RRSP Deadline has come and gone. What can you do now?

If you count yourself amongst one of the many Canadians for whom March 2 came and went this year without a second glance at the calendar, don't worry: even though the contribution deadline for 2014 RRSP's has passed, there is another investment option that may be worth considering.

While RRSP’s are a wonderful vehicle for many Canadians, for others they are not necessarily the best option for everyone. An alternate or complimentary investment strategy consideration for many Canadians is the Tax Free Savings Account (TFSA). TFSA’s are simply another investment vehicle, but the taxation rules are different. Interestingly, many people are surprised to learn that despite having the words “savings account” in its title, their TFSA can hold the exact same investments that their RRSP can, such as GIC’s, mutual funds, or stocks, amongst other choices. TFSA’s can be a phenomenal tax shelter, when used properly and invested wisely.

Canadians in the lower income tax brackets may find a TFSA makes more sense over investing through an RRSP as they are perhaps not as concerned with receiving tax deductions upfront, and would rather experience tax-free growth and withdrawals down the road. For others, a combination strategy could provide a better long-term outcome.

Why not speak to a financial professional to determine what investment vehicles and strategies will make your money work as hard for you, as you do for it?

Please don’t hesitate to contact me if you have any questions about RRSP’s or TFSA’s and what might make the most sense for you, or if you’d like a complimentary no-obligation review of your current portfolio.

Jaclyn Carmichael Financial Coach 1 (604) 888-4934 (w) 1 (604) 220-5719 (m)

Heading South

We have since toured Tsawwassen and North Delta for suitable areas for our new family home.  This time, we decided to head South to WhiteRock/South Surrey to see if there was anything of interest.  The entire family was able to make the afternoon adventure with the hope of hitting 11 opens.  We didn’t get every home, but we did get a goods sense of some of the key areas including: WhiteRock, Morgan Crossing and Summerfield.

With moving south, there are some great value adds: better cost per square foot, more space and storage, newer build options, community connectedness, access to yards and nearby schools.  However, the negatives were actually quite surprising restrictive, considering the distance away from Vancouver proper and the extra 30 minute+ drive we would both have to our offices in Richmond . Many location had little to no visitor parking, some were townhomes and not single family dwellings for the price point, some school catchments had shocking low ratings, while others had considerable distances to shopping and recreation.

Mark, my husband, liked the Morgan Crossing area, but wasn’t overly excited with any of the properties we viewed.  I lean towards White Rock.  If I’m going to be south, I would like to be nearby the beach to really enjoy my summers.  There is interest, but needless to say…we’re still searching.

13507 15th Avenue $599,900 (was $629,000) 3 Bed / 3 Bath 1,558 sqft / 5,460 lot Built in 1978 Taxes: $3033	1983 148A Street SOLD $677,700 4 Bed / 3 Bath 2,253 sqft / 5,926 lot Built in: 1980 Taxes: $3,222
15 2456 163rd Street  $648,000 4 Bed / 3.5 Bath 2,653 sqft Built in: 2009 Taxes: $3,469 Maintenance: $300.24	2853 160A Street $779,900 4 Bed+ Den / 3.4 Bath 2,488 sqft / 2,691 lot Built in: 2012 Taxes: $3,956
17366 0B Avenue $759,900 6 Beds / 3.5 Bath (suite included) 3,250 sqft / 3,677 lot Built in: 2014 Taxes: $2,019	17378 0B Avenue $768,000 6 Beds / 4 Bath (suite included) 3,214 sqft / 3623 lot Built in: 2013 Taxes:$2,014
33 15977 26th Avenue  $659,000 (GST/HST included) 5 Bed / 4 Bath (with in-law suite) 2,400 sqft Built in: 2012 Taxes: $2,930 Maintenance: $190	47 15988 32 Avenue $699,000 5 Bed / 4 Bath (with in-law suite) 2,998 sqft Built in: 2014 Taxes: $3,207 Maintenance: $269
14306 N. Bluff Road $689,880 5 Bed / 3 Bath (with suite) 2,619 sqft / 5,487 lot Built in: 1976 Taxes: $3,772

The average house price was $700,000, so let’s take that property value with taxes of $2,700  ($3,270 – homeowners grant of $570) and $100 for heat.  We won’t consider maintenance fees in this equation.

Total Purchase Price: $700,000 Current Interest Rate: 2.94%

High Ratio Loan (less than 20% down payment) Amortization: 25-year Down Payment (5%): $35,000 CMCH fees: $20,947.50 Total loan: $685,947.50 Monthly Mortgage Payments: $3,225

Approximate income required: $133,000

Conventional Loan (20% or more down payment)
 Amortization: 30-year Down Payment (20%): $140,000 Total Loan: $560,000 Monthly Mortgage Payment: $
2,337

Approximate income required: $100,000

From my home to yours -
Irene

Colette Valdock

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BUSINESS BASICS

Started as a Realtor in: 2008 and has also completed a course in Project Management at UBC in 2013

Specialization: Yaletown

One-piece of advice for your clients: For buyers, you will find that home that is right for you. Try to ‘just be’ and not stress about your ideals. You will feel it when it’s the right place.

Why RE/MAX? One of my friends, a developer, mentioned that they would not look anywhere else but RE/MAX. When people think of RE/MAX, they think of professionals, and that’s what I truly am.

Q & A

1. What differentiates you from the 11,000 licensed real estate agents in the Greater Vancouver area? I move mountains to show my clients what they want to see, when they want to see it. My clients are all regarded as family. I always answer their calls and emails. I also work hard to be remembered well and do well for the industry.

2. What was your favorite success story as a real estate agent? From my outgoing personality and interest in connecting with a number of Realtors across Canada, early on in my career one of my contacts referred me to a bank undergoing a foreclosure on a development property. There were 18 patio homes in Crown Isle that needed to be sold. I had my fair share of naysayers, that I couldn’t do it, but I did, and in record time!

3. What do you think clients look for in a realtor? Someone that cares about them and their needs. To work with someone they can trust and are comfortable with. Someone they can get a hold of and who is diligently working for them.

4. How do clients describe you and what’s your best feature? I care about you and want the best for you. I will not sell you into a house for a “deal”. It has to be the right house, at the right price. My best feature, I really like people and love what I do.

5. What inspired you to be a Realtor? I have always bought and sold real estate. I bought my first home when I was 18 when mortgage rates were at 18.75%!

6. What do you love most about your job? I treasure my clients and I like removing the stress of Buying and Selling. Nothing makes me happier than to call my clients, or visit them months later and they are happy in their new home.

7. What is the hardest part of your job? Dealing with situations with heightened stress points for clients, such as multiple offers or if there has been a recent death in the family that is causing the sale/purchase.

PERSONAL SNAP SHOT

About: Colette has two kids and lives in Yaletown, which she absolutely loves.

Interests: She enjoys reading, skiing and hiking.

Likes (If you had more time, what would you do more of): Travel. She just spent three months in Australia and some time in Bali. Living a version of the philosophy, work hard so you get to play hard (or travel for longer).

Loves (can’t live without): Water. She loves the ocean and views.

A couple of things unique about Colette: 1. If she wasn’t a Realtor she would be a project manager. 2. When she’s driving, she listens to the radio or listens to educational podcasts.

Contact Colette colettevaldock.remax.net colettevaldock@gmail.com 604.880.6073

The Players' Coach

 

This year we have experienced great loss of some very remarkable and well-known idols: Robin Williams, Joan Rivers, Maya Angelou, Philip Seymour Hoffman, Shirley Temple and Mickey Rooney to name a few, but on November 23, 2014, we lost one of our greatest Canadian idols.

He wasn’t an actor, a comedian or a child star, he was the coach of my favourite hockey team and of my all-time favourite players: Linden, Bure, Courtnall, Babych, McLean, Ronning, Odjick, Gelinas, Adams, etc. Pat Quinn, did not only have a huge impact on the hockey world, from the players, to team organizations, to staff and the community, he also made an impact with me. I have never met him, I never seen him in a coaching session, I have never really heard many speak about his personality or his character until this week, but I always looked up to him. I would love to listen to what he would say about his team and the sport and I had always wished I had a coach like him in my life.

When I listen to all who spoke of “The Big Irishman”, his presence was undoubtedly his strongest feature, next to how much he cared for people and his family. Perhaps this is what I naturally took from the TV exposure I had of him.

It seems odd to me, when I reflect now, that I looked up to someone with so much respect without really knowing him at all. I mostly saw him behind a bench, or sitting watching the game from the manager’s box, or having short interviews leading or following games. I felt I knew him, through his players and how they played. He didn’t need to say much; the team truly represented the type of man he was.

Professionally, he had made incredible achievements:

• 1st Super Boss in the industry; Coach, GM & President of the Vancouver Canucks
• 2 Jack Adam Awards
• 2002 Olympic Gold (first one in 50 years for Canada)
• Memorial cup as a player and later in 2007 as a co-owner of the Vancouver Giants
• Lead the Leafs to 2 Eastern conference finals
• Lead Vancouver to the 1994 Stanley cup finals
• 35 game winning streak with the Philadelphia Flyers, a record that may never be beat
• 2009 World Junior Cup Champions
• Order of Canada
• 2004 World Cup of Hockey

And there are many, many more. It’s with disbelief, that considering all his accomplishments and impact on the sport and development of players, Pat Quinn has not been named to the Canadian Hockey Hall of Fame. He will be nominated, as promised by Tommy Larscheid in his Global interview (featured in minutes 11:00-19:00 in the above video), and it is anticipated that he will be inducted next year. It’s wonderful and much overdue, but somewhat of a heartbreak that he won’t be able to enjoy the recognition and the achievement. It’s like the 1994 Stanley Cup Final Game 7 against the NY Rangers all over again. You do all the work to get there; you just don’t get to see your name on the trophy. One goal shy in 1994.  One year shy in 2014.

We have lost dearly here in the city of Vancouver. But, I can honestly say I feel comforted that Trevor Linden has taken the place of President of the Vancouver Canucks. It feels like the passing of the torch, one era has taught all that they know so that a new generation can evolve….and when we win that Stanley Cup under Linden’s leadership, a great part of that will be due, and owed, to the truly remarkable Pat Quinn.

Follow your Dreams Listen to your Heart And obey your Passion - Pat Quinn

Patricia Lok

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BUSINESS BASICS

Started as a Realtor in: 1989 – 25 years in the business.

Specialization:  Vancouver and Pre-sale properties. I live in Vancouver and have worked with many developers selling pre-sale properties in all areas of the lower mainland for some of the top established companies including: Bosa, Mosaic, Polygon, Listraor and Qualex. I understand floor plans, homeowner warranty and inspection requirements.  I read all the documents for my clients and make sure they are aware of the building, strata council and investments fund details.

One-piece of advice for your clients: Buy in the location you really want to be in.

Why RE/MAX? It’s a good brand and my office has a great manager.

Q & A

1. What differentiates you from the 11,000 licensed real estate agents in the Greater Vancouver area? For buyers, I understand my client’s and their motivations. I tell them the truth. For sellers, the sales presentation is key.  It needs to be beautiful and with a comprehensive overview of building details, neighbourhood features, recent sales in the area. I have provided a few pages of my client presentation outlining my marketing plan and real estate tips.

2. What was your most interesting client story? Over 25 years you have a lot of stories, but recently I just bought a house for one of my clients who has never stepped foot in the house.  She’s from overseas and I provided her with all details, inspection and iPhone video of the 80 year-old home.  There were 4 offers on the table and I delivered my client’s $1.55 million offer to the seller in person, noting that the use of the home was not to tear it down, but to own and enjoy.  When it comes to peoples homes, I find it can be a very personal process, so taking the time to make an in-person offer is important to me and for my clients.  In this case, I think it played a big role in my client’s accepted offer.

3. What do you think clients look for in a realtor? To be honest, I don’t think many clients know what to look for.  I have many clients say to me, “I didn’t know you would do that?” Many don’t know what they should expect, but there is a level of service that I provide and it’s above and beyond.  I make sure they informed and know the details of what they are buying and for sellers, I present their home so others can see the value.

4. How do clients describe you and what’s your best feature? I’m honest and tuned into what they are looking for. My best feature, I ask a lot of questions and listen well.

5. What inspired you to be a Realtor? Ever since I was little I loved houses and property.  Now it’s about the people and understanding them.  How they are going to live and their motivation.  Some times their ideas are not realistic, but I help them to find something that works within their expectations.  Actually, many of my first clients still own and live in their original properties I helped them buy – that’s over 23+ years in some cases!

6. What do you love most about your job? The people and learning about their lives – If find that they are all so interesting

7. What is the hardest part of your job? Making sure all of the little details are right.  There are so many moving parts in buying and selling real estate and no deal is ever the same.  There are constant stressful feelings because I care so much for my clients.

PERSONAL SNAP SHOT

About: Patricia and her husband live in Kitsilano and have a busy house with three teenage kids.

Interests: She enjoys walking her dog, shopping, being outdoors and getting active in sports such as: boot camp, kayak and paddleboard. She’s also a foodie and wants to try every restaurant in town.

Likes (If you had more time, what would you do more of):  Traveling

Loves (can’t live without): Family, friends, dessert and coffee. She is addicted to sugar, but offsets this with her vitamins and kale smoothie intake.

A couple of things unique about Patricia: 1. If she wasn’t a Realtor she believes she would be a Psychologist 2. When she’s driving, she thinks about what she might have forgotten to do, who she should call and makes sure to catch her good friend, Ray Grover, DJing the afternoon show on 103.5 QM/FM.

Contact Patricia