Bryan Woo - Insurance and Investment Advisor

12/23/2023

For those of you interested, the FHSA accounts can now be opened. If you open it with me through iA Financial Group, you will be entered for a chance to win $8,000. Contest ends March 11th, 2024. However, everyone who is looking to purchase a new home should open an account before the new year to secure the first $8,000 contribution room.

Other benefits include:
- Tax Free Returns/Withdrawals
- Lower your annual taxable income
- No requirement to pay back what is withdrawn

Maximum lifetime contribution room is $40,000.
Combine this with RRSP First Home Buyers Plan which allows $35,000 to be withdrawn (need to be recontributed within 15 years) for purchase of a new home. This gives you a total of $75,000 towards a down payment for your first home.

Let me know if there's any questions. DM me privately.

04/25/2023

So many times in my life, I look at how far ahead others were and questioned why I was so behind... The most important thing is to believe you will make it. Positive mental attitude has an amazing effect on every experience, every failure, and makes life more beautiful. Work towards your goals, don't worry about that which you cannot change, and focus on the things you can. You will be successful.

04/25/2023

Money 101

03/14/2023

Friends and family. Times are tough and if there's anything I can do to help regarding financial questions, investments, personal insurance policies, or debt, please don't hesitate to message me privately. I'm here to help.

Anyone who is about to renew their mortgage, I have a great guy at BMO I can refer you to. He has been a mortgage advisor for over 15 years and may have better tools or ideas that can help the interest shock. Let me know if you'd like to be introduced.
We are in this together.

01/01/2023

Wishing everyone a healthy and prosperous 2023. Happy New Year!

10/09/2022

Looking for an investment avenue with zero risk during these tough, economic times? Right now iA is offering High Interest Savings Accounts at a 3% rate. Have look at the GIF rates as well as these are at a historical high. Please connect with me if there are any questions on how to utilize your TFSA room effectively with GIF and HISA accounts.

View our guaranteed investment interest rates for personal savings products.

07/26/2022

Has everyone heard of "revenge travelling"? It's defined as surges of travel as people make up for vacations lost during the pandemic. Of course, with it comes airline delays, cancellations and all the nightmares we have heard of on the news.

If this is something you are worried about, please ask me about covering your trip with Travel Insurance. From medical coverage to trip interruption or cancellation, there's a solution that will ease your mind before you travel, during your travels, and while you're joining the masses in the "revenge travel" period. Message me for more info.

03/31/2022

For those who have investments in Bond portfolios, this may be some good news as I know Bonds have been hit hard in the past 2 years.

Canadian mortgages are getting a lot more expensive as bond yields surge higher. The benchmark Government of Canada (GoC) bonds are climbing, influencing fixed-term mortgage costs. Canada hasn’t seen this kind of pressure on bond yields since the 90s, at the peak of the last tightening cycle. This...

03/23/2022

The Mortgage Stress Test has change and here is a good article on how that impacts you. The key takeaway is that you must qualify based on the Mortgage Qualifying Rate (MQR) 5.25% OR the lenders rate +2%, whichever is higher. This really affects how much you can borrow, so start planning today if you want to get a home soon.

All eyes have been on the Bank of Canada’s rate tightening and its impact on variable mortgages, but now there are fresh concerns given the flurry of recent increases to 5-year fixed mortgage rates.

03/08/2022

Bank of Canada raised interest rates, is this something to panic about if you have a mortgage or looking to get a mortgage? Not necessarily. If you have a fixed rate you're good to go for now but those with variable rates, the minor increase will not have a huge financial impact just yet. Historically, variable rates have always been better than fixed rates for more than 10 years now. No need to panic if a broker or financial institute comes to you to get a fixed mortgage rate. Stay the course and you're likely to come out on the winning side.

As predicted the Bank of Canada increased its overnight lending rate by 0.25% last Wednesday.

02/25/2022

With the markets being so volatile in the past year, it is no surprise that the recent invasion of Russia into Ukraine and the sanctions put in place will have reciprocal impacts in all the markets. This weeks' Economic News highlights how we as investors need to manage our emotions and with long term investments, we should not try and time the "bottom" of any market shifts. Hold strong and let time do it's part, even during times of world instability.

This week, we put the spotlight on the markets’ reaction to the Ukraine situation.

02/24/2022

With rising house prices, increased rent, and overall cost of living, saving for retirement has taken a back seat. As this article highlights, RRSPs has fallen from grace, however, it is still one of the most important tools to be used in conjunction with your TFSA to create a healthy retirement fund. To live with about $30,000 per year for 30 years from 65 to 95 years old, you will need about one million dollars saved. What are your plans for your retirement? Is $30,000 enough? Are you close to this marker yet? Now is the time to plan how to use your RRSP to your advantage. I am here to help.

Jason Heath: Savers who ignore the RRSP's benefits could be making a costly mistake