Nick Crandall Financial

Nick Crandall Financial Helping ensure that no family is ever left behind & to help Canadians get into the best financial shape for their future!

12/19/2023

***** FHSA Service Announcement *****

As you all know there’s a new sheriff in town when it comes to investing for your First home… the First Home Savings Account!!

Here’s what you need to know:

1) Maximum contributions of $8,000 per year to a maximum of $40,000.

2) It’s a mixture of the two main ways of investing here in Canada, it has the Tax Free Component when pulling the money out of the account and also has the RRSP tax break component as well.

3) Contribution limits will restart on January 1st unlike with RRSP where you have 60 days into the next year where you could continue to contribute to your RRSP for the tax season you are in.

4) Limitations:

An FHSA can only be held until December 31st of the year in which the earliest of the following occurs:

a) the 15th anniversary of opening your first FHSA,

OR

b) the year you turn 71 or the year following your first qualifying withdrawal.

FYI:
Non-qualifying withdrawals (not made to purchase a qualifying home) are taxable income.

If you set up an account before the end of this month, you will get extra contribution room for the year of 2024… $16,000 rather than $8,000.

Looking to take advantage of this, im only a message away, shoot me a DM or comment on the post & SHARE, SHARE… SHARE!! Everyone needs to know!!

Much love & Merry Christmas to you and your families.

A consultation could save you from being the 1 in 4 home owner! A DM away from helping you and your family stay in the h...
06/13/2022

A consultation could save you from being the 1 in 4 home owner! A DM away from helping you and your family stay in the house you enjoy!

Want to learn more about the ways we can help? Give me a shout!

Happy Monday Folks!!

04/07/2022

When you start at a new job… what are some of the things you look for… pay, benefits & retirement.

Have you ever taken a deep dive into your benefits to check what you have covered if, god forbid you were to pass away tomorrow?

The answer I frequently receive from clients on this one is one of two things:

1) I have life insurance through work? I never knew….

Or…

2) Yeah I have about $50,000 if I die & $25,000 if i get a serious illness… ask me which ones… I couldn’t tell you.

Did you know that recommendation is 10-20x your income yearly income? Here is why:

Life Insurance is used to
1) Pay off debt (final expenses, leftover mortgage amounts, credit card/car debts, inheritance for your children)
2) Replace an income/lifestyle, if god forbid, you pass… your family would be covered.

Want to make sure that you have the proper amount of coverage… I’m here! Free no-obligation quotes are available, all it takes is a message!

Chat soon,
Nick

11/24/2021

Hey folks,

⚠️⚠️WARNING LONG POST ALERT BUT WORTH A READ FOR YOU AND YOUR FAMILY!! ⚠️⚠️

I have noticed through appointments with my clients this past year that most Canadians are lacking financial education & at a time like right now, as we work our way out of this pandemic, it is extremely important!

One of the greatest way to save for your child’s future is a Universal Life Policy! This is a very cost effective way of saving for your child’s education, a first car, a down payment on a house or a business start up fund!

The average annual cost of university for Canadian students is around $20,000 and that number will only keep increasing every year. Luckily, you have time on your side!

With a universal life insurance, part of your premium goings towards paying for the insurance coverage in regards to any unknown health that could come up. The younger the child, the cheaper the insurance premium! The other part of the premium is invested to earn interest & allow for many years of compounding. You can also choose different risk tolerances based on your financial risk tolerance!

For example:

A $60 universal life insurance plan

$10 to insurance portion & $50 to investment portion, which at an annualized interest rate of 7% will be worth approximately $21,536.05 after 18 years due to compound interest being compounded monthly!

Your next question would be, what if they don’t end up using the cash value in their policy for any of those goals, they can also use it later in life to:

1) Supplement their income in retirement
2) Help pay for uncovered health care expenses
3) Cover policy premiums at a cheaper rate then someone starting at the age of 18!
4) Help their children with their financial goals

I know it’s morbid to think of life insurance of your newborn bundle of joy but there are a ton of perks.

As a father, I’ve done my due diligence to make sure my newborn is ready for the financial stressors our families have felt!

If you have any questions please feel free to ask, I’d love to help you and your family through the financial literacy process!

Every Tuesday @ 7 & Saturday @ 11, we have our business presentation… which is on a zoom call… don’t worry you can wear your PJ’s, have your hair up in a bun while eating… You don’t want to miss what sets us apart from the rest!

Message me for the link or reach out with any financial questions you may have!

Much love,
Nick

08/11/2021

Have you ever heard of the debt snowball method??

It is one of the most rewarding & effective ways to pay off debt while still keeping that credit flowing with you!

Step 1: List all of your debts

By doing this you are becoming more aware of the debt you carry and the amounts you put into them. This helps with becoming accountable while also motivating you as you knock the debt off one by one!

Step 2: Be sure to always make your minimum payments on all debts.

By continually putting the minimum on all debts you are keeping your credit score intact as you pay off the debts one by one! This is key for those looking to purchase a home in the next 5 years as the banks look at all of this when it comes time to applying for a mortgage!

Step 3: Pick your smallest debt & pay extra on that debt.

By paying extra on the smallest debt you have, you are starting off by creating momentum for yourself. This momentum is created by knocking off your debt one at a time!

The main thing to keep in mind is to stick to the goal at the end & remain focused all the way through!

You will see once you take that first small debt off your hands, you will feel empowered, like you can do anything!

Step 4: Remain focused and pay off the next smallest debt with the money you were putting on your last smallest debt plus the minimum payment that you were paying and tackle the next one!

Keep it up, you are doing tremendous!!

Step 5: Once you see that you have stuck with it, keep up the momentum and start to create yourself a little nest egg… some would call this your emergency fund!

By putting aside money in this emergency fund, you will find yourself being less reliable on your credit cards for the time being when an emergency comes up and you can pay it off in cash! Some would recommend aiming at $1,000 in emergency fund but anything is really valuable for yourself as it’s your hard earned money and you have been able to resist the temptation put forth by the credit card demons!! Ha ha ha!!

Step 6: Continue to repeat these steps until all debts are paid off!

You did it, you paid all of your debt off, you are now living debt free, how does it feel?! YOU did it, not me… not your mom, dad, sister, wife, husband, grandparents!!

I’ve seen this help multiple families so far on my journey & I’m glad I am able to share it with you today!

Happy Hump Day folks & remember to….

LIVE LIFE TO THE FULLEST!

Love you all,
Nick

Please feel free to DM me with any financial questions you might have, I will get you your answer within a day!

Howdy Family and Friends... This one is especially for the Ladies... sorry Gents but we know... THEY RUN THE WORLD!! Ext...
06/09/2021

Howdy Family and Friends...

This one is especially for the Ladies... sorry Gents but we know... THEY RUN THE WORLD!!
Extremely excited to announce our firm is hosting a financial education seminar FOR WOMEN, BY WOMEN... I can guarantee you won’t want to miss this, powerful message from our independent, female entrepreneurs with an amazing outlook on life as an entrepreneur & teaching us the literacy our school system has failed to teach us!

Pm or comment if you’d like me to send you the zoom link or would like more info 🙂

05/23/2021

Welcome to my page, Nick Crandall is the name & Helping families is the game 😉 I am looking forward to seeing many friendly faces and comments on this page! Enjoy your long weekend & we will be starting to use some content on this page after this long weekend! For the time being any questions you may have in regards to this new endeavour of mine can be answered over messenger!

Happy long weekend everyone & enjoy some quality family time & cherish every moment!

Nick Crandall

Address

Ottawa, ON
K2E8B2

Telephone

+16133710478

Website

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