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Financial Management and Planning Blog

by Mitch McLean, Ottawa-based financial advisor and consultant with more than 20 years of experience.

Canada Capital Gains Tax Changes: What to Expect in 2024

The Canadian government has announced significant changes to capital gains taxation in the 2024 federal budget. These modifications will affect individuals, professionals, and business owners across the country. If you've been saving for retirement, investing in property, or building a business, you need to know how these new rules might impact...

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How to Evaluate Your Investment Advisor's Performance

You've taken the important step of hiring an investment advisor Ottawa to help manage your financial future. Congratulations! It's a smart move that can pay off in the long run. But your work doesn't end there. Just like any other professional relationship, it's important to regularly evaluate your investment advisor's performance. Are they...

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At What Point Do I Need an Investment Advisor?

You've been working hard for years, saving diligently, and investing your money wisely. But as your wealth grows, so do the complexities of managing it effectively. And that's where you might start to feel a bit overwhelmed. You see, there comes a point in every investor's journey when the stakes get higher, the decisions become tougher, and the...

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7 Crucial Questions to Ask When Hiring an Investment Advisor

Are you considering hiring an investment advisor to help manage your financial future? It's a big decision that can have a significant impact on your wealth and retirement plans. You want to make sure you choose the right person for the job. But with so many investment advisors out there, how do you know which one to trust? It's not always easy...

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Top 8 Retirement Investment Options in Canada

Are you worried about your financial future after retirement? You're not alone. Many Canadians also raise this concern. Preparing for retirement can be a huge challenge. It requires careful planning and smart investment decisions. And with so many options to choose from, it's easy to feel

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How Much Does a Financial Advisor Cost? A Detailed Guide

Are you ready to take control of your finances but feeling overwhelmed by the maze of fees associated with financial advisors? Whether you're a young professional just starting out or a seasoned investor looking to optimize your portfolio. The question of "How much does a financial advisor cost?" is a common one and understanding the costs...

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How to Choose a Financial Planner?

What is meant by financial planning is organizing the flow of money in it in terms of identifying its sources, securing its collection, and determining its expenditures within a framework of legal and administrative control. Every public organization, whether profitable or non-profit, needs to practice its activity

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How Much Money Do You Need to Retire in Canada?

How much money do you need to retire in Canada? The Canada Retirement Plan is a comprehensive system that aims to provide financial support to retirees and workers until the end of their lives, and reflects the government's efforts to enhance the financial security of citizens in retirement and access to pensions in

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Fee-Based Financial Advisor: Everything You Need to Know

Navigating the myriad of investment options and financial planning strategies can be overwhelming. You want someone who not only understands your financial goals but also has the expertise to guide you towards them. Enter the fee-based financial advisor – a professional who offers comprehensive financial planning services, balancing their...

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The Vital Role of Professional Investment Advice in Ottawa and Beyond

Navigating the complexities of investment opportunities can be daunting, whether you're looking to enhance your portfolio within Ottawa or across the broader Ontario region. At Mitch McLean Wealth Creation, we emphasize the critical importance of engaging with a knowledgeable investment advisor to ensure your financial decisions are both sound...

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Understanding Discretionary Investment Accounts and Management

The landscape of investing is vast and varied, with numerous approaches to managing and growing wealth. Among the myriad of strategies available to investors, discretionary investment accounts and management stand out for their hands-off approach, professional management, and potential to align closely with an investor's long-term financial...

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Journey to Retirement: Navigating Brampton's Retirement Landscape

Retirement planning represents a collection of financial strategies that are adopted to ensure a comfortable life beyond one's working years. It is an elaborate process involving saving, investing, and allocating funds over several years, sometimes even decades, with the ultimate aim of accumulating sufficient wealth to sustain oneself in the...

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Retire with Confidence: How Retirement Advisors in Ottawa Can Help You Plan

Retirement planning refers to the financial strategies one implements to ensure a comfortable and secure life post-employment. It is a process that involves saving, investment, and allocation of funds over a span of years, if not decades, with the ultimate goal of accumulating sufficient wealth to support oneself in the absence of a regular

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Are pension plan contributions tax deductible in Canada?

Retirement planning is a crucial aspect of personal finance that requires careful consideration and preparation. One key aspect of retirement planning is contributing to a pension plan. For Canadians, contributing to a pension plan can help provide financial security in retirement, but it also raises the question of whether these contributions...

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Minimizing Taxes and Maximizing Benefits: Estate Planning Strategies for Canadians

Estate planning is an important aspect of financial management that involves making decisions about how to distribute your assets after your passing. For Canadians, estate planning also includes minimizing taxes and maximizing benefits, which can be a complex and overwhelming

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TFSA vs. RRSP: Choosing the Best Investment Vehicle in Canada

Investing can be a powerful way to build wealth, but knowing where to invest your hard-earned money can often feel like a daunting task. Two of the most popular investment vehicles available to Canadian investors are the Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP). Each offers unique benefits and tax...

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Salary vs. Dividends for Small Business Owners in Canada

In the course of navigating the Canadian small business landscape, entrepreneurs often face a myriad of decisions, many of which can significantly impact their business and personal financial futures. A crucial decision involves determining the method of compensation for oneself as a business owner – salary or dividends? This decision, though...

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Minimizing Taxes and Maximizing Benefits: Estate Planning Strategies for Canadians

Estate planning is an important aspect of financial management that involves making decisions about how to distribute your assets after your passing. For Canadians, estate planning also includes minimizing taxes and maximizing benefits, which can be a complex and overwhelming process. In this article, we will explore some estate planning...

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Tax-Efficient Retirement Planning in Canada: Strategies to Maximize Your Savings

Retirement planning is an essential part of financial planning that can have a significant impact on your financial wellbeing in your golden years. When it comes to retirement planning, minimizing taxes is key to maximizing your savings. Tax-efficient retirement planning can help you keep more of your hard-earned money and help you achieve your...

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Couples Retirement Planning: Tips for Building a Strong Financial Foundation Together

Retirement planning is an important topic for individuals and couples alike. However, when it comes to planning for retirement, couples face unique challenges and considerations. Not only do they need to plan for their own individual retirement needs, but they must also plan for the needs of their partner and consider how they will navigate...

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