Think Smart with TMFG

Episode 261: Do the Wealthy Pay Their Fair Share in Taxes?

Welcome to this week's episode of Think Smart with TMFG, your go-to podcast for newsworthy and relevant discussions for everyday Canadians. Join Senior Financial Advisor Rob McClelland and Mike Connon of Assante Capital Management as they delve into the controversial topic of whether wealthy individuals in Canada are paying enough income tax.

Inspired by a Globe and Mail opinion piece, Rob and Mike explore the recent government proposals to increase the capital inclusion rate from 50% to 67%, and its potential impact on individuals and corporations. They break down the tax contributions of various income groups, from the top 0.01% to the top 10%, and discuss the broader implications for the Canadian economy, including inflation, unemployment, and charitable contributions.

Don't miss this insightful analysis of the complexities of tax policies and their far-reaching effects. Tune in and learn how these changes could affect you and the Canadian financial landscape.

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Episode 260: The Future Of Real Estate

Join hosts Rob McClelland and Mike Connon in this enlightening episode of Think Smart with TMFG. This week, we delve deep into the future of real estate in Canada. It's no secret that real estate has been a hot topic in the country, with government initiatives targeted at making it more affordable and accommodating the increasing demand.

We'll uncover the implications of these initiatives, like the potential for creating an oversupply of real estate in a bid to bring down prices. You'll learn about the pressures on current property prices, high interest rates, unaffordability for a significant slice of Canadians, and the effect of the influx of immigrants every year, many of whom aim to own a home in Canada.

The episode also tackles real estate investment. Are the returns worth the investment? Are the rental rates in Toronto, especially for condos, profitable in the long run? Our hosts critically examine these questions and more. Want to know more about the impact of new homes on the real estate market and the consequences of HST on property purchases? This episode has all the details.

Episode 259: How To Beat The Stock Market

In this episode of 'Think Smart with TMFG,' your hosts, Rob McClelland and Mike Connon, explore the intriguing concept of 'beating the stock market.' Sharing profound insights from their years of experience in finance, they discuss how the quest to outperform the market often makes investors ignore the significance of a well-planned and disciplined investment strategy. Much of the episode revolves around lessons learned from Warren Buffett's teacher, Benjamin Graham, emphasizing the importance of implementing a robust financial plan and practicing regular portfolio rebalancing.

Rob and Mike warn against moving your entire investment to the U.S. stock market or concentrating it heavily on a handful of top performers. Citing the example of the 'Universal Select Managers' by McKinsey Financial, they underscore the potential disaster of having a highly volatile portfolio built on mere speculative bets.

Rather than chasing market winners, our hosts advise maintaining a diversified portfolio and staying attuned to global market dynamics. They delve into the operations of top companies like Apple, Tesla, and Microsoft, cautioning against the risks of investing solely in growth companies. Additionally, they speak about the pitfalls of irrational trading behavior spurred by the fear of missing out.

Join Rob and Mike as they unravel the intricacies of sustainable financial growth while reminding you to plan strategically, invest wisely, and ensure your best possible retirement.

Episode 258: Why Investors Struggle with Investment Losses

In this episode of Think Smart with TMFG, we discuss one of the most crucial aspects of finance and investing – the psychology of investment losses. Our conversation was inspired by the work of the late economist, Daniel Kahneman, known for his remarkable contributions to behavioral economics. We delve into why investors fear losing money and how this can translate into suboptimal portfolios.

We also touch on behavioral economics, explaining that it refers to mathematics and past experiences that influence our investment behaviors. Additionally, we challenge the common misconceptions about stock markets and investing, demystifying the cause of losses.

Further, we explore how people perceive shifts in value, comparing them with home values and how individuals become emotionally attached to businesses. We also provide practical examples of how losses and inflation can hurt purchasing power. Finally, concentrating on investor behavior, we emphasize enjoying the process of investing, learning, and improving with time.

This episode aims to help you understand why it is critical to handle your fears associated with investment losses and confidently make sound decisions. Learn to be a patient investor; you may find success closer than you think.

Episode 257: Financial Planning For Summer Expenses

In this week's episode of Think Smart with TMFG, hosts Rob McClelland and Mike Connon discuss the various considerations related to financial planning for anticipated summer expenses. They emphasize the importance of having a clear monetary plan for summer purchases.

Rob and Mike discuss many summer expenses, such as home renovations, landscaping work, and travel. They emphasize the need to allocate and prioritize budgets for different activities, stressing how different expenses, like spring-to-summer projects involving pools and landscaping, are significant and typically happen during the warmer months.

This enlightening episode encourages listeners to think ahead, avoid consigning major financial expenses onto credit cards, and find a balance between necessary expenditures and indulging in summer fun. Rob and Mike end the episode by urging listeners to remember that some of the most enjoyable moments of summer can be free, just like walking.

Think Smart with TMFG is a podcast focused on helping people understand financial matters. Tune in weekly to gain insights into maintaining a balanced lifestyle while handling your finances smartly.

Episode 256: Capital Gains Inclusion Rate Changes In Canada

In this insightful episode of Think Smart with TMFG, financial experts Rob McClelland and Mike Connan examine the recent changes in Canada's capital gains inclusion rate in detail. They thoroughly debunk media misconceptions and explain how the new capital gains tax would affect Canadian small businesses, investors, and private property owners.

The hosts also voice their concerns about the abrupt nature of the government's decision—leaving Canadians with little time for proper tax planning, let alone allowing for a smooth transition in property ownership matters. Through their discussion, they decode the misleading government statements and offer a clear understanding of Canada's new capital gains directive.

Tune in to Think Smart with TMFG to get a comprehensive understanding of these abrupt tax changes, explore potential alternatives, and gain the knowledge needed to navigate this evolving financial landscape responsibly. Remember that with knowledge comes power—the power to make informed decisions about financial planning, especially in light of unexpected governmental changes.

Episode 255: Top 10 Mistakes in Retirement

On this episode of Think Smart with the McClelland Financial Group of Assante Capital Management, your hosts, Rob McClelland and Mike Connon, delve into the common pitfalls that might spoil a rewarding retirement experience. We discuss how focusing on physical, dental, and financial health forms the foundation for an enjoyable second innings.

Your hosts talk about financial anxiety, emphasizing the value of trusting in your financial planning and advice from trusted advisors. We also touch upon the risk of overcommitment - whether volunteering or playing nanny to grandkids - and advise a balanced approach to time management.

We don’t stop at just 10-pointers; we go the extra mile, sharing bonus advice on home maintenance, embracing technology, and fulfilling travel dreams. Offering insights into crucial issues such as estate planning and proactive measures for mental health, the episode acts as a comprehensive guide to retirement. 

Episode 254: Understanding Trip Medical and Cancellation Insurance - Conversations with Financial Experts Rob and Mike

In this important discussion, award-winning financial advisors Rob McClelland and Mike Connon from the McClelland Financial Group of Assante Capital Management discuss the importance of trip medical and cancellation insurance. Drawing from engaging personal experiences, they highlight why it is essential to understand the nuances of your coverage.

They recount real-life stories where insurance has proven invaluable. They highlight the benefits of having comprehensive coverage during unexpected medical emergencies abroad, emphasizing the potentially high cost of medical care, especially in unfamiliar territories. They also stress that life insurance is not a luxury but a necessity, ultimately impacting the financial health of your loved ones.

Episode 253: CPP - The Best Government Pension Plan?

In this episode, your hosts - Senior Financial Advisors Rob McClelland and Mike Connon from Assante Capital Management, provide an in-depth analysis of the Canada Pension Plan (CPP) and why they believe it is an incredible benefit for Canadians.

They delve into the principal features of CPP – its contributory nature, inflation-proof returns, and professional management. Discussion surrounding these aspects sheds light on the plan’s goal of ensuring a financially secure retirement for Canadians.

The duo also discusses the CPP's global fame due to its low management fees, diverse investments, and long-term planning capabilities. They emphasize its portability and sustainability, providing examples to help listeners understand the CPP's robust structure. Lastly, Rob and Mike discuss the supplementary benefits offered by the CPP, such as survivor and death benefits. 

Episode 252: The Financial Implications of Divorce

In this episode of Think Smart with TMFG, Rob McClelland and Mike Connon unpack the unavoidable financial challenges of divorce. They paint a detailed picture of financial complexities that couples should be aware of at the onset and conclusion of a divorce.

The episode offers a comprehensive probe into how divorce can impact different facets of life, from careers to businesses, and how crucially they tie into the finances of the separating couple. With child support, alimony, and distribution of assets at play, the financial landscape can become intricate.

Rob and Mike also touch on the division and distribution of properties post-divorce and the financial difficulties that can arise, especially for the less-earning party. The final discourse shifts to the sometimes forgotten victims of divorce- the children. The hosts discuss the complex aspects of support arrangements, their longevity, and the pressing need for a fair and clear agreement in child support matters.

With insights into estate planning, insurance, changes in wills and beneficiaries, and the importance of tax implications, this episode dives deep into how divorce impacts finances. And most importantly, it underscores a reliable financial advisor's essential role in navigating the tricky waters of separation and divorce.