Tag: Retirement Plan
How Professional Athletes are Taxed in Canada with Kim Moody (Ep. 32)

How Professional Athletes are Taxed in Canada with Kim Moody (Ep. 32)

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Why is taxation such a game-changer in professional sports?

In this episode, John and Alex Soutsos welcome back fan-favourite guest Kim Moody, a CPA and founder of leading tax law and accounting firm, Moodys Private Client, to discuss taxes in the professional sports landscape. They explore the playful side of what is often seen as a dreary subject: taxes. Why? Because understanding taxes, especially for high earners like professional athletes, can heavily impact financial freedom and lifestyle options. Kim brings depth and clarity to the complicated intersection of sports and taxes. From discussing residency and the taxation of professional athletes across borders, to understanding the strategic movement of players during the off-season, this episode offers plenty of ground-breaking information.

John, Alex, and Kim discuss: 

  • (02:54) How professional sports teams are taxed based on the locations of their games 
  • (03:53) The concept of residency and its impact on taxation for both Canadian and American professional athletes
  • (07:52) The infamous “jock tax” and how it added a layer of complexity for sports professionals
  • (24:08) Strategies for athletes to mitigate taxes and the viability of retirement compensation arrangements (RCAs)
  • (27:36) The high-profile tax case involving John Tavares and the intricacies of the signing bonus tax rules
  • And more

Tune in to gain expert insights into the world of taxes and sports, and learn how these financial strategies extend beyond the rink.

Resources:

Connect with Med-Wealth Financial Services: 

Connect with Kim Moody:

About Our Guest: 

Kim is a CPA and the Founder and Director of one of Canada’s premier tax law and accounting firms encompassed under the common brand of Moodys Private Client. For decades, he has helped clarify and simplify the complexities of the tax system for his clients, and continues to provide this clarity today. Kim has taken on nearly every prominent role in the tax profession and wants to share what he’s learned with the world. He is an Amazon best-selling author and a regular contributor to the Financial Post newspaper.

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Downsizing in Retirement: Is It the Right Move for You? (Ep. 31)

Downsizing in Retirement: Is It the Right Move for You? (Ep. 31)

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Do you find the thought of downsizing in retirement daunting?

In this episode, John and Alex Soutsos talk about the complexities of retirement planning and downsizing in a real estate market that often defies expectations. Tackling key topics like maintaining a healthy lifestyle, unlocking capital through real estate, the pros and cons of reverse mortgages, and the emotional and financial impacts of losing a spouse, this episode offers listeners invaluable insights into navigating retirement. Whether you’re contemplating a smaller home or considering how to better support your adult children financially, John and Alex provide the guidance you need to make informed decisions. 

John and Alex discuss: 

  • (02:11) Helping Adult Children Financially Through Real Estate Equity
  • (03:26) Downsizing and Maintaining Mobility in Retirement
  • (07:51) Exploring Home Equity Lines of Credit and Reverse Mortgages
  • (11:34) Emotional and Financial Preparation for Losing a Spouse
  • (17:32) Preparing for the Death of the Final Spouse 
  • (20:33) Financial and Tax Implications at the Death of a Spouse
  • (24:33) Understanding Canadian Inheritance and Capital Gains Taxes
  • And more

Resources:

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Did you like this episode? Don’t miss the next episode with tax expert Kim GC Moody as he returns to tackle taxes in professional sports and expatriation. Remember to subscribe to us on your favourite podcast channel for more empowering discussions!
Are You Truly Prepared for Retirement? (Ep. 30)

Are You Truly Prepared for Retirement? (Ep. 30)

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What does financial readiness for retirement truly mean?

In this episode, John and Alex Soutsos discuss the often daunting question: “How do you know when you’re ready to retire?” Gain valuable perspectives on the psychological and financial aspects of retirement planning. They explore the importance of a robust financial strategy, emphasizing that true readiness means aligning your plans with both your bank statements and your passions.

John and Alex discuss: 

  • (01:03) Determining financial preparedness for retirement
  • (04:13) The role of committed, non-discretionary expenditures
  • (20:56) The impacts of psychological readiness on transitioning out of a career you love
  • (24:47) The significance of maintaining health and reducing stress as you age
  • (31:24) The importance of having a power of attorney and drafting a will
  • And more

Dive deeper into this pivotal discussion and revolutionize your thinking about retirement. Tune in to align your financial goals with your personal aspirations and guide you toward a prosperous future.

Connect with Med-Wealth Financial Services: 

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Financial Planning Essentials for Later in Life (Ep.29)

Financial Planning Essentials for Later in Life (Ep.29)

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How well have you prepared for unexpected expenses later in life?

John and Alex Soutos discuss the financial considerations and challenges that come with major life events such as divorce and managing declining health. They emphasize the importance of being financially prepared for these events, including the cost of legal advice and proceedings in divorce cases, the need for long-term care insurance, and the impact of declining health on financial stability.

John and Alex discuss: 

  • How much protection can a prenuptial agreement provide? 
  • What is the best way to proceed upon marital breakdown? 
  • What financial and interpersonal challenges can arise with a second marriage, and why is it important to plan and communicate expectations?
  • Why is it crucial to consider long-term care insurance to cover the potential costs of managing declining health?
  • How can proactive financial planning, including the use of insurance, help mitigate the financial risks associated with major life events?
  • And more

Connect with Med-Wealth Financial Services: 

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Financial Tips for Expecting Parents (Ep. 28)

Financial Tips for Expecting Parents (Ep. 28)

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Did you know the average cost of raising a child to age 18 in Canada is nearly $250,000? And that doesn’t even factor in the cost of university education! Is your financial plan ready for those expenses?

John and Alex Soutsos tackle the comprehensive financial planning required when starting a family. They delve into the essential expenses and preparations necessary for welcoming a child, ensuring you’re financially ready for this significant life event. From childcare costs to changing careers, this episode provides invaluable insights and practical advice to set you on the path to financial security and happiness.

John and Alex discuss: 

  • Understanding the full scope of costs associated with having children
  • The importance of planning your finances around maternity leave
  • Weighing the benefits of RESPs vs. informal trusts for saving
  • The role of life insurance for new parents
  • And more

Connect with Med-Wealth Financial Services: 

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Navigating Mortgage Resets and Interest Rate Changes with Matthew Pickering (Ep.27)

Navigating Mortgage Resets and Interest Rate Changes with Matthew Pickering (Ep.27)

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Are you planning to buy a rental property or renovate your dream home? Curious about how this affects your mortgage approval?

John and Alex Soutsos welcome back mortgage expert Matthew Pickering from National Bank to delve into the intricacies of home financing. They explore key strategies for financing properties, understanding the mortgage approval process, and the financial implications of renovations and rental investments.

John, Alex and Matthew discuss: 

  • Deep dive into fixed versus variable mortgage rates
  • Mortgage approval process for renovating or renting out properties
  • Utilizing unsecured lines of credit for financing needs
  • Strategies for building financial flexibility into your mortgage
  • And more

Connect with Med-Wealth Financial Services: 

Connect with Matthew Pickering:

About Our Guest: 

Matthew Pickering is a Mortgage Manager at the National Bank of Canada. Matthew specializes in the purchase of new properties, external refinancing and other types of Intermediaries, and the purchase of existing properties. Matthew is based out of the Greater Toronto Area, serving Toronto, Burlington, Milton, and Mississauga.

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Financial Planning for Home Buyers with Matthew Pickering (Ep. 26)

Financial Planning for Home Buyers with Matthew Pickering (Ep. 26)

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Think buying a house is only about having enough money for a down payment?

John and Alex Soutsos from Med Wealth Financial Services, along with guest Matthew Pickering, Mortgage Development Manager at National Bank, delve into the complexities of the mortgage approval process. Discover valuable insights into the factors affecting mortgage qualification, the benefits of pre-approvals, and how personalized banking services can ease your journey toward purchasing a home.

John, Alex and Matthew discuss: 

  • Understanding the mortgage approval process and the role of income
  • The advantages of getting a mortgage pre-approval early
  • The importance of bridge financing and home equity lines of credit
  • Trends and guidance on choosing between fixed and variable mortgage rates
  • And more

Connect with Med-Wealth Financial Services: 

Connect with Matthew Pickering:

About Our Guest: 

Matthew Pickering is a Mortgage Manager at the National Bank of Canada. Matthew specializes in the purchase of new properties, external refinancing and other types of Intermediaries, and the purchase of existing properties. Matthew is based out of the Greater Toronto Area, serving Toronto, Burlington, Milton, and Mississauga.

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Balancing Supplements and Nutrition for Healthy Living with Dr. Ashley Chauvin (Ep. 25)

Balancing Supplements and Nutrition for Healthy Living with Dr. Ashley Chauvin (Ep. 25)

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How much do you really know about the vitamins and supplements you’re taking? 

John and Alex Soutsos sit down with Dr. Ashley Chauvin, a naturopathic doctor from Clarity Health, to explore the benefits of supplements, the science behind them, and how they can complement your diet and lifestyle. They explore why specific supplements are essential, how to select high-quality products, and the importance of nutrition first.

John, Alex and Ashley discuss: 

  • Why vitamins and supplements should be considered secondary to nutrition and fitness in building a healthy lifestyle
  • The role of supplements in health management and their efficacy.
  • Recommendations for daily supplements and their benefits.
  • And more

Resources:

Connect with Med-Wealth Financial Services: 

Connect with Dr. Ashley Chauvin:

About Our Guest: 

 Dr. Ashley Chauvin ND has a mission to support patients to feel more like themselves while experiencing hormone changes such as menopause. Ashley originally found her passion for Naturopathic Medicine when training in Radiation Therapy and now supports patients during active cancer treatment and survivorship to feel empowered and in control of their health. 

Patients who have experienced cancer often struggle with hormonal concerns and have many questions about their treatment options. Ashley supports our patients experiencing natural and medically-induced menopause by addressing symptoms such as fatigue, weight gain and hot flashes.

Dr. Ashley wants her patients to understand their options and how they can support themselves through positive lifestyle changes, supplements and injection therapy to improve the side effects of their conventional care and thrive in survivorship.

Dr. Ashley completed a residency program in supporting cancer patients and has worked exclusively in cancer care for much of her career. Her interest in breast cancer has lead her to pursue training in women’s health and hormonal support and she is thrilled to be able to support our patients on their journey to menopause with prevention strategies and a focus on overall wellness.

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Exploring Naturopathic Medicine with Dr. Ashley Chauvin (Ep. 24)

Exploring Naturopathic Medicine with Dr. Ashley Chauvin (Ep. 24)

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Believe it or not, some oncologists are now recommending naturopathic medicine to their patients. Curious how this works? 

John and Alex Soutsos delve into an inspiring conversation with Dr. Ashley Chauvin, a naturopathic doctor who supports patients during cancer treatment and beyond. Discover how naturopathic practices, dietary adjustments, and an integrative approach can enhance health and well-being, and why there’s a growing shift toward embracing these holistic methods.

John and Alex discuss: 

  • The role of naturopathic medicine in cancer care and survivorship
  • Differences between naturopathic medicine and conventional Western medicine
  • Common misconceptions about gut health and the impact of restrictive diets
  • Historical insights into the evolution of traditional and naturopathic medical practices
  • And more

Connect with Med-Wealth Financial Services: 

Connect with Dr. Ashley Chauvin:

About Our Guest: 

 Dr. Ashley Chauvin ND has a mission to support patients to feel more like themselves while experiencing hormone changes such as menopause. Ashley originally found her passion for Naturopathic Medicine when training in Radiation Therapy and now supports patients during active cancer treatment and survivorship to feel empowered and in control of their health. 

Patients who have experienced cancer often struggle with hormonal concerns and have many questions about their treatment options. Ashley supports our patients experiencing natural and medically-induced menopause by addressing symptoms such as fatigue, weight gain and hot flashes.

Dr. Ashley wants her patients to understand their options and how they can support themselves through positive lifestyle changes, supplements and injection therapy to improve the side effects of their conventional care and thrive in survivorship.

Dr. Ashley completed a residency program in supporting cancer patients and has worked exclusively in cancer care for much of her career. Her interest in breast cancer has lead her to pursue training in women’s health and hormonal support and she is thrilled to be able to support our patients on their journey to menopause with prevention strategies and a focus on overall wellness.

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Essential Home Buying Considerations (EP 23)

Essential Home Buying Considerations (EP 23)

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Are you considering buying a home but unsure where to start? Have you considered the financial costs of owning a house, even after buying?

John and Alex Soutsos delve into the complexities of home buying, sharing their expertise on crucial decisions you need to make along the way. They discuss key considerations like proximity to work, family preferences, and financial decisions around urban versus rural properties. 

John and Alex discuss: 

  • The benefits and drawbacks of buying urban versus rural properties
  • Understanding the rate of return for condos, townhouses, and single-family homes
  • Key financial considerations such as appreciation rates and maintenance costs
  • Strategies for balancing mortgage payments and retirement savings planning
  • And more

Connect with Med-Wealth Financial Services: 

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