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4 Key Tips to Ensure Your Bank is Giving You a Deal

4 Key Tips to Ensure Your Bank is Giving You a Deal

People are often quite loyal to their financial institutions – they usually decide to have all of their credit cards and financial products under the same bank. Initially it seems like the most convenient option, but you may not be acquiring the best deal. Shop around and keep the following in mind:

1. Be Mindful of the Hidden Fees

Banks offer a plethora of information online and in physical documentation regarding their fees. Make yourself aware of those fees. Some banks charge $2 to get a statement by mail. There is a dormant fee (when the account has remained inactive for so long). The idea is to find a bank that doesn’t take on so many fees or offers free services.

For example, a free checking account that includes bill payments, email money transfers, debit purchases, etc. may be something to consider. You can access the bank to withdraw money, cash a check that doesn’t include a long hold, etc.

2. Start looking elsewhere

If you notice your bank consistently raises its fees or your fees, you may want to do some shopping around to find a financial institution that offers a lower rate. If you do find a better rate than what your bank is offering you, bring it to them and see if they can match it. Give them an ultimatum, and if they can’t match it, then leave.

Too often, people go to a bank and accept the offers they are presented with without taking the time to really look at them. People need to do some research about their rewards programs, monthly fees, review customer comments, etc. to ensure their getting the best deal.

3. Look at Your Services

Talk to the bank about your current model. What kinds of accounts do you have? What are they offering? Confirm with them whether or not you’re existing accounts are fulfilling your needs and if you’re getting the best deal.

It’s important to look at your statement and investigate if you’re being charged reasonably. If there are unnecessary charges in your account, talk to your bank and outline to them that you’re being left with no choice but to seek another financial institution.

4. Talk to an Advisor about Your Portfolio

Regular updates and feedback is an important factor in building a good foundation with your advisor. Talk to your investment advisor about your portfolio and set how conservative or aggressive you want your investment strategy. As well as locking in risk tolerance, you should also look at the various other factors that come in to play like income and liquidity needs, time horizon, etc.

3 Red Flags That Could Affect You Living Comfortably During Retirement

3 Red Flags That Could Affect You Living Comfortably During Retirement

Retirement… your plan may be well-thought out, but there could always be an unforeseen event that could derail your journey. You could live a lot longer than you anticipate, have more financial health problems or suffer from a rise in inflation. But, there are certain measures you can take to ensure your money outlasts you.

Know when to Downsize

Retirees who did not save enough and want to live in their home may need to consider their reality. If it costs more to stay in your home than you can afford, you may need to be honest with yourself and make the hard decision to downsize. Your home is an asset, but if it’s too much, it could become a liability and ultimately a financial burden. An overly large home isn’t a necessity in retirement, but money is.

Helping Your Children Way Too Often

All parents want to help their children, but many of them give them way too much money too quickly. This can hurt their only financial affairs. It’s a good idea to set up an estate that you can dip into when needed, but should you not, your children can benefit later on.


If you spend an excessive amount of money in the early part of your retirement, you won’t have enough to live on as you age. Be cautious of focusing all of your money into saving vehicles like GICs and cash. Whilst it may seem like the safest option, you may be missing out on opportunities and even lose money after you pay taxes and factor in inflation. This, along with overspending, means you’ll need to make some major lifestyle choices if you don’t want to suffer financial ruin.

Retirement is an uncertainty in life, but what you do to prepare for it can make or break you in the grand scheme of things. Don’t make the mistakes that will affect how good you could live during retirement.

Welcoming Industry Veteran and contributor to The Globe and Mail, Warren MacKenzie as our new Head of Financial Planning

Welcoming Industry Veteran and contributor to The Globe and Mail, Warren MacKenzie as our new Head of Financial Planning

We are pleased to announce that Warren MacKenzie has joined Optimize Wealth Management as our new Head of Financial Planning.

Warren brings with him over thirty years of experience in the financial services industry. Warren is well known for his advocacy for investor education and his fixation on bringing transparency and objectivity to the financial planning industry. An educator at heart, in 2004, Warren launched Weigh House Investor Services where he provided unbiased investment advice to his clients, which focused on uncovering hidden investment costs while still optimizing their specific financial picture. Warren is the author of The Unbiased Advisor, Zen and The Art of Wealth, and co-author of the New Rules of Retirement and The C.A.R.P. Financial Planning Guide. He is a regular contributor to various media publications such as The Financial Facelift in the Globe and Mail as well as the Money Saver magazine. Warren is a Chartered Accountant, a Chartered Professional Accountant and also holds the Certified Investment Management Analyst Designation (CIMA), and the Chartered Investment Manager Designation (CIM).

Warren has always been passionate about delivering advice rooted in sound investment principles to help clients achieve their specific financial goals and looks forward to continuing this tradition at Optimize. In this role, Warren will continue to work directly with clients and their financial planning needs in addition to being in charge of the overall financial planning direction which Optimize Wealth Management takes.

With Warren’s passion and dedication to always do the right thing for his clients along with the Full Suite of Financial services and solutions that Optimize Wealth Management offers we will continue to ensure everyone succeeds and prospers together. He will make a tremendous role model for our employees and his advice will be invaluable to our current and future clients.

 Please join us in welcoming Warren to the Optimize Wealth Management Team.

TFSA, RRSP or Mortgage: Where Should Your Money Go?

TFSA, RRSP or Mortgage: Where Should Your Money Go?

What would you do if you suddenly won the lottery? Would you save the money? Would you spend it on the things you desire?

The most basic option is to spend it, pay your debt, give the money away or invest it. However, there are even more ways in which you can use the money available to you – you can pay down a mortgage, contribute to a retirement savings plan or a tax-free savings account.

Mortgage or RRSP

People often wonder if they need to pay their mortgage down or increase their RRSP savings. The method commonly used is to increase the RRSP, which promotes some tax savings, usually in the form of a tax refund. This refund can then be applied to your mortgage. It’s a win-win.

Paying the mortgage down will ensure savings while there is no guarantee of a favorable return from an RRSP. It’s also wise to pay off the mortgage before your children are ready for college as it’ll be easier to pay university fees. You should always pay high-interest debt and credit cards off before you contribute money to an RRSP.


The marginal tax rate (MTR) today and the possible MTR rate you may get in retirement is what you need to consider when deciding between a TFSA or an RRSP. If the MTR is higher now than you feel it’ll be in retirement, it’s time to contribute to the RRSP. This will allow you to benefit from the tax savings at the high rate now and pay at a reduced rate later on when you need to make withdrawals.

However, if the MTR is low now and is projected to increase during retirement, it’ll be more beneficial to go with the TFSA. You won’t get the tax deduction now, but you could save more in taxes during retirement.

Mortgage or TFSA

When it comes to the option of supplementing your TFSA or paying the mortgage down, they are quite similar, as they both offer a tax-free return rate. If you have a 4% mortgage rate, then paying the mortgage down means getting a 4% guaranteed return rate after taxes. If you attain a larger rate of return in the TFSA than the mortgage interest, then go with the TFSA option.

There are other considerations to take into account. If your mortgage is fully paid off, are you likely to invest the same payments you were submitting to the mortgage? If not, then paying the mortgage down first doesn’t make a lot of sense.

4 Tips to Help You Attain Financial Freedom

4 Tips to Help You Attain Financial Freedom

Did you have any financial gains or losses so far this year? If so, what lessons did you learn from them? It’s important when talking about finances to consider what you gain from an experience and how you can better prepare yourself for when an opportunity arises or a misfortune develops.

Make the Right Big Purchases

Buying the little things to keep you going throughout the day such as a morning coffee or grabbing lunch at your favorite regular is totally fine once it’s factored in to your budget and well within your means. The acquisitions you really need to be wary of are fancy cars and/or expensive houses. While you may think you’re happy with your purchase now, buyer’s remorse may soon set in when you come to realize that your financial freedom felt better than the item you’ve obtained.

Minimize Your Credit Card Usage

If you have credit cards, consider not keeping them in your wallet and leave them at home so you’re not tempted to use them. Yes, credit cards are an important part to your financial health, but think of the interest that they can accumulate. With a good credit score, you can reduce your borrowing costs. Use those cards wisely.

Save for Your Retirement

Everybody wants to save for retirement and see out the rest of their lives comfortably. Don’t think of saving as a chore, but rather a necessary duty that will reward you later on in life. Saving for the future means ensuring yourself solid financial footing.  Financial freedom comes in the form of saving, not buying.

Realize Where You’re at Financially

It’s important you know what you’re paying in taxes, where the money is being spent and why the money is being spent. It’s valuable to know what your net worth is and to talk to someone constructively about your finances. Talking to people about the lessons both of you have learned and what experiences you have had can inspire and offer a perspective on how you could best utilize the money you have, but it can also give you a better understanding on what financial pitfalls you should side step along the way.

4 Ways You Can Use Your Inheritance Money Wisely

4 Ways You Can Use Your Inheritance Money Wisely

Has a loved one recently died and left you with a plethora of money? If so, you may be wondering what you can do with it. It’s amazing how much wealth a person can accumulate in a lifetime, and their family members have no real clue about it. If you’re lucky enough to find yourself in that situation, here’s how you can use it wisely:

Pay Down Your Debt

If you have received an inheritance and are saddled down with debt, consider using that money to pay down your debt. You’ll sleep better knowing your financial obligations is being taken care of or is now fully paid off.


If you’ve had difficulty saving for your retirement, you could use that inheritance for investments – even if you’re dealing with debt. Use the inheritance to make up for lost time, so that when you return to it you can live on something rather than nothing. Of course, any decision you make in regards to your inheritance should take into consideration your income. If it’s unstable or relatively low, and you don’t have an ideal retirement plan, investing the money can help.

Help Others with the Inheritance

Sometimes, it’s better and feels good to help others. This is especially true if your debt and retirement are already in good financial shape. When giving away the inheritance, there are two options.

1/ Give it to family and/or friends

2/ Charity

You can also help your family out as well. Consider paying for your child’s education or putting the money toward a down payment on a home.

If you go with the charity option, you will be eligible for certain tax credits.

Spending It Like You Want

No one needs to tell you how you should spend your inheritance, as it’s your money. As long as you have controllable debt, you have a decent amount of retirement saved up and your income is stable, you can spend your inheritance as you wish. Consider something like a home renovation as a great way to add more value to your property.