Strategizing withdrawals for the best outcome Registered Education Savings Plans (RESPs) were originally introduced in 1972 and they were terrible. Seriously! We would regularly tell clients to avoid them, usually suggesting informal trust accounts instead as they provided much greater flexibility without the risk of losing all your gains. But in 1998 the introduction of a … [Read more...] about Back to school and RESPs
Arnold Machel, CFP®
Arnold Machel lives, works, and worships in the White Rock/South Surrey area. In 1995, he founded Visionvest Financial Planning & Services with the dual goals of “effecting positive financial change” and assisting clients to “Invest with Vision”. Since that time Visionvest has received numerous recognitions, including being voted in the top three in the Best Investment/Financial Advisor category by Peace Arch News readers for the past four years in a row.
Arnold has held the Certified Financial Planner® designation since 1998 and has served on many boards, currently sitting on the board of Abundance Canada (formerly the Mennonite Foundation of Canada), a national charity focused on helping Canadians give generously. He is currently a co-host with his son, Ben, on the popular monthly Retire In BC podcast.
Questions and comments can be directed to him at dr.rrsp@visionvest.ca. Please note that all comments are of a general nature and should not be relied upon as individual advice. While every attempt is made to ensure accuracy, facts and figures are not guaranteed.
First Home Savings Accounts
The wait is over At the beginning of the year, my son, Ben, wrote about the new First Home Savings Account (FHSA) that was announced by the Canadian government. At the time, financial firms had not put the required infrastructures in place to offer them, even though this brand-new account type had been introduced by the government and approved as a new tax-free savings … [Read more...] about First Home Savings Accounts
Care… but not that much
The little-known secret to getting ahead financially Over the many years that I’ve helped people get ahead financially, I’ve noticed that certain principles keep coming back. One of those principles is to care... but not that much. Those that earn the most, care about their money, but not that much. At least that’s the case when it comes to the day-to-day … [Read more...] about Care… but not that much
Unintended consequences: The hidden costs of a higher minimum wage
Sometimes I wish Aesop was still around today, he wrote, “Be careful what you wish for, lest it come true.” All too often we get what we wish for but often at the cost of unintended consequences. Actions with the absolute best of intentions sometimes lead to extremely poor unintended results. For example, the hidden costs of a higher minimum wage. I once had a … [Read more...] about Unintended consequences: The hidden costs of a higher minimum wage
What are your plans for your tax return?
In Canada, filing an income tax return is not required if you don’t owe tax unless you are specifically asked to file by the Canada Revenue Agency (CRA). However, many means-tested programs are based on data from the return, so it is often advantageous to file whether you need to or not. Have you filed your tax return yet? I hope so. The deadline for most people to … [Read more...] about What are your plans for your tax return?