Episode 61: How To Choose The Right Kind Of Life Insurance for Canadian Entrepreneurs

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Choosing between term and permanent life insurance for Canadian entrepreneurs or business owners can be as pivotal as deciding between renting and owning a home. This episode is crucial for anyone looking to make informed decisions about their financial security, legacy planning, and long-term wealth, especially if you are a business owner, real estate investor, or Canadian entrepreneur interested in personal financial planning.

What you’ll learn: 

  • Understand the fundamental differences between term and permanent life insurance through a clear, relatable analogy.
  • Gain insights into why owning a home isn’t always the best financial decision for every Canadian, mirroring the considerations in choosing the right life insurance.
  • Learn tailored strategies for different financial situations, whether you’re a low-income earner beginning to save for retirement or a business owner focusing on legacy planning and tax efficiencies.

Resources:

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For those interested in having a review of your financial wealth plan, learning more about potential joint venture (JV) opportunities, or a mortgage review, book a free discovery call now.

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Episode Summary:

The big question on the mind of many Canadian homeowners with a variable rate mortgage is…

…should I lock-in my variable rate mortgage?

While every situation is different, the most simple answer without any other context would be “no.”

<Sorry to those who already did…>

Why?

The damage has already been done. Rates are high and the Bank of Canada (along with their boss, the U.S. Federal Reserve) are in a rate hold pattern with the aggressive spike up in interest rates that first began in early 2022.

The goal for these rate hikes was to stamp out inflation that had been very high for some time throughout the pandemic.

Although the last Consumer Price Index (CPI) numbers came in higher than anticipated in the U.S. this past week, economists still predict that rates will stay elevated in the short term before beginning cuts as early as the 2nd or 3rd quarter of this year.

While you may stand to save interest in the short term by locking in your variable rate mortgage into say a 5 year fixed, the data and probability suggests that you may soon find yourself paying more on the fixed than your current variable rate.

The Bad News…

The bad news is that any mortgage professional be it from the “Big Banks” or independent brokers who were promoting the use of a variable rate term while interest rates were at historical lows – with the exception of very specific cases such as a short term need – was doing you a disservice. The small savings you were receiving over a fixed rate has now turned into a big loss for many.

For those who bought a home, renewed, or refinanced with a variable rate mortgage in 2020-2022, your time to lock-in to a fixed rate has likely passed.

The Good News…

It is very likely that the worst is here and that relief is coming your way soon.

For those whose mortgage is up for renewal during 2024, exploring the option of a variable mortgage may be the right move from a probability standpoint. However, locking in to a fixed rate may be what you want and need to sleep better at night.

If possible, you might consider shorter terms, however you will be paying a higher rate to do so.

What are the terms of your mortgage currently and when are you up for renewal?

What are your plans based on what you knew before reading this post and what has changed now that you’re at the bottom?

See the comments for some helpful links to learn more about interest rate projections, CPI numbers, and who you might connect with to discuss your mortgage details in order to craft your plan.

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00;00;00;03 – 00;00;43;04
Kyle Pearce
Hey there, Canadian Wealth Secrets seekers. Today we’re going to dive into something that comes up in a lot of conversations, as you may know. I talked to a lot of people, specifically business owners and investors around strategies to give them more access to capital for reinvestment instead of gifting it for taxes. And in those discussions, oftentimes we go down the insurance rabbit hole in something that I’m a bit surprised about, but not shocked is that oftentimes people are not sure what the difference is between terms like term life insurance or permanent life insurance.

00;00;43;11 – 00;01;08;10
Kyle Pearce
So today, we’re going to dig and take a deep dive into the differences between term and permanent life insurance and who should be seeking each type. Here we go.

00;01;08;12 – 00;01;14;18
Kyle Pearce
Welcome to the Canadian Wealth Secrets podcast with Kyle Pearce and John Orr.

00;01;14;20 – 00;01;28;11
Jon Orr
We are recovering high school mathematics teachers and education consultants whose entrepreneurial spirit led us to begin multiple businesses in real estate investing, digital courses and coaching and consulting. After the bell rang at dismissal time.

00;01;28;16 – 00;01;49;02
Kyle Pearce
Fast forward a decade later where we’ve grown our portfolios and our time freedom to the point where we can now help entrepreneurs, business owners and investors to grow their wealth into a legacy that lasts generations through hidden investment and tax secrets. Your financial advisors won’t believe our true.

00;01;49;08 – 00;02;15;18
Jon Orr
All right, Kyle, let’s jump into this episode, because I think we outlined in the intro there about the differences between term insurance and permanent insurance, a term life insurance. Permanent life insurance is the idea that is that most people are opting for term insurance in financial advisors. Often you’ll hear them say that term insurance is the cheaper route, whereas life insurance or whole life insurance or permanent life insurance that becomes more expensive.

00;02;15;18 – 00;02;44;25
Jon Orr
It’s like, Hey, you got to pay a lot more money, but you’re getting this death benefit over here. But you can get the death benefit for cheaper on term insurance. And so you’ll hear financial advisors say by term and then invest the difference. And so you could say, look, look, if you really want if you really have this kind of money to spend on your life insurance, will buy the term, invest the difference, and you’ll make more money on investing that say that extra capital or an extra mt. every year in say, it could be an index fine.

00;02;44;26 – 00;02;59;26
Jon Orr
It could be stocks to be dividend stocks or equities. But it’s like saying, hey, we can make more money on investing than we can on just the insurance. So why don’t we switch? So we want to bring that up. Let’s talk about why term insurance is good for some people and should be it should be for some people.

00;03;00;05 – 00;03;06;11
Jon Orr
And then why permanent insurance is great for others and why it should be important in your portfolio.

00;03;06;13 – 00;03;29;00
Kyle Pearce
I love it. I love it. John. And yeah, so we really want to take some time to dig in here because like you said, these are not investment tools. So I want to make sure that that is 100% clear because I think a lot of people sometimes use the word invest interchangeably. So they say things like you need to invest in your family’s future by getting a certain type of life insurance.

00;03;29;00 – 00;03;57;18
Kyle Pearce
And I would argue, no, it’s protection and right, it is protection. Now, we can leverage some of these tools in order to make investment decisions. So we’ll dig into that a little bit more today. But first and foremost, let’s make sure we’re clear on what the difference is between term and permanent life insurance. Now, term, while each of these term and permanent have different types underneath them, they’re kind of like the main umbrellas of life insurance that you have.

00;03;57;20 – 00;04;41;28
Kyle Pearce
Term is pretty basic. It’s pretty easy to understand and it is most often used by individuals in order to insure for a specific term. So there’s where that title comes from. So oftentimes a term policy can be for ten years or 20 years, you can always extend the term. But one of the negatives and one of the drawbacks of term is that if you plan to go past the initial term is that it gets increasingly expensive and very expensive, it jumps very quickly because really what they’re doing is they’re trying to design based on probability, the chance of you passing away and how much they need to charge you to insure that if by chance

00;04;41;28 – 00;05;00;04
Kyle Pearce
you’re that really small percentage over the next ten or 20 years that were to pass, that they have enough capital there to fund. So they’re using the law of large numbers. Right. And they’re going to use that in order to make a little bit of profit, but then have this big pool that they can actually pay things out.

00;05;00;07 – 00;05;22;29
Kyle Pearce
So that is term insurance. And I like to think of term insurance, if this is easier for you, is you’re actually renting a life insurance policy. Okay. And that’s the idea here is you’re going to pay monthly or annually. It’s up to you monthly or annually in order to rent this insurance, to rent what we’ll call it, like an umbrella.

00;05;22;29 – 00;05;49;06
Kyle Pearce
Right. You’re going to hold this umbrella. It’s not your umbrella, but you get to hold it because you’re renting it until you stop paying. Now, you can stop paying next month. You can stop paying next year. You can go past the term and start paying that much higher premium and continue to hold that umbrella. So that is kind of like you’re right, it’s kind of like here in Ontario, the landlord tenant board basically makes it very, very challenging when tenants aren’t following through on their end of the deal.

00;05;49;06 – 00;06;08;21
Kyle Pearce
It’s very hard to rip that umbrella back. The same is true here. You get to as long as you keep paying and as long as you follow the terms of the policy, the contract, the insurer will follow their end of the deal and they will pay out if you were to pass or were to die. So that is term insurance.

00;06;08;24 – 00;06;29;27
Kyle Pearce
Now, on the other side, the permanent life insurance. The intent here is that you’re buying that umbrella, you’re buying the umbrella, and now it’s yours and you get to hold it as long as you follow through. There’s still your end of the deal that you need to hold up if you stop paying, much like if you stop paying your mortgage, they will come and take that umbrella back from you.

00;06;29;29 – 00;06;54;14
Kyle Pearce
And the same would be true in this particular case. If you stop paying your premiums that you agreed to, to own this umbrella for the rest of your life until you die, which basically means that eventually there’s going to be a time where you die and the umbrella will pay you. All right. So with term insurance, chances are that you will not actually use the death benefit.

00;06;54;14 – 00;07;25;21
Kyle Pearce
It is there truly as a just in case, much like car insurance or much like home insurance, you’re really hoping that you never have to use it. Now the crazy part is much higher chance of having an accident with your car. There’s much higher chance of something happening to your home. But when it comes to life insurance, chances are they do a whole medical just whether it’s renting or whether you’re buying the insurance or going to do a medical, they’re going to see where you’re at and then they’re going to use probability to try to figure out what are you going to pay this thing out or not.

00;07;25;23 – 00;07;42;23
Kyle Pearce
And you’ll notice with term, your renting and it’s much cheaper because most often very, very high, high chance that you will not ever have to use that umbrella to protect you or to protect your family from your passing. Right.

00;07;42;23 – 00;07;51;11
Jon Orr
So most expire or hit that term and never being paid out, right? Like vast majority, 98% of term insurance policies never payout.

00;07;51;14 – 00;08;08;09
Kyle Pearce
Exactly. And here’s the interesting part. If it was a higher like so if let’s say you wanted a term policy and you’re 60 years old, chances are much higher that your term would pay out, which means your rent is going to be a lot higher. Right. Like we’re not there is no rent controls here in this world. Right.

00;08;08;09 – 00;08;43;07
Kyle Pearce
They’re saying no, no probabilities. Suggest that your chance of passing away over the next ten or 20 years is much higher. Therefore, the cost of this insurance is going to be much higher. So when we’re thinking about term, I would argue that the vast majority of people need at least some term, right? Because you want to make sure that through the working years of your life, if you or your spouse were to pass, that any dependents, any liability is that anyone is taking care of not just to pay off debt, but also to replace income.

00;08;43;09 – 00;09;05;03
Kyle Pearce
So term is a great tool for this. And the reason why term is such a popular tool is because oftentimes people will set up the term to be a term ten, ten years or a term 20, 20 years to help them get through the bulk of the will. Call it the expensive part of your life, right? You’re out there earning income.

00;09;05;05 – 00;09;36;00
Kyle Pearce
You might have a mortgage, you might have children that you’re taking care of that are living under your household. You have all these expenses and all of these dependents and all of these people depending on you and your income. So term is a very cheap option in order to protect for those purposes. And I would argue that I would never want to see someone go down the permanent the owning your policy pathway in order to take care of those specific needs.

00;09;36;00 – 00;10;03;10
Kyle Pearce
Right. You want to make sure that you take care of all of those needs with term, whereas permanent, typically we reserve for much different purposes, although not every age. And out there is going to necessarily agree with me on that. Or they might lead someone down that path without actually considering the fact that you know what terms are probably most important for this particular individual or this particular household at this time.

00;10;03;12 – 00;10;26;14
Jon Orr
Yeah, I really like your analogy about the house as that kind of, Hey, am I renting this house or am I buying the house? Because when you think of the permanent insurance, we’ve been talking about term insurance. But now if we pulled the other side and talk about the permanent insurance, if I’ve been making my mortgage payments every year or every month, part of that goes to pay the banks interest, all that kind of stuff.

00;10;26;14 – 00;10;42;11
Jon Orr
But part of it goes to pay down my principal and basically putting my equity in my pocket. Right. So it’s like my equity is building in the home over year to year or two years, which is when you go to sell your home, you’re like, Hey, well, how much do I owe? How much equity do I have built up over time?

00;10;42;16 – 00;11;05;15
Jon Orr
That part, that’s my that’s my cash value of my home if I ever went to sell it. And when you think of these permanent life insurance policies, it feels the same way, right? It’s like I’m making premium contributions. And that premium contributions, some of it goes into my cash value, which is the equity in my home, and it’s building up over time.

00;11;05;17 – 00;11;22;28
Jon Orr
And so when my time, if I decide my time is up with permanent life insurance, or if I say, hey, I want to stop my personal life insurance, I want to sell my home, then I get my equity. Whereas in renting, hey, you’re walking away, right? So I love that analogy because you’re building up an asset, right? The permanent life.

00;11;22;28 – 00;11;45;15
Jon Orr
And that’s a difference as you’re building an asset. So it’s more expensive because we’re building this asset, we’re contributing to this fund in a way or not a fund, but I mean, like this pot of cash or my asset over time. And that’s always there for me when I need it. And we’ve talked about many different opportunities, how to utilize that asset with investments with you, real estate investments.

00;11;45;15 – 00;12;06;07
Jon Orr
But big difference between the two is that this is still here versus the renting model, which is it’s gone. Kyle, what would you say? Let’s talk now specifically about you did say like who should get some term and when we were thinking about that covering for certain families. But is there anything else we should say about who should get term insurance versus permanent insurance?

00;12;06;11 – 00;12;35;08
Kyle Pearce
For sure, For sure. I want to say almost everyone needs some term during that will call it that important part of your life. However, some might push back. That’s why I say almost all because you might have an individual who’s working, who doesn’t have a partner or a spouse or any dependents. They might argue, I don’t need any and I don’t have anyone close to me that I want to leave anything to for call it legacy or to deal with the costs that are associated with passing that person.

00;12;35;08 – 00;12;54;14
Kyle Pearce
I would say, yeah, you’re ready to rock. But I would argue if there’s anyone else in your household, anyone else in your life, that depends ones on any part of you being around. I would argue that having some term, especially during that portion of your life, that important portion will call it the go go years of your life.

00;12;54;21 – 00;13;28;12
Kyle Pearce
You’re going to want to have term in order to have that cheap opportunity to just hold that umbrella. And then at some point, knowing that that term you’re going to eventually hand that umbrella back and go, you know what, I think we’re good now. Now, some people might argue, though, that I do a 20 year term, but if I’m planning to work for 30 years, let’s say I come out and get into the workforce out of post-secondary education or training or whatever it is that they’ve done, you know, you start working, say, when you’re 25 and you get a 20 year term, right, That’s good for the next 20 years.

00;13;28;12 – 00;13;51;07
Kyle Pearce
But then you go to like renew at the end of those 20 years and now things are going to be more expensive. Now you’ll only be 45. It’s not going to be the end of the world, right? You’ll be 45. You might do maybe an extra ten. You might just extend from there and you’ll be a okay, it’ll get you through those go go years and hopefully you don’t have as many debts and you’ve been investing and doing all of those things.

00;13;51;07 – 00;14;17;10
Kyle Pearce
So I would say that the vast majority of people you’re going to want to have at least some term to make sure that you take care of what you need to take care of. And I would even argue anyone who’s, let’s say low income, low say net worth and hasn’t begun their journey to growing their net worth, I would say that they should be term only and not even consider permanent.

00;14;17;11 – 00;14;37;02
Kyle Pearce
Now, if you’re at a spot where you’re going, okay, I want to maybe they’re following Dave Ramsey, for example, who’s great at helping people to get out of debt. I would say once you’re out of debt and you start the investment journey, then you want to start shifting your focus a bit because he’s a little bit I would disagree with some of his policies and his approaches, but he would say by term and invest the difference.

00;14;37;04 – 00;15;01;15
Kyle Pearce
And I would say for a lot of people that makes perfect sense. I would never want to see someone go, you know what? Instead of investing, I’m going to just dump all of my money into a permanent life insurance policy. And they have no investments growing or they have no intention of using that equity inside of their permanent policy for reinvestment.

00;15;01;17 – 00;15;21;14
Kyle Pearce
All right. So that’s the big caveat here. Dave Ramsey is not going to go down that way. If you Google Dave Ramsey, Impermanent Life Insurance or Dave Ramsey and whole life insurance or Dave Ramsey and Universal all life insurance, which is another type of permanent life insurance, he just rips it apart. And I would argue for his audience, it should be ripped apart.

00;15;21;14 – 00;15;51;16
Kyle Pearce
And from the angle that he’s taking where he says it’s an either or, he’s like, you either determine invest the difference or you put everything in a permanent life insurance and that’s all you’re going to do. He’s 100% correct, 100% correct. However, for people that are a little more savvy, for those people who are looking to the longer term gains for those people who are thinking about the tax implications of growing their portfolios, growing their net worth for those who are looking at legacy.

00;15;51;16 – 00;16;22;11
Kyle Pearce
Right. So now we’re talking about people that do have maybe children or they have a charity that they want to support after they’re gone. Permanent life insurance can be a massive, massive benefit here, but not as the investment. It is a great place to store capital, to grow your seed fund, be it starting as an emergency fund, as we talked a few episodes back, or to start growing that seed fund in order to pull and reinvest.

00;16;22;11 – 00;16;45;19
Kyle Pearce
And when I say pull, it’s leveraging it to reinvest. That is where permanent life insurance comes in. That’s what I would even discussing. Those who are entrepreneurs, business owners or investors who have a corporation, There’s hidden secrets to why you want permanent life insurance. You can have term inside of your corporation as well. That can be a massive benefit, right?

00;16;45;19 – 00;17;05;12
Kyle Pearce
To take care of the go go to take care of all of those things, to take care of buy, sell agreements. But inside of your corporation, the secret sauce to why you want to have permanent life insurance in there and you want to make sure it’s structured appropriately is because upon death, I’m going to say the vast majority.

00;17;05;12 – 00;17;36;07
Kyle Pearce
Right. And those who are accountants will know what I mean. When we talked about the capital dividend account, the vast majority of the payout, the death benefit will come out of the corp tax free. Right. So you think about that for a second. I know we are talking about the individual, whether they should by term or permanent for anyone who has a business, a corporate structure for anyone that uses leverage in order to invest and reinvest a permanent life insurance policy.

00;17;36;11 – 00;18;20;09
Kyle Pearce
We specifically appreciate participating whole life policies because of its stability and its predictability. That asset is such a huge win in and of itself. While not necessarily an investment, it can almost act like an investment inside of a corporation because of the tax savings that you will have when that money comes out. Not to mention for those who have a significant amount of retained earnings in that corporation, we have strategies, Canadian wealth secrets that we can apply that allow you to actually leverage it out of that corporation and into your personal pocket without any personal taxes being triggered.

00;18;20;12 – 00;18;54;06
Kyle Pearce
There are all kinds of things that we can do. So again, once it opens the door to a corporate structure, permanent policies are like gold. And meanwhile you see guys like Dave Ramsey who just rip apart why no one on this entire planet should ever consider permanent life insurance for any aspect of life to me suggests that he doesn’t know or he’s not willing to share all that he knows about how life insurance works and how it might be a different scenario for different people.

00;18;54;09 – 00;19;15;23
Jon Orr
So what I’m hearing is, especially in the go go years, what you said is everyone should have some term insurance or should consider term insurance to make sure that those safeguards are taking care of during that time. But I’m also imagining this ladder that we’re climbing in when we’re thinking about you as a listener right now. You’ve been climbing this ladder already.

00;19;15;24 – 00;19;38;20
Jon Orr
You’re in the business world, you’re in the entrepreneurial world, you’re in the investing world, and you’re climbing this ladder and you’re probably in this second position that Kyle is talking about where you’re considering. You either probably already got term insurance, but now it’s like, okay, I either have a corp or I have this extra income that I’m like, Hey, I’m making money and I want to make sure it’s tax advantaged the most.

00;19;38;21 – 00;19;59;01
Jon Orr
I want to optimize this. So when you’re thinking about now, now where the key divider for what I’ve heard you say, Kyle, is if you’re just going to invest the difference, great, that works. But if you’re like, you know what, I’m a fan of some low risk leverage and I want to maximize XYZ the amount of assets that I have.

00;19;59;06 – 00;20;20;27
Jon Orr
And so moving towards a whole life policy or a permanent life insurance policy can be a great tool to maximize that. So if you’re going to do something with the assets, with the cash value, if you’re going to utilize it strategically, then that’s why it makes the most sense. If you’re not, if it’s just going to sit there, then do the other thing right.

00;20;20;27 – 00;20;42;22
Jon Orr
Go back and do the term, plus investing the difference. That’s where you’re going to get the most gains. But if you’re going to say, consider taking the cash value or not taking but using the asset in your advantage, then that’s the way to go. And especially I heard you say, especially if you have a corporation, because there are a lot of strategies that we can apply to making that happen.

00;20;42;24 – 00;20;49;14
Jon Orr
All right. What do we think? What do we think? We’ve outlined both term permanent, who and how?

00;20;49;17 – 00;21;18;24
Kyle Pearce
I love it. I love it. While we didn’t get into the nitty gritty of the different types of permanent insurance, those are things that can be explored if those are interesting. And actually, we’ll probably do a future episode down the road about it. But ultimately, I think that’s a great summary. Just remember, everyone is different. You just have to be cautious when you go and Google something because if you just get a perspective, oftentimes the perspectives are very narrow and it focuses on a very specific avatar.

00;21;18;24 – 00;21;45;21
Kyle Pearce
So Dave Ramsey works specifically with people who are in a lot of debt and tries to get them on a road to a much better financial future. And I think he’s a great person for that audience. And I would argue that if you’re exploring permanent life insurance and you haven’t really started your investment journey yet at all, I would argue there’s a lot that needs to be done before you want to start jumping in.

00;21;45;27 – 00;22;06;00
Kyle Pearce
Now, if you’re a business owner, for example, I was working with a business owner who wanted a permanent whole life insurance policy but held personally so that they have kind of like that safety net fund. Yeah, they’ve got a massive investment. It’s the business that they have that corporation Next they’ll be exploring. What does it look like inside of the corporation?

00;22;06;00 – 00;22;25;07
Kyle Pearce
How do we maximize the benefit of any retained earnings inside of that corporation for those people who have just begun this journey, it does not make sense for them to be going down that rabbit hole yet, especially if they haven’t even gotten any term insurance yet. I would say that’s first and foremost what you want to take care of.

00;22;25;07 – 00;22;46;00
Kyle Pearce
Take care of these next 10 to 20 years for a really cheap amount of money, and then talk with your advisor about what is your plan moving forward. And if your plan is only to open up a permanent whole life policy or a permanent universal life policy, as the plan for investing, they should be advising you against that.

00;22;46;01 – 00;23;03;27
Kyle Pearce
Now, if they said, Hey, I want to do this for my emergency fund, I’ve always wanted an emergency fund and I just want to start knowing that it’s there. And I want to make sure that I check that off my list. Absolutely. A permanent whole life policy or a permanent universal life policy could make sense for that individual.

00;23;03;27 – 00;23;25;04
Kyle Pearce
So really it comes down to who are you? What are your goals? Where are you at in the journey and where do you want to get to that all really decide on what is your very next step. So for those people who are interested, we’ve been hearing from a lot of our Canadian wealth secrets seekers out there, so keep on hitting us up.

00;23;25;04 – 00;23;58;08
Kyle Pearce
Head over to Canadian wealth secrets dot com forward slash discovery and you can hop on a quick call just to get you some ideas to get you your very next step be it about life insurance, be it about your investment journey, be it about getting into real estate, whatever it is that you’d like to discuss. We are always looking to connect and grow our network so that we can share some of what we’ve spent thousands and thousands of hours exploring over this past decade, decade and a half.

00;23;58;08 – 00;24;11;29
Kyle Pearce
So we want to share it with you friends. It’s why we’re here. It’s why we do this podcast Head over to Canadian Wealth Secrets dot com forward slash discovery. And let’s hop on a quick call and make sure we get your head on straight.

00;24;12;04 – 00;24;35;14
Jon Orr
We just want to make sure that we thank you for listening to the Canadian Wealth Secrets podcast and however you found this podcast, if you searched on Spotify or Apple Podcasts or maybe you saw a social post, however you found the podcast, share it that same way with one other family friend, someone that you think would get value from this particular episode.

00;24;35;14 – 00;24;49;15
Jon Orr
Hit the share button, send it to them. That can help change someone’s wealth trajectories. Well, plans and that’s what we’re here to do. So share the podcast or if you haven’t yet already hit, subscribe and leave us a rating and review.

00;24;49;17 – 00;25;11;28
Kyle Pearce
All right. My Canadian wealth Secrets seekers keep on seeking. And hey, we will see you in our next episode.

00;25;12;00 – 00;25;22;13
Jon Orr
Just a reminder, the information you heard here today is for informational only, and you should not construe any such information as material or legal tax, investment, financial or other advice.

00;25;22;16 – 00;25;45;00
Kyle Pearce
Just a reminder, John, Or is licensed mortgage agent with Brick’s mortgage license number m23006803 and Kyle Pearce. That’s me. I’m a licensed life and accident sickness, insurance agent and wealth architect with the Pan Corp. team, which includes corporate advisors and pan financial.

Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

"Education is the passport to the future, for tomorrow belongs to those who prepare for it today.”

—Malcolm X

Grow Your Wealth Building Skills

Many believe that you are either a money person or you are not.

This fixed minset approach to managing money is limiting your ability to accumulate wealth and restricting your financial freedom. Break free from this deficit thinking habit and begin your journey to grow your wealth with us.

REAL ESTATE INVESTING

Learn why investing in real estate is where we began our wealth building journey and why we believe it is the best place to start.

infinite banking

Learn about us and why we began a journey to better manage our money, how to invest and begin to build wealth for our families.

STOCK MARKET INVESTING

Overcome your fear of the stock market by learning about the  markets, implementing proven strategies, and minimizing risk.

We believe that anyone can build generational wealth with the proper understanding, tools and support.

CHANGE YOUR FINANCIAL FUTURE

Canadian Wealth Secrets - Real Estate - Why Real Estate