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Slip into something more comfortable and delve into personal finance with Josh Sheluk and Colin White, experienced portfolio managers at Verecan Capital Management. Each episode demystifies complex financial topics, stripping them to their bare essentials. From investment strategies and financial planning to economic headlines and philanthropic giving, delivered with a blend of insight, transparency, and a touch of humour. Perfect for anyone looking to understand and navigate their financial future with confidence. Subscribe now to stay informed, empowered, and entertained.
Verecan Capital Management Inc. is registered as a Portfolio Manager in all provinces in Canada except Manitoba.
Announcer:
You're about to get lucky with the Barenaked Money Podcast, the show that gives you the naked truth about personal finance. With your hosts, Josh Sheluk and Colin White, portfolio Managers with WLWP Wealth Planners, iA Private Wealth.
Colin White:
All right, welcome to the next episode of Barenaked Money. There's only a shower curtain between us. Just trying that out for new tagline. I'm not sure that's going to stick. Josh and I have a list that we've put together of future podcasts. And despite my hopes, Josh is not going to surprise me. I know exactly which one we're going to do next, because I want it to be more spontaneous. It's just a thing I was going to try. But no, Josh has got his bullet points. He's going to keep me on track. He's going to keep us on point. He's going to make this valuable to everybody. So Josh, why don't you tell everybody what we're going to talk about this week?
Josh Sheluk:
Yeah, we'll save the spontaneity for when we have the opaque shower curtain between us. Right now, we're just translucent, so we're bearing a lot right now. Well, as being RSP season, we thought probably it's time to talk about RSPs versus TFSAs and where it all fits into people's financial plans. So that's it. That's the topic today.
Colin White:
All right, so let's start with the basics. It is a tax-free savings account, a TFSA, not A TSFA. I don't know why, but in the human brain that somehow is very, very close to each other, and I probably correct somebody every week or just let it slide. One or the other. So it is a tax-free savings account, TFSA. And RRSP is a registered retirement savings plan, sometimes abbreviated to a retirement savings plan. They're used interchangeably. So let's start with definitions there, Josh. How'd I do?
Josh Sheluk:
Yeah, no, that's good start. And I think a lot of people when trying to figure out, well, what does each one mean? Well, the tax-free words on the TFSA, I think that means a lot for people. So I think that's really important as we kind of go through here and you're trying to keep a hold on which one's which, tax-free. Come back to that acronym and what it stands for.
Colin White:
Well, yeah, and the other part of the acronym that gets misconstrued on both of them is savings. So savings account, savings plan. So somehow in the world, and I think this has to do with some of the marketing, a lot of people are looking at tax-free savings accounts as a true savings account, like you open up with your bank and you move money out of your checking account into your savings account, and they don't seem to make that same connection or mistake with RRSPs. But I see it with tax-free savings accounts all the time. So use of the word savings there is a bit of a misnomer. Interest rates have changed, so the water on these beans has changed a little bit.
But the tax-free part is it's tax-free on what you earn in that account. So you really should be aiming for your most aggressive or best rates of return inside your tax-free savings account. It's not that big a deal if you put your money in a tax-free savings account and get 1%. That's not as good as it could be. If you put it in a tax-free savings account and you start getting 6 or 7%, that just tastes better, and that's a way better use of a tax-free savings account. So that's an important thing I want to correct. Is there any other real ... I'm really starting at the basics, and this is the stuff I yell at people on a regular basis about Have I hit all the really glaring stuff, Josh, or there's something that I'm missing?
Josh Sheluk:
Well, I think that's a good point. Just to clarify what you're talking about, the tax-free savings account or TFSA can be any wide range of different investments that are out there. So both the RSP and the TFSA, they're just vehicles, and you can throw whatever you want in those vehicles, any type of engine in those vehicles that you want. So the differentiating factor between the two of them is on the tax treatment when money goes in and comes out.
Colin White:
Yep.
Josh Sheluk:
So, jumping to that, because that's sort of the core to everything that we're talking about here, and you alluding to which types of investments you want to have in each account, the TFSA, money goes in with after tax dollars. So you pay tax on it, then money gets contributed to your TFSA. That money grows tax-free for as long as it's in that TFSA. And when you pull the money out, it comes out tax-free as well.
The RSP is kind of the opposite in that when money goes in, you get a deduction on your tax return potentially for the year that it goes in. So you can reduce your tax owing the year that money goes into the RSP. It does grow on a tax-deferred basis as well. And then when you pull the money out of the RSP, you're taxed on the withdrawals from the RSP. So just to summarize, again, money goes into RSP, you get a tax break. Money comes out, it's taxable income. Money goes into a TFSA with after tax dollars. You've already paid tax on it. Money comes out tax-free. So kind of opposite there.
Colin White:
And the important part to recognize there is that the money that you make inside of your RSP is going to be taxed when it comes out. Right? So that's where the math changes. I mean, if it's tax-deductible on the way and taxable on the way out, okay, that's kind of a wash. But the fact that the differentiator, one of the main differentiators in the long term success of these two accounts is the money that's made in the tax-free savings account, you get to keep a hundred percent of it. So that's where ... and again, I've run many different scenarios on this, it depends on how you squint your eyes and hold your tongue as to which one will do the best for you in the long term as far as your retirement plan goes.
So there's a lot of assumptions that can go in there, but it's reasonable under most circumstances. And I've looked at many different circumstances. Doesn't take a whole lot of change of assumptions for one versus the other to be a better option for you. So it's one of those situations where both horses are going to do well. So one conclusion to draw is just do both. That's a gross oversimplification, and we're not going to stop there. But in most situations, you're not going to be making a mistake by doing both or splitting it between the two. Is that fair, Josh? Have you seen a whole lot of different outcomes in your planning exercises with clients?
Josh Sheluk:
Well, if you had perfect foresight, your outcomes are going to be very simple in terms of determining which one's better. If your tax rate is going to be higher when you pull money out than it is today, then you want money to go into your TFSA because you're getting tax today when your tax rate's low and you're pulling the money out tax-free in the future when your tax rate's high. TFSA wins in that scenario. If your tax rate's higher today, today than it is when you pull money out, then your RSP'S going to win. Because, again, RSP, money goes in, you reduce taxes today when your tax rate's very high, and then you get taxed on that money in the future when you pull the money out, your tax rate's low. But again, that's perfect foresight.
And just for sake of argument, so nobody comes and asking about the scenario, if your tax rate is the same today as it is in retirement or when you're pulling the money out, just to be clear, it doesn't need to be necessarily retirement, if the tax rate's the same today and when you're pulling money out, then it's going to be a wash. Doesn't matter if you contribute to an RSP or TFSA. You're going to get the same benefit mathematically in either situation. So if we had that perfect foresight, we'd know exactly what to do. But we don't have that.
Colin White:
Which is why, again, when you take a look at it, it doesn't take a whole lot to swing it back and forth in many scenarios as to ... because you don't know how the next 20 years of your life's going to go. So if you run into a situation where you need to liquidate some money during your peak earning years and all you have is an RSP, now you're hooped. You're going to be pushing yourself into not a good situation.
But back just to illustrate, because this has come up with clients coming to me with their kids. They're starting their first job, they graduated from school, they got a job in like October, and they start contributing to an RSP right away. It's like, whoa, whoa, whoa, whoa, whoa, whoa. Wait. No, no, no. You don't want to do that. Because again, you're only working part of a year and you have your student deductions for the rest of the year. Your tax liability is actually fairly small, probably the smallest it's going to be, and you only have so much RRSP room.
So again, when you're young and getting started out ... And this isn't poison. Like, when you see somebody who's young and they really want to be a saver and they set up their RSP, look, that's fabulous. We should celebrate those people. There's not enough of those people around. But they could do it a little bit better if they took that same amount of money and put it in a TFSA and saved that RSP room for a bigger tax year. They're making their job easier. Call it work easy, right? Use these types of accounts, the way they were intended to be used.
So it works really well for younger people, I find, who are their first job or their incomes aren't what they're going to be in the future. Start out with a TFSA. Get money in a TFSA. Because also, when you're younger and first getting started, there could be an opportunity that you need to come up with a down payment for house. Now, caveat, we're going to talk about home buyers' plans and stuff at a future date when the new mystery account is unveiled to us. But notwithstanding, when you're young, you're actually starting out and there could be opportunities where you do need to access money: relocate for a job, or all kinds of things come up. So a tax-free savings account works better in those circumstances, both from a tax perspective and a flexibility perspective, at that end of the spectrum anyway.
What other situations, Josh, do you come across where tax-free savings accounts win over an RSP contribution?
Josh Sheluk:
Well, you made the one comment there just very subtly: flexibility. When you need flexibility, tax-free savings account is going to be superior because it gives you that flexibility. You can take money out of a TSFA anytime you want tax-free. And not only can you take it out, but you can put that same amount back in the next calendar year into your TFSA. So if you need money temporarily, you can take it out, put it back in six, nine, 12 months later, and you haven't really lost, so to speak, lost any of your TFSA contribution room. So if you're in that boat where you're unsure, then that's a much better option,
In my opinion. And the other thing, I usually remind people when they're thinking, "Well, I think I'm going to really want that tax savings, but I don't really want to lock my money up. It's only June. I don't know what the rest of my year is going to look like but I want to start saving now." Well, with a TFSA, you can transfer money from A TFSA to an RSP if you have the contribution room. You can't really do it the other way. You could, but you're just going to be taxed on everything that you withdraw from the RSP. So maintain as much flexibility as possible, and if you need to make a decision at some point to about a future date, then putting money into the TFSA even temporarily can be a much better option than putting it into an RSP where it's a little bit more locked up.
Colin White:
Now, Josh, you're absolutely 1000 billion percent right in everything you said. But what people just heard you say was, "I can't get money out of an RSP." Now, is that true?
Josh Sheluk:
Let me clarify. You can take money out of an RSP anytime you want as well. It's just going to be taxable for you when you pull it out. So-
Colin White:
Which may not be a big deal. If you just lost your job and you got no longer have any earned income coming in, RRSPs are available to get you over the hump. And I say that, Josh, because again, I've watched clients go through absolute unmitigated hell and not cash anything out of their RSP. And when I finally talked to him, it's like, "Why the hell didn't you call me?" It's like, "Well, that's locked up till I retire." No, it's not. It's not locked up. And I don't want to take anything away from anything you just said, but what people hear is, "I can never ever touch an RSP." Yes, you can. It's just taxable. You know what? That may not be a big deal.
Josh Sheluk:
Fair enough. Yeah.
Colin White:
So, just putting that out there.
Josh Sheluk:
Yeah. So yeah, it's taxable and you can't replace it once that money comes out. Again, you don't get the contribution room back. If you have contribution room, you can put more money back in, but if you don't have contribution room, that amount of money that you pull out, it can't go back into RSP. So that's where the TFSA, you get that flexibility to put the money back in at some point at a later date, and you don't ... again, so to speak, you don't lose the room once the money comes out.
Colin White:
Oh, no. And that's huge. And I think that is one of the best things about the slot. I mean, there's nothing bad about a TFSA. When I saw them announced, it's like, wow, this is something, literally, there's not a downside to. And you're right, burning up RSP room by pulling money out again. I'm walking a fine line. I want clients to listen. If you really need it, you can pull money out of your RSP. Yeah, you don't get the room back. Yeah, it's taxable. But that might be okay. Those might be okay situations for you to pull money out of an RSP because you can. That's part of why you do things. You accumulate wealth, you accumulate liquid wealth so that if things go sideways, you have options. But it is very important to understand. Again, I a billion percent agree with everything you're saying, and I'm just trying to parse our message so that we don't leave people with the impression that their RSPs are locked until they retire, or 65 or something.
Josh Sheluk:
So we covered a couple scenarios there where TFSA makes more sense. Young and just building income, or require more flexibility. Are there some scenarios that you think RSP more often than not is going to make more sense than a TFSA?
Colin White:
Well, generically, in people's peak earning years, like if you're at the top of your profession and you're taking a look at your career path, "Now this is probably the best money I'm going to make," that's when you're probably most likely to look at an RSP as being a good idea. The other thing is if there's some kind of a windfall, like if you've just sold a property or you've had some kind of taxable event. Again, those are great opportunities to use RSP.
And then, frankly, they're also good reasons to keep some powder dry. If you do own a family cottage or a rental property, having a little bit of RSP room that you don't use up every year, again, depending on circumstances, is not a bad thing. Keep some of that powder dry so that if you think that in the next two or three years we're going to sell a property and that's going to be taxable, then you have more capacity to deal with that. So ...
But typically, peak earning years, however you want to define those. If you're getting a, "I'm going to retire in five years, this is probably the most money I'm ever going to make," make a real concerted effort to make sure you use up all your RSP room then. Because once you get into retirement, there's so many different ways of controlling your taxable income with income splitting and things of that nature, that in many, many, many situations, your tax burden in retirement drops noticeably compared to your tax burden while you're working. So yeah, any of the high-earning years you can push forward into retirement and give yourself some options is important.
Josh Sheluk:
Yeah, we kind of glazed over marginal tax rates and maybe we shouldn't have. So I was talking at the outset, low tax versus high tax. You're now talking about high income. It's worth just mentioning that as your income goes up, that means your tax rate's going up as well. And if we just use the average, I guess, combined provincial and federal tax rate, if you're making less than $50,000 per year taxable income, you're probably about a 20% tax rate on a marginal basis. Whereas if you're over $200,000 of income, you're closer to 50 to 55% tax rate depending on which province that you're living in.
So this is why you're saying, hey, if you're selling the family cottage and you're going to have $150,000 of capital gains and your tax rate's going to be much higher than it would be when you're just working on a day-to-day, month-to-month, year-to-year basis. And that's when you really want to start thinking about, how do I control my contributions to control my level of income that I'm reporting and my level of tax that I'm paying?
Colin White:
Yeah. And again, I agree with you a billion percent. Everything says that. But what people heard was, "If I make 50,000, I pay 20%, and if I make 200,000, I'm going to pay 50% of it. So I don't want to make that much money." Like, it's marginal tax rate. You get taxed on the next dollar. The first dollar, it doesn't change the tax when you go into the next tax bracket. So just to be clear.
Then, again, this has just come from a long history of saying exactly what Josh just said, which is absolutely factually correct, and having people hear something different. So keep in mind that if you make an extra dollar that there's no way that you're going to have less money in your pocket. You're only going to lose part of that next dollar. That's just the way the tax system works. So when we say marginal tax rate, we're talking about the next dollar. So again, on $50,000 income, and you get a windfall of 30 grand, now your tax is going to be at $80,000. So you're probably getting closer to 40 cents on the last ... mid-thirties to high forties on that last dollar, depending on province and type of income. So that's what we're talking about. It's just that next dollar gets taxed at the next tax rate within the bands that are out there.
Josh Sheluk:
I love that. The two things that you've agreed with me on a billion percent, you've gone on to correct me or specify some parameters around what I'm saying.
Colin White:
No, no. Well, I'm correcting for what I've heard people hear when I say those same things, because I've described it exactly the way you've described it, and I've had people come back with these kinds of questions. So ...
Josh Sheluk:
Yeah, it's fair. You can also say that you agree with me 90%. I'd be okay with that as well, Colin, it's up to you.
Colin White:
Come on. This is show business, Josh. Everything's got to be bigger and grander, like a musical number.
Josh Sheluk:
Billion. Billion. A billion percent. That's right. Yeah.
The other thing, Colin, I know you've seen a lot of people change their minds in your professional career, probably your personal career as well. But this is something where, again, the TFSA offers a lot of value if you think that you might be changing your mind at some point down the future. And it's funny, nobody ever thinks that they're going to be changing their mind, but we try to tell them there's a good chance that something is going to change and you might want to change the way that you're approaching this.
Colin White:
Well, the flexibility is the whole game. Right? We don't know what's coming around the corner: global pandemic, nuclear inflation spike, some kind of trade-
Josh Sheluk:
All very rosy things, Colin. It's like, what's happening? Why are you so pessimistic today?
Colin White:
Oh, here we go. We're back to the millennial conversation. No, this is how the world is. And I'm not pessimistic about it by any stretch of the imagination. The world is ... There's always part of the world that's dark and stormy, and to whether that affects your personal financial situation or whether it's a family issue or a health issue. There's lots of things. Like we can do a great graph that's got a nice straight line on it going for the next 40 years. Guarantee you that's not how it's going to go. So flexibility is key.
And this is why we preach flexibility in our planning with clients, which is why having both an RSP and a TFSA have their place. Very, very seldom, very, very seldom I look at a client and say, "You know what? You should only do one of the ..." Most oftentimes, it's, "Well, maybe for a year. We'll do RSPs this year, but next year we should get back to 50/50." Because again, just not knowing. And they're just accounts. So we can invest. And the whole different conversation is, what is the investment that you put in each of these accounts?
So part of it is what type. We're just talking about tax treatment, then it's, okay, so what investment in that account meets your time horizon? So typically we would like to see your longer term assets going into the tax-free savings account, and we'd like to invest those for the longest time horizon, so again, we can get the best value of tax-free compounding, which is huge. It's big-ly, like, it's big-ly huge. But there has to be some flexibility somewhere in your financial situation to deal with that.
Now, maybe you have an actual, just a regular savings account. You keep three to six months expenses in an account, just in case, like the Canadian Association of Financial Planners would recommend for you. Then you just bought time. You can run your TFSA longer-term. But if your TFSA is kind of that emergency fund, then you have to be a little bit more conservative with the investments you choose to put in there, which can be virtually anything.
Josh Sheluk:
Yeah, I think a good way to just reinforce that point is if you have your TFSA invested for growth, you want it to grow, grow, grow, grow, grow because that money you're going to pull out tax-free. With the RSP, all that growth is going to be taxable for you at some point in the future. So when you're splitting up your investments amongst these two different accounts, for future taxable income in the RSP, maybe you have something that's a little bit more stable and a little bit less growth-oriented, all else equal.
Colin White:
Oh, we've gone to the advanced course, have we? You really want to go to the advanced course? All right, let's go. Let's see. This is one of those minimize/maximize problems. So yes, from a tax perspective, if you take your entire investment world and you have a given risk profile, that means there's going to be a range of investments that are appropriate for you, the advanced course would take the more growth-y investments and put those in a TFSA and the less growth-y investments in your RSP. Then the toll is where it needs to be.
But again, if you need a little bit of something-something just in case, a little bit of money set aside in a tax-free savings account may make sense from a planning perspective. And sometimes, all the time, planning is way more important than tax. You have to be able to live your life. And to back yourself into a corner because it makes tax sense, no, that's the tax tail wagging the dog. So it is absolutely accurate, and it is the advanced course. Less aggressive investments, more interest-varying investments in a registered account compared to a TFSA if you're fortunate enough to have significant assets in both. It's just one of the tweaks that you can make.
Josh Sheluk:
So we talked about where accumulating or adding assets in TFSA versus RSP, where one makes more sense than the other. We talked about pulling assets out, where one makes sense more than the other. What about estate planning, Colin? Where can both these things fit in sort of a long-term estate plan, what happens at death type of thing?
Colin White:
Well, again, there's two different sides to it. One is spousal rollover. So if you're married, then the account can just roll to your spouse, which is particularly good for surviving spouse to have a huge tax-free savings account to pull on, because again, later in life is when controlling your income can become more important for qualifying for various government programs and things of that nature.
So from a husband or wife perspective, then both RSPs and TFSAs can roll basically to the surviving spouse. So they share that in common, which is very, very good, very nice and very important. If they end up just in your estate, again, the tax-free savings account's going to get cashed out tax-free as per the name. Anything in your registered account is going to be cashed out and put on your final return. So again, that tax liability in the estate. Now-
Josh Sheluk:
So Colin, let me interrupt. What do you mean by that cashed out and put on your final return? Can you clarify that?
Colin White:
It's going to be a deemed ... When you die, everything you own is deemed to have been sold.
Josh Sheluk:
In the RSP?
Colin White:
In general.
Josh Sheluk:
Yeah, yeah. Right.
Colin White:
But that includes the RSP, right? So it's a deemed disposition. So if you were sitting on $250,000 in your RSP and your spouse has already passed, you're on your own, and you die, then that $250,000 is taxable income on your last return, and your estate's going to be responsible for that. That sucks that you're dead more than it sucks you had to pay tax on your RSP. You didn't get to use it. Some people would be really grumpy about that, try to hang on and order a pizza to get rid of the rest of the money in their account. But ...
Josh Sheluk:
That's a lot of pizzas. Or one really expensive one.
Colin White:
Yeah, with a big tip, right?
Josh Sheluk:
Yeah.
Colin White:
So ... Yeah. So, no, that's, from an estate perspective, absolutely.
Josh Sheluk:
Yeah. So I find that some clients that are really intent on minimizing the tax bill, their final tax bill, and sort of the tax burden on the estate, or the next generation, if you want to call it that, are more intent on winding those RSPs down a little bit sooner. And that TFSA is a really nice asset because it can be passed on to any of your beneficiaries tax-free, which is a huge boon, potentially, and something that, again, provides a lot of flexibility later on in life.
Colin White:
Well, no, for sure. And then the thing about, again, tax planning with an RSP is you get a choice every year as to how much you want to take into income. Until you hit age 72, and then we get into the riff conversation. I'm not sure if that's beyond the scope of this conversation. But prior to 72, you have a choice as to whether you're taking money out. Absent, you can take up more than the minimum, but you kind of have a choice.
And so to Josh's point, absolutely. Some clients won't work with them because they don't want to have as much of a taxable impact in their estate because of their situation. So we pull assets out early, hopefully pay tax at lower rate over the years leading up to the final year. So that absolutely is a strategy. I don't know, Josh, is the riffing of an RSP, is that within the context of this conversation?
Josh Sheluk:
I think that's another podcast.
Colin White:
Oh, you teaser you. You teaser you. But hey, there's one thing we haven't talked about yet, which I think is extraordinarily important because it's caused a lot of stress for clients when this happens. Multiple accounts. You've never seen that happen?
Josh Sheluk:
I've seen multiple accounts and I've seen them get very confusing between the multiple accounts. I think that's what you're referring to.
Colin White:
Well, yeah. So again, you as a taxpayer, as an individual, have limits on how much money you can put in a tax-free savings account and how much money you can put in an RSP, right? So I have seen people accidentally open up a tax-free savings account at their bank and put a bunch of money in there thinking it's a savings account, and then come to us and make their deposit into their tax-free savings account with us. And then we noticed with CRA it's like, what the heck? And come to find out that literally they ... "Well, I just opened up a savings account." "Well, did you read the document carefully?" "Well, it says savings account." "Did it have a T? Did something start with a T on the paperwork?:
Josh Sheluk:
Did that savings account start with TF?
Colin White:
Yeah. And if you over contribute to a tax-free savings account or an RSP, the penalties can get noticeable. Like a TFSA is 1% per month for the amount of the over-contribution. So you want to keep a close eye on that. And that's one of the cases for consolidating your wealth planning with a group rather than spreading it around. Because if you spread it around, you're going to have to keep track of your own poop. But if you're doing it one spot, you got at least one second set of eyes looking at it going, "Are you sure?"
Because again, mistakes can happen. You can have as many RSPs and TFSA accounts as you have the patience to open. There's no limit there. But there is a very tight limit kept on how much money you're allowed to put in them. And they track it all with your social insurance number, so don't try to get funny. Any people out there who are thinking that they can do something funny, you can't. Give up. You can't open a TFSA in the name of your cat. Things like that just don't work. But keep track of those kind of things because it does get expensive.
Josh Sheluk:
Yeah, I've had multiple people come to me over the last few weeks saying, "I thought my RSP contribution room was what was on my NOA, my notice of assessment, plus 18% of what I earned this year." And I have had to say, "No, no, no, no, no. You don't get that 18% till next year." And if what I'm talking about right now is going over your head, and I've had some conversations like that, talk to a professional because somebody needs to help you out with it.
It is actually sometimes mindbogglingly confusing when you're talking about TFSAs and RSPs, and my RFP deadline is March 1st, but my TFSA deadline is when? And when do I get my new TFSA room? And when does it report to the CRA, by the way? Because CRA is saying this as of January 1st, but it doesn't capture all of your contributions from last year, by the way. So this stuff can get pretty messy pretty quickly, and as you said, lead to some over-contributions, which is no fun for anybody.
Colin White:
Oh yeah. Just to clear it up for our listeners, Josh, are RSPs on sale right now?
Josh Sheluk:
They're always on sale, Colin.
Colin White:
Oh, okay. There you go. One of my favorite questions I get at least once a year. No, listen, I mean, and kidding aside, this can go sideways and it's not that hard for a really, really smart person to make a really, really simple mistake and cost themselves significant money. And I love them, because if the world stays this complicated, then we have job security. But hopefully this pod has given you a bit more of an insight as to how the decision-making happens.
And our goal is that when you go and talk with the professional at this point about your RSP and TFSA planning, you're starting on second base. You understand at least a couple of the basics. And if you keep listening, you might pick up a little bit more. That's all we're hope ... We're trying to make you a more informed consumer of advice.
Josh Sheluk:
And we have job security until ChatGPT takes all of our jobs. So until then, we'll be here.
Colin White:
Well, and who said ... Who's the dark one now?
Based on observation, it seems that the time an investor is most likely to move his or her portfolio to a new advisor is when the old advisor dies. Let us go on record as saying that having a pulse is not a great reason to trust someone with your entire financial future. Stop putting your life in the hands of stillbreathingwealthplanners.com and call us.
Announcer:
This information has been prepared by White LeBlanc Wealth Planners, who is a portfolio manager for iA Private Wealth. Opinions expressed in this podcast are those of the portfolio manager only and do not necessarily reflect those of iA Private Wealth, Inc. iA Private Wealth Inc. Is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.
This should not be construed as legal, tax or campaign advice. This podcast has been prepared for information purposes only. The tax information provided in this podcast is general in nature, and each client should consult with their own tax advisor, accountant, and lawyer before pursuing any strategy described herein.
As each client's individual circumstances are unique, we've endeavored to ensure the accuracy of the information provided at the time that it was written. However, should the information in this podcast be incorrect or incomplete, or should the law or its interpretation change after the date of this document, the advice provided may be incorrect or inappropriate. There should be no expectation that the information will be updated, supplemented, or revised, whether as a result of new information, changing circumstances, future events, or otherwise. We are not responsible for errors contained in this podcast or to anyone who relies on the information contained in this podcast. Please consult your own legal and tax advisor.