (3:01) How Ponzi schemes work (6:24) Why the biggest Ponzi schemes are usually uncovered during market corrections (9:57) Charles Ponzi’s landmark scheme in the 1920s(10:51) How Bernie Madoff kept his fraudulent scheme running for 20 years (12:10) Earl Jones’s Canadian scheme targeting the elderly in the 80s and 90s (15:08) Common themes among these long-running Ponzi schemes (17:17) What the sentencing of Gary Sorenson and Milowe Brost show about the significant differences in penalties for white collar crime in Canada vs. the US (18:26) The Norbourg scandal in Montreal (19:33) The biggest reasons people keep falling for these schemes (21:09) Warning signals to be aware of to protect yourself from financial fraud (24:15) The AMF’s five steps to avoid fraud (26:36) And much more! Mentioned in this Episode: ● Netflix Documentary | Madoff: The Monster of Wall Street ● Diana B. Henriques’ Book | The Wizard of Lies: Bernie Madoff and the Death of Trust ● John Carreyrou’s Book | Bad Blood: Secrets and Lies in a Silicon Valley Startup ● Movie | Norbourg ● Autorité des marchés financiers (AMF) ● Ontario Securities Commission ○ Investment Fraud Checklist ● Canadian Securities Administrators ● Bethany McLean & Peter Elkind’s Book | The Smartest Guys in the Room: The Amazing Rise and...

We’re in the middle of client meeting season at Tulett, Matthews & Associates. Over the years, the way we conduct these meetings has evolved as we incorporate client feedback and continuously work to provide the best wealth management experience possible. At the core, effective client meetings are about transparency and empowering investors with the right level of detail to move forward confidently, with a clear vision of their financial future. In this episode, Marcelo and Keith talk about how the relationship between financial advisors and clients has evolved, the TMA approach to client meetings, the elements we believe are essential, and so much more! Thank you for listening! Key Topics: Why client meetings are Marcelo’s favourite part of the job (2:18) The evolution of client meetings (3:17) Our holistic approach to client meetings (5:11) Factoring in short-term and long-term business and financial goals (8:34) Why we ask clients about their biggest fear/concern/worry (10:38) What we cover in the balance sheet review and why it’s an essential element (12:05) Benchmarks we discuss around cash flows (14:37) Why we always shared detailed reports on cash flows (17:11) The value of a projection review (18:27) How we customize the portfolio review for each client using scalable communication (23:04) Topics we cover with every client about their wills (28:08) The goal of an effective client review meeting (31:05) Our final takeaways for investors (32:06) Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112   Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!   Follow The Empowered Investor on Facebook, LinkedIn, and Instagram

When you’re intentional in your planning, you’re more likely to get the experiences you want out of life. Curiosity and continuous learning are a big part of our firm’s culture. The team is always sharing ideas, whether through podcasts, research articles, or books. Recently, Marcelo came up with a brilliant idea to take it to the next level, and now we have our own library at Tulett, Matthews & Associates. We’re excited to have this resource for the team and clients. In honour of that, today, we’re doing things differently. In this episode, Marcelo and Keith review a book from our library - Die With Zero by Bill Perkins. The book's concept centers around the idea that you’ve worked hard for your money, and you should optimize it by maximizing the life experiences that bring you purpose and fulfilment. We talk about Bill Perkins’ take on the problem with conventional advice about retirement planning, his framework for life enjoyment, potential pitfalls from neglecting your financial foundations, how we advise clients to plan for the experiences they desire, the case for giving away your wealth based on when it has the most impact, and so much more! Thank you for listening! Key Topics: Our Tulett, Matthews & Associates library (1:02) Why we’re talking about Bill Perkins’ Book, Die With Zero (2:30) Bill Perkins’ take on conventional advice about retirement planning (4:15) A framework for life enjoyment (6:15) Our changing perception of the value of experiences and relationships (7:20) Potential pitfalls from neglecting your financial foundations (9:35) Building up your memory dividend (10:37) Roadblocks that can get in the way of building your memory dividend (11:40) The case for giving away your wealth based on when it has the most impact (13:52) Helping your children develop grit and resilience (16:37) Concepts from Die With Zero that are especially relevant in our current environment (18:52) Planning to maximize your different seasons of life (21:18) Bill Perkins’ action plan concept (22:08) The types of investors who will benefit the most from applying the Die With Zero concepts (23:28) The importance of sound financial advice when applying these concepts (25:37) Final takeaways on the book (28:03) And much more! Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112   Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!   Follow The Empowered Investor on Facebook, LinkedIn, and Instagram

Maintaining perspective and long-term discipline ​With significant declines in specific segments of the financial market, inflation rates we haven’t seen in decades, and geopolitical conflicts escalating, 2022 was a turbulent year for the average investor. Investors who maintained perspective and long-term discipline by committing to a fundamentally sound investment plan were able to weather through the periods of market uncertainty and stay on the path to building wealth. Four core principles help our clients maintain diversified, well-balanced investment portfolios and become financially secure forever. Stay diversified Tune out the noise Don’t chase market trends Don’t speculate For the new year’s first episode, we are reflecting on key themes and lessons from 2022 and what they mean for Canadian investors. In this episode, Marcelo and Keith talk about how different asset classes performed over the year, central themes in the investment world, how investors should think about 2023, positive returns on the horizon, and so much more! Thank you for listening! For additional insights read our 2022 Market Review: A Changing Investment Landscape. Financial highs, lows and what’s in store for 2023 Our reflections on 2022 from a personal perspective (1:33) Equity and bond market results in 2022 (4:35) The primary reasons behind the difference in market performance between a US and a Canadian 60/40 portfolio (5:54) Growth stocks versus value stocks (8:56) Massive declines in the mega-cap stocks in 2022 (10:54) Updates on some of the innovative company stocks that peaked during the height of the pandemic (13:27) The Ark Innovation Fund and the problem with chasing performance (16:13) Profits and valuations matter (19:04) The unravelling of the speculator - the downfall of crypto and meme stocks (20:11) Average returns for our portfolios in 2022 (23:15) Major themes coming out of 2022 that impact Canadian investors (26:56) The possible upside of inflation for investors (28:30) Thinking about a possible recession on the horizon (30:05) Why Canadian investors should be wary of forecasting (33:01) Understanding expected return changes (35:05) Categories that are undervalued, fairly valued, and with stretched valuations (37:17) Lessons and takeaways from 2022 (39:27) And much more! Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or...

Our goal in today's podcast is to add clarity of the impact of rising rates for bond investors. 2022 has been a challenging year for Canadian investors; inflation is higher, interest rates have been going up, bonds are down, and stocks have been volatile. Typically, bonds have sheltered investors in periods of uncertainty. This hasn’t been the case this year. Bonds play an important role in the investing world. They provide income, stability, and diversification to your portfolio. Bond prices are constantly moving according to current conditions and they typically have an inverse relationship with interest rates – when interest rates go up, bonds prices go down and when interest rates go down, bond prices go up. When looking at year-to-date bond returns, rising yields and decreasing bond prices may feel like a curse. In today's episode, Keith & Lawrence discuss why rising yields may in fact be a blessing for bond investors - and/or investor's bond allocation of diversified portfolios. Why rising yields are a blessing for most bond investors: Why this has been a particularly challenging year-to-date period for bond investors (2:15) How much are the average bond holdings down? (3:19) What is driving the negative returns (4:40) Understanding “the gut punch” that bond investors have received from rising yields (7:46) The positive after-effects of higher yields (9:20) Two scenario analysis: Scenario 1: The gut punch followed by higher yields vs Scenario 2: The no gut punch with lower yields (10:25) What Canadian investors need to keep in mind about bond duration (17:06) Higher rates and implications for borrowers (20:47) Our takeaways (22:19) Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!  Follow The Empowered Investor on Facebook, LinkedIn, and Instagram

Talk about money as a family, openly and often Kids form most of their adult money behaviours by the age of seven. How can you give your kids a head start and set them up to win with money at any age? Learning how to handle money is a lifelong process. Today we’re joined by Will Rainey, a writer and speaker focused on helping parents and grandparents teach their kids and grandkids about money. He is the author of the children's book, Grandpa's Fortune Fables, and his website, BlueTreeSavings.com, has helped thousands of parents start talking to their kids about money. In this episode, Will and Marcelo talk about why it’s essential to teach kids about financial values from a young age, the negative messages children receive when we avoid talking about money, children's allowances, financial incentives and punishments, how to encourage mindful spending and charity, helping kids to appreciate what they have, and so much more!Start saving as early as possible Why it’s important to teach kids about financial values from a young age (1:28) Will’s financial resources for parents (5:31) How Will developed a passion for helping parents teach kids about money (7:41) The journey of how Will’s book, Grandpa's Fortune Fables, came to be (10:33) Hidden financial benefits of Grandpa's Fortune Fables for parents, grandparents and guardians (12:40) Why you need to teach your kids about money (13:27) The potential problems when you don't talk about money (16:27) Activities parents can do to start the money conversation with their children (19:25) Allowances, financial incentives and financial punishments (22:14) Strategies for teaching kids about patience and delayed gratification (24:26) Teaching kids about the value of things in a world of conspicuous consumption (30:05) Encouraging mindful spending and charity (32:42) The value of experiences (37:21) Learning financial literacy in schools (40:50) The importance of financial education for society as a whole (44:15) Technology as a force of good for teaching kids about money (45:36) Helping kids to appreciate what they have (48:45) Next steps for parents who are ready to work on teaching their kids about money (50:56) Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more! Follow The Empowered Investor on Facebook, LinkedIn, and Instagram

For many Canadians, the RRSP (Registered Retirement Savings Plan) is the primary driver of their retirement savings. An RRSP allows you to contribute a percentage of your income each year which, unlike non-registered accounts, can grow in that account while deferring taxes until you withdraw. Later, when you stop working or reach age 71, you convert your RRSP to a RRIF (Registered Retirement Income Fund) and flip the switch from contributions to withdrawals. In this episode, Marcelo and Lawrence talk about the main benefits of RRSPs and RRIFs, what you need to know about converting your RRSP to a RRIF, cash flow and tax considerations when drawing down from a RRIF in retirement, estate considerations for your RRIF, and so much more. Key Topics: Understanding your RRSP (2:16) Three main benefits of an RRSP (3:23) The relationship between an RRSP and a RRIF (4:46) Differentiating between RRSPs and RRIFs and LIRAs and LIFs (6:41) What you need to know about withdrawing from your RRIF (8:08) Cash flow considerations for your RRIF payments (10:24) Reducing your tax obligation by basing your minimum RRIF payment on your younger spouse’s age (12:51) Applying withholding tax to RRIF payments for better cash flow management (14:23) Critical factors to think about when planning how to convert your RRIF (16:46) The significant impact that strategic planning can have on your estate value (18:02) How you can optimize your RRIF strategy if you’re still working at age 71 (23:56) Why you should designate a beneficiary in your RRIF (25:54) Final thoughts and key takeaways (27:09) And much more! Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112   Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!   Follow The Empowered Investor on Facebook, LinkedIn, and Instagram

From media outlets to friends and coworkers, chances are you’ve heard lots of buzz about a recession. The truth is however, that a lot of uncertainty remains, and we can’t predict if or when we will enter a recession. As an Empowered Investor, it’s essential to understand the current economic context and how a recession could impact your investment portfolio. As financial advisors, we are here to help you move forward confidently and today are discussing the looming possibility of a recession and how you can successfully manage your money through uncertain financial times. In this episode, Marcelo and Keith talk about the defining factors of a recession, what it means for Canadian investors, what we can learn from past recessions, the relationship between recessions and inflation, our recommendations for winning investment strategies through recessions, and so much more. Thank you for listening! Key Topics: How a recession is defined and critical indicators that must be present (2:37) Why a recession wasn’t declared despite declining GDP growth in the United States this year (4:14) What it means for the stock market to be a leading indicator of the economy (5:58) Major economic themes and risks we’re facing in 2022 (9:08) Historical trends around stock market performance before, during, and after a recession (11:58) Timing and why you shouldn’t wait for the market to improve before you invest (14:18) Coming to terms with being in a recession (16:48) The relationship between inflation and recessions (17:54) Why it’s not worth it to trade through recessions (19:08) The psychological aspect of living through difficult financial times (21:32) Favorable market trends right now (27:03) Top five considerations for managing your investment portfolio through recessions (28:19) And much more! Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more! Follow The Empowered Investor on Facebook, LinkedIn, and Instagram

Choosing the right advisor or advisory firm takes time. In our last episode, we explored the four criteria for evaluating the value of financial advice: competence, coaching, convenience & continuity. We’re taking it further today and exploring how you can assess the process of hiring an advisor. A good evaluation goes beyond an advisor’s financial performance. A thorough evaluation should give you a sense of their processes, structures, and how they will help you attain your goals. To help you to get the most out of your due diligence, we’re sharing our insights on which questions you should ask when trying to figure out who is the right advisor or firm for your financial circumstances.  In this episode, Marcelo and Keith talk about how to do a self-evaluation to gain clarity on the type of investor you are and which services you need, what makes a good investment philosophy, how to test if a firm’s practices align with what they say, common mistakes investors make when evaluating advisors, and so much more. Thank you for listening! Key Topics: Why we're talking about choosing an advisor (1:48) Determining what type of investor you are and which services you need (2:35) Reviewing the competence of the advisory firm (5:15) Defining and aligning your investment philosophy (6:37) How to ask a potential advisor about their investment philosophy (9:07) Assessing an advisor or firm’s consistency across their client base and over time (12:00) Common mistakes investors make when evaluating advisors (14:06) Getting clear on how an advisor or firm works (17:02) The advantages of an advisor/coach over a facilitator (20:31) What excellent service should look like (23:25) Why your advisor needs to have a plan in place for continuity of advice for your whole family (25:40) Understanding your advisor’s succession plan (28:41) What to expect from effective discovery and proposal meetings (29:48) Our final takeaways (34:50) And much more! Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more! Follow The Empowered Investor on Facebook, LinkedIn, and Instagram

“Price is what you pay, but value is what you get.” - Warren Buffett What’s the marker or gauge to value financial advice? How do investors value the benefits they receive when working with an advisor or advisory firm? When working with an investment & planning service provider, so much of the value provided is intangible, making it difficult to quantify. At the same time, it’s crucial to be able to evaluate the service so that you can ensure you’re satisfied with the value you receive. In this episode, Marcelo and Keith explore the concept of value of financial advice by looking at how it has been historically valued, and then introducing an evaluation framework called the 4 Cs of value of advice. This framework will help today's investors evaluate value in a world of expanding wealth management needs. How to evaluate investment & planning advice: Understanding how to value intangibles like professional services (3:05) Three ways financial advice was valued historically (4:27) What research shows about active vs. passive investing (5:57) The evolution of financial advice (7:43) The 4 Cs framework (competence, coaching, convenience & continuity) for evaluating the value of financial advice (8:44) Characteristics that show competence in investing, retirement & estate planning, and tax services (10:16) How investors can benefit from getting good coaching from their advisor (14:11) What convenience looks like in financial services (17:28) The value-add brought by continuity for investors (19:16) Outcomes for investors who get the 4 Cs (22:17) Our key takeaways (24:36) And much more! Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more! Follow The Empowered Investor on Facebook, LinkedIn, and Instagram

Managing your finances as a couple is hard. It’s such a common source of conflict that one in four divorced Canadian couples say that money problems played a key role in their split. Money has so many emotional connections that it’s often tricky to discuss. It’s how we acquire and utilize our resources, and it’s how we take care of the people we love. It’s even more complicated when personal money values don’t align with your partner's. So what do you do when partners’ approaches to money don’t naturally align? How do you get on the same page to work together towards a shared vision for your future? In this episode, Marcelo and Keith talk about what they've learned from discussing finances with couples of all ages, the main ways money-related conflict shows up in relationships, the four core money value personalities, action plans and strategies for couples in different stages of life, how to approach financial planning as a couple, and so much more. Thank you for listening! Key Topics: The exciting new library initiative at Tulett, Matthews & Associates (1:12) Why we’re talking about money and couples (2:15) The three main ways money-related conflict shows up in relationships (4:49) How our early experiences shape our attitudes towards money (6:11) The four core money value personalities (9:33) What happens when different money value personalities come together (12:02) How you can increase the odds of long-term success (14:41) An action plan for accumulators between 25 - 60 years old (15:52) Why we recommend that couples share one financial ecosystem (17:06) The main areas of financial conflict we see in retiree couples (21:12) Three strategies for new couples (22:43) Essential conversations and action items for retiree couples (27:09) Our key takeaways on financial planning for couples (30:15) And much more! Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more! Follow The Empowered Investor on Facebook, LinkedIn, and Instagram

“Market prices contain rich, reliable information about expected returns in the future.” It's an interesting time to be an investor. Uncertainty and volatility are par for the course, inflation rates are higher than we’ve seen in decades, and interest rates are increasing. Today we’re thrilled to be joined by fixed income strategist Sooyeon Mirda of Dimensional Fund Advisors, who has a rare ability to demystify complex subject matter with tremendous clarity. We’ll discuss interest rates, inflation, and great ways Canadian investors can approach the bond market.  Sooyeon Mirda is a graduate of Princeton, Chartered Financial Analyst, and Investment Strategist at Dimensional Fund Advisors. Before joining Dimensional, Sooyeon worked at Goldman Sachs doing portfolio management and research for ultra-high net worth clients. In this episode, Sooyeon and Keith talk about how fixed income has become the topic du jour, what’s driving the rise in inflation and interest rates, what you need to know about central banks, how current fixed income returns compare to previous decades, why it matters that the markets are forward-thinking, the importance of long-term strategy in investing, why a systematic approach consistently yields better results, and so much more! Key Topics: Introducing Sooyeon Mirda (2:11) Sooyeon’s role as a Fixed Income Strategist at Dimensional Fund Advisors (4:48) What drew Sooyeon to the fixed income world (6:01) Sooyeon’s finance background before joining Dimensional (8:40) Why everyone’s talking about fixed income lately (9:41) What’s driving the rise in inflation (11:39) The role of central banks and their mandates (14:09) What the recent Fed increases mean for investors (16:59) Defining “hawkish” and “dovish” in the context of central banks (21:54) How current fixed income returns compare to previous decades (23:39) Why many people are excited about the near future of the fixed income market (25:19) Understanding inflation breakeven rates (28:29) What it means for investors that the markets are forward thinking (29:50) What central bank rate hikes actually tell us (32:39) The counterintuitive results of Dimensional’s research into the impact of central bank rate changes on bond returns (35:27) Why a long-term strategy is crucial (38:27) The fixed income strategy that works with the efficient market concept (40:26) How Dimensional thinks about expected returns in fixed income (42:33) Why a systematic approach consistently yields better results (45:44) Sooyeon’s key message for investors during this challenging time (47:38) Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more! Follow The Empowered Investor on Facebook,

Less than 50% of Canadians have a Will in place. Without a valid Will, the government is the decision-maker for the future of your children and your assets. Creating and periodically reviewing your will should be a priority for every Canadian. Whether you have a minor child, hold a simple RRSP or have significant financial holdings, a legal Will ensures that your estate is handled as quickly as possible, in the manner you would prefer. Joining us to talk about creating and executing Wills in Canada is our colleague, Edmond Fhima. Edmond is a licensed financial planner at Tulett, Matthews & Associates, and he's been in the financial industry for over 30 years as a licenced fee-only financial planner. Edmond currently provides clients with advanced strategies for estate planning, insurance planning, cash flow & debt management, tax planning, investment planning, and retirement planning. In this episode, Edmond and Keith talk about who should have a Will, when to complete your Will, why you should draft a legal Will, what assets are covered in a Will, who to consider when naming an executor, trustee or guardian, and when an estate should be distributed and so much more! Thank you for listening!Creating and Executing Wills in Canada The benefits of talking to an advisor about your will before going to a notary or lawyer (1:22) Why everyone with monetary or personal assets should have a will (3:18) The surprising ways your assets might be distributed if you pass away without a will (4:41) Which types of property to include in your will (7:13) The specific aspects that business owners need to consider (8:15) Why you might want to have a separate will for your foreign assets (11:21) The responsibilities of an executor/liquidator of a will (12:53) What to think about when naming an executor (15:54) Why your spouse isn’t always the best person to name as executor (17:39) The correct procedure to make minor amendments to your will (19:00) Identifying the right person to name as executor (20:38) Important information to share with your executor (22:02) How to share details for digital assets and accounts (24:14) The benefits of having a family meeting to review and disclose the contents of your will (25:09) The role and responsibilities of a trustee (26:25) Typical situations where trustees are appointed (27:00) Naming a guardian and your preferences for minor children (29:46) Why you must name replacement individuals for executors, trustees and guardians (31:02) The criteria that must be met before assets and income can be distributed (31:44) What is needed for a holographic will to be considered valid (34:24) How a notarial will is created (35:22) The probate process outside of Quebec (35:56) Key considerations to take into account when you get divorced (38:51) When a protection mandate or power of attorney is used (40:45) Using a holographic will as a stopgap measure (42:49) And much more! Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on

The theme for the first half of 2022: Inflation. It’s been an interesting year so far. The country has opened up, and many pandemic restrictions were lifted or eased. At the same time, we feel the lasting effects on the economy and our investments. Nine months ago, most central banks were assuring the public that inflation is transitory, supply will pick up shortly, and equilibrium is on the horizon. That has not been the case. What does this recent stock and bond turbulence mean for you as an investor? Should you adjust your portfolio in light of current volatility? What’s the best investment strategy for an investor during times of high inflation? In this episode, Marcelo and Keith talk about portfolios, where things are, and our recommendations for investors in terms of how to move forward. We’re looking at how different asset classes have performed, why we’re having both bond and stock returns being negative, the main drivers of inflation, what we can learn from history, our takeaways for Canadian investors, and so much more! Key Topics: What it means to be in a bear market (2:10) Year-to-date asset class returns (2:51) The unique situation of having negative bond and stock returns (3:27) Shifting perspectives on inflation (5:04) The four main drivers of inflation levels (7:56) Continued struggles in the industries hit hardest by the pandemic (9:08) How inflation affects bonds (10:46) Why stocks are so volatile right now (11:41) The wide-reaching impact of rising interest rates (13:56) Key takeaways from inflation trends over the past 70 years (15:18) How our investment philosophy is helping to protect client portfolios (16:42) The importance of staying the course during volatile periods (19:30) Why this is the perfect time to add money to your portfolio (21:51) Maintain perspective (23:25) And much more! Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more! Follow The Empowered Investor on Facebook, LinkedIn, and Instagram