Many plan administrators charge a withdrawal fee for unscheduled withdrawals from RRSPs and RRIFs but don’t charge a fee for starting, stopping, or changing withdrawal schedules. Schedule your withdrawals with your advisor. You can always change when and how much you withdraw.

Being the captain of your own financial ship means that you must be absolutely clear about your destination before you chart your course. Unless you know exactly what you are working to achieve financially, you aren’t likely to achieve much. Set your goals first and build the plan second. Then the financial decisions become easy.

Nothing is earned by chance. Financial security comes as a result of careful planning and implementation. The plan needs to come before the implementation. If you don’t have a plan, how will you get there?

What your parents did with their money no longer makes sense today; the rules about money have changed. Be careful of the advice they gave you about investing, too; what may have worked for them isn’t likely to work today.

Your investment advisor is trained to charge his clients as much as he can without letting them walk away. There is a big difference between what he charges some clients and what he charges others. Obviously, the bigger client you are the better deal you can command, but all clients have at least some bargaining [...]

Having the spouse with the lower tax bracket report the investment income can save thousands in taxes. But doing it wrong can cost thousands in penalties. Talk to your financial planner to do this effectively.

I’ve managed money for more than 100 millionaires. None of them ever even thought about day trading in their life, not one of them. I’ve met many people who day trade all the time hoping to become millionaires.

Real Return Bonds are bonds issued by our government that provide an excellent hedge to inflation. Other government bonds, especially long-term bonds, drop like stones when inflation rises. Real Return Bonds will protect you. The bond portion of your portfolio today should largely be Real Return Bonds.

You’ve been taught a lie. You can earn a greater reward with less risk by following a solid investment game plan. There is no guarantee that by taking on more risk you will increase your reward. All most people get from taking more risk is a greater chance of losing their shirt. Build and follow [...]

Not every tax strategy makes sense for every person. It depends on your situation. Always consult a tax pro before starting any tax strategy.