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As 2024 draws to a close, it's the perfect time to reflect on a year of financial and personal growth. In this episode, we explore the major financial & market highlights of the year, offer essential year-end planning tips, and share strategies to kickstart 2025 on the right foot.
We'll discuss:
How the markets performed in 2024Economic challenges and key updatesUpcoming tax information and rebatesPractical steps for financial planning in the new yearAmid the hustle and bustle of the season, we’ll remind you of the importance of sticking to your financial plans and maintaining a long-term perspective on savings and investments.
Join us for a special Clear Money Mindset episode as we wrap up 2024 and prepare for a strong 2025!
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To incorporate or not to incorporate is the question, a question with no definitive answer. In a world where starting a business has never been easier, choosing the right path can be overwhelming. A farmer or construction worker may have different considerations than a tech startup—but do they really? Today, we’re joined by the lively lawyer Sebastian Schmoranz from MSSH Lawyers. Sebastian will guide us through the intricacies of business structures, offering insights that can help protect both you and your future.
Grab a seat and take a listen as your favorite neighborhood lawyer breaks down essential topics like:
Should you incorporate? Key advantages and disadvantages Taxation and liability considerations Partnerships vs. sole proprietorships Transitioning between corporate structures Family business succession Share structure The role of a lawyer and accountant in business setup -
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Want Free Money for Your Child's Education?
In today’s podcast, we’ll break down the powerful RESP (Registered Education Savings Plan). This savings tool is designed to help parents and guardians save for their child’s post-secondary education, offering some amazing perks.
We'll cover how the RESP works, the types of contributions you can make, and how the government boosts your savings through the CESG (Canadian Education Savings Grant) and CLB (Canadian Learning Bond). Plus, we'll dive into some lesser-known facts and share tips on how to maximize the value of this account.
Grab your notebooks—class is in session! We’re here to guide you on how to start, manage, and fully take advantage of this account, helping you set your child up for success in their post-secondary education.
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Get ready for round 2. The back half of this real estate roundtable is now streaming.
We've got mystery, excitement, and all things real estate! Ben is joined by Rob & Sandra Zanet from Team Zanet Mortgage Brokers, Alyssa Ismail from Century 21 Local Home Team Realty Inc., and Sebastian Schmoranz from MSSH Lawyers. Tune in as we dive into bridge financing, peak closing times, non-negotiable conditions, commercial vs. residential, quirky properties, and much more. This info packed conclusion is chock full of everything you need to know to purchase/sell a home in 2024.
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What do you call it when you gather a financial advisor, a lawyer, a real estate agent, and two mortgage brokers in a room and give them a microphone?
Answer: An informative podcast that can help empower you if you are buying or selling a home.
Navigating the real estate market is no joke, especially with the ever-changing climate of interest rates, mortgage rules, affordability, inflation, and post-pandemic recovery. Luckily, we've assembled a dream team of real estate professionals to provide a comprehensive view from start to closing and beyond.
The Roster Includes:
Ben Davies – Your host and financial advisor, and the overall referee of the podcast. Rob and Sandra Zanet – A dynamic husband and wife mortgage broker team with Team Zanet, discussing mortgage rates and today's lending climate. Alyssa Ismail – A knowledgeable and caring real estate agent with Century 21, Local Home Team Realty Inc., sharing tips and experiences. Sebastian Schmoranz – A straightforward and honest lawyer with MSSH Lawyers, offering the legal advice you didn’t know you needed but will be happy to have.Expect laughter, banter, and plenty of “aha” moments as our experts share their real-life experiences, tips, and practical advice in this roundtable discussion.
Grab your favorite beverage, sit back, and let’s talk real estate!
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Spring has sprung and our latest podcast is in full bloom.
Tune in to our latest episode of The Clear Money Mindset, where we provide a spring update on the ever-evolving real estate market of 2024. Joining Ben is special guest Sebastian Schmoranz, a seasoned lawyer from McGregor, Sims, Schmoranz, Hart Professional Corporation based in Kingsville, Ontario.
In this episode we explore current trends in the real estate market. This year looks to be a game changer for real estate, from rates coming down to the return of purchasing conditions. Other things we are musing about include:
Commercial & Private Real Estate Conditions you should include on your home offer How to protect yourself from a simple mistake that could cost you thousands Appraisals, Overbidding and multiple bidders Investment Property Market, rentals & flippingWhether you're a first-time homebuyer, a seasoned investor, or a real estate professional, this episode provides you with the latest information that you need to know to navigate the dynamic real estate landscape in 2024.
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Get ready to dive into the latest and greatest tax updates. Josie Hope, CPA with LJ Business Solutions is talking 2023 taxes with Ben. Some changes that you should know about before you file (which now must be done digitally or else you can incur a hefty fee.) Some of the things we touch on this informative cast include:
Multigenerational home renovation tax credit Property flipping changes Changes to the temporary flat rate method for home office expensesWhether you're a seasoned investor or just trying to stay ahead of the tax game, this episode is packed with invaluable information to help you navigate your 2023 return.
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Continuing the theme of balancing your money so you can live the life you want to live. Part 2 of this inspiring podcast is now streaming. Join Ben and Andrew Hallam, the esteemed author behind the acclaimed personal finance book "Balance” as they continue their conversation about how to spend for happiness, how to invest effectively, how to boost life satisfaction and enhance longevity.
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How do you define success? Is it lots of money, flashy cars, a dream job, exploring the world or spending time with family and friends?
“Think of success as a four-legged table, with each leg representing a quadrant. Each quadrant depends on the other. If they don’t all play their part equally, the table collapses. If one leg is spindly or cracked, it’s tough to maximize your life satisfaction, no matter how solid you might be in the other quadrants.”
In our latest podcast Ben had the pleasure of chatting with Andrew Hallam, author of the personal Finance book Balance. Andrew is the first person to have a #1 selling finance book on Amazon USA, Amazon Canada and Amazon UAE. Balance is a book about finding the harmony between money management and living a fulfilling life.
In this podcast Andrew talks in depth about the experiences in his life that have helped shape his attitude towards money. His focus and inspiration for this book is about recognizing the things you want in life, and redefining success, using money as a tool to help fund the things in your life that bring you joy and fulfillment.
You will not want to miss this podcast that can help you learn how to master the art of balancing your financial health with your overall happiness.
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Tune in to the most financially festive podcast of the season with your favourite financial five. The Team at Davies Financial is at it again for our annual Christmas podcast. Get ready for a sleigh ride of laughs, dad jokes, and all things merry and monetary. This year Ben is joined by the staff of Davies financial where Alicia, Victoria, Melissa, and Andrea tolerate Ben’s jokes on this company mandated Christmas podcast that have them questioning their career choice.
Don’t miss out on the general merriment of:
Dad Jokes Eggnogonomics Christmas Trivia Fun Festive FactsGrab a cup of Christmas cheer (and whatever you put in it to get it that way), throw your mistletoe outside & get ready to learn while you listen to a podcast that we hope is as fun to hear as it was to make. If it is not, don’t say we didn't warn you.
The Clear Money Mindset & Davies Financial wish all of our listeners and clients a happy and safe holiday season. See you in 2024!
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Episode Focus: Critical Illness Insurance—This episode provides critical information with expert insights from Jeff Minaker, Account Executive from Empire Life. A great chat on personal finance, as Jeff explains the strategic importance of this coverage.
- 🚀 Elevate your financial knowledge and make informed decisions for you and your family.- 📈 Learn why Critical Illness Insurance is a key player in your financial portfolio.- 🔒 Your greatest asset is yourself, and from a financial perspective, it's your capacity to generate income so you can provide for you and your family.
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On this episode of The Clear Money Mindset we are going to shed some light on the importance of Disability Insurance. Did you know that statistically, 1 in 4 people will experience a disability in their working years?
This episode is dedicated to exploring Disability Insurance, Jamie Kenrick of RBC insurance joins Ben and offers his expert advice as we navigate this critical aspect of financial security that will empower you to protect you and your families future.
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“Nothing is Certain but Death & Taxes”- Benjamin Franklin
A Will is a great start to an Estate Plan and sometimes a properly done Will is enough, but sometimes a Will is not the best option when it comes to our final planning needs, and it can fall short - leading to a costly and stressful settlement after our death. In today's podcast we have Ashley Harmon, a Lawyer, and Partner with Hogarth Hermiston Severs LLP. Ashley specializes in Estate Planning. Ben and Ashley shine some light on a topic that is not always openly discussed but is important to understand, having a proper plan in place is essential and it can help relieve some of the burdens on your family after you pass away.
Some of the topics include:
➡️The difference between a Will and an Estate.
➡️The scope of a Will.
➡️The various components of Estate Plans.
➡️How and when an Estate plan may be more advantageous than a Will.
➡️The legal considerations of both Wills & Estates.
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Life insurance as part of your overall investment strategy.
Many people think of life insurance as a product that protects your loved ones in case of your death. We don't always think of using it as an overall investment strategy, but there are some interesting ways you can use life insurance to build and transfer wealth. In this latest episode Ben spills some creative ways that you can use life insurance. Some highlights include using insurance in retirement to optimize your income, using life insurance to offset inheritance taxes on a property, topping off retirement savings and, using life insurance to receive tax deduction or lower taxes on your estate through charitable donations.
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When it comes to finances, the bad decision is often the easiest to make. It is important we become mindful of those decisions and take steps to correct them. In a world where spending can happen in seconds and technology powers our lives, it’s easy to lose track of where our spending happens. In this edition of Savings Snippets, Ben outlines 5 common mistakes that many of us are making with our money and hands out some advice on ways to avoid them or tips to save you money.
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What do you get when you cross a TFSA with an RRSP and use it to save for your first home?
The First Home Savings Account – A unique new investment account that we are excited to share with you. This is the multitool of savings vessels and offers the non-taxable withdraw of a TFSA with the Tax deduction of an RRSP. You can contribute up to $8,000 a year with a lifetime maximum of $40,000. This plan is designed to be used as a down payment on your first home. If for some reason you decide against buying a home with it, it rolls into a RRSP or RRIF. Ben talks about this product on the podcast today, where he gets into the nitty-gritty details that you should know.
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In the financial world there are so many ways to approach a singular issue - how to make the most money with the resources you have, so you can live the life you want to. Most plans would have a similar focus and that is to make sure that you are paying down debt, budgeting and saving money. On Today's Podcast we are objectively presenting you with another way of approaching your goals. We have invited Phil Medler, a certified coach with Ramsey Solutions Inc. onto the podcast to discuss Ramsey’s “Baby Steps Plan,” this is a plan that focuses on 7 steps to build towards your financial goals. It was great to have Phil on the podcast, his enthusiasm and knowledge made this an enjoyable podcast to create (and hopefully for you to listen to).
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Life Insurance.
You have heard of it, you may have some, or at least know that you should have it.
Life insurance is something you, yourself, will not use but could mean everything to your family. In a world of ever-increasing costs and expectations, peace of mind in knowing that your loved ones will be taken care of in the event of your death is important (this is especially true in single-income homes with dependents).
The life insurance industry does not have to be scary or intimidating, in this episode of The Clear Money Mindset Savings Snippets Ben demystifies the life insurance industry by quickly talking about some of the questions our listeners have about life insurance. Unfortunately, we know first-hand how having this type of insurance in place can help someone, at least financially, through one of the most challenging times in their lives. From funerals to mortgage payments to supplemental income, life insurance can help though a broad array of final expenses and beyond.
Be sure to watch Davies Financial –Sterling Mutuals on Facebook and Instagram for more information on life insurance, facts about it and how to make sure that you are covered.
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It may seem early but now is the time to start thinking about your taxes for 2022-2023 tax season. This podcast is a wonderful way to make use of a cold & dreary January day. We have the knowledgeable Josie Hope, CPA - LJ Business Solutions, once again joining this podcast where she and Ben discuss some of the latest updates that you need to know for this tax season.
On our cast today we are chatting about:
-TFSA Contribution Limits.
- Canada’s First-Time Home Buyers Incentive.
- RRSP Contribution deadlines (you still have time to contribute for 2022).
- The important latest information regarding CRA my account and changes to account logins and how to share with your tax professional.
- Working from home and self-employed write-offs.
- What you can do now to start getting your taxes ready.
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