They came looking to save $20/month and after going through our MAPP process they left saving $20 per month and took themselves from buying insurance to, implementing a plan like Canada’s wealthiest families.
Okanagan Family
Husband (age 48)
Wife (age 41)
2 children (ages 11 & 14)
The husband originally came to me through a referral because he had a 10 Yr Term life insurance policy he was originally “sold” 10 years ago.
Since the policy had a fixed premium for 10 years it was renewing (increasing premium) in the next month. He wanted to see if he could get a better rate on his coverage and possibly explore other firms for certain reasons. (Does your agent work and implement a financial plan or just sell you product.) This business owner was slightly skeptical when he came to us but since he was referred from one of his close friends (who is one of our AAA clients) he wanted to at least see the experience through. Little did he know that he was about to experience, a level planning that wasn't focused around the product but around the long term and short term goals he desired…
I explained I had all the resources to help them “buy” insurance” but I wanted to take a step back and walk them through our proprietary MAPP process. The main focus of the MAPP process is to address all financial and non financial aspects of someone’s life so a proper recommendation can be made when implementing a financial plan.
You can find more on the MAPP process at: www.serviss.ca
After I explained our confidentiality agreement we had a great 20 minute open conversation and I quickly learned there was a lot we could help this family with.
Let’s dive right into the details:
He owns a business with a partner, it has a great track record and everything is humming along nicely (steady and consistent cash flow). His partner and him handle separate departments but are both instrumental in the success of the business. (Partnership coverage)
Their family’s lifestyle did not require all of the money to be removed from the business which meant money was starting to accumulate inside the company. (Invested in GIC’s and high interest bank savings accounts). (Corp Funded Wealth Strategy).
Their residence mortgage was $425,000. When I asked the husband why he wanted life insurance; he explained he was most concerned with covering the debt, maintaining the family’s lifestyle for approximately 10 years if he was gone (he joked his wife was beautiful, smart and educated, she didn’t need a lifetime lottery payout, she would figure it out by then), he wanted to take care of the children’s education (or a portion of it) and give the kids a small down payment for a house. (Husband Life Insurance)
Since his wife actively manages accounts and “does the books” the husband would be lost with out her. In asking him what he would do if his wife was not helping he came to the conclusion he would have to hire, train and find someone else to fill her position. Not only would this require his time but it would take away from his normal duties which essentially drive the success of the business. (Wife Life Insurance)
When I asked about their family health history I learned that she had a healthy family but he had a family with 2 immediate members being cancer survivors… Due to business expansion projects and paying off vehicles they have only a small nest egg (personal savings) built up for an emergency fund. He quickly realized due to his family history and the above savings situation there was a gap in their plan. If he became ill or injured and could not work, not only would they lose his income but her income tap would be turned off as well. At this point the couple realized that if they became sick, injured or passed away it would affect the ultimate retirement goals of the family. No income meant no saving for retirement, pretty simple. (Critical Illness Coverage)
I switched gears slightly and asked about their current retirement strategy. He mentioned that part of their retirement plan was to sell the business and use the sale proceeds to live off of. The success of the business hinged on the two partner’s activity so the business would be worth more if the partners were living and the business was chugging along as a going concern, sounds fair right. Remembering the retirement plan was to sell the business I had to address a number of issues.
If he passed away before the sale of the business do you think someone would pay more or less for the business…? The husband would not be there to train or manage for the 1st year with the new owner etc etc… This would mean the wife would receive less in sale proceeds, affecting her retirement lifestyle. The other issue is the living partner would become partners now with the deceased husband’s wife. If she does not want to be part of the business or the partner does not want to be partners with her, he needs to find liquid money to pay her off in the amount of the deceased husbands share…. (Partnership coverage and wife retirement enjoyment).
If everything went as planned what would you invest the sale proceeds into…? (Value Partners).
If you would like to see the complete plan and the step by step process to implementing the plan please call or email me your name, phone number and email address. In summary the numbers looked something like this, using his annual salary of $100,000:
Option #1 (Current plan) - $100,000 salary and small life insurance plan
Option #2 (our proposal – 4% of earnings) - $96,000 salary but after certain point the savings we found would get the family/business to a break even point…
If he or his partner passed away they would have a life insurance policy that kicked in and paid the other partner. The living partner would use those life insurance proceeds to pay off the deceased partner’s wife for the share of the business. We built in a strategy that will allow the partners to use those life insurance policies while they are living to accomplish the following: accumulate wealth in their Holding Company, provide bullet proof fixed income in retirement and flow essentially tax free assets out of their corporations if/when the pasted away.
Simple mortgage life insurance to help each spouse cover (the debts, education funds and dependent children cash needs) if one was to pass before they were paid off or saved.
A protection plan that will keep them on track to retirement when they get seriously ill or seriously hurt. Built into this we utilized a Business Overhead Coverage option – It is a tax deductible coverage that allows for normal business expenses to be taken care of when the owner becomes disabled. (Expenses like: office leases or rent, utilities, non partner employee salaries and a number of other monthly expenses related to the business). We also built into the illness portion, if he passed away before claiming the estate would receive a refund of his premiums… Too bad ICBC never offered that.
Through our Peacock Sheridan Group specialist network we were able to align this family/business up with:
- A more sophisticated tax planning specialist.
- A commercial insurance broker who specialized in the field this family’s business was in. The broker was able to save the family a significant amount on their commercial coverage and the E&O policies.
As a value added service to my readers and clients I make myself available to act as a sounding board. You might have a friend who asks about me, or you may feel compelled to make an introduction to help someone out. If that happens, I guarantee I will make the time to offer objective advice that they can use to make an informed decision.
Dustin Serviss
Kelowna Financial Advisor
Friday, December 18, 2009
Thursday, December 17, 2009
Buy other policies at a discount
Life Insurance investment strategy...
Find an AIDS victim, buy their life insurance policy for less than the death benefit, wait till they pass and collect the death benefit... It happens in the US. Definitely controversial. Or find a cash strapped senior citizen that has a life insurance policy, you offer to give them cash up front for the irrevocable beneficiary rights to their policy... When they pass away you get the full death benefit (obviously less than you paid them). I am not recommending this strategy at all but I found the concept very interesting.
Buy someone's life insurance at a discount...
Find an AIDS victim, buy their life insurance policy for less than the death benefit, wait till they pass and collect the death benefit... It happens in the US. Definitely controversial. Or find a cash strapped senior citizen that has a life insurance policy, you offer to give them cash up front for the irrevocable beneficiary rights to their policy... When they pass away you get the full death benefit (obviously less than you paid them). I am not recommending this strategy at all but I found the concept very interesting.
Buy someone's life insurance at a discount...
Wednesday, November 18, 2009
HST and how it affects Real Estate
The B.C. Harmonized Tax – BC HST Will Raise New Home Price
Please comment on this blog post regarding your opinion and thoughts on how the new BC HST will influence the British Columbia and Greater Vancouver real estate home prices next year. Announced in August 2009, the BC HST will come into effect July 1st, 2010. The BC Harmonized Tax is simply the combination of the two current sales taxes: the 7% provincial BC sales tax and the 5% federal goods and services tax. The BC HST is 12% (twelve per cent) and will be added to the purchase price of new BC homes and Greater Vancouver real estate. In addition to applying 12% on new home prices, the BC HST will also be applicable to real estate closing costs and fees, which will in turn increase the price of any new home in British Columbia and throughout the Greater Vancouver property market. Currently, new homes in BC and Greater Vancouver are only subject to the 5% GST federal tax (and not the 7% provincial sales tax) Some analysts say that as the BC real estate markets start their long recovery from the global economic crisis and housing bubble of 2008-2009, the introduction of the BC HST 12% tax on new homes in Vancouver and the province of BC will halt first time homebuyers from making the largest purchases of the life.
In addition, the 12% HST will also affect Greater Vancouver housing affordability, which is already the highest of any city in Canada. Overall, BC housing affordability is also the highest in Canada, which means that British Columbians and Vancouverites spend the most after tax dollars on their homes and real estate purchases. The introduction of the BC HST on new Vancouver homes for July 1st, 2010 will likely damper the sales volume of new real estate in the city in addition to making property more unaffordable for first time homebuyers while making it that much more expensive for current homeowners looking to upsize into larger new Vancouver homes. The other thing to keep in mind is that many retirees are getting to retirement age, and the addition of the 12% BC HST will likely influence what these empty nesters can afford to purchase if they are looking for a new home in BC or Greater Vancouver real estate markets.
Overall, the combination of the PST and GST into the British Columbia HST new Harmonized Sales Tax will ultimately affect the majority of the BC population looking to purchase new homes and real estate property, including those Vancouver condo home buyers. On average, a consumer looking for new BC property will end up spending 7% more because of the difference between the 12% HST harmonized sales tax versus the current 5% GST goods and services tax that are applied to new property.
British Columbia already has the award for the most expensive real estate in Canada. The Okanagan region, Victoria and Greater Vancouver also all fit within the top ten most priciest property markets in the country.
The integration of the new provincial BC HST of 12% on new real estate will further increase and bump up the price for new homes in the province, thereby decreasing affordability throughout the region.
Some BC Real Estate HST Numbers and How It Affects You
Scenario 1: Based on a purchase price of $600,000 for a new BC or Vancouver home, the homebuyer would pay a total of $72,000 in BC HST taxes (12% on $600,000). With the homebuyer HST rebate for purchases above $600,000, the homebuyer would receive the $20,000, thus reducing their purchase cost to $52,000 in taxes for a total of $652,000. Currently, the 5% GST applicable to the same home would cost only $30,000 (a difference of $22,000). *This does not include the HST applicable to closing fees.
Scenario 2: If a BC homebuyer wanted to purchase a new Vancouver home costing $800,000, the total 12% HST hit would be $96,000. The partial HST rebate of $20,000 (maximum allowed) will reduce this to $76,000, making the final purchase price at $876,000 plus property transfer taxes and other closing costs. Before July 1, 2010, a new home would be subject to only 5% GST which is $40,000 on a $800,000 property. With the new BC harmonized sales tax, a BC homebuyer would pay $36,000 more for the same home after implementation of the HST tax. *This also does not include the HST applicable to closing costs.
For more information please see: Vancouver Real Estate Page
Please comment on this blog post regarding your opinion and thoughts on how the new BC HST will influence the British Columbia and Greater Vancouver real estate home prices next year. Announced in August 2009, the BC HST will come into effect July 1st, 2010. The BC Harmonized Tax is simply the combination of the two current sales taxes: the 7% provincial BC sales tax and the 5% federal goods and services tax. The BC HST is 12% (twelve per cent) and will be added to the purchase price of new BC homes and Greater Vancouver real estate. In addition to applying 12% on new home prices, the BC HST will also be applicable to real estate closing costs and fees, which will in turn increase the price of any new home in British Columbia and throughout the Greater Vancouver property market. Currently, new homes in BC and Greater Vancouver are only subject to the 5% GST federal tax (and not the 7% provincial sales tax) Some analysts say that as the BC real estate markets start their long recovery from the global economic crisis and housing bubble of 2008-2009, the introduction of the BC HST 12% tax on new homes in Vancouver and the province of BC will halt first time homebuyers from making the largest purchases of the life.
In addition, the 12% HST will also affect Greater Vancouver housing affordability, which is already the highest of any city in Canada. Overall, BC housing affordability is also the highest in Canada, which means that British Columbians and Vancouverites spend the most after tax dollars on their homes and real estate purchases. The introduction of the BC HST on new Vancouver homes for July 1st, 2010 will likely damper the sales volume of new real estate in the city in addition to making property more unaffordable for first time homebuyers while making it that much more expensive for current homeowners looking to upsize into larger new Vancouver homes. The other thing to keep in mind is that many retirees are getting to retirement age, and the addition of the 12% BC HST will likely influence what these empty nesters can afford to purchase if they are looking for a new home in BC or Greater Vancouver real estate markets.
Overall, the combination of the PST and GST into the British Columbia HST new Harmonized Sales Tax will ultimately affect the majority of the BC population looking to purchase new homes and real estate property, including those Vancouver condo home buyers. On average, a consumer looking for new BC property will end up spending 7% more because of the difference between the 12% HST harmonized sales tax versus the current 5% GST goods and services tax that are applied to new property.
British Columbia already has the award for the most expensive real estate in Canada. The Okanagan region, Victoria and Greater Vancouver also all fit within the top ten most priciest property markets in the country.
The integration of the new provincial BC HST of 12% on new real estate will further increase and bump up the price for new homes in the province, thereby decreasing affordability throughout the region.
Some BC Real Estate HST Numbers and How It Affects You
Scenario 1: Based on a purchase price of $600,000 for a new BC or Vancouver home, the homebuyer would pay a total of $72,000 in BC HST taxes (12% on $600,000). With the homebuyer HST rebate for purchases above $600,000, the homebuyer would receive the $20,000, thus reducing their purchase cost to $52,000 in taxes for a total of $652,000. Currently, the 5% GST applicable to the same home would cost only $30,000 (a difference of $22,000). *This does not include the HST applicable to closing fees.
Scenario 2: If a BC homebuyer wanted to purchase a new Vancouver home costing $800,000, the total 12% HST hit would be $96,000. The partial HST rebate of $20,000 (maximum allowed) will reduce this to $76,000, making the final purchase price at $876,000 plus property transfer taxes and other closing costs. Before July 1, 2010, a new home would be subject to only 5% GST which is $40,000 on a $800,000 property. With the new BC harmonized sales tax, a BC homebuyer would pay $36,000 more for the same home after implementation of the HST tax. *This also does not include the HST applicable to closing costs.
For more information please see: Vancouver Real Estate Page
Coffee Shops for sale in Kelowna
Here are two links to local shops that are for sale:
Kelowna Coffee Shop #1
Kelowna Coffee Shop #2
Will Conley Contributing Writer to EHOW shares tips on how to run an effective coffee shop:
Step 1 Open your coffee shop in the right location. Target a local customer base. Get to know the neighborhood and what types of people live there. In most cases, you will be able to choose the atmosphere of your coffee shop, since every locale contains many subsets of demographics. Just make sure there are enough people in the area to patronizer your business.
Step 2 Scope out the competition. If another local coffee shop attracts a funky, young customer base, either opt for a more austere atmosphere and target a different customer base, or plan to out-funk the other place and steal some of their loyal patrons. Learn how much the competition charges for a coffee, a mocha, a triple latte, a slice of pie. You can charge more or less for your coffee products, but the overall experience should reflect the price-point value of your product.
Step 3 Get free wireless Internet for your coffee shop. These days every successful coffee shop needs to offer free WiFi. This gets people in the door and gives them a reason to stay.
Step 4 Make your coffee shop as comfortable as possible. The more inviting the atmosphere is, the longer customers will stay, and the more loyal they will become. Include plenty of seating, but don't cramp the space. Sofas and booths help as well. Plenty of traditional table seating is also necessary.
Step 5 Offer food. This keeps customers in your coffee shop for longer periods of time.
Step 6 Use "Buy Ten, Get One Free" stamp cards to give customers incentive to buy often. Each time a customer buys a drink or food item, stamp the card. When it fills up, they can turn it in for a free drink of any size. This is a classic marketing tactic for successful coffee shops.
Step 7 Play the right music. If you find that customers come to your coffee shop to study, keep the volume down to a dull roar. Keep an eye on your demographics. Play the right music for the right crowd. Experiment with music tastes and listen to feedback. Once you find a style of music your customers like, try and stick with it. Just don't play the same CD over and over. Your best bet is to pump in some customized satellite radio.
Step 8 Keep everything clean, neat, orderly and self-apparent. For example, if you are set up to have customers bus their own dishes, place the busing containers in plain sight. Fix any broken or rocking tables as they develop problems. Keep the sugar and condiment station fully stocked. Make sure nothing is sticky for longer than a few minutes. Situate the order, pick-up and payment counters in plain view.
Step 9 Set employee schedules clearly, and hold employees to their commitments. Overlap schedules so that there is always someone available to fulfill customer orders. There is nothing more annoying to a customer than having to wait 10 minutes for a cup of coffee when no one else is in line.
Step 10 Keep supplies well stocked at all times. Do not stop serving anything just because it is an hour to closing time. If it's on the menu and your doors are still open, you must serve whatever is ordered.
Step 11 Maintain transparent accounting. Run cash-outs at the end of every cashier shift to maintain accountability. Never keep more than a couple hundred dollars of petty cash in the safe.
Step 12 Run promotions from time to time, and advertise whenever fiscally possible.
Kelowna Coffee Shop #1
Kelowna Coffee Shop #2
Will Conley Contributing Writer to EHOW shares tips on how to run an effective coffee shop:
Step 1 Open your coffee shop in the right location. Target a local customer base. Get to know the neighborhood and what types of people live there. In most cases, you will be able to choose the atmosphere of your coffee shop, since every locale contains many subsets of demographics. Just make sure there are enough people in the area to patronizer your business.
Step 2 Scope out the competition. If another local coffee shop attracts a funky, young customer base, either opt for a more austere atmosphere and target a different customer base, or plan to out-funk the other place and steal some of their loyal patrons. Learn how much the competition charges for a coffee, a mocha, a triple latte, a slice of pie. You can charge more or less for your coffee products, but the overall experience should reflect the price-point value of your product.
Step 3 Get free wireless Internet for your coffee shop. These days every successful coffee shop needs to offer free WiFi. This gets people in the door and gives them a reason to stay.
Step 4 Make your coffee shop as comfortable as possible. The more inviting the atmosphere is, the longer customers will stay, and the more loyal they will become. Include plenty of seating, but don't cramp the space. Sofas and booths help as well. Plenty of traditional table seating is also necessary.
Step 5 Offer food. This keeps customers in your coffee shop for longer periods of time.
Step 6 Use "Buy Ten, Get One Free" stamp cards to give customers incentive to buy often. Each time a customer buys a drink or food item, stamp the card. When it fills up, they can turn it in for a free drink of any size. This is a classic marketing tactic for successful coffee shops.
Step 7 Play the right music. If you find that customers come to your coffee shop to study, keep the volume down to a dull roar. Keep an eye on your demographics. Play the right music for the right crowd. Experiment with music tastes and listen to feedback. Once you find a style of music your customers like, try and stick with it. Just don't play the same CD over and over. Your best bet is to pump in some customized satellite radio.
Step 8 Keep everything clean, neat, orderly and self-apparent. For example, if you are set up to have customers bus their own dishes, place the busing containers in plain sight. Fix any broken or rocking tables as they develop problems. Keep the sugar and condiment station fully stocked. Make sure nothing is sticky for longer than a few minutes. Situate the order, pick-up and payment counters in plain view.
Step 9 Set employee schedules clearly, and hold employees to their commitments. Overlap schedules so that there is always someone available to fulfill customer orders. There is nothing more annoying to a customer than having to wait 10 minutes for a cup of coffee when no one else is in line.
Step 10 Keep supplies well stocked at all times. Do not stop serving anything just because it is an hour to closing time. If it's on the menu and your doors are still open, you must serve whatever is ordered.
Step 11 Maintain transparent accounting. Run cash-outs at the end of every cashier shift to maintain accountability. Never keep more than a couple hundred dollars of petty cash in the safe.
Step 12 Run promotions from time to time, and advertise whenever fiscally possible.
Kelowna Real Estate Statistics - October 2009
Central Okanagan Real Estate Summary
Year = 2009 Month = October
8 Condo/Apt -- Sales 73
9 Condo/Apt -- New Listings 195
10 Condo/Apt -- Current Inventory 1083
11 Condo/Apt -- Sell/Inv. Ratio 6.74%
12 Condo/Apt -- Days to Sell 81
13 Condo/Townhouse -- Sales 56
14 Condo/Townhouse -- New Listings 78
15 Condo/Townhouse -- Current Inventory 448
16 Condo/Townhouse -- Sell/Inv. Ratio 12.50%
17 Condo/Townhouse -- Days to Sell 79
18 Lots -- Sales 16
19 Lots -- New Listings 68
20 Lots -- Current Inventory 839
21 Lots -- Sell/Inv. Ratio 1.91%
22 Lots -- Days to Sell 177
23 Residential -- Sales 215
24 Residential -- New Listings 330
25 Residential -- Current Inventory 1378
26 Residential -- Sell/Inv. Ratio 15.60%
27 Residential -- Days to Sell 87
28 Average House Price $475,910.43
29 Median House Price $440,000.
Full OMREB report Click Here
Year = 2009 Month = October
8 Condo/Apt -- Sales 73
9 Condo/Apt -- New Listings 195
10 Condo/Apt -- Current Inventory 1083
11 Condo/Apt -- Sell/Inv. Ratio 6.74%
12 Condo/Apt -- Days to Sell 81
13 Condo/Townhouse -- Sales 56
14 Condo/Townhouse -- New Listings 78
15 Condo/Townhouse -- Current Inventory 448
16 Condo/Townhouse -- Sell/Inv. Ratio 12.50%
17 Condo/Townhouse -- Days to Sell 79
18 Lots -- Sales 16
19 Lots -- New Listings 68
20 Lots -- Current Inventory 839
21 Lots -- Sell/Inv. Ratio 1.91%
22 Lots -- Days to Sell 177
23 Residential -- Sales 215
24 Residential -- New Listings 330
25 Residential -- Current Inventory 1378
26 Residential -- Sell/Inv. Ratio 15.60%
27 Residential -- Days to Sell 87
28 Average House Price $475,910.43
29 Median House Price $440,000.
Full OMREB report Click Here
Friday, November 13, 2009
Kelowna online business owners
Just a quick blog entry today for the business owners of Kelowna. I came across the Alexa website today. It shows the most viewed webpages on the net. Have a look:
ALEXA
Dustin Serviss
Financial Advisor
Kelowna BC
ALEXA
Dustin Serviss
Financial Advisor
Kelowna BC
Wednesday, November 4, 2009
Planning Considerations For Students - Kelowna
Information provided by: Advocis - CLU Institute - Comment Newsletter Sept/Oct 2009
Every year, parents across the country send their
children off to university and college in search of higher
education. Sometimes the student will be far away
from home, sometimes the student may be close to
home but living separately and sometimes the student
will live at home while attending school locally.
Whenever a student heads off to school, there is a
wide range of things to consider. The following is
a checklist of some of the more common financial
concerns impacting post-secondary students:
☑ Property and Casualty Insurance
Does your home insurance coverage extend to
your child’s school residence or other housing
arrangement? Does your home insurance cover
the student’s possessions as well as damage to
a neighbour’s property caused by negligence
or perhaps an inadvertent mishap? Have you
discussed this with your insurance broker or
insurance company with details specific to your set
of circumstances?
☑ Health & Dental Coverage
Does your group benefit plan at work cover your
child? Do you have to contact your human resource
area to update or inform them that you have an
over-age dependant who is attending school on a
full-time basis? If you have coverage, does your
child want to opt out of the school plan? If you have
coverage and the student also takes coverage under
a school plan, there is the ability to co-ordinate
benefits under the two plans – have you provided
the student with the information needed when
visiting the dentist and/or pharmacist?
☑ Car Insurance
If your child drives a car while at school, has his
or her risk changed? Should you have a discussion
with your broker to ensure that you have complete
and full disclosure of the student’s situation?
☑ Moving Expenses
Will your student’s moving expenses be tax
deductible? If so, take the time to gather the
receipts now so that you will be able to find them
at tax filing time.
☑ Tuition, Education and Textbook Tax Credits
Students may be eligible to claim the tuition,
education and textbook tax credits. These amounts
can be claimed by the student in the year of study and
unclaimed amounts may be carried over to another
year or transferred to a parent or grandparent.
Ensure your child knows about these credits and sets
aside the appropriate documentation for tax time.
☑ Access to Cash
Does your child have sufficient cash reserves to carry
him or her through the full school year? Parents
often feel a tap on the shoulder for additional money
throughout the year. An option that can make it easy
to assist the student financially is a joint bank account
with one or both of the parents. A parent might have
sufficient rating at the bank such that when he or
she makes a deposit into the joint account, the bank
will not impose any holds on the funds. This can
allow the student to access the funds without delay
and without incurring extra charges.
☑ Establishing a Credit History
Does your child have a credit card? If not, it can
be wise for the child to apply for a student credit
card as it will start the process of building a credit
history. With a credit card in hand, responsibility for
making the regular payments becomes important
to maintaining a good credit rating. Do you need to
monitor that the bill gets paid on time, at least until
you are confident that this task is well in hand? It
is important to ensure that your child’s bills are
paid on time because of the potential interest and
late charges as well as the detrimental effect on the
student’s credit record.
The bottom line is that the eligible dividend system
will remain in a state of flux and that regular
adjustments are needed to meet the purpose of the
gross-up and dividend tax credit mechanism.
☑ Financial Responsibility
Will your child be liable for utilities at his or her
place of residence? Similar to a credit card, you
need to determine if monitoring the necessary
payments may be helpful initially to ensure good
financial responsibility.
Some, or all, of the above list may apply to your
student’s situation and it is important to determine
which of the issues you feel needs to be addressed.
Once you have considered the issues and your
priorities, it is relatively easy to help get your
student off on a good financial footing and aid in
their financial education.
Every year, parents across the country send their
children off to university and college in search of higher
education. Sometimes the student will be far away
from home, sometimes the student may be close to
home but living separately and sometimes the student
will live at home while attending school locally.
Whenever a student heads off to school, there is a
wide range of things to consider. The following is
a checklist of some of the more common financial
concerns impacting post-secondary students:
☑ Property and Casualty Insurance
Does your home insurance coverage extend to
your child’s school residence or other housing
arrangement? Does your home insurance cover
the student’s possessions as well as damage to
a neighbour’s property caused by negligence
or perhaps an inadvertent mishap? Have you
discussed this with your insurance broker or
insurance company with details specific to your set
of circumstances?
☑ Health & Dental Coverage
Does your group benefit plan at work cover your
child? Do you have to contact your human resource
area to update or inform them that you have an
over-age dependant who is attending school on a
full-time basis? If you have coverage, does your
child want to opt out of the school plan? If you have
coverage and the student also takes coverage under
a school plan, there is the ability to co-ordinate
benefits under the two plans – have you provided
the student with the information needed when
visiting the dentist and/or pharmacist?
☑ Car Insurance
If your child drives a car while at school, has his
or her risk changed? Should you have a discussion
with your broker to ensure that you have complete
and full disclosure of the student’s situation?
☑ Moving Expenses
Will your student’s moving expenses be tax
deductible? If so, take the time to gather the
receipts now so that you will be able to find them
at tax filing time.
☑ Tuition, Education and Textbook Tax Credits
Students may be eligible to claim the tuition,
education and textbook tax credits. These amounts
can be claimed by the student in the year of study and
unclaimed amounts may be carried over to another
year or transferred to a parent or grandparent.
Ensure your child knows about these credits and sets
aside the appropriate documentation for tax time.
☑ Access to Cash
Does your child have sufficient cash reserves to carry
him or her through the full school year? Parents
often feel a tap on the shoulder for additional money
throughout the year. An option that can make it easy
to assist the student financially is a joint bank account
with one or both of the parents. A parent might have
sufficient rating at the bank such that when he or
she makes a deposit into the joint account, the bank
will not impose any holds on the funds. This can
allow the student to access the funds without delay
and without incurring extra charges.
☑ Establishing a Credit History
Does your child have a credit card? If not, it can
be wise for the child to apply for a student credit
card as it will start the process of building a credit
history. With a credit card in hand, responsibility for
making the regular payments becomes important
to maintaining a good credit rating. Do you need to
monitor that the bill gets paid on time, at least until
you are confident that this task is well in hand? It
is important to ensure that your child’s bills are
paid on time because of the potential interest and
late charges as well as the detrimental effect on the
student’s credit record.
The bottom line is that the eligible dividend system
will remain in a state of flux and that regular
adjustments are needed to meet the purpose of the
gross-up and dividend tax credit mechanism.
☑ Financial Responsibility
Will your child be liable for utilities at his or her
place of residence? Similar to a credit card, you
need to determine if monitoring the necessary
payments may be helpful initially to ensure good
financial responsibility.
Some, or all, of the above list may apply to your
student’s situation and it is important to determine
which of the issues you feel needs to be addressed.
Once you have considered the issues and your
priorities, it is relatively easy to help get your
student off on a good financial footing and aid in
their financial education.
Wednesday, September 23, 2009
Fun inexpensive activities for the family in the Okanagan
Kelowna you have a number of inexpensive fun activities to do with the family. You just have to be creative. Here is a list our family came up with:
1) Hiking, biking or exploring. Look around at the number of parks and trails within the city or pick up the Kelowna Map Book and Guide.
2) The EECO centre in Mission creek park. Your children will learn about everything from fish spauning to bear droppings.
3) Kelowna Art Gallery or Hambleton Galleries on Ellis.
4) Alley surfing. If you are a project type family or you are looking for that old motorcycle/car to rebuild with your son... this could be where to start. You would be surprised by the number of people that would be glad to sell you that old VW Van under the tarp in their back yard.
5) Okanagan Regional Library
6) A pet store is always good for killing an hour
7)The Airport - if you go to the North side of the grounds you get a perfect view of the run-way and the planes will fly right over your head, not to mention the Helicopter pad is at that end as well.
8) A play gorund at an elementary school.
9) A Fire Hall - most will have times when tours are available as well as Station 2 is usually a hall one could walk by and have look inside without an appointment.
10) Tolko Mill or Gorman Brothers Mill
11) The Landfill - If you have a trailer and you want to teach your teenager how to back it up, this is the perfect place to practice and give them a safe environment to learn.
12) Ride a double decker bus or ride a city bus for one full loop. You may some parts of town you have never seen before.
13) Find a construction site that has large machinery. Explain what they are doing and how they work to the best of your knowledge.
1) Hiking, biking or exploring. Look around at the number of parks and trails within the city or pick up the Kelowna Map Book and Guide.
2) The EECO centre in Mission creek park. Your children will learn about everything from fish spauning to bear droppings.
3) Kelowna Art Gallery or Hambleton Galleries on Ellis.
4) Alley surfing. If you are a project type family or you are looking for that old motorcycle/car to rebuild with your son... this could be where to start. You would be surprised by the number of people that would be glad to sell you that old VW Van under the tarp in their back yard.
5) Okanagan Regional Library
6) A pet store is always good for killing an hour
7)The Airport - if you go to the North side of the grounds you get a perfect view of the run-way and the planes will fly right over your head, not to mention the Helicopter pad is at that end as well.
8) A play gorund at an elementary school.
9) A Fire Hall - most will have times when tours are available as well as Station 2 is usually a hall one could walk by and have look inside without an appointment.
10) Tolko Mill or Gorman Brothers Mill
11) The Landfill - If you have a trailer and you want to teach your teenager how to back it up, this is the perfect place to practice and give them a safe environment to learn.
12) Ride a double decker bus or ride a city bus for one full loop. You may some parts of town you have never seen before.
13) Find a construction site that has large machinery. Explain what they are doing and how they work to the best of your knowledge.
Ponzi Scheme Explained to Kelowna
I wrote this article for the financial community of Kelowna. I wanted to explain how the scheme works and how people lost so much money from what looked like a good idea.
See a youtube video on how it works.
The Benefit: A promise that the investment will achieve an above normal rate of return. The rate of return is often specified. The promised rate of return has to be high enough to be worthwhile to the investor but not so high as to be unbelievable.
The Setup: A relatively plausible explanation of how the investment can achieve these above normal rates of return. One often-used explanation is that the investor is skilled and/or has some inside information. Another possible explanation is that the investor has access to an investment opportunity not otherwise available to the general public.
Initial Credibility: The person running the scheme needs to be believable enough to convince the initial investors to leave their money with him.
Initial Investors Paid Off: For at least a few periods the investors need to make at least the promised rate of return - if not better.
Communicated Successes: Other investors need to hear about the payoffs, such that their numbers grow exponentially. At the very least more money needs to be coming in than is being paid back to investors.
Steps in the Ponzi Scheme
Ponzi Schemes are quite basic but can be extraordinarily powerful. The steps are as follows:
Convince a few investors to place money into the investment.
After the specified time return the investment money to the investors plus the specified interest rate or return.
Pointing to the historical success of the investment, convince more investors to place their money into the system. Typically the vast majority of the earlier investors will return. Why would they not? The system has been providing them with great benefits.
Repeat steps 1 through 3 a number of times. During step 2 at one of the cycles, break the pattern. Instead of returning the investment money and paying the promised return, escape with the money and start a new life.
How Big Can Ponzi Schemes Get?
Into the billions of dollars. In 2008 we saw the fall of arguably the largest Ponzi scheme in history - Bernard L. Madoff Investment Securities LLC. The scheme had all the ingredients of a classic Ponzi scheme, including a founder, Bernard L. Madoff, that had a great deal of credibility as he had been in the investment business since 1960. Madoff had also been the chairman of the board of directors of NASDAQ, an American stock exchange. The estimated losses from the Ponzi scheme are in between 34 and 50 billion U.S. dollars. The Madoff scheme collapsed; Madoff had told his sons that "clients had requested approximately $7 billion in redemptions, that he was struggling to obtain the liquidity necessary to meet those obligations." (Source).
See a youtube video on how it works.
The Benefit: A promise that the investment will achieve an above normal rate of return. The rate of return is often specified. The promised rate of return has to be high enough to be worthwhile to the investor but not so high as to be unbelievable.
The Setup: A relatively plausible explanation of how the investment can achieve these above normal rates of return. One often-used explanation is that the investor is skilled and/or has some inside information. Another possible explanation is that the investor has access to an investment opportunity not otherwise available to the general public.
Initial Credibility: The person running the scheme needs to be believable enough to convince the initial investors to leave their money with him.
Initial Investors Paid Off: For at least a few periods the investors need to make at least the promised rate of return - if not better.
Communicated Successes: Other investors need to hear about the payoffs, such that their numbers grow exponentially. At the very least more money needs to be coming in than is being paid back to investors.
Steps in the Ponzi Scheme
Ponzi Schemes are quite basic but can be extraordinarily powerful. The steps are as follows:
Convince a few investors to place money into the investment.
After the specified time return the investment money to the investors plus the specified interest rate or return.
Pointing to the historical success of the investment, convince more investors to place their money into the system. Typically the vast majority of the earlier investors will return. Why would they not? The system has been providing them with great benefits.
Repeat steps 1 through 3 a number of times. During step 2 at one of the cycles, break the pattern. Instead of returning the investment money and paying the promised return, escape with the money and start a new life.
How Big Can Ponzi Schemes Get?
Into the billions of dollars. In 2008 we saw the fall of arguably the largest Ponzi scheme in history - Bernard L. Madoff Investment Securities LLC. The scheme had all the ingredients of a classic Ponzi scheme, including a founder, Bernard L. Madoff, that had a great deal of credibility as he had been in the investment business since 1960. Madoff had also been the chairman of the board of directors of NASDAQ, an American stock exchange. The estimated losses from the Ponzi scheme are in between 34 and 50 billion U.S. dollars. The Madoff scheme collapsed; Madoff had told his sons that "clients had requested approximately $7 billion in redemptions, that he was struggling to obtain the liquidity necessary to meet those obligations." (Source).
Wednesday, August 26, 2009
Tax and Family Business Succession Planning — What's New
Please thank David Louis for this month's article, David is a tax partner with Minden Gross LLP, a member of MERITAS law firms worldwide. David's practices focus on tax and estate planning for entrepreneurs and their corporations.
This article is an excerpt from CCH's Wealth Management Times issue No. 54 dated June 2009.
In general, recent reductions in corporate tax rates, along with the eligible dividend rules, have resulted in a greater bias to retain profits at the corporate level rather than distributing them as salaries/bonuses, thus militating in favour of freezes.Note 2 In the last few years, this trend has continued. Changes stemming from the November 2007 federal announcements will result in decreasing corporate tax rates, until federal rates reach a mere 15% in 2012.Note 3 This year's Ontario Budget also removed barriers to retaining income at the corporate level.Note 4 In that province, the general corporate business rate in 2014 will be less than 53% of the applicable rate where income is bonused out.
Hardly a Week Goes By…
It is hard to remember a week that has gone by without a new development pertaining to the book. In the week before publication of this article, there were at least four relevant developments that I have come across (so far!). The Federal Court of Appeal released its decision on Copthorne;Note 5 to no one's surprise, the Court (which usually sides in favour of the CRA) upheld the lower Court's verdict that the paid-up capital inflation plan in question contravened GAAR. But the Court also strengthened the series of transactions anti-avoidance concept which is key to many planning manoeuvres, by pouring cold water on the notion that there must be a "strong nexus" between the series of transactions itself and transactions in contemplation of the series, instead looking to a "motivating factor" test.
An article by Richard Wise in the latest issue of Canadian Tax Highlights speaks to the value of an interest in a discretionary trust.Note 6 Another article in the same issueNotes 7 indicates that the 2009 federal Budget provisions to remedy the result in La SurvivanceNote 8 (which, for example, could play havoc with the capital gains exemption on a share sale to a public company or non-resident) has deficiencies when CCPC status of a target corporation is to be claimed on a "sign-and-close" transaction.Note 9 Propep Inc. v. The Queen,Note 10 a civil law case, seems to support a narrow interpretation of "beneficiary" e.g., for the purposes of the look through association rules in subsection 256(1.2).Note 11
Going further back in time, in the Frye case,Note 12 the Ontario Court of Appeal held that a specific bequest of shares "trumped" restrictions on ownership in a shareholders' agreement. Some other recent developments we will mention include CRA restrictions pertaining to stock dividend freezes,Note 13 technical interpretations pertaining to assets used in an active business for the purposes of the capital gains exemption, and developments in respect of distributions from trusts to non-resident beneficiaries.
APFF Stuff
Some of the most interesting new developments come from the Association de Planification Fiscal et Financière (APFF) Round Tables. In the APFF 2007 Round Table, there were a series of questions on the effect of freeze structures involving family trusts on the tax consequences of various situations pertaining to an operating business. The questions focused on the deductibility of bonuses, the tax treatment of a bad loan from a freezor to a frozen corporation, the deductibility of interest on a freezor's borrowings to make an interest-free loan to a frozen corporation, etc.Note 14 Another question, from the 2008 APFF Round Table, elaborates on an earlier technical interpretationNote 15 specifying that, for the purposes of the association rules, trustees are considered to own shares held by a trust.Note 16 Other recent APFF questions give an update on the CRA's views in respect of the attributes of estate freeze preferred shares,Note 17 and canvass the advisability of adding restrictions on the assignability of interests in certain trusts.Note 18
If you read this newsletter regularly, you will know that, in recent months, the "control premium" issue has surfaced—that is, whether there is a premium attributable to voting control in isolation (e.g., as would be the case for so-called "thin-voting" shares).Note 19 Originally, this seemed to be a local (west coast) issue; but more recent CRA statements—that a willing buyer will pay "some amount" for a control premium positionNote 20 —has put practitioners on notice that, in theory at least, this is a Canada-wide issue. At time of writing, the reaction of practitioners in dealing with this issue is still unfolding; and based on discussions with leading valuators, we think that the premium in a freeze structure—that is, where a freezor has access to only limited dividends—is modest, notwithstanding the CRA's apparent position.Note 21
While this issue is now well known, what might not be is that some of the methodology that might be used to counter a control premium gives rise to other technical issues. In particular, when shares pass in and out of an estate, there is presumably an acquisition of control, with the loss-streaming rules, etc., being potentially applicable. Happily, though, there are certain "saving rules" in subsection 256(7) that usually alleviate the acquisition of control issues in these situations. However, particularly where voting rights are designed to drop off on death, we think that there are some imperfections in these "saving rules".
Other Stuff
Another area that we intend to discuss in more detail is trusts and the association rules. For example, one specific rule deems shares held in a discretionary trust to be owned by each discretionary beneficiary;Note 22 another rule—also typically applicable to freezes using a family trust—deems common shares having more than 50% of the fair market value of all of the issued common shares to be a control block.Note 23 While these rules have been around for quite a while, there is a growing realization that, as the freeze "matures", association issues can sometimes become acute. Consider, for example, a situation where a freeze is done in favour of a discretionary trust with teenagers as beneficiaries. The prospect of their kids becoming successful business owners is probably the last thing that most freezors have on their minds. However, what with high-tech opportunities and the like, it is often not too long before the kids become successful in their own right. Of course, this may give rise to association issues if one or more of them controls his or her own company, including having to share the small business deduction and the potential loss of SR&ED credits. In the third edition, we will expand the discussion of strategies that can be used to deal with this issue.
In addition to a discussion of the capital gains exemption, including crystallization methodology, we intend to add a discussion of purification strategies that can result in the multiplication of the capital gains exemption, by being able to maintain the corporation as a qualifying small business corporation. Also added will be new materials pertaining to testamentary trust status, expanded discussion of family business shareholders' agreements, and many other features.
As discussed above, recent developments are putting more and more emphasis on a detailed knowledge of tax issues—especially pertaining to the taxation of private corporations. My personal belief is that the area of family business succession planning is steadily moving further into this realm.
Notes
1. For example, since the second edition was published, the Ontario Bar Association has presented two all-day sessions on the subject: "Taxation of Trusts and Estates: A Practical Approach", March 3, 2008 and "Tax For Succession Planning, Trusts and Estates Practitioners", March 3, 2009.
2. I.e., because of the increased death tax exposure attributable to retained earnings buildups.
3. As I have pointed out previously, dropping corporate tax rates have resulted in higher tax on eligible dividends, such that there will be very little difference between the federal taxation of eligible and ineligible dividends when the changes to corporate federal rates are fully phased-in by 2012.
4. Notably, the elimination of the "clawback"— a corporate tax in excess of 4%, applicable to corporate income between $500,000 and $1.5 million. The tax is sufficiently high to call into question the advisability of retaining profits at the corporate level, at least within this income range—obviously relevant to a great many Ontario businesses. Once the clawback is eliminated in July 2010, Ontario corporations will have a greater incentive to retain profits at the corporate level, especially since the general provincial corporate rate will be reduced from the current 14% rate to 10% by 2014, bringing the combined federal–provincial rate in Ontario to 25%. For further discussion, reference should be made to "Corporate Deferral Strategies, Dalton McGuinty and Joe the Plumber", by the author and Michael Goldberg, The Estate Planner No. 172, May 2009.
5. Copthorne Holdings Limited v. The Queen, 2009 FCA 163.
6. "Trust Interest Valuation", page 9. The author concludes: "In a discretionary trust, there is no definite economic interest in either an income or a capital interest unless the vendor happens to be the sole beneficiary in the trust income or capital; in any event, FMV is speculative at best."
7. "Part-Time CCPCs Again", Joel Nitikman and Michelle Moriartey, page 6.
8. La Survivance v. The Queen, 2007 DTC 5096, (FCA).
9. Because the deemed year-end at the commencement of the day of control change does not affect CCPC (and SBC) status, the target would not be a CCPC throughout the year in which control is acquired— i.e., because for these purposes, the change of status (if applicable) would occur later in the day.
10. 2007-1882(IT)G.
11. Essentially the case held that a "second ranking" beneficiary under the Civil Code of Quebec whose interest was conditional on the winding up of a corporation which was a "first ranking" beneficiary was not a beneficiary for the purpose of subparagraph 256(1.2)(f)(ii), indicating that "if a beneficiary's right is subject to a condition, the condition must be realized in order for the beneficiary to be able to exercise the right" (paragraph 41).
12. Frye v. Frye Estate, 2008 ONCA 606.
13. Doc. No. 2003-0004125, April 1, 2003—French only.
14. 2007 APFF Round Table, Question 14.
15. Doc. No. 2005-0111731E5, July 4, 2006.
16. Doc. No. 2008-0285021C6; 2008 APFF Round Table, Question 10.
17. Doc. No. 2008-0285241C6, 2008 APFF Round Table, Question 23.
18. Doc. No. 2008-0285071C6, 2008 APFF Round Table, Question 14.
19. See "Valuation and Family-Business Share Structures—Some Musings", by the author (The Wealth Management Times No. 50, October 2008).
20. See Income Tax Technical News No. 38, September 22, 2008.
21. However, exclusionary dividend structures may be another story—e.g., common-type shares on which open-ended dividends can be paid on one class to the exclusion of other classes—I believe that this feature, coupled with voting control, could potentially result in a considerably more significant premium. This may be problematic, for example, where non-voting exclusionary dividend shares are used in an attempt to multiply the capital gains exemption.
22. Subparagraph 256(1.2)(f)(ii).
23. Subparagraph 256(1.2)(c)(ii). Similarly, by virtue of subparagraph 256(1.2)(c)(i), there will be deemed control in respect of shares of any class having more than 50% of the fair market value of all of the issued shares.
This article is an excerpt from CCH's Wealth Management Times issue No. 54 dated June 2009.
In general, recent reductions in corporate tax rates, along with the eligible dividend rules, have resulted in a greater bias to retain profits at the corporate level rather than distributing them as salaries/bonuses, thus militating in favour of freezes.Note 2 In the last few years, this trend has continued. Changes stemming from the November 2007 federal announcements will result in decreasing corporate tax rates, until federal rates reach a mere 15% in 2012.Note 3 This year's Ontario Budget also removed barriers to retaining income at the corporate level.Note 4 In that province, the general corporate business rate in 2014 will be less than 53% of the applicable rate where income is bonused out.
Hardly a Week Goes By…
It is hard to remember a week that has gone by without a new development pertaining to the book. In the week before publication of this article, there were at least four relevant developments that I have come across (so far!). The Federal Court of Appeal released its decision on Copthorne;Note 5 to no one's surprise, the Court (which usually sides in favour of the CRA) upheld the lower Court's verdict that the paid-up capital inflation plan in question contravened GAAR. But the Court also strengthened the series of transactions anti-avoidance concept which is key to many planning manoeuvres, by pouring cold water on the notion that there must be a "strong nexus" between the series of transactions itself and transactions in contemplation of the series, instead looking to a "motivating factor" test.
An article by Richard Wise in the latest issue of Canadian Tax Highlights speaks to the value of an interest in a discretionary trust.Note 6 Another article in the same issueNotes 7 indicates that the 2009 federal Budget provisions to remedy the result in La SurvivanceNote 8 (which, for example, could play havoc with the capital gains exemption on a share sale to a public company or non-resident) has deficiencies when CCPC status of a target corporation is to be claimed on a "sign-and-close" transaction.Note 9 Propep Inc. v. The Queen,Note 10 a civil law case, seems to support a narrow interpretation of "beneficiary" e.g., for the purposes of the look through association rules in subsection 256(1.2).Note 11
Going further back in time, in the Frye case,Note 12 the Ontario Court of Appeal held that a specific bequest of shares "trumped" restrictions on ownership in a shareholders' agreement. Some other recent developments we will mention include CRA restrictions pertaining to stock dividend freezes,Note 13 technical interpretations pertaining to assets used in an active business for the purposes of the capital gains exemption, and developments in respect of distributions from trusts to non-resident beneficiaries.
APFF Stuff
Some of the most interesting new developments come from the Association de Planification Fiscal et Financière (APFF) Round Tables. In the APFF 2007 Round Table, there were a series of questions on the effect of freeze structures involving family trusts on the tax consequences of various situations pertaining to an operating business. The questions focused on the deductibility of bonuses, the tax treatment of a bad loan from a freezor to a frozen corporation, the deductibility of interest on a freezor's borrowings to make an interest-free loan to a frozen corporation, etc.Note 14 Another question, from the 2008 APFF Round Table, elaborates on an earlier technical interpretationNote 15 specifying that, for the purposes of the association rules, trustees are considered to own shares held by a trust.Note 16 Other recent APFF questions give an update on the CRA's views in respect of the attributes of estate freeze preferred shares,Note 17 and canvass the advisability of adding restrictions on the assignability of interests in certain trusts.Note 18
If you read this newsletter regularly, you will know that, in recent months, the "control premium" issue has surfaced—that is, whether there is a premium attributable to voting control in isolation (e.g., as would be the case for so-called "thin-voting" shares).Note 19 Originally, this seemed to be a local (west coast) issue; but more recent CRA statements—that a willing buyer will pay "some amount" for a control premium positionNote 20 —has put practitioners on notice that, in theory at least, this is a Canada-wide issue. At time of writing, the reaction of practitioners in dealing with this issue is still unfolding; and based on discussions with leading valuators, we think that the premium in a freeze structure—that is, where a freezor has access to only limited dividends—is modest, notwithstanding the CRA's apparent position.Note 21
While this issue is now well known, what might not be is that some of the methodology that might be used to counter a control premium gives rise to other technical issues. In particular, when shares pass in and out of an estate, there is presumably an acquisition of control, with the loss-streaming rules, etc., being potentially applicable. Happily, though, there are certain "saving rules" in subsection 256(7) that usually alleviate the acquisition of control issues in these situations. However, particularly where voting rights are designed to drop off on death, we think that there are some imperfections in these "saving rules".
Other Stuff
Another area that we intend to discuss in more detail is trusts and the association rules. For example, one specific rule deems shares held in a discretionary trust to be owned by each discretionary beneficiary;Note 22 another rule—also typically applicable to freezes using a family trust—deems common shares having more than 50% of the fair market value of all of the issued common shares to be a control block.Note 23 While these rules have been around for quite a while, there is a growing realization that, as the freeze "matures", association issues can sometimes become acute. Consider, for example, a situation where a freeze is done in favour of a discretionary trust with teenagers as beneficiaries. The prospect of their kids becoming successful business owners is probably the last thing that most freezors have on their minds. However, what with high-tech opportunities and the like, it is often not too long before the kids become successful in their own right. Of course, this may give rise to association issues if one or more of them controls his or her own company, including having to share the small business deduction and the potential loss of SR&ED credits. In the third edition, we will expand the discussion of strategies that can be used to deal with this issue.
In addition to a discussion of the capital gains exemption, including crystallization methodology, we intend to add a discussion of purification strategies that can result in the multiplication of the capital gains exemption, by being able to maintain the corporation as a qualifying small business corporation. Also added will be new materials pertaining to testamentary trust status, expanded discussion of family business shareholders' agreements, and many other features.
As discussed above, recent developments are putting more and more emphasis on a detailed knowledge of tax issues—especially pertaining to the taxation of private corporations. My personal belief is that the area of family business succession planning is steadily moving further into this realm.
Notes
1. For example, since the second edition was published, the Ontario Bar Association has presented two all-day sessions on the subject: "Taxation of Trusts and Estates: A Practical Approach", March 3, 2008 and "Tax For Succession Planning, Trusts and Estates Practitioners", March 3, 2009.
2. I.e., because of the increased death tax exposure attributable to retained earnings buildups.
3. As I have pointed out previously, dropping corporate tax rates have resulted in higher tax on eligible dividends, such that there will be very little difference between the federal taxation of eligible and ineligible dividends when the changes to corporate federal rates are fully phased-in by 2012.
4. Notably, the elimination of the "clawback"— a corporate tax in excess of 4%, applicable to corporate income between $500,000 and $1.5 million. The tax is sufficiently high to call into question the advisability of retaining profits at the corporate level, at least within this income range—obviously relevant to a great many Ontario businesses. Once the clawback is eliminated in July 2010, Ontario corporations will have a greater incentive to retain profits at the corporate level, especially since the general provincial corporate rate will be reduced from the current 14% rate to 10% by 2014, bringing the combined federal–provincial rate in Ontario to 25%. For further discussion, reference should be made to "Corporate Deferral Strategies, Dalton McGuinty and Joe the Plumber", by the author and Michael Goldberg, The Estate Planner No. 172, May 2009.
5. Copthorne Holdings Limited v. The Queen, 2009 FCA 163.
6. "Trust Interest Valuation", page 9. The author concludes: "In a discretionary trust, there is no definite economic interest in either an income or a capital interest unless the vendor happens to be the sole beneficiary in the trust income or capital; in any event, FMV is speculative at best."
7. "Part-Time CCPCs Again", Joel Nitikman and Michelle Moriartey, page 6.
8. La Survivance v. The Queen, 2007 DTC 5096, (FCA).
9. Because the deemed year-end at the commencement of the day of control change does not affect CCPC (and SBC) status, the target would not be a CCPC throughout the year in which control is acquired— i.e., because for these purposes, the change of status (if applicable) would occur later in the day.
10. 2007-1882(IT)G.
11. Essentially the case held that a "second ranking" beneficiary under the Civil Code of Quebec whose interest was conditional on the winding up of a corporation which was a "first ranking" beneficiary was not a beneficiary for the purpose of subparagraph 256(1.2)(f)(ii), indicating that "if a beneficiary's right is subject to a condition, the condition must be realized in order for the beneficiary to be able to exercise the right" (paragraph 41).
12. Frye v. Frye Estate, 2008 ONCA 606.
13. Doc. No. 2003-0004125, April 1, 2003—French only.
14. 2007 APFF Round Table, Question 14.
15. Doc. No. 2005-0111731E5, July 4, 2006.
16. Doc. No. 2008-0285021C6; 2008 APFF Round Table, Question 10.
17. Doc. No. 2008-0285241C6, 2008 APFF Round Table, Question 23.
18. Doc. No. 2008-0285071C6, 2008 APFF Round Table, Question 14.
19. See "Valuation and Family-Business Share Structures—Some Musings", by the author (The Wealth Management Times No. 50, October 2008).
20. See Income Tax Technical News No. 38, September 22, 2008.
21. However, exclusionary dividend structures may be another story—e.g., common-type shares on which open-ended dividends can be paid on one class to the exclusion of other classes—I believe that this feature, coupled with voting control, could potentially result in a considerably more significant premium. This may be problematic, for example, where non-voting exclusionary dividend shares are used in an attempt to multiply the capital gains exemption.
22. Subparagraph 256(1.2)(f)(ii).
23. Subparagraph 256(1.2)(c)(ii). Similarly, by virtue of subparagraph 256(1.2)(c)(i), there will be deemed control in respect of shares of any class having more than 50% of the fair market value of all of the issued shares.
For Kelowna Lawyers and Legal Businesses
Hello all!
I came across this article in a newsletter I subscribe to and I thought I would share it...
Internet Browsing for the Legally Minded
The Internet can be a researcher's dream, or a researcher’s nightmare. There are millions of pages of information on the World Wide Web today. There are however many obstacles researchers encounter whenever he/she goes the Internet to conduct a search.
Obstacles faced include: how does one effectively and efficiently access the vast amount of information available; how does one deal with the challenge of finding relevant information; how does one ensure that the sources he or she is using are in fact reliable resources. For the “legally minded” researcher who wants to ensure accuracy in content, finding information on the Internet can definitely be a challenge
To help the “legally minded” researcher overcome the Internet legal research challenge, the Legal and Business Markets Training Group at CCH Canadian Limited has complied a list of links to internet sites containing some valuable information for legal researchers. Please take a few minutes to review the sites noted below. If any of are of benefit to you, please add them to your favorites and visit them again as you need to.
http://www.canlii.org
http://worldlii.org/
http://www.legalresearch.org/
http://www.law-lib.utoronto.ca/resguide/toc.html
http://library.law.wisc.edu/services/find/guides/subject/canadianlaw.html
http://news.lp.findlaw.com/
www.slaw.ca
www.lawstudents.ca
http://canadalawstudent.blogspot.com
www.lifeofalawstudent.com
www.bar-ex.com
http://www.abovethelaw.com
It is my goal that these sites provide you with a starting point for obtaining legal research on the World Wide Web.
I came across this article in a newsletter I subscribe to and I thought I would share it...
Internet Browsing for the Legally Minded
The Internet can be a researcher's dream, or a researcher’s nightmare. There are millions of pages of information on the World Wide Web today. There are however many obstacles researchers encounter whenever he/she goes the Internet to conduct a search.
Obstacles faced include: how does one effectively and efficiently access the vast amount of information available; how does one deal with the challenge of finding relevant information; how does one ensure that the sources he or she is using are in fact reliable resources. For the “legally minded” researcher who wants to ensure accuracy in content, finding information on the Internet can definitely be a challenge
To help the “legally minded” researcher overcome the Internet legal research challenge, the Legal and Business Markets Training Group at CCH Canadian Limited has complied a list of links to internet sites containing some valuable information for legal researchers. Please take a few minutes to review the sites noted below. If any of are of benefit to you, please add them to your favorites and visit them again as you need to.
http://www.canlii.org
http://worldlii.org/
http://www.legalresearch.org/
http://www.law-lib.utoronto.ca/resguide/toc.html
http://library.law.wisc.edu/services/find/guides/subject/canadianlaw.html
http://news.lp.findlaw.com/
www.slaw.ca
www.lawstudents.ca
http://canadalawstudent.blogspot.com
www.lifeofalawstudent.com
www.bar-ex.com
http://www.abovethelaw.com
It is my goal that these sites provide you with a starting point for obtaining legal research on the World Wide Web.
Monday, August 10, 2009
How to... Financial Advising. What do you want to know?
Hello my friend,
1) Think about that one Financial "thing" you have always wondered. The thing you wondered about last time you were at a cocktail party and overheard another conversation or the conversation you overheard a wealthy friend speaking about...
No matter how detailed or vague your question, I will have a financial opportunity spin on it!
I will post your questions and our answers on my blog for everyone to view. Remember, I am on Facebook 8am - 4pm Monday - Friday so if you are online, feel free to ask using the chat feature in the bottom right of the screen.
2) Pandosy Books (Kelowna) - If you are a book reader I must share with you the most amazing used bookstore. I checked it out a couple weeks ago and walked out with a number of mint condition books for the cost of one new Chapters book. It is located beside Bulk Foods on Spall Rd, across from Trinity Baptist Church. The owners name is Frank and he is very knowledgeable about all types of books.
3) The Peacock Sheridan M.A.P.P. approach. We have recently introduced a system that seamlessly walks you through designing a financial plan and I am extremely excited to share it with you. Check it out on the main page of: www.serviss.ca
I will connect in the future to get your thoughts on a full financial plan.
Enjoy the rest of summer and as always if you, your co-workers, friends or family have any insurance or wealth management questions I am never too busy to share my solutions.
Take care
1) Think about that one Financial "thing" you have always wondered. The thing you wondered about last time you were at a cocktail party and overheard another conversation or the conversation you overheard a wealthy friend speaking about...
No matter how detailed or vague your question, I will have a financial opportunity spin on it!
I will post your questions and our answers on my blog for everyone to view. Remember, I am on Facebook 8am - 4pm Monday - Friday so if you are online, feel free to ask using the chat feature in the bottom right of the screen.
2) Pandosy Books (Kelowna) - If you are a book reader I must share with you the most amazing used bookstore. I checked it out a couple weeks ago and walked out with a number of mint condition books for the cost of one new Chapters book. It is located beside Bulk Foods on Spall Rd, across from Trinity Baptist Church. The owners name is Frank and he is very knowledgeable about all types of books.
3) The Peacock Sheridan M.A.P.P. approach. We have recently introduced a system that seamlessly walks you through designing a financial plan and I am extremely excited to share it with you. Check it out on the main page of: www.serviss.ca
I will connect in the future to get your thoughts on a full financial plan.
Enjoy the rest of summer and as always if you, your co-workers, friends or family have any insurance or wealth management questions I am never too busy to share my solutions.
Take care
Tuesday, July 28, 2009
Kelowna Financial Advisor - Testimonials
Scott Zimmer - Terra Geothermal Inc.
Thank you for helping us. You and the team at The Peacock Sheridan Group were able to share a level of planning that is definitely innovative. Thanks again. Scott.
Chris & Leah Zimmermann - Big Slick Custom Made
When we first started talking to Dustin 3 years ago, we were just getting our family going and thought we had our planning in check. Dustin was able to share some innovative ideas that did not sacrifice our monthly spending and enabled us to protect our needs and start saving for the future. Now that we can spend less time focusing on our financial affairs we can direct our energy towards our business, which in turn increases our bottom line. Chris & Leah Zimmermann.
Rob Dion and Lee Ivans - The Dion Ivans Group
Being in a partnership in today's business world poses some financial challenges if the proper planning is not properly addressed. Dustin was able to have an open discussion with us regarding the "what if's" of a partnership. He was able to illustrate our potential challenges in an easy to follow manor and provided a solution that fit our overall objectives. Rob Dion & Lee Ivans.
Jordan Tetreau and Andrea Mikkelson - Mint Property Group.
Since we began working with Dustin our business has seen significant growth. Dustin has taken care of all our partnership planning and has been there for many changes along the way - corporate and personal. In turn we have been able to focus on what we know best, recreational real estate sales and marketing. Jordan.
Dr. Brett R. Phillips, B.Sc., L.Ac., N.D.
Dustin Serviss has provided me tremendous help with my business planning. His insight and strategic thinking has put me ahead of the curve in both my business awareness and monetary gains. In the decade that I have known Dustin, he has shown me nothing but hard work, confidence and dedication. In my opinion, Dustin’s breathe of knowledge and skills are far superior to that of the regular financial planner. Brett.
Greg Carlin and Rocky Becker - Partners in Grayhawk Industries Ltd.
Dustin was a pleasure to deal with regarding our partnership insurance. His extreme attention to detail and his energetic personality made business dealings a refreshing experience. Greg.
Troy Hunnie - Owner of Spincaster Productions Inc.
Dustin has a sense of looking ahead and making sure nothing gets missed. If there is a way to get things done he will find it. He is an extremely hard worker and will make sure your best interest is always kept at the forefront. Troy.
Mark and Terry Oatway - Owners of Oatway Contracting.
The thing that makes Dustin Serviss's practice, is his persistency and his personality. The experience we had with Dustin was enjoyable and accommodating to our needs. He has an amazing amount of patience as well as an ability to illustrate the need for certain coverage's when running a business. Terry.
Ryan and Jaime Dion
Dustin was able to refer us to a strategy that; pays our mortgage down significantly faster, lowers our monthly mortgage payments and could save us approximately $100,000. This strategy allowed us to obtain; life insurance, an investment plan and a better lifestyle month to month. From a financial planning standpoint, by implementing this strategy Dustin was able to improve our financial picture as well as improve our daily living. Ryan.
Sarah Zimmermann - SugarCup Cupcakes
I have known Dustin for many years and always respected his drive to help people. I believe by asking me a lot of questions regarding my business he was able to build me a plan that fit my situation now and provides ample growing room for my future business growth. As a business in the infant stages a proper foundation is key and Dustin has given me that confidence to focus on my business and not on my financial planning. Sarah.
Thank you for helping us. You and the team at The Peacock Sheridan Group were able to share a level of planning that is definitely innovative. Thanks again. Scott.
Chris & Leah Zimmermann - Big Slick Custom Made
When we first started talking to Dustin 3 years ago, we were just getting our family going and thought we had our planning in check. Dustin was able to share some innovative ideas that did not sacrifice our monthly spending and enabled us to protect our needs and start saving for the future. Now that we can spend less time focusing on our financial affairs we can direct our energy towards our business, which in turn increases our bottom line. Chris & Leah Zimmermann.
Rob Dion and Lee Ivans - The Dion Ivans Group
Being in a partnership in today's business world poses some financial challenges if the proper planning is not properly addressed. Dustin was able to have an open discussion with us regarding the "what if's" of a partnership. He was able to illustrate our potential challenges in an easy to follow manor and provided a solution that fit our overall objectives. Rob Dion & Lee Ivans.
Jordan Tetreau and Andrea Mikkelson - Mint Property Group.
Since we began working with Dustin our business has seen significant growth. Dustin has taken care of all our partnership planning and has been there for many changes along the way - corporate and personal. In turn we have been able to focus on what we know best, recreational real estate sales and marketing. Jordan.
Dr. Brett R. Phillips, B.Sc., L.Ac., N.D.
Dustin Serviss has provided me tremendous help with my business planning. His insight and strategic thinking has put me ahead of the curve in both my business awareness and monetary gains. In the decade that I have known Dustin, he has shown me nothing but hard work, confidence and dedication. In my opinion, Dustin’s breathe of knowledge and skills are far superior to that of the regular financial planner. Brett.
Greg Carlin and Rocky Becker - Partners in Grayhawk Industries Ltd.
Dustin was a pleasure to deal with regarding our partnership insurance. His extreme attention to detail and his energetic personality made business dealings a refreshing experience. Greg.
Troy Hunnie - Owner of Spincaster Productions Inc.
Dustin has a sense of looking ahead and making sure nothing gets missed. If there is a way to get things done he will find it. He is an extremely hard worker and will make sure your best interest is always kept at the forefront. Troy.
Mark and Terry Oatway - Owners of Oatway Contracting.
The thing that makes Dustin Serviss's practice, is his persistency and his personality. The experience we had with Dustin was enjoyable and accommodating to our needs. He has an amazing amount of patience as well as an ability to illustrate the need for certain coverage's when running a business. Terry.
Ryan and Jaime Dion
Dustin was able to refer us to a strategy that; pays our mortgage down significantly faster, lowers our monthly mortgage payments and could save us approximately $100,000. This strategy allowed us to obtain; life insurance, an investment plan and a better lifestyle month to month. From a financial planning standpoint, by implementing this strategy Dustin was able to improve our financial picture as well as improve our daily living. Ryan.
Sarah Zimmermann - SugarCup Cupcakes
I have known Dustin for many years and always respected his drive to help people. I believe by asking me a lot of questions regarding my business he was able to build me a plan that fit my situation now and provides ample growing room for my future business growth. As a business in the infant stages a proper foundation is key and Dustin has given me that confidence to focus on my business and not on my financial planning. Sarah.
Wednesday, July 22, 2009
Market Update from Kelowna
VPI Dixon Mitchell Quarterly Commentary
This was the 7th quarter for the VPI Dixon Mitchell Canadian Balanced Pool, with steady growth in assets since its launch in early October 2007. For the quarter ended June 30th, the Canadian Balanced Pool has returned 11.4%, and had a yield of 4% at quarter end.
Lead by continued strength in the heavily weighted Financial and Energy sectors, the recovery which began late in March continued throughout the second quarter, leaving the TSX Index with an impressive 20% gain for the quarter. With weak underlying fundamentals, we remain unconvinced that recent gains in the Energy and Materials sectors are sustainable, and so continue to be only modestly weighted in these sectors.
Given the tepid outlook for the US$, we took advantage of some strong gains in our foreign holdings and meaningfully reduced our weighting in this area. We also increased our exposure to defensive Canadian names by adding Pembina Pipelines and Shaw Communications. Pembina has long-term contracts to move oil from northern Alberta to Edmonton, with little exposure to oil price fluctuations. It should benefit from higher volumes going forward as more tar-sands projects come on-line. Similarly, we view Shaw as a communications “pipeline” which delivers media and internet content through its cable network. It too should benefit as more content and applications such as video-on-demand are delivered through its effectively monopolistic network.
Our decision to increase our weighting in investment grade corporate bonds in the first quarter, which had some of the most attractive valuations relative to government bonds in the past 30 years, greatly benefited the fixed income portion of the portfolio during the quarter. While we saw the spreads on corporate bonds tighten significantly over the quarter, the current blended yield on the corporates is still about 1.5% over the governments.
Dixon Mitchell’s investment process is orientated to creating portfolios which produce high and sustainable cash flows. Consistent with this approach, even in the context of the current challenging economic environment, several companies in the portfolio have increased their dividends in 2009. We believe dividend increases reflect management’s confidence in the future long-term outlook for their companies.
We continue to focus our efforts on finding companies with sustainable competitive advantages which we can purchase at reasonable valuations to free cash flow. We remain confident this will provide our clients solid returns over the long run with limited downside risk.
Information provided by: Rob McConnachie, CFA
Dixon Mitchell Investment Counsel, Inc.
This was the 7th quarter for the VPI Dixon Mitchell Canadian Balanced Pool, with steady growth in assets since its launch in early October 2007. For the quarter ended June 30th, the Canadian Balanced Pool has returned 11.4%, and had a yield of 4% at quarter end.
Lead by continued strength in the heavily weighted Financial and Energy sectors, the recovery which began late in March continued throughout the second quarter, leaving the TSX Index with an impressive 20% gain for the quarter. With weak underlying fundamentals, we remain unconvinced that recent gains in the Energy and Materials sectors are sustainable, and so continue to be only modestly weighted in these sectors.
Given the tepid outlook for the US$, we took advantage of some strong gains in our foreign holdings and meaningfully reduced our weighting in this area. We also increased our exposure to defensive Canadian names by adding Pembina Pipelines and Shaw Communications. Pembina has long-term contracts to move oil from northern Alberta to Edmonton, with little exposure to oil price fluctuations. It should benefit from higher volumes going forward as more tar-sands projects come on-line. Similarly, we view Shaw as a communications “pipeline” which delivers media and internet content through its cable network. It too should benefit as more content and applications such as video-on-demand are delivered through its effectively monopolistic network.
Our decision to increase our weighting in investment grade corporate bonds in the first quarter, which had some of the most attractive valuations relative to government bonds in the past 30 years, greatly benefited the fixed income portion of the portfolio during the quarter. While we saw the spreads on corporate bonds tighten significantly over the quarter, the current blended yield on the corporates is still about 1.5% over the governments.
Dixon Mitchell’s investment process is orientated to creating portfolios which produce high and sustainable cash flows. Consistent with this approach, even in the context of the current challenging economic environment, several companies in the portfolio have increased their dividends in 2009. We believe dividend increases reflect management’s confidence in the future long-term outlook for their companies.
We continue to focus our efforts on finding companies with sustainable competitive advantages which we can purchase at reasonable valuations to free cash flow. We remain confident this will provide our clients solid returns over the long run with limited downside risk.
Information provided by: Rob McConnachie, CFA
Dixon Mitchell Investment Counsel, Inc.
Sunday, July 19, 2009
Serviss's Millionaire Comment for Kelowna
Set a goal to become a millionaire for what it makes of you to achieve it. Do it for the skills you have to learn and the person you have to become. Do it for what you’ll end up knowing about the marketplace, what you’ll learn about the management of time and working with people. Do it for the ability of discovering how to keep your ego in check. For what you have to learn about being benevolent. Being kind as well as being strong. What you’ll have to learn about society and business and government and taxes and becoming an accomplished person to reach the status of millionaire is what’s valuable. Not the million dollars. – These words were written by Earl Shoaf.
Friday, July 3, 2009
Life Insurance & Investment - Serviss Facebook one liners
- Love is one long sweet dream, and marriage is the alarm clock. Do not let an illness or passing be your alarm clock to realize the value of insurance, contact Serviss before you wake up.
- ....yes hello... I'll get, 1 vente earl grey 2 pump sugar free tea serviss and a banana loaf.
-See what other successful Entrepreneurs are taking advantage of - http://serviss.ca/testimonials.html
-What happens if you get scared half to death twice...Regardless, your family will never think you had too much life insurance.
-It is simple, Serviss protects you from living too long, dying too early and if you become disabled.
-www.serviss.ca reaches 90,000 website hits. Who knew so many people were interested in Life Insurance and Wealth Management Serviss's.
-There is the right way, the wrong way and the Serviss way. (Inspired by the Generals Daughter)
-The World's Serviss Marketplace.
-Sell the Serviss not the Steak
-Serviss, it's everywhere you wanna be
-Warning! Serviss may be closer than it appears
-With Serviss, It's Personal
-Serviss is really my last name. Google it
-...Blue Horse Shoe Loves Serviss Steel...
-Chase excitement and you'll find Serviss.
-Hasta la Servista, baby
-There is good Serviss and there is bad Service, period, that's the distinction.
-The square root of Chuck Norris is pain. The square root of Serviss is your piece of mind.
-If passion drives you, let Serviss hold the reins.
-Marriage is like a violin. After the music is over, you still have the strings. Get your strings inline with Serviss.
-Money can't buy happiness, but it and Serviss can help you look for it quicker, in a convertible.
-Get busy livin' or get busy dyin' either way get life insurance with Serviss. (Inspired by Shawshank)
-"Serviss" Busy = Busier than a three legged cat in a dry sand box.
-Serviss is never to busy for your referrals. You refer, you are rewarded.
-CAUTION! Serviss in progress
-Whatever you are into, get into this insurance, investment and home refinancing Serviss.
-This Serviss is creating a fabric of the future.
-Canadian by birth. Serviss by choice
-Say'ELLO TO MA little friend Serviss.
-Love is holding hands in the street. Marriage is holding arguments in the street. Mitigate your financial arguments with Serviss.
-A woman has the last word in any argument. Anything a man says after that is the begining of a new argument - Serviss.
-Serviss's Eleven
-Who died and made you Serviss.
-Hooked on Serviss worked for me.
-Have your Serviss and eat it too.
-In Serviss and in health, till Serviss due us part
-True Serviss either has to be first, best, or different.
-The candy Serviss that melts in your mouth - not in your hand.
-Before marriage, a man yearns for the woman he loves. After marriage, the 'Y' becomes silent. Seek Serviss for a plan.
-Serviss is as Serviss does... and that's all I have to say about that.
-This life insurance Serviss is to die for.
-The only day not Serviss friendly is the day with no "y" in it.
-How do you spell financial relief. S-E-R-V-I-S-S.
-Fathers of daughters, don't be nervous, it's just Serviss.
-You had me at Serviss. (Submitted by B.M.) - Follow Serviss on Twitter -Dustin T. 'Serviss'
-Sheer, Seamless, Heavenly fit Serviss. (Submitted by A.H.)
-Lose the carbs. Not the Serviss
-Will you be ready" for this Serviss
-I will lay my Serviss down on the table beside anyone's.
-Do finances have you as confused as a baby in a topless bar - Get Serviss.
-Knowledge is power, but Serviss & enthusiasm pull the switch.
-Serviss, it keeps going and going and going
-To sell unto others, as you would have others sell unto you. (Serviss-3:16)
-A yardstick for Serviss.
-... S e r v i s s ... we have a problem ... over.
-The world will never be the same once you've seen it through the eyes of Serviss.
-Serviss... it's viral
-What happens with Serviss. Stays with Serviss. Your 'financial' information is always 100% confidential.
-When in doubt... Control, Alt, Serviss.ca.
-Big wheel keep on turnin. Proud Serviss keep on burnin. (Submitted by M.M.)
-Burning ring of Serviss.
-Serviss is like air... It's only a big deal if you don't get any.
-The best part of waking up is Serviss in your cup.
-Serviss, love it and/or leave it. Either way, client's will always come first.
-Your financial plan's spell check - Serviss
-...Yes... Can I please get, 1 Xtra Large, Xtra Hot, Serviss Serviss... and an Everything bagel (not toasted)...
-Splash Serviss All Over.
-Premium Triple Distilled Serviss
-Oh my my, oh hell yes hunnie put on that Serviss dress.... (harmonica & electric guitar)
-A Serviss you can ride on.
-151 Countries, One Serviss.
-Creating a stir with the name Serviss... or could it be something else?
-Your Life Insurance, Investment & Home Refinancing Serviss. (I know this one is boring, but a Serviss none the less)
-Servissing you today, tomorrow, day and night.
-Serviss is the triumph of imagination over intelligence.
-Never confuse motion with action - Serviss
-The Serviss mind, once stretched by a new idea, never regains its original dimensions.
-Absence sharpens love, Serviss strengthens it
-It is high time that the ideal of success should be replaced by the ideal of Serviss.
-24 hr oil lube and Serviss
-Serviss oil lube and filter
-Pain is Serviss leaving the body. Oh thats a good one I think I've got a side stitch.
-Keep fit and have Serviss.
-i see serviss people...
-The One. The Only. Serviss.ca
-Providing Serviss that is not just the best, but legendary.
-Price & Quality only get you into the game. Serviss wins you the game.
-People expect good Serviss, but only Serviss is willing to give it.
-Products can be duplicated. Serviss at this level cannot.
-Serviss is not a department, it's an attitude.
-Value is the essence of Serviss.
-Got Service. Get Serviss
-When the going gets tough, the tough get SERVISS!
-I don't get even, I get Serviss
-Lifes a dance with Serviss
-Building it one Serviss at a time
-As far as the Serviss can see
-You'll love the way your Serviss feels
-Make a difference, Serviss.
-Adult Serviss
-Serviss sells
-H E R E ' s Serviss!!!
-Take advice from those who have earned it
-Are you renting your life from someone else... Serviss your life and own it.
-Life is like a box of Serviss, difference is, you know what your gonna get inside.
-There is only one man with the true Serviss.
-Lose the carbs not the Serviss
-Warning! Serviss may be closer than it appears
- ....yes hello... I'll get, 1 vente earl grey 2 pump sugar free tea serviss and a banana loaf.
-See what other successful Entrepreneurs are taking advantage of - http://serviss.ca/testimonials.html
-What happens if you get scared half to death twice...Regardless, your family will never think you had too much life insurance.
-It is simple, Serviss protects you from living too long, dying too early and if you become disabled.
-www.serviss.ca reaches 90,000 website hits. Who knew so many people were interested in Life Insurance and Wealth Management Serviss's.
-There is the right way, the wrong way and the Serviss way. (Inspired by the Generals Daughter)
-The World's Serviss Marketplace.
-Sell the Serviss not the Steak
-Serviss, it's everywhere you wanna be
-Warning! Serviss may be closer than it appears
-With Serviss, It's Personal
-Serviss is really my last name. Google it
-...Blue Horse Shoe Loves Serviss Steel...
-Chase excitement and you'll find Serviss.
-Hasta la Servista, baby
-There is good Serviss and there is bad Service, period, that's the distinction.
-The square root of Chuck Norris is pain. The square root of Serviss is your piece of mind.
-If passion drives you, let Serviss hold the reins.
-Marriage is like a violin. After the music is over, you still have the strings. Get your strings inline with Serviss.
-Money can't buy happiness, but it and Serviss can help you look for it quicker, in a convertible.
-Get busy livin' or get busy dyin' either way get life insurance with Serviss. (Inspired by Shawshank)
-"Serviss" Busy = Busier than a three legged cat in a dry sand box.
-Serviss is never to busy for your referrals. You refer, you are rewarded.
-CAUTION! Serviss in progress
-Whatever you are into, get into this insurance, investment and home refinancing Serviss.
-This Serviss is creating a fabric of the future.
-Canadian by birth. Serviss by choice
-Say'ELLO TO MA little friend Serviss.
-Love is holding hands in the street. Marriage is holding arguments in the street. Mitigate your financial arguments with Serviss.
-A woman has the last word in any argument. Anything a man says after that is the begining of a new argument - Serviss.
-Serviss's Eleven
-Who died and made you Serviss.
-Hooked on Serviss worked for me.
-Have your Serviss and eat it too.
-In Serviss and in health, till Serviss due us part
-True Serviss either has to be first, best, or different.
-The candy Serviss that melts in your mouth - not in your hand.
-Before marriage, a man yearns for the woman he loves. After marriage, the 'Y' becomes silent. Seek Serviss for a plan.
-Serviss is as Serviss does... and that's all I have to say about that.
-This life insurance Serviss is to die for.
-The only day not Serviss friendly is the day with no "y" in it.
-How do you spell financial relief. S-E-R-V-I-S-S.
-Fathers of daughters, don't be nervous, it's just Serviss.
-You had me at Serviss. (Submitted by B.M.) - Follow Serviss on Twitter -Dustin T. 'Serviss'
-Sheer, Seamless, Heavenly fit Serviss. (Submitted by A.H.)
-Lose the carbs. Not the Serviss
-Will you be ready" for this Serviss
-I will lay my Serviss down on the table beside anyone's.
-Do finances have you as confused as a baby in a topless bar - Get Serviss.
-Knowledge is power, but Serviss & enthusiasm pull the switch.
-Serviss, it keeps going and going and going
-To sell unto others, as you would have others sell unto you. (Serviss-3:16)
-A yardstick for Serviss.
-... S e r v i s s ... we have a problem ... over.
-The world will never be the same once you've seen it through the eyes of Serviss.
-Serviss... it's viral
-What happens with Serviss. Stays with Serviss. Your 'financial' information is always 100% confidential.
-When in doubt... Control, Alt, Serviss.ca.
-Big wheel keep on turnin. Proud Serviss keep on burnin. (Submitted by M.M.)
-Burning ring of Serviss.
-Serviss is like air... It's only a big deal if you don't get any.
-The best part of waking up is Serviss in your cup.
-Serviss, love it and/or leave it. Either way, client's will always come first.
-Your financial plan's spell check - Serviss
-...Yes... Can I please get, 1 Xtra Large, Xtra Hot, Serviss Serviss... and an Everything bagel (not toasted)...
-Splash Serviss All Over.
-Premium Triple Distilled Serviss
-Oh my my, oh hell yes hunnie put on that Serviss dress.... (harmonica & electric guitar)
-A Serviss you can ride on.
-151 Countries, One Serviss.
-Creating a stir with the name Serviss... or could it be something else?
-Your Life Insurance, Investment & Home Refinancing Serviss. (I know this one is boring, but a Serviss none the less)
-Servissing you today, tomorrow, day and night.
-Serviss is the triumph of imagination over intelligence.
-Never confuse motion with action - Serviss
-The Serviss mind, once stretched by a new idea, never regains its original dimensions.
-Absence sharpens love, Serviss strengthens it
-It is high time that the ideal of success should be replaced by the ideal of Serviss.
-24 hr oil lube and Serviss
-Serviss oil lube and filter
-Pain is Serviss leaving the body. Oh thats a good one I think I've got a side stitch.
-Keep fit and have Serviss.
-i see serviss people...
-The One. The Only. Serviss.ca
-Providing Serviss that is not just the best, but legendary.
-Price & Quality only get you into the game. Serviss wins you the game.
-People expect good Serviss, but only Serviss is willing to give it.
-Products can be duplicated. Serviss at this level cannot.
-Serviss is not a department, it's an attitude.
-Value is the essence of Serviss.
-Got Service. Get Serviss
-When the going gets tough, the tough get SERVISS!
-I don't get even, I get Serviss
-Lifes a dance with Serviss
-Building it one Serviss at a time
-As far as the Serviss can see
-You'll love the way your Serviss feels
-Make a difference, Serviss.
-Adult Serviss
-Serviss sells
-H E R E ' s Serviss!!!
-Take advice from those who have earned it
-Are you renting your life from someone else... Serviss your life and own it.
-Life is like a box of Serviss, difference is, you know what your gonna get inside.
-There is only one man with the true Serviss.
-Lose the carbs not the Serviss
-Warning! Serviss may be closer than it appears
Thursday, July 2, 2009
ARM Mortgages, How DSC works, Kelowna Camping & Dr Nick Bontis
Hello my friend,
I hope this email finds you in good summer time spirits.
1) Upcoming Mortgage Wave
2) Do you have 'DSC' funds in your investment portfolio?
3) Dr. Nick Bontis
4) Local camping hot spots
1) Mortgage reset wave about to start in US (see attached image - Please remember this is US not Canadian figures)...
Has the US learnt enough to stick handle through the next mortgage wave. I stumbled on this back in February on 60 minutes and it has been something I have been watching ever since. Also attached is a link illustrating the Subprime issues and what is upcoming for the next wave of Option Adjustable Mortgages. Please remember in Canada we do not have mortgages similar to these but I do believe one needs to keep an eye on the US from time to time.
Click here to view a Bloomberg Article
2) Sample from the attached article...
The more your money grows the more commission the advisor is receiving. In a new DSC type investment the advisor is compensated largely upfront (before they even do anything, really) and then trickled a commission over time… who do you think is going to pay attention more in the long run. Who is building an actual business and who is the salesman…
Who is building an actual business and who is the salesman…
Deferred Sales Charge Explained (DSC)
To explain my point I will use Investors Group (IG) as an example. I only use them as they have an easy to explain business model. I have nothing against IG and wish only here to showcase how different models look.
If you invest $100,000 into an IG (DSC) fund and you withdrew your money in the first 2 years you would be paying 5.5% in fees based on the $100,000. If the market went down since you invested and you had a market value of $95,500 in your account, you would net at the end of the day $90,000 ($100,000 – market loss of $4,500 - $5,500 in fees).
The advisor on this transaction would have made anywhere between approximately 3.0% - 4.5% commission initially once the money was deposited or transferred, depending on his or her years in the business… The advisor will also receive a 0.5% trailer commission every year the money stays in house. Gets you thinking, doesn’t it… You can see how the fees play out for the remaining years.
Redemption fees at Investors Group
When redeemed Fee %
Within two years 5.5
During third year 5.0
During fourth year 4.5
During fifth year 4.0
During sixth year 3.0
During seventh year 1.5
After seven years None
Source: Investors Group Inc.
These DSC type funds used to be very popular in the past and some advisors still actively use them as they believe that DSC funds like this keep their clients locked in through rough times and it helps keep the client focused on the long term… I will not speak for anyone else but I personally like having options, while maintaining long term focus.
There are other models out there that could be more appealing. One of them is called low load funds (LL). This allows you to invest your money in sound investments, allows the advisor to get paid for his/her efforts and if you need to take your money out for an emergency or life change, the fees will not cause you to claim on your life insurance. Here is a Low Load (LL) example from a company called Value Partners Investments.
Redemption fees at Value Partners Investments
When redeemed Fee %
Within 1st year 3.0
During 2nd year 2.0
During 3rd year 1.0
The commission on Value Partners Low Load is between 1.75 – 2.0% once it makes it to the advisor. Some advisors may vary based on their dealer but you get a rough idea of the difference. As well the advisor would receive approximately a 0.8% renewal commission once the 3 year schedule was satisfied.
Low Load gives you and the advisor a win win. You the investor has an incentive to stay invested for at least three years to deter you from trying to time the market with your RRSP’s and retirement nest eggs. The advisor is compensated for preparing your proposal, monitoring your holdings and staying in tune with the overall economy. I guess the third win is; if you need the money in an emergency you can access it without big penalties.
If an advisor is paid less in the upfront but a little more over time and that renewing pay is based on the overall size of the portfolio, you can bet that later advisor is going to pay more attention to what your money is invested in. The more your money grows the more commission the advisor is receiving. In a DSC situation the advisor is compensated largely upfront (before they even do anything, really) and then trickled a commission over time… who do you think is going to pay attention more in the long run. Who is building an actual business and who is the salesman…
3) Dr. Nick Bontis - I recently attended a conference in Indianapolis Indiana. There were a host of top notch professional speakers, presenters and comedians. One that I wanted to share with you is Dr. Nick Bontis. He provides an interesting spin on the economy and the evolution of technology in our society. Attached is a 4 minute video of him sharing his thoughts. (If link doesn't work - YouTube Search - Dr. Nick Bontis Keynote Speaker)
Click here to view a great clip
4) Camping Hot Spots close to Kelowna (within 90 min drive)
- Owls Nest on Kal Lake - I recently stayed here and was very impressed with the value. Clean overall site, clean bathrooms, hot showers, great beach and boat access (launch). Power, sewer and water on most sites and the overall feel was great for adults and children. There is a great fire pit down on the water for relaxing... and there were minimal mosquito's which is always nice. Also for all you hardcore cell phone users out there, there is great cell service and it is close to town if you need to make that special trip to take care of business.
- Mable Lake (Forestry Site) - This is definitely a little more rugged. Great fire pits in the sites, great access to the beach and there is a boat launch. The bonus to this site is if you are an outdoors type the mountains are right there. If you are into ATV'ing, hiking, mountain biking or showing the children how to shoot pop cans with a pellet gun, this is the place. Dogs are allowed and the overall feel was very relaxing.
- Cathedral Provincial Park - if you are into spectacular hiking... look no further!
Have a great summer and as always if you, your co-workers, friends or family have any insurance or wealth management questions I am never too busy.
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
I hope this email finds you in good summer time spirits.
1) Upcoming Mortgage Wave
2) Do you have 'DSC' funds in your investment portfolio?
3) Dr. Nick Bontis
4) Local camping hot spots
1) Mortgage reset wave about to start in US (see attached image - Please remember this is US not Canadian figures)...
Has the US learnt enough to stick handle through the next mortgage wave. I stumbled on this back in February on 60 minutes and it has been something I have been watching ever since. Also attached is a link illustrating the Subprime issues and what is upcoming for the next wave of Option Adjustable Mortgages. Please remember in Canada we do not have mortgages similar to these but I do believe one needs to keep an eye on the US from time to time.
Click here to view a Bloomberg Article
2) Sample from the attached article...
The more your money grows the more commission the advisor is receiving. In a new DSC type investment the advisor is compensated largely upfront (before they even do anything, really) and then trickled a commission over time… who do you think is going to pay attention more in the long run. Who is building an actual business and who is the salesman…
Who is building an actual business and who is the salesman…
Deferred Sales Charge Explained (DSC)
To explain my point I will use Investors Group (IG) as an example. I only use them as they have an easy to explain business model. I have nothing against IG and wish only here to showcase how different models look.
If you invest $100,000 into an IG (DSC) fund and you withdrew your money in the first 2 years you would be paying 5.5% in fees based on the $100,000. If the market went down since you invested and you had a market value of $95,500 in your account, you would net at the end of the day $90,000 ($100,000 – market loss of $4,500 - $5,500 in fees).
The advisor on this transaction would have made anywhere between approximately 3.0% - 4.5% commission initially once the money was deposited or transferred, depending on his or her years in the business… The advisor will also receive a 0.5% trailer commission every year the money stays in house. Gets you thinking, doesn’t it… You can see how the fees play out for the remaining years.
Redemption fees at Investors Group
When redeemed Fee %
Within two years 5.5
During third year 5.0
During fourth year 4.5
During fifth year 4.0
During sixth year 3.0
During seventh year 1.5
After seven years None
Source: Investors Group Inc.
These DSC type funds used to be very popular in the past and some advisors still actively use them as they believe that DSC funds like this keep their clients locked in through rough times and it helps keep the client focused on the long term… I will not speak for anyone else but I personally like having options, while maintaining long term focus.
There are other models out there that could be more appealing. One of them is called low load funds (LL). This allows you to invest your money in sound investments, allows the advisor to get paid for his/her efforts and if you need to take your money out for an emergency or life change, the fees will not cause you to claim on your life insurance. Here is a Low Load (LL) example from a company called Value Partners Investments.
Redemption fees at Value Partners Investments
When redeemed Fee %
Within 1st year 3.0
During 2nd year 2.0
During 3rd year 1.0
The commission on Value Partners Low Load is between 1.75 – 2.0% once it makes it to the advisor. Some advisors may vary based on their dealer but you get a rough idea of the difference. As well the advisor would receive approximately a 0.8% renewal commission once the 3 year schedule was satisfied.
Low Load gives you and the advisor a win win. You the investor has an incentive to stay invested for at least three years to deter you from trying to time the market with your RRSP’s and retirement nest eggs. The advisor is compensated for preparing your proposal, monitoring your holdings and staying in tune with the overall economy. I guess the third win is; if you need the money in an emergency you can access it without big penalties.
If an advisor is paid less in the upfront but a little more over time and that renewing pay is based on the overall size of the portfolio, you can bet that later advisor is going to pay more attention to what your money is invested in. The more your money grows the more commission the advisor is receiving. In a DSC situation the advisor is compensated largely upfront (before they even do anything, really) and then trickled a commission over time… who do you think is going to pay attention more in the long run. Who is building an actual business and who is the salesman…
3) Dr. Nick Bontis - I recently attended a conference in Indianapolis Indiana. There were a host of top notch professional speakers, presenters and comedians. One that I wanted to share with you is Dr. Nick Bontis. He provides an interesting spin on the economy and the evolution of technology in our society. Attached is a 4 minute video of him sharing his thoughts. (If link doesn't work - YouTube Search - Dr. Nick Bontis Keynote Speaker)
Click here to view a great clip
4) Camping Hot Spots close to Kelowna (within 90 min drive)
- Owls Nest on Kal Lake - I recently stayed here and was very impressed with the value. Clean overall site, clean bathrooms, hot showers, great beach and boat access (launch). Power, sewer and water on most sites and the overall feel was great for adults and children. There is a great fire pit down on the water for relaxing... and there were minimal mosquito's which is always nice. Also for all you hardcore cell phone users out there, there is great cell service and it is close to town if you need to make that special trip to take care of business.
- Mable Lake (Forestry Site) - This is definitely a little more rugged. Great fire pits in the sites, great access to the beach and there is a boat launch. The bonus to this site is if you are an outdoors type the mountains are right there. If you are into ATV'ing, hiking, mountain biking or showing the children how to shoot pop cans with a pellet gun, this is the place. Dogs are allowed and the overall feel was very relaxing.
- Cathedral Provincial Park - if you are into spectacular hiking... look no further!
Have a great summer and as always if you, your co-workers, friends or family have any insurance or wealth management questions I am never too busy.
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
Thursday, June 25, 2009
Cost savings with added flexibility
WHICH WOULD YOU RATHER?
Example client:
Female, Age 42, Non Smoker
$350,000 Mortgage life insurance through TD bank = $101.50 Per month
$350,000 Mortgage life insurance through RBC bank = $101.50 Per month
OR
$350,000 10 Year Term policy shopped on the open market and obtained through one of Canada’s top four providers = $27.63 per month
Term Life Insurance
-Term policy death benefits do not decline over time. If you start paying for $350,000 that is what is paid out regardless of current mortgage amount.
-Discounts on your premium if you are a healthy non-smoker - (Very significant savings for older people.)
-You own the insurance and it is not tied to the mortgage lender. You have complete freedom to change mortgage lenders.
-You choose who you want to be the beneficiary.
-Policy is owned by you.
-The older you are the more expensive premiums are - in comparison to a personal policy. Over 15 companies competing for your business - get the best rates available based on your health situation.
-You can combine all your insurance needs and get a lower rate with your own plan.
-You undergo all the underwriting now, and then if there is a payout later the process is simple and your beneficiaries are paid quickly.
Lender Provided Mortgage Life Insurance
-Death benefit declines yet premiums do not decline.
-No discounts on premiums for healthy people.
-The bank controls the money and pays off the mortgage - it is a declining amount.
-Bank is the beneficiary.
-Policy is owned by bank.
-You have a separate policy for the mortgage and other policies for other life insurance needs.
-Application process very simple until a claim is made, then the bank does the full underwriting to determine if a payout is warranted.
For more information please contact:
Dustin Serviss (www.serviss.ca)
(250) 869 1451
The Peacock Sheridan Group
Kelowna, BC.
**Application and medical requirements must be obtained prior to policy issue. Numbers and figures illustrated above are believed to be accurate at time of publication but are subject to change without notice. All quotes are dependent on, age, gender, smoking status and medical underwritting.**
Example client:
Female, Age 42, Non Smoker
$350,000 Mortgage life insurance through TD bank = $101.50 Per month
$350,000 Mortgage life insurance through RBC bank = $101.50 Per month
OR
$350,000 10 Year Term policy shopped on the open market and obtained through one of Canada’s top four providers = $27.63 per month
Term Life Insurance
-Term policy death benefits do not decline over time. If you start paying for $350,000 that is what is paid out regardless of current mortgage amount.
-Discounts on your premium if you are a healthy non-smoker - (Very significant savings for older people.)
-You own the insurance and it is not tied to the mortgage lender. You have complete freedom to change mortgage lenders.
-You choose who you want to be the beneficiary.
-Policy is owned by you.
-The older you are the more expensive premiums are - in comparison to a personal policy. Over 15 companies competing for your business - get the best rates available based on your health situation.
-You can combine all your insurance needs and get a lower rate with your own plan.
-You undergo all the underwriting now, and then if there is a payout later the process is simple and your beneficiaries are paid quickly.
Lender Provided Mortgage Life Insurance
-Death benefit declines yet premiums do not decline.
-No discounts on premiums for healthy people.
-The bank controls the money and pays off the mortgage - it is a declining amount.
-Bank is the beneficiary.
-Policy is owned by bank.
-You have a separate policy for the mortgage and other policies for other life insurance needs.
-Application process very simple until a claim is made, then the bank does the full underwriting to determine if a payout is warranted.
For more information please contact:
Dustin Serviss (www.serviss.ca)
(250) 869 1451
The Peacock Sheridan Group
Kelowna, BC.
**Application and medical requirements must be obtained prior to policy issue. Numbers and figures illustrated above are believed to be accurate at time of publication but are subject to change without notice. All quotes are dependent on, age, gender, smoking status and medical underwritting.**
Wednesday, June 3, 2009
How to get on Google Maps & What can I qualify for with a rental suite?
June 2 2009
Hello my friend
How are you? Have you been out on the course yet? I am nursing a bad shoulder but hopefully will be able to get out there in a couple weeks.
Summer activities to keep the kids busy
http://www.summeractivitiesforkids.co.uk/ - This is a UK site but the activities and input are all relevant.
Free Google Exposure
You know when you "Google" a business and the map comes up with the little red pointers on it... if I told you that service was free, would you like to know how to do it? If you do not know what I mean or want an example, Google; Dustin Serviss Kelowna
It is free and very effective for increasing your online profile, business or personal. When potential customers search Maps for local information, they'll find your business (address, hours of operation, even photos of your storefront or products). It's easy, free, and you don't need a website of your own.
Click here: http://maps.google.com/ - then click "Put your business on Google Maps" & follow the instructions.
I just did it for myself so if you need any help let me know.
Exciting Horizon (Call me today) - There are a lot of exciting things happening in the insurance, investment and refinancing arena's. If it has been a while since you reviewed your situation or you have been meaning to get in, do it before the summer craziness begins.
How much financial help does a suite provide for getting a mortgage?
I recently received an illustration from a local mortgage broker outlining the advantages of having a suite. It shows how a person with an income of $47,500 per year can afford a $425,000 mortgage and have a monthly payment of approx. $820 (some variables apply - See attached document) Info provided by Michelle Haddad of Lending Max - Kelowna.
Dustin
www.serviss.ca
Hello my friend
How are you? Have you been out on the course yet? I am nursing a bad shoulder but hopefully will be able to get out there in a couple weeks.
Summer activities to keep the kids busy
http://www.summeractivitiesforkids.co.uk/ - This is a UK site but the activities and input are all relevant.
Free Google Exposure
You know when you "Google" a business and the map comes up with the little red pointers on it... if I told you that service was free, would you like to know how to do it? If you do not know what I mean or want an example, Google; Dustin Serviss Kelowna
It is free and very effective for increasing your online profile, business or personal. When potential customers search Maps for local information, they'll find your business (address, hours of operation, even photos of your storefront or products). It's easy, free, and you don't need a website of your own.
Click here: http://maps.google.com/ - then click "Put your business on Google Maps" & follow the instructions.
I just did it for myself so if you need any help let me know.
Exciting Horizon (Call me today) - There are a lot of exciting things happening in the insurance, investment and refinancing arena's. If it has been a while since you reviewed your situation or you have been meaning to get in, do it before the summer craziness begins.
How much financial help does a suite provide for getting a mortgage?
I recently received an illustration from a local mortgage broker outlining the advantages of having a suite. It shows how a person with an income of $47,500 per year can afford a $425,000 mortgage and have a monthly payment of approx. $820 (some variables apply - See attached document) Info provided by Michelle Haddad of Lending Max - Kelowna.
Dustin
www.serviss.ca
Exciting News - Central Okanagan Foundation & Charity Life Direct!!
May 12th 2009
Hello my friend,
I am excited to share with you that the first local Foundation has got on board with the Charity Life Direct program. Over the past year there have been a number of exciting changes, one of them being the change in our Underwriter. We are pleased to announce BMO Life Assurance Company is now the new issuer of policies through Charity Life Direct. In the early part of 2009, AIG Life of Canada was bought by BMO.
I am proud to announce the Central Okanagan Foundation has recently aligned themselves with the Charity Life Direct team in an effort to enhance their planned giving program.
We recently attended the annual CAGP (Canadian Association of Gift Planners - CAGP) conference in Niagara Falls, April 22, 23 & 24th. We had a representative from BMO there on hand to answer any questions and the feed back we received was fantastic.
On another note, since recently going through all the hoops with another large Foundation and really breaking down all the details of the program, I am even more energetic to bring this program to the Donor's of Kelowna. The program was 25 years in the making and is still the only one of its kind in Canada.
Big or small your foundation, charity or church has access to this program. It is an effortless process to become part of something truly innovative. Let's enhance your organization's planned giving program together!
Call for an appointment today.
Dustin
www.serviss.ca
Hello my friend,
I am excited to share with you that the first local Foundation has got on board with the Charity Life Direct program. Over the past year there have been a number of exciting changes, one of them being the change in our Underwriter. We are pleased to announce BMO Life Assurance Company is now the new issuer of policies through Charity Life Direct. In the early part of 2009, AIG Life of Canada was bought by BMO.
I am proud to announce the Central Okanagan Foundation has recently aligned themselves with the Charity Life Direct team in an effort to enhance their planned giving program.
We recently attended the annual CAGP (Canadian Association of Gift Planners - CAGP) conference in Niagara Falls, April 22, 23 & 24th. We had a representative from BMO there on hand to answer any questions and the feed back we received was fantastic.
On another note, since recently going through all the hoops with another large Foundation and really breaking down all the details of the program, I am even more energetic to bring this program to the Donor's of Kelowna. The program was 25 years in the making and is still the only one of its kind in Canada.
Big or small your foundation, charity or church has access to this program. It is an effortless process to become part of something truly innovative. Let's enhance your organization's planned giving program together!
Call for an appointment today.
Dustin
www.serviss.ca
Use your life insurance when you are still living
May 5th 2009
Hello my friend,
1) How to actually use your own life insurance to enhance your life style now...
2) Great Calculator Website...
3) Creative Mothers Day Gifts...
4) Recent Investment Moves...
1) How to actually use your own life insurance to enhance your life style now...
- My goal is to illustrate a concept many are unaware of. Use your life insurance while you are living... Interesting thought isn't it?
Please understand there are variables in this example and I can provide all my background material upon request. Better yet, if you would like to see if you could qualify for this program, please give me a call. Please remember the numbers are not set in stone and are all relative, if you need more or less coverage your deposit amount will reflect that, pretty simple.
Male, Age 32, Non-Smoker - $300,000 of Life Insurance. Here are the basics:
- He deposits $600 per month into this savings vehicle ($7,200 per year) for 10 years... after which he will stop the deposit.
- Based on the projected dividend rates (100 year track record) he will have life insurance paid up for life. * no further deposits required after yr.10
- At age 60 he will have a guaranteed cash value of $130,000
- At age 60 based on the current dividend scale there would be a total Cash Value and Dividend Value of $266,000 (which can be used to collateralize a loan from the bank and provide him retirement income)
- At age 60 the death benefit would be approx. $552,000 (and growing if an income stream was not being taken)
- Consider this plan a guaranteed (tax sheltered) savings plan with the added benefit of Life Insurance
- Fixed income investments attract the highest tax according to CRA, this insurance savings plan gives you access to a solid fixed income vehicle with the advantage of tax sheltering.
Remember this policy holder only made 10 deposits of $7,200 = $72,000... Yet he has a growing cash value and an increasing death benefit. I have attached an article that outlines how you can utilize that cash in the policy to supplement retirement income in a tax effective manor. Please see PAGE 8.
This concept should be reviewed in person and a personal illustration should be run before ANY decisions are made. Come in today and see if we can enhance your guaranteed savings plan. In market times like now, guaranteed investment vehicles are looking rather attractive, why not bundle your fixed income investments (which attract the highest tax rate) and your life insurance together to produce tax effective growth.
2) Great Calculator Site... http://www.dinkytown.net/
- This is a fantastic site I have been using for a couple months now (scroll down for Canadian specific calcs). It has all sorts of interesting calculators along with your staple financial calculators. Some valuable ones are: Auto lease vs auto purchase, Rent vs. Buy Real Estate, Cool Million, Life Insurance Calc...
3) Creative Mothers Day Gifts...
http://www.gifts.com/occasions/mothers-day/her/o11hFr6aicp849n?featuredIdea=8330
4) Recent Investment Moves
- AT&T, General Mills, General Electric and Coca-Cola have been sold out of the Foreign Equity Pool. Schlumberger, Deere and Co. and BHP Billiton have been added. To give you a sense of our philosophy I have attached a summary report I received directly from the Director of Research himself on April 15th 2009. I have not diluted the info and it is all right there. It is only half a page but after reading it you will understand our thought process when a buy or sell decision is made.
I look forward to your continued trust and as always if you, your co-workers, friends or family have any questions I am never too busy for your/their call.
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
Hello my friend,
1) How to actually use your own life insurance to enhance your life style now...
2) Great Calculator Website...
3) Creative Mothers Day Gifts...
4) Recent Investment Moves...
1) How to actually use your own life insurance to enhance your life style now...
- My goal is to illustrate a concept many are unaware of. Use your life insurance while you are living... Interesting thought isn't it?
Please understand there are variables in this example and I can provide all my background material upon request. Better yet, if you would like to see if you could qualify for this program, please give me a call. Please remember the numbers are not set in stone and are all relative, if you need more or less coverage your deposit amount will reflect that, pretty simple.
Male, Age 32, Non-Smoker - $300,000 of Life Insurance. Here are the basics:
- He deposits $600 per month into this savings vehicle ($7,200 per year) for 10 years... after which he will stop the deposit.
- Based on the projected dividend rates (100 year track record) he will have life insurance paid up for life. * no further deposits required after yr.10
- At age 60 he will have a guaranteed cash value of $130,000
- At age 60 based on the current dividend scale there would be a total Cash Value and Dividend Value of $266,000 (which can be used to collateralize a loan from the bank and provide him retirement income)
- At age 60 the death benefit would be approx. $552,000 (and growing if an income stream was not being taken)
- Consider this plan a guaranteed (tax sheltered) savings plan with the added benefit of Life Insurance
- Fixed income investments attract the highest tax according to CRA, this insurance savings plan gives you access to a solid fixed income vehicle with the advantage of tax sheltering.
Remember this policy holder only made 10 deposits of $7,200 = $72,000... Yet he has a growing cash value and an increasing death benefit. I have attached an article that outlines how you can utilize that cash in the policy to supplement retirement income in a tax effective manor. Please see PAGE 8.
This concept should be reviewed in person and a personal illustration should be run before ANY decisions are made. Come in today and see if we can enhance your guaranteed savings plan. In market times like now, guaranteed investment vehicles are looking rather attractive, why not bundle your fixed income investments (which attract the highest tax rate) and your life insurance together to produce tax effective growth.
2) Great Calculator Site... http://www.dinkytown.net/
- This is a fantastic site I have been using for a couple months now (scroll down for Canadian specific calcs). It has all sorts of interesting calculators along with your staple financial calculators. Some valuable ones are: Auto lease vs auto purchase, Rent vs. Buy Real Estate, Cool Million, Life Insurance Calc...
3) Creative Mothers Day Gifts...
http://www.gifts.com/occasions/mothers-day/her/o11hFr6aicp849n?featuredIdea=8330
4) Recent Investment Moves
- AT&T, General Mills, General Electric and Coca-Cola have been sold out of the Foreign Equity Pool. Schlumberger, Deere and Co. and BHP Billiton have been added. To give you a sense of our philosophy I have attached a summary report I received directly from the Director of Research himself on April 15th 2009. I have not diluted the info and it is all right there. It is only half a page but after reading it you will understand our thought process when a buy or sell decision is made.
I look forward to your continued trust and as always if you, your co-workers, friends or family have any questions I am never too busy for your/their call.
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
Lease vs Buying a Car
April 30th 2009
Hello my friend,
I only share this with the membership of the Chamber as the response back from my existing client base was so positive. Here are three informative topics.
1) Tomorrow you pass away with no Will... now what?
2) Do you lease vs. buying a car?
Ever wondered what happens if you pass away without a Will?
Click this link for all the answers:
http://www.cba.org/BC/public_media/wills/177.aspx
(copy/paste if it doesn't load when clicked)
Remember 'your' debt (or your parents debt) does not go away when you/they pass on? I recently encountered a client file where a final parent passed away with debt, pretty normal right? Well the parent’s principle residence has been sitting on the market for sometime (9 months) unable to sell… meanwhile the children have had to re-mortgage their own homes to satisfy paying off a maxed out line of credit held by the deceased parent.… Not exactly what the children expected to say the least while dealing with the loss of their parent all at the same time.
It is inevitable that one day this is going to need to be addressed, why not address it now so everything can be mapped out, or at least somewhat mapped out. It is fact that the three most NOT talking about topics within a family are: Money, Death, and Sex/Relationships. As much as I like to think I have relationships figured out I will leave that for you and your family to sort out but the first two I am very confident our group has the tools and resources to help you.
If you would like to see if your situation (or your parents situation) can be enhanced please give us a call, if nothing else, your family will know everything is, in fact, taken care of. With a combined 39 years of experience in estate planning, there is little, Brent, Grant or myself haven't seen before and if it is, our resource team will definitely be able to solve your problem.
Should I lease or buy a vehicle:
This site is a great resource that you could share with your clients as it is not biased one way or the other. They provide a simple to follow way of understanding both sides of the coin. - http://www.leaseguide.com/lease03.htm
I hope all of you are doing well and if you are on Facebook or Twitter, add me ('Serviss') and keep an eye on the Status Lines.
Take care
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
Hello my friend,
I only share this with the membership of the Chamber as the response back from my existing client base was so positive. Here are three informative topics.
1) Tomorrow you pass away with no Will... now what?
2) Do you lease vs. buying a car?
Ever wondered what happens if you pass away without a Will?
Click this link for all the answers:
http://www.cba.org/BC/public_media/wills/177.aspx
(copy/paste if it doesn't load when clicked)
Remember 'your' debt (or your parents debt) does not go away when you/they pass on? I recently encountered a client file where a final parent passed away with debt, pretty normal right? Well the parent’s principle residence has been sitting on the market for sometime (9 months) unable to sell… meanwhile the children have had to re-mortgage their own homes to satisfy paying off a maxed out line of credit held by the deceased parent.… Not exactly what the children expected to say the least while dealing with the loss of their parent all at the same time.
It is inevitable that one day this is going to need to be addressed, why not address it now so everything can be mapped out, or at least somewhat mapped out. It is fact that the three most NOT talking about topics within a family are: Money, Death, and Sex/Relationships. As much as I like to think I have relationships figured out I will leave that for you and your family to sort out but the first two I am very confident our group has the tools and resources to help you.
If you would like to see if your situation (or your parents situation) can be enhanced please give us a call, if nothing else, your family will know everything is, in fact, taken care of. With a combined 39 years of experience in estate planning, there is little, Brent, Grant or myself haven't seen before and if it is, our resource team will definitely be able to solve your problem.
Should I lease or buy a vehicle:
This site is a great resource that you could share with your clients as it is not biased one way or the other. They provide a simple to follow way of understanding both sides of the coin. - http://www.leaseguide.com/lease03.htm
I hope all of you are doing well and if you are on Facebook or Twitter, add me ('Serviss') and keep an eye on the Status Lines.
Take care
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
Market update & Rainbow One Hour Photo Kelowna
April 8th 2009
Hello my friend,
1) 1 month return = 25.96% 2) Inspirational Video Relief. 3) AIG Policy Owners. 4) Recent Local Experience.
Investment Update
Congratulations to all of you who have continued to invest through this interesting time. You were rewarded over the last month or so. We are not naive to know the market goes in two directions and we have just gone through one of the quickest declines in history, at the same time if you have a window of time before retirement, there is a world of opportunity out there for you RIGHT NOW.
VPI Cardinal Canadian Equity Pool = +25.96% (From Mar. 6 2009 - April 6 2009 a $10,000 investment could have made you $2,596, gross of taxes)
These Return on Investment numbers are not guaranteed, but if the financial markets continue to regain steam investors will start to realize, established, blue chip, dividend increasing companies might be seriously undervalued. What does that mean to you the investor with us, when something is undervalued and the value is realized the stock potentially goes up and you make money. Long story short, come in and see us and we will show you how easy this investment model really is to understand.
Recent client question: What is a better investment, Real Estate, Stock (a business) or Gold. See attachment for our simple illustration illustration.
Inspirational Video Relief - If you have 1 minute and are looking for a break:
Business inspiration can come in many forms. When I saw this it made me realize anything is possible.
Snowmobiles & Double Back flips: http://www.youtube.com/watch?v=XueL0FDjL6o
AIG policy holders
It is official AIG Life of Canada has completed its transaction with BMO. I've attached the letter from the CEO himself. My goal is that the comfort letter will show you what happens when a Life Insurance Company is sold and how policy holders are affected.
Positive experiences with local businesses:
- Rainbow One Hour Photo (In the Orchard Park mall)
I recently wanted to get a couple portrait photos taken for a marketing campaign. When I did my research it became evident that no photographer really wanted to help take just a couple photos. I only needed approximately 5 proofs of head and shoulders. Anyway I went and saw Hao Van at Rainbow One Hour Photo in the mall. He listened to what I want and got the job done for a reasonable price.
I look forward to your continued trust and as always if you, your co-workers, friends or family have any questions I am never too busy for your call.
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
Hello my friend,
1) 1 month return = 25.96% 2) Inspirational Video Relief. 3) AIG Policy Owners. 4) Recent Local Experience.
Investment Update
Congratulations to all of you who have continued to invest through this interesting time. You were rewarded over the last month or so. We are not naive to know the market goes in two directions and we have just gone through one of the quickest declines in history, at the same time if you have a window of time before retirement, there is a world of opportunity out there for you RIGHT NOW.
VPI Cardinal Canadian Equity Pool = +25.96% (From Mar. 6 2009 - April 6 2009 a $10,000 investment could have made you $2,596, gross of taxes)
These Return on Investment numbers are not guaranteed, but if the financial markets continue to regain steam investors will start to realize, established, blue chip, dividend increasing companies might be seriously undervalued. What does that mean to you the investor with us, when something is undervalued and the value is realized the stock potentially goes up and you make money. Long story short, come in and see us and we will show you how easy this investment model really is to understand.
Recent client question: What is a better investment, Real Estate, Stock (a business) or Gold. See attachment for our simple illustration illustration.
Inspirational Video Relief - If you have 1 minute and are looking for a break:
Business inspiration can come in many forms. When I saw this it made me realize anything is possible.
Snowmobiles & Double Back flips: http://www.youtube.com/watch?v=XueL0FDjL6o
AIG policy holders
It is official AIG Life of Canada has completed its transaction with BMO. I've attached the letter from the CEO himself. My goal is that the comfort letter will show you what happens when a Life Insurance Company is sold and how policy holders are affected.
Positive experiences with local businesses:
- Rainbow One Hour Photo (In the Orchard Park mall)
I recently wanted to get a couple portrait photos taken for a marketing campaign. When I did my research it became evident that no photographer really wanted to help take just a couple photos. I only needed approximately 5 proofs of head and shoulders. Anyway I went and saw Hao Van at Rainbow One Hour Photo in the mall. He listened to what I want and got the job done for a reasonable price.
I look forward to your continued trust and as always if you, your co-workers, friends or family have any questions I am never too busy for your call.
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
What happens when you die without a 'Will'?
Mar 16th 2009
Hello my friend,
1) Dying without a Will. 2) Need a laugh. 3) Stock of the Month. 4) What the world is watching on You Tube.
In every meeting I ask, “do you have a will?” 60% say; “no… but I am going to get one.” I do not write Wills, I do not get paid for referring lawyers Will clients, but I do know, I would rather have you decide how your estate is divided, not the provincial government… The thought of the day …
What happens if you die without a Will?
Remember your debt (or your parents) does not go away when you/they pass on? I recently encountered a case where a final parent passed away with debt, pretty normal right. Well the parent’s principle residence has been sitting on the market for sometime unable to sell… meanwhile the children have had to re-mortgage their own homes to satisfy paying off a maxed out line of credit held by the deceased parent.… Not what the children expected to say the least while dealing with the loss of their parent all at the same time.
It is inevitable that one day this is going to need to be addressed, why not address it now so everything can be mapped out, or at least somewhat laid out. With a combined 39 years of experience in estate planning, if you ever need a wake up call just ask us to share a couple stories.
It is fact that the three most NOT talking about topics within a family are: Money, Death, and Sex/Relationships. As much as I like to think I have relationships figured out I will leave that for you and your family to sort out but the first two I am very confident I have the tools and resources to help you. Help you in a way that is not intrusive and extremely productive.
If you would like to see if your situation (or your parents situation) can be enhanced please give us a call, if nothing else, your family will know everything is, in fact taken care of.
Need a laugh:
The following are actual statements found on insurance forms where car drivers attempted to summarize the details of an accident in the fewest words. These instances of faulty writing serve to confirm that even incompetent writing may be highly entertaining.
See the “need a laugh” attachment.
STOCK OF THE MONTH: Visa Corp. (V)
In February, American Express announced an incentive program under which it will pay cardholders $300 to flatten their balances and close their accounts. By paying its customers to leave, Amex has revealed the perils of being a card issuer which also assumes credit risk. In contrast, Visa does not expose itself to its clients’ ability (or inability) to pay off their debts – in Visa’s case, default risk is assumed by the card issuing bank. Not coincidentally, in February Visa reported a 35% jump in quarterly earnings backed by a 12% rise in transaction volume over the same period last year. Visa is one of the 26 equity holdings in the Value Partners Balanced Pool.
To see what other stocks are in the pool see attachment (VPI DM Balanced Pool), do you recognize any of them…which corporations don’t you like or which ones do you think are bad companies? Also included is a Market Update for March.
his is not a trade recommendation and only intends to inform. If you are considering trading any stock you should always seek financial council.
What people are watching on Youtube...
Here is the link to the MOST VIEWED Youtube videos on the internet... I was shocked:
http://www.youtube.com/browse?s=mp&t=a
I look forward to your continued trust and as always if you, your co-workers, friends or family have any questions I am never too busy for your call.
Take care
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
Hello my friend,
1) Dying without a Will. 2) Need a laugh. 3) Stock of the Month. 4) What the world is watching on You Tube.
In every meeting I ask, “do you have a will?” 60% say; “no… but I am going to get one.” I do not write Wills, I do not get paid for referring lawyers Will clients, but I do know, I would rather have you decide how your estate is divided, not the provincial government… The thought of the day …
What happens if you die without a Will?
Remember your debt (or your parents) does not go away when you/they pass on? I recently encountered a case where a final parent passed away with debt, pretty normal right. Well the parent’s principle residence has been sitting on the market for sometime unable to sell… meanwhile the children have had to re-mortgage their own homes to satisfy paying off a maxed out line of credit held by the deceased parent.… Not what the children expected to say the least while dealing with the loss of their parent all at the same time.
It is inevitable that one day this is going to need to be addressed, why not address it now so everything can be mapped out, or at least somewhat laid out. With a combined 39 years of experience in estate planning, if you ever need a wake up call just ask us to share a couple stories.
It is fact that the three most NOT talking about topics within a family are: Money, Death, and Sex/Relationships. As much as I like to think I have relationships figured out I will leave that for you and your family to sort out but the first two I am very confident I have the tools and resources to help you. Help you in a way that is not intrusive and extremely productive.
If you would like to see if your situation (or your parents situation) can be enhanced please give us a call, if nothing else, your family will know everything is, in fact taken care of.
Need a laugh:
The following are actual statements found on insurance forms where car drivers attempted to summarize the details of an accident in the fewest words. These instances of faulty writing serve to confirm that even incompetent writing may be highly entertaining.
See the “need a laugh” attachment.
STOCK OF THE MONTH: Visa Corp. (V)
In February, American Express announced an incentive program under which it will pay cardholders $300 to flatten their balances and close their accounts. By paying its customers to leave, Amex has revealed the perils of being a card issuer which also assumes credit risk. In contrast, Visa does not expose itself to its clients’ ability (or inability) to pay off their debts – in Visa’s case, default risk is assumed by the card issuing bank. Not coincidentally, in February Visa reported a 35% jump in quarterly earnings backed by a 12% rise in transaction volume over the same period last year. Visa is one of the 26 equity holdings in the Value Partners Balanced Pool.
To see what other stocks are in the pool see attachment (VPI DM Balanced Pool), do you recognize any of them…which corporations don’t you like or which ones do you think are bad companies? Also included is a Market Update for March.
his is not a trade recommendation and only intends to inform. If you are considering trading any stock you should always seek financial council.
What people are watching on Youtube...
Here is the link to the MOST VIEWED Youtube videos on the internet... I was shocked:
http://www.youtube.com/browse?s=mp&t=a
I look forward to your continued trust and as always if you, your co-workers, friends or family have any questions I am never too busy for your call.
Take care
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
Ultimate Birthday Present & Succession Planning
Feb 12th 2009
Hello my friend !
Here are 4 diverse things you may not have known before...
Ultimate Birthday Present:
Did you know that for $1,695 US you could go to a 2 day flying school and learn how to fly fighter planes. No license required, no prior experience needed and the only thing that is a simulation is the bullets.
http://www.fightercombat.com/catalog/Air_Combat-1-1.html
Continue talking to your parents/children:
Did you know that if you ask a group of older adults, what do you have the most trouble talking to your children about?
The Standard Answer: Money, Death & Relationships
Did you know if you asked the younger group, what do you have the most trouble talking to your parents about?
Yep, you guessed: Money, Death & Relationships
I am really encouraging you whether you are on one end of the scale or the other (or even both). Start communicating throughout your generations. If you are having trouble facilitating a family meeting or if finding the "right" time is too hard, let me and my Team step in and help. We have found great success in using this system to help families address the items that need to be checked off. The meetings can be separate or all together. The goal of the meeting is to make sure when wealth is transferred through generations it is done in the most cost effective way (more money for the family and less money for the government).
Government Benefits:
Did you know the Pension amounts the Government slated for 2009:
Check out the attachment for the current OAS and CPP pension amounts...
Trying new things:
Did you know that Cougar and Bear meat are actually quite tasty. I recently attended a wild game dinner in Peachland where a spread of Elk, Moose, Bison, Cougar, Bear, Arctic Char were served in an amazing spread. If you want to try something new I would suggest at least venturing out once.
As always if you or any of your peer group (co-workers, friends, family or business associates) have any questions regarding; insurance, investment or accelerated mortgage pay down programs, my door is always open.
Take care
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
Hello my friend !
Here are 4 diverse things you may not have known before...
Ultimate Birthday Present:
Did you know that for $1,695 US you could go to a 2 day flying school and learn how to fly fighter planes. No license required, no prior experience needed and the only thing that is a simulation is the bullets.
http://www.fightercombat.com/catalog/Air_Combat-1-1.html
Continue talking to your parents/children:
Did you know that if you ask a group of older adults, what do you have the most trouble talking to your children about?
The Standard Answer: Money, Death & Relationships
Did you know if you asked the younger group, what do you have the most trouble talking to your parents about?
Yep, you guessed: Money, Death & Relationships
I am really encouraging you whether you are on one end of the scale or the other (or even both). Start communicating throughout your generations. If you are having trouble facilitating a family meeting or if finding the "right" time is too hard, let me and my Team step in and help. We have found great success in using this system to help families address the items that need to be checked off. The meetings can be separate or all together. The goal of the meeting is to make sure when wealth is transferred through generations it is done in the most cost effective way (more money for the family and less money for the government).
Government Benefits:
Did you know the Pension amounts the Government slated for 2009:
Check out the attachment for the current OAS and CPP pension amounts...
Trying new things:
Did you know that Cougar and Bear meat are actually quite tasty. I recently attended a wild game dinner in Peachland where a spread of Elk, Moose, Bison, Cougar, Bear, Arctic Char were served in an amazing spread. If you want to try something new I would suggest at least venturing out once.
As always if you or any of your peer group (co-workers, friends, family or business associates) have any questions regarding; insurance, investment or accelerated mortgage pay down programs, my door is always open.
Take care
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
Note to the Kelowna Chamber membership
Feb 9th 2009
Hello my friend,
Over the past 3 years I have enjoyed meeting lots of you at Chamber events, client appreciation parties, or in the business community in general. I look forward to meeting anyone I haven't in the coming years.
I appreciate all the emails I receive from all of you regarding your businesses. The more I know/understand about your business the more effective I will be in facilitating strategic introductions for you.
To help build further unity within the membership I would like to share a couple ways we help our clients:
Enhanced family protection:
- Life Insurance - Innovative strategies whereby your business owns your life insurance, creating tax shelters without sacrificing the Tax Free Death Benefit to your estate...
- Disability Coverage - If you are injured and unable to work, what options are available to you? Did you know some companies offer coverage that if you do not make a claim they give your premiums back, imagine if ICBC did that, not likely!
- Critical Illness coverage - Could a serious illness impact your retirement plan, business operation, or family life?
More personal freedom:
Home equity access...
Mortgage interest savings...
Potentially lower payments...
Accelerated home debt pay down strategies...
Wealth Accumulation strategies with a cash flow component to capitalize on down and flat market conditions. It is critical that your money is positioned properly now to get the greatest results heading into the future.
I look forward to seeing you all at either:
Kelowna Laser Vision - February 19, 2009
Christopher's Seafood, Steak and Lounge - March 19, 2009
If you have any questions about the above please feel free to contact us.
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
Hello my friend,
Over the past 3 years I have enjoyed meeting lots of you at Chamber events, client appreciation parties, or in the business community in general. I look forward to meeting anyone I haven't in the coming years.
I appreciate all the emails I receive from all of you regarding your businesses. The more I know/understand about your business the more effective I will be in facilitating strategic introductions for you.
To help build further unity within the membership I would like to share a couple ways we help our clients:
Enhanced family protection:
- Life Insurance - Innovative strategies whereby your business owns your life insurance, creating tax shelters without sacrificing the Tax Free Death Benefit to your estate...
- Disability Coverage - If you are injured and unable to work, what options are available to you? Did you know some companies offer coverage that if you do not make a claim they give your premiums back, imagine if ICBC did that, not likely!
- Critical Illness coverage - Could a serious illness impact your retirement plan, business operation, or family life?
More personal freedom:
Home equity access...
Mortgage interest savings...
Potentially lower payments...
Accelerated home debt pay down strategies...
Wealth Accumulation strategies with a cash flow component to capitalize on down and flat market conditions. It is critical that your money is positioned properly now to get the greatest results heading into the future.
I look forward to seeing you all at either:
Kelowna Laser Vision - February 19, 2009
Christopher's Seafood, Steak and Lounge - March 19, 2009
If you have any questions about the above please feel free to contact us.
Dustin
www.serviss.ca
Dustin Serviss, RHU
Associate
The Peacock Sheridan Group
205-1180 Sunset Drive Phone 250.869.1451
Kelowna BC V1Y 9W6 Fax 250.869.1452
A note for the membership of the Kelowna Chamber
Dec 15 2008
Hello
Since we are both members of the Kelowna Chamber of Commerce I would assume we share the common interest of growing our businesses.
Would you find value in:
Guaranteed wealth accumulation strategies for business owners...
Connecting with more potential clients...
Holding a client appreciation event that people talked about well into the future...
If the current state of the market has you seeking innovative, tax preferred, wealth accumulation strategies, then feel free to view a recently posted article on my site. Items addressed include:
If you should incorporate your business or why you would consider it? What benefits does it allow and what to watch out for? If you are already incorporated, included are a couple strategies that you may want to explore. http://www.serviss.ca/corporate-insights.html
After 7 years in the business community and previously serving as a Membership Ambassador for 2 years, I may have a connection or two that can help you build your business. If there is someone in the membership you want to be introduced to, feel free to send me an email and I will do my best to create an introduction for you.
The other medium I may be able to help is through the use of my client appreciation events. If you would like to do a "creative" mutual client event I would be open to discussing ideas.
My contact information is below or can be found on my website: www.serviss.ca
To see where you may be able to enhance your current situation, email myself or my assistant to organise a 20 minute meeting. If I do not hear from you, I look forward to meeting at the next Chamber function or in everyday business.
MERRY CHRISTMAS!
Dustin
www.serviss.ca
Hello
Since we are both members of the Kelowna Chamber of Commerce I would assume we share the common interest of growing our businesses.
Would you find value in:
Guaranteed wealth accumulation strategies for business owners...
Connecting with more potential clients...
Holding a client appreciation event that people talked about well into the future...
If the current state of the market has you seeking innovative, tax preferred, wealth accumulation strategies, then feel free to view a recently posted article on my site. Items addressed include:
If you should incorporate your business or why you would consider it? What benefits does it allow and what to watch out for? If you are already incorporated, included are a couple strategies that you may want to explore. http://www.serviss.ca/corporate-insights.html
After 7 years in the business community and previously serving as a Membership Ambassador for 2 years, I may have a connection or two that can help you build your business. If there is someone in the membership you want to be introduced to, feel free to send me an email and I will do my best to create an introduction for you.
The other medium I may be able to help is through the use of my client appreciation events. If you would like to do a "creative" mutual client event I would be open to discussing ideas.
My contact information is below or can be found on my website: www.serviss.ca
To see where you may be able to enhance your current situation, email myself or my assistant to organise a 20 minute meeting. If I do not hear from you, I look forward to meeting at the next Chamber function or in everyday business.
MERRY CHRISTMAS!
Dustin
www.serviss.ca
To incorporate your business or not...
Dec 4th 2008
Hello my friend,
If I do not see you before the holiday season I wish you all the best and I look forward to sharing an exciting 2009!
A couple thoughts to ponder:
1) To incorporate your business or not and strategies for the already incorporated? Wondering if you should incorporate your business or why would you consider it? What benefits does it allow and what to watch out for? If you are already incorporated, here are a couple strategies that you may want to explore. Link...
http://www.serviss.ca/corporate-insights.html
2) ManuOne - If you would like to be referred to a ManuOne Rep, please give me a call.
3) Personal Snap Shot - I have attached a review questionnaire that, if completed could be used for a number of purposes (It only takes about 5 minutes to complete):
- See what your situation looks like in a clear and easy to understand 3-pager.
- Send it to your accountant or fax it ahead of your 2009 meeting. This info will give him/her a head start on your file and could save you money if he/she doesn't have to ask you the questions in person.
- Put it in your safety deposit box or "special" filing cabinet and if in the event you pass away, it will provide your executors a central place to start from when cleaning up your estate.
- Send it to me and we will do a full analysis of it (or we can complete it together). We will share opportunities that could do one or all of the following; save you money, grow your money or cover any areas of risk. We will share solutions that are not product related, an example may be, lease vs. buying a vehicle...
I look forward to your continued trust!
Take care
Dustin
www.serviss.ca
Dustin T. Serviss, RHU
Associate
Hello my friend,
If I do not see you before the holiday season I wish you all the best and I look forward to sharing an exciting 2009!
A couple thoughts to ponder:
1) To incorporate your business or not and strategies for the already incorporated? Wondering if you should incorporate your business or why would you consider it? What benefits does it allow and what to watch out for? If you are already incorporated, here are a couple strategies that you may want to explore. Link...
http://www.serviss.ca/corporate-insights.html
2) ManuOne - If you would like to be referred to a ManuOne Rep, please give me a call.
3) Personal Snap Shot - I have attached a review questionnaire that, if completed could be used for a number of purposes (It only takes about 5 minutes to complete):
- See what your situation looks like in a clear and easy to understand 3-pager.
- Send it to your accountant or fax it ahead of your 2009 meeting. This info will give him/her a head start on your file and could save you money if he/she doesn't have to ask you the questions in person.
- Put it in your safety deposit box or "special" filing cabinet and if in the event you pass away, it will provide your executors a central place to start from when cleaning up your estate.
- Send it to me and we will do a full analysis of it (or we can complete it together). We will share opportunities that could do one or all of the following; save you money, grow your money or cover any areas of risk. We will share solutions that are not product related, an example may be, lease vs. buying a vehicle...
I look forward to your continued trust!
Take care
Dustin
www.serviss.ca
Dustin T. Serviss, RHU
Associate
Serviss Race Car Networking Night Winners
Sept 26th 2008
Hello guys!!!
Thanks again for coming out! I think there were tons of laughs and for all of you that ripped up the grass, I never ended up having to leave any of my damage deposit... Next time though, please keep your cars on the track.
Judging by the feed back in the last couple days you all had a blast and I am excited to start planning next quarters event.
Nice work to:
Fastest Lap Time - Calvin Link (Kettle Valley Homes) = 49.25
Runner Up - Chris Whitney (Royal LePage Kelowna)
Cash Winner's
- Grant Venier (EarthTech Canada - Now AECOM)
- Darryl Reuter (Royal LePage Kelowna)
- Lee Ivans (Royal LePage Kelowna)
Also a special thanks to our Prize Sponsors:
Pat Fountain - Soleil Body Cleansing Studios
Chris Collins - Okanagan Peak Performance
Chris Zimmermann - Big Slick Custom Poker Tables
Dr. Brett Phillips - Naturopathic Healthcare
The Peacock Sheridan Group
Darren Prowse - Grand Prix Kelowna
Please find my website link below and I encourage you to have a look when time permits. I would be more than happy to answer any questions you may have.
Take care
Dustin
www.serviss.ca
Hello guys!!!
Thanks again for coming out! I think there were tons of laughs and for all of you that ripped up the grass, I never ended up having to leave any of my damage deposit... Next time though, please keep your cars on the track.
Judging by the feed back in the last couple days you all had a blast and I am excited to start planning next quarters event.
Nice work to:
Fastest Lap Time - Calvin Link (Kettle Valley Homes) = 49.25
Runner Up - Chris Whitney (Royal LePage Kelowna)
Cash Winner's
- Grant Venier (EarthTech Canada - Now AECOM)
- Darryl Reuter (Royal LePage Kelowna)
- Lee Ivans (Royal LePage Kelowna)
Also a special thanks to our Prize Sponsors:
Pat Fountain - Soleil Body Cleansing Studios
Chris Collins - Okanagan Peak Performance
Chris Zimmermann - Big Slick Custom Poker Tables
Dr. Brett Phillips - Naturopathic Healthcare
The Peacock Sheridan Group
Darren Prowse - Grand Prix Kelowna
Please find my website link below and I encourage you to have a look when time permits. I would be more than happy to answer any questions you may have.
Take care
Dustin
www.serviss.ca
Serviss Race Car Networking Night
Sept 16th 2008
Hello guys!
Thanks to all of you that have responded I appreciate it and I can guarantee there will be some laughs!
Michelle and I are just trying to get an idea of the numbers for the event. I also need the figures so I can apply for my liquor license required before the event. If you could please respond ASAP (if you haven't already) that would be great. As I told a couple of you, if you are unsure of an entrepreneur to bring, I won't turn you away at the door if you brought a good guy who needs, insurance, investment or leverage planning who is not an entrepreneur.
Have a great day!
These are the details:
Your job - Bring an entrepreneur or someone successful, who I hopefully do not already know, who would find value in my services. (Services are outlined on www.serviss.ca)
2 Hours of unlimited race track time @ Grand Prix Kelowna. (Our group will have full access to the race cars)
Cash ($$$) prizes
*if you want to get some exposure for your business at the event feel free to donate a prize, more prizes means more fun*
Food & Beverage Included: Pizza, Veggies, Beer, Pop
Date: Tuesday - September 23rd 2008
Time: 3:50 - 4:00 pm Registration (Mandatory - valid drivers license required)
4:00 - 5:50 pm Racing
5:50 - 6:00 pm Prizes
Where: Kelowna Grand Prix (911 Stremel Rd. It is just past McCurdy and across the Hwy from M&M Performance and Scandia)
Please respond to myself or our assistant Michelle (michelle@peacocksheridan.com) as soon as you are able, space is limited and "first reply - first in".
Take care
Dustin
www.serviss.ca
Hello guys!
Thanks to all of you that have responded I appreciate it and I can guarantee there will be some laughs!
Michelle and I are just trying to get an idea of the numbers for the event. I also need the figures so I can apply for my liquor license required before the event. If you could please respond ASAP (if you haven't already) that would be great. As I told a couple of you, if you are unsure of an entrepreneur to bring, I won't turn you away at the door if you brought a good guy who needs, insurance, investment or leverage planning who is not an entrepreneur.
Have a great day!
These are the details:
Your job - Bring an entrepreneur or someone successful, who I hopefully do not already know, who would find value in my services. (Services are outlined on www.serviss.ca)
2 Hours of unlimited race track time @ Grand Prix Kelowna. (Our group will have full access to the race cars)
Cash ($$$) prizes
*if you want to get some exposure for your business at the event feel free to donate a prize, more prizes means more fun*
Food & Beverage Included: Pizza, Veggies, Beer, Pop
Date: Tuesday - September 23rd 2008
Time: 3:50 - 4:00 pm Registration (Mandatory - valid drivers license required)
4:00 - 5:50 pm Racing
5:50 - 6:00 pm Prizes
Where: Kelowna Grand Prix (911 Stremel Rd. It is just past McCurdy and across the Hwy from M&M Performance and Scandia)
Please respond to myself or our assistant Michelle (michelle@peacocksheridan.com) as soon as you are able, space is limited and "first reply - first in".
Take care
Dustin
www.serviss.ca
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