Ryan McCrory - Financial Planning

09/30/2021

⭐️📚𝙃𝙊𝙒 𝙏𝙊 𝙋𝘼𝙔 𝙇𝙀𝙎𝙎 𝙊𝙐𝙏 𝙊𝙁 𝙋𝙊𝘾𝙆𝙀𝙏 𝙁𝙊𝙍 𝙀𝘿𝙐𝘾𝘼𝙏𝙄𝙊𝙉

Have you thought about future education goals for your child?

• Starting a RESP helps reduce education costs. The government matches 20% right away giving you a guaranteed 20% growth on every contribution…

• Start early and the sooner that extra amount can start growing for your kid(s). It can save roughly half the cost or more by the time the child is 18 💸💸

05/26/2021

🚨Save Money on your Insurance Coverage🚨

Having the right protection is important, it’s a smart move to get life insurance to cover the cost of your mortgage. But many people just get it as an add-on with their mortgage…and don’t know there are more benefits to a personal policy

Lender coverage usually costs twice as much. Getting a personal policy saves you from paying more than you need to on premiums & guarantees the full amount to provide for your family

You can fix this any time and won’t cost you any penalty! If you’re a homeowner, reach out to me and let’s look at saving you money on your coverage

Ryan McCrory
Financial Planner - Kelly Smith Group
✉️[email protected]

05/12/2021

COMMON WRITE-OFF MISCONCEPTION
Writing off does not mean you get reimbursed for the full amount. That only happens when you are an employee of a company and the company reimburses you.

It’s a good idea to plan which ones are smart/necessary write-offs and which ones would be better off not doing and saving instead.

There's other negative impacts of writing off too much. One, it lowers your income and that can affect the amount you're allowed to borrow from lenders.

Ryan McCrory
Kelly Smith Group

04/13/2021

The building blocks or foundation of a financial plan.
• Better ways of managing cash flow, savings, and debt to enhance what you are currently doing
• Find efficiencies to help lower Interest paid, help understand your habits & identify opportunities
• Worry less about money, organize your finances, save money to reach your goals

03/31/2021

WHY SHOULD YOU PROTECT YOUR FAMILY?

Without you how will your significant other pay the mortgage, and replace your income for other ongoing expenses?

Provide peace of mind that if you were gone, your family won’t be negatively impacted financially and downgrade their lifestyle, Life Insurance provides that protection.

As a Financial Planner and broker, I make sure you have the right protection and find you the best rate.

Ryan McCrory
Kelly Smith Group

03/24/2021

Don’t postpone your goals!

Here's a different look to help people understand building on returns to reach a certain goal. No matter how good returns are, if you put saving off for later, there is less time to grow.

If you are 20-25 years away from retirement, or thinking of starting an RESP for your child, don't push these off for the future…it’ll cost you a lot more of your own money.

What do you need to invest each year to reach your goal? Do you know how much you can expect to save each year in the future? Let's talk and see how I can help.

Ryan McCrory
Kelly Smith Group

03/16/2021

Make your money work for you!

This may be a touch basic, but it illustrates the effects of compound returns on your money over time.

If you have a short time horizon, it'll mostly be your own contributions, as you need to build up a base for it to really take off, and possibly increase the amount you put away.

Even though there may only be 10-20 years until your goal there is still a clear benefit to starting now vs later.

02/23/2021

It’s a great experience to build and work with clients, changing their financial situation for the better, not just investments but comprehensive strategies to meet their goals

We built a strategy to help them not lose $45,594 to taxes (on top of their current savings), reduced their investment fees by 56%, setting them further on along the path to their goal of an early retirement

Ryan McCrory
Kelly Smith Group

02/12/2021

Here is some more learning material on how RRSPs and TFSAs work and the differences between them.

There are a lot of factors and little things many people don’t consider; all of which affect how much tax you will pay and when.

Expert planning looks at both partners’ marginal tax rates, expected income increases/sources, and future tax rates to see which contribution or mix of the two keeps you from losing more money to tax.

If you need help navigating these differences, reach out. I’m here to help.

- Ryan McCrory

Both TFSAs and RRSPs can be significant savings vehicles for your clients. We've put together an article to help your clients easily understand the differences between them – with one section focussing on differences in deposits and one focussing on differences in withdrawals. The deposit section ...

02/01/2021

While it's true that a small percentage use capital gains as a source of regular income, “Despite what many Canadians believe, most capitals gains taxes are paid by ordinary Canadians and not the super wealthy”.

Most people’s capital gains happen irregularly or all at once, also pushing them into the highest income brackets that year. Think the Small Business owner who sells their business or passes it to the next generation (still considered a sale and taxable by the CRA). The same applies to family vacation homes; it would cost 50% more to keep those in the family, only the inheriting ones need to come up with that money.

Our hard work to advance and improve our financial situation usually results in growth through capital gains. Raising capital gains tax would only make that even more difficult.

With evidence capital gains are “clearly much less concentrated at the top than is widely assumed” raising them would be felt by much a much larger group of us.

Ryan McCrory
https://kellysmithgroup.ca

https://www.fraserinstitute.org/sites/default/files/correcting-common-misunderstandings-about-capital-gains-taxes.pdf

01/26/2021

RRSP vs TFSA - which is better? Here is a quick breakdown of the two:

With an RRSP you are “deferring” tax and paying it later. Any withdrawals are fully taxable as regular income (Other than First Time Home Buyers).

If you pay tax on payday, RRSP contributions usually result in a tax refund. For self-employed individuals, they lower income taxes payable for the year.

TFSA contributions don’t reduce taxes now, but withdrawals are completely tax free.

There are more factors involved, mostly RRSP rules, and I will be uploading a detailed comparison of them soon. I am always happy answer any questions you have!

Ryan McCrory
https://kellysmithgroup.ca