100 episodes

Welcome to the Unconventional Wisdom podcast. The show that helps you achieve financial security & freedom. Insights based on in-depth experience from Canada's #1 financial planner blogger. Find out what really works. Your host, fee-for-service financial planner & tax accountant, Ed Rempel.

Unconventional Wisdom Ed Rempel

    • Business

Welcome to the Unconventional Wisdom podcast. The show that helps you achieve financial security & freedom. Insights based on in-depth experience from Canada's #1 financial planner blogger. Find out what really works. Your host, fee-for-service financial planner & tax accountant, Ed Rempel.

    TFSA or RRSP? – The Right Answer for You (2024)

    TFSA or RRSP? – The Right Answer for You (2024)

    Deciding between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) can be one of the most challenging financial decisions you'll face. 
    Each has its benefits, and the right choice depends on your unique financial situation. 
    In this post, I'll guide you through understanding the factors that determine whether a TFSA or RRSP is better for you and how a financial plan can provide you with the precise answer.
    In my latest video I talk about: 
    The secret to minimizing your lifetime tax. Understanding how tax brackets differ before and after retirement. Specific examples when a TFSA is better and when an RRSP is better. When non-registered investments might be better than an RRSP. Common errors in tax planning, like focusing on current-year tax savings instead of lifetime tax savings. The impact of government income program clawbacks on your tax bracket in retirement. The importance of knowing your future taxable income to make informed decisions. Strategies for planning your retirement income to stay in lower tax brackets. The benefits of combining TFSAs, RRSPs, and non-registered investments for tax-efficient retirement planning. The role of a financial plan in optimizing your RRSP and TFSA contributions and withdrawals.  

    • 18 min
    How To Have a Long Lifespan, Healthspan & Wealthspan With 3.0 Level Thinking

    How To Have a Long Lifespan, Healthspan & Wealthspan With 3.0 Level Thinking

    How long should you expect to be retired?
    You want your money to last the rest of your life. How long will you live?
    What quality of life will you have? What will your lifestyle cost you when you are older?
    What if you could:
    Live longer (long lifespan). Be healthy longer (long healthspan). Have financial freedom longer (long wealthspan). In my latest podcast episode I talk about:
    Why it's smart to plan for a longer life. New thinking in medicine to help you live long & be healthy.. New thinking in personal finance to keep you financially free for life. What is wrong with mainstream medicine & personal finance. Create your own "Centenarian Decathlon". Why "First, do harm" is wrong for doctors. What did Hippocrates actually say? How to create plans for a long lifespan, healthspan, and wealthspan.

    • 30 min
    How To Create a Financial Plan That Is Your Life Plan - Interview with Kornel Szrejber

    How To Create a Financial Plan That Is Your Life Plan - Interview with Kornel Szrejber

    I recently worked with Kornel Szrejber, host of Canada’s #1 financial podcast “Build Wealth Canada”, on his family’s financial plan, so he could feel confident about his retirement.
    Kornel retired in his 30s, but he was starting to feel anxious because he wanted to make sure he wasn’t overspending.
    This podcast interview is a Q&A between the two of us where we talk about Kornel’s situation, as well as other situations people may go through when they are saving for retirement.
    We talk about what makes a good financial plan, tax planning, and understanding how to foresee how much you can spend on things you love in your life like vacations and entertainment.
    After watching this interview you’ll realize that when you know the lifestyle you want to live, you can live the life you want in your retirement.
    Here are some points we touched upon:
    Why it’s so critical to track and itemize your household expenses (so you aren’t stressed about your retirement). How to know how sustainable your lifestyle is when living off your portfolio. In which order should Kornel withdraw from his accounts for a tax-efficient retirement? Why a personalized financial plan is key to having a successful retirement. What is lifestyle creep? Why you should view expenses as discretionary and non-discretionary. Why investing is only 20% of the financial plan. The 2 overall tax strategy choices to minimize tax in your retirement. How should you plan if you earn income for a few years in your retirement. Do you retire with more peace of mind with Active or Passive investment strategies? Tax planning for a higher Canada Child Benefit. How the CCB can put you in a high tax bracket with income as low as $17,500/year. How many hours does it take to do a financial plan? Planning for long-term financial success. Enjoy!
    Ed
     

    • 53 min
    How to Successfully Implement the Smith Manoeuvre (Ed Rempel interviewed by Sean Cooper from "Burn Your Mortgage")

    How to Successfully Implement the Smith Manoeuvre (Ed Rempel interviewed by Sean Cooper from "Burn Your Mortgage")

    You know the basics about the Smith Manoeuvre. 
    It’s one of the most effective wealth building strategies if done by the right people in the right way over the long term.
    My latest podcast episode can be found on Sean Cooper’s “Burn YourMortgage” podcast on YouTube and his website www.BurnYourMortgage.ca, and you can listen here too.
    You’ll learn:
    Why should you consider the Smith Manoeuvre? How to know if the Smith Manoeuvre is right for you. Managing the risks. Avoiding the common errors. Tax tracking & Capitalizing. Dealing with CRA. How the Smith Manoeuvre can fit into your retirement plan. What happens if you move? What happens once your mortgage is paid off? What happens after you retire? Options – The 7 Smith Manoeuvre strategies. Effective investing with the Smith Manoeuvre Implementing the Smith Manoeuvre.

    • 26 min
    How to Avoid or Minimize Extra Tax from New Higher Capital Gains Tax

    How to Avoid or Minimize Extra Tax from New Higher Capital Gains Tax

    You may have heard that we just had a new budget here in Canada, and increased the taxes on capital gains. 
    Canadians with a rental property, cottage or investments and their tax advisors are scrambling to figure out what to do before the deadline of June 25, 2024.
    Here are the questions we’ll cover in this latest podcast episode:
    What is the new higher capital gains tax?
    Who is affected? Why is it mainly a real estate tax? How to avoid or minimize the higher capital gains tax. Is investing inside your corporation still worthwhile? Will the higher exemption for small business help? Are rental properties or cottages still profitable? Why are only 50% or 67% of capital gains taxed, instead of all gains? 3 nasty aspects of the new tax. Why do they say only 0.13% of Canadians are affected? Will this hurt our economy?  

    • 37 min
    How to Donate Effectively

    How to Donate Effectively

    You may be thinking – what difference can I make in the world?
    As a financial planner I talk a lot about money, however, it’s not really about the money itself, but what it does for your life – how to live well, retire comfortably, and give back.
    In my latest podcast episode, I give you some ideas to help you choose causes that matter to you, as well as talking about financial & tax planning for donating effectively.
    Listen to find out:
    How do most people donate? What is a Donation Plan & how does it benefit you? How to donate tax-efficiently. Donation tax credit by Province. Advanced donation tax strategies. What is a “Donor-Advised Fund”?  How do you decide where to donate? How do billionaires donate? What are the most effective charities or causes? How do we increase the prosperity of all humans?   

    • 35 min

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