MJH Financial
94 Senator Way L7E 2S6 Bolton, ON, Canada

A colleague of mine is putting this event on. I think it is a great topic! Join us for a discussion on Building a Legal Basement Apartment addressing fInancing, permits, construction, tenancy and property management. Thursday August 13th @ 11am... Eventbrite link below https://www.eventbrite.com/e/building-a-second-suite-part-2

The topic of money is stressful for a large number of Canadians. According to this year’s Financial Stress Survey, money is the number one cause of stress for 4 in 10 Canadians. Over half of the respondents say it keeps them up at night, has caused health issues, marriage/relationship problems, reduced productivity at work, family disputes, substance abuse and mental health challenges. On the positive side, only one in four of those who work with a Certified Financial Plann...er consider money as their main cause of stress. Similarly, when asked if this pandemic has had an impact on their stress level, those with a planner are half as likely to say they’ve been ‘significantly impacted’ than those without (5% vs 11%). Are you looking to reduce the stress level that money creates in your life? I would appreciate hearing from you to see if I can help. You can set up a complimentary, 30-minute phone consultation at Calendly.com/mjhfinancial OR email me at [email protected]. P.S. We could all use a little less stress in our lives. Why not give me a call to see if I can take some away for you?

When I speak to people with regards to investing and building their wealth, many people cannot fathom finding an additional, $800, $1000 or more a month to fund their retirement. Most fear speaking to a financial planner about this because they do not want to hear a sermon on paying yourself first or the benefits of an austerity budget. I think the quarantine period has illustrated that austerity budgets do work (because most of our little or big indulgences have been clos...ed) but they can be stressful and not much fun. Once the economy opens up again, what if you had a tool that gives you the freedom to spend on the things you enjoy AND gives you the peace of mind knowing that your future is taken care of? What if this tool, along with some other tweaks, netted an average of $971 more per month to invest? If you or someone you know would like to find ways to save more money, (and maybe your relationship if money is causing stress), I would appreciate hearing from you. You can set up a complimentary, 30-minute phone consultation at Calendly.com/mjhfinancial OR email me at [email protected]. P.S What do you have to lose? More time and money?

When it comes to your finances it is best to have a team of professionals, each with different knowledge and skill sets, giving you advice. Your team should not solely include an accountant, but also a lawyer, financial planner, portfolio manager, and more. Each of these professionals brings a different opinion to the table and occasionally one may bring a unique way to help that the others may not have thought of. Nothing exemplifies this more than a recent conversation I h...Continue reading

Last week I spoke about who was holding your money hostage and with that premise I would like to talk about Retirement Savings Plans and Tax Free Savings Accounts. Both the RRSP and TFSA should be used for long term savings. The difference between the two is accessibility. TFSA contributions are made with dollars that you have already paid income tax on and any growth in your account is all yours, to keep. You do not have to share with Revenue Canada. Plus, should you need i...t, you can access every dollar of it at any time. RRSP’s on the other hand create a tax deduction on contribution. What too many of us forget is that we need to pay the tax when we withdraw the money. So unlike a TFSA, the entire balance in your RRSP is not yours to keep. For example, if you need $10 000 from our RRSP, you actually need to withdraw over $12 000 because 20% tax is withheld immediately. In addition, there may be more taxes to be paid on your annual tax return. As a result, compared to TFSA’s , RRPS’s are another situation where your money is held hostage and you have to pay a ransom to get it back. If you would like some straight talk about where your money is being held hostage and how you can get it working for you, OR just want to get more information, you can set up a complimentary, 30- minute phone consultation at calendly.com/mjhfinancial OR email me at [email protected].

Who is holding your money hostage? Yesterday there was an article on CBC about a real estate agent that has been hit hard by COVID-19. She needs to sell her house and is being hit with a $30 000 penalty for breaking her mortgage. This is not a new situation that she finds herself in. https://www.cbc.ca//bu/mortgage-penalty-pandemic-1.5588741... You can find many articles online from before the COVID pandemic. Seeing this article reminded me of a fundamental question I ask as a financial planner Who is holding your money hostage? There are two types of assets most of us invest in. 1. Non-liquid assets are perceived to be safer than liquid investments because they appear to hold their value and are less subject to market volatility. These include real estate, collector cars, boats, fine art, even RRSP’s. The downside to investing primarily in non-liquid assets, as the real estate agent found out, is that your money is held hostage. It takes time and sometimes you have to pay ransom to convert these assets to cash. 2. Liquid assets on the other hand can be sold and the cash can be back in your bank account within 48 hours. To make sure you don’t find yourself in the same scenario, or to make sure you have the right mix of liquid and non-liquid investments, you can set up a complimentary, 30-minute phone consultation at calendly.com/mjhfinancial OR email me at [email protected].

Three polls in the last six years have found that only about 50% of Canadians have a Financial Plan. The most recent poll further discovered that one third of those who said that they had a plan, admitted that that plan was only in their head. For many, their financial plan consisted mainly of an investment proposal from a mutual fund representative, and/or a life insurance needs analysis. While this is a good start, a true financial plan should also include financial manag...ement; retirement planning; tax planning; legal and estate planning. Why? Because these all work together. For example, Financial Management entails knowing where you are now (meaning your net worth), your cashflow and your monthly lifestyle expenses. Without examining this first, a) You won’t know how much you need to live on, OR if you are saving or going into debt each month. b) You can’t accurately predict your insurance needs. Many of the people I meet with are over insured or spending too much on insurance. c) You can’t predict how much you need to retire. Do you worry about not having enough money to last your lifetime? d) You won’t know what rate of return you need in order to get to retirement. Many of us are taking on too much unnecessary risk in our portfolios. e) Then there is proactive tax planning, so that you and your family enjoy the fruits of your labor, as opposed to the other 35 million Canadians. As mentioned above, over 2/3 of Canadians are just winging it financially. They are taking a road trip with no destination in mind and any road will do. Having a financial plan not only defines your destination but, maps out a route to get you there. And having a CFP on your team is like having Google Maps looking out for traffic congestion, road closures, speed traps and faster ways of getting there. If you want to stop winging it financially, I would love to sit with down with you to discuss your options further. You can set up a complimentary, 30- minute phone consultation at calendly.com/mjhfinancial OR email me at [email protected]. Let’s create your road map to happiness and peace of mind, together.

Not our normal Victoria Day weekend, but worth celebrating all the same. Enjoy everyone!

Happy Mother's Day!!!

In a 1936 speech, Austin Chamberlain, a British Diplomat asserted that "living in interesting times" was considered a curse in Chinese culture. I think that we all can agree that we ARE living in interesting times. Is it a curse, OR as Kyle Dubas, the GM of The Maple Leafs, tweeted out last month with his Chinese Farmer story, is it a blessing? ... When we look at other interesting times in the recent past, we often see that times of crisis are also when the seeds are sown for great fortunes. Those with the foresight to create definite plans and put bumper guards around them flourish, while those who don't are burdened with anxiety and stress. Are you one of the prepared that have a written financial plan in place and have bumper guards around it for times like these? If not, you may consider that this current time of social distancing or self-isolation may be the perfect time to get a written financial plan in place. If you need help putting a plan with bumper guards in place OR want to get more information, you can set up a complimentary, 30- minute phone consultation at calendly.com/mjhfinancial OR email me at [email protected]. P.S. You too can be an entrepreneur who will flourish. Why not reach out so you can live with less stress and anxiety?

Tonight The Tempest closes with their final performance. Tickets are still available for the 8pm show. Box Office: Phone: 905-727-3669 Email: [email protected] Online: www.theatreaurora.com/tickets. Update to exchange practices: If you are feeling unwell and have tickets to a performance, please call or email our box office. We will either exchange your ticket for another performance or provide you with a tax receipt for the full value of the ticket or tickets.

The Tempest is back onstage tonight, so let’s do a Meet the Cast: * Sarah Abtan as Miranda * Joey Ferguson as Caliban & Antonio * Brian Fukuzawa as Prospero... * Aidan Grossman as Botswain/Goblin/Etc. * Anna-Rose Holtrop as Bastiana * Mike Hunter as Ferdinand * Olivia Jon as Ariel * Tracy McKay as Alonsa * Andrew Pawarroo as Stephano * Jamie Sherman as Gonzalo & Trinculo Friday Special Pricing: Buy one, get one. Use code: TEMPEST241 For tickets: Email: [email protected] Phone: 905-727-3669 Online: www.theatreaurora.com/tickets Foreshots Photography See more

Come and see my son in his debut with Theatre Aurora. Such a great performance!

What do you do when the kids are home for a second snow day in a row? Pull out the game of Life! How are you spending your family time? Do you want to spend more time with your family instead of at work? We should talk. ... Send me a message at [email protected] to see what plans can be put in place.

To our American friends and family...