Navarro Financial Group

The last two Federal budgets have included major changes for first-time home buyers, and we're seeing lots of investors who don't understand how to take maximum advantage of the new policies.
So we've put together a video rundown of the optimal strategy, integrating the First Home Savings Account and the changes to the Home Buyers' Plan. Check it out, and drop us a line if you have questions!

Saving for Your First Home in 2024 — Navarro Financial Group Here's an up-to-date strategy for optimizing your first home savings plan.

Thanks Run for Water for a great event supporting a good cause!

https://raceroster.com/events/2024/81664/2024-run-for-water-5k-10k/pledge/team/7

TAX-SMART INCOME SOLUTIONS
Downsized your home? Sold a business? Received inheritance? If you have a large lump sum you want to invest and turn into income, you NEED to tax-optimize it. Choosing the right investments drastically decrease your tax obligation, and protect your Old Age Security benefit from clawback.

This is our specialty. Join us Nov 23 at 12pm Pacific to find out how we do this for our clients. No charge, no obligation.
Sign up at navarrofinancial.ca/downsizers

FREE WEBINAR TOMORROW 12PM PT
For many Canadians, their home is their biggest source of wealth, and downsizing the home often becomes part of their retirement strategy. But after the sale, you’re left with a large lump sum of cash, and you need to turn that lump sum into monthly income, hopefully while incurring as little taxation as possible.
We specialize in this scenario, and we have a particular set of lesser-known investment tools that we employ. Learn more at our FREE INVESTOR WEBINAR with Peter Bowen, Vice-President of Tax and Retirement Research at Fidelity.
Register at navarrofinancial.ca/downsizers
[The posts and information presented here are for information purposes only and do not constitute investment advice. Mutual Funds Offered through Investia Financial Services Inc. See bio for full social media disclaimer.]

Big thanks to local realtor Leanne De Souza for publishing my article on one of the things we do best!

Downsize Your Home And Live Off The Proceeds - Here's How David Navarro is a Financial Advisor with Navarro Financial Group, offering Mutual Funds through Investia Financial Services Inc. “Can I downsize my home and use the proceeds to fund my retirement?” is a common question for late-career homeowners. This is for good reason: downsi…

INSURANCE WITHOUT UNDERWRITING
Traditional life insurance applications involve an assessment of your risk level which is called UNDERWRITING. This includes a medical questionnaire, and potentially some tests or consultation with your doctor. If you're identified as higher-risk, you can be RATED (charged a higher premium) or DECLINED.

There's another option.

If you have medical complications, or you need life insurance ASAP and want to skip the underwriting process, Simplified Issue Life Insurance is a good option. There's no medical interview or exam; you just sign a Declaration of Insurability, and you're covered - often within 24 hours.

The tradeoff is that Simplified Issue builds extra risk into the premiums, meaning you pay a bit more; however, there are Simplified Issue products that are still competitively priced, and it's worth it to have coverage when you otherwise wouldn't be able to!

If you or someone you know has had medical complications, send us a DM and we'll set up a consultation at no charge!

There’s a new way to buy your first home in Canada.
The First Home Savings Account is a new type of account, alongside the RRSP, TFSA, etc.
Its built-in tax advantages make it the best way to save up that first down payment. But you have to make sure you play it right, to maximize its advantages!
Questions? Drop them in the comments.



[The posts and information presented here are for information purposes only and do not constitute investment advice. Mutual Funds Offered through Investia Financial Services Inc. See bio for full social media disclaimer.]

Yes, life insurance can provide for your dependents and/or pay off your mortgage in the event of your death. But that's only the start.
As part of a sophisticated financial plan, it can be a useful tool for a variety of objectives, including all of the above. That's why you need a well-qualified advisor with who will get to know your whole situation and recommend solutions from a broad toolkit.
Drop us a DM if you have questions.

On Dec 7, the Bank of Canada increased the overnight interest rate by another 0.50%. Over the course of 2022, that rate has increased dramatically, from 0.25% to 4.25%, and more rate hikes are possible in the coming months as the BoC keeps fighting inflation. So how do we respond?

PAY DOWN DEBT
Lines of credit generally have variable interest rates, so they're getting expensive. Revisit your budget, and pay debt off aggressively.
Credit cards won't be affected, but their interest rates are too high anyways. Never carry credit card debt.
If multiple debts: pay the minimums monthly, and pay down the highest-interest rate debts first. Consolidate into lower-interest loans if possible.

RE-EVALUATE YOUR MORTGAGE
Variable-rate mortgages are directly affected. The recent 0.5% increase will increase your payment $30/mo for every $100k of balance. It may make sense to convert to fixed-rate.
Fixed-rate mortgages are unaffected until they renew. Be prepared for a major rate increase at renewal. If renewing in next 18 months, it may be worth renewing/refinancing early, before rates increase further.
Those applying for new mortgages will be able to qualify for less. It's wise to get a pre-approval now, with a long rate lock, to protect against future rate increases.

CONSIDER NESTO FOR MORTGAGE NEEDS
We recommend nesto, Canada's first digital mortgage finance company. They use advanced technology to screen the whole market in seconds to find the lowest rates.
Advisors are salaried, not commissioned - so their only incentive is to get you the best rate. They will give you a free no-pressure mortgage checkup.
Easiest mortgage experience in Canada.
Lowest-rate guarantee. If you find a lower rate, they'll match it or give you $500.
1% cash back on your mortgage balance.
Get approved now, and your rate is locked in for 150 days. This is the longest rate lock in the market, and gives you maximum protection against the coming BoC rate increases.

Use our link below, or DM us for more info.
https://www.nesto.ca/ia/david-navarro

[The posts and information presented here are for information purposes only and do not constitute investment advice. Mutual Funds Offered through Investia Financial Services Inc. See bio for full social media disclaimer.]