WFG Victoria BC

at 324-1095 McKenzie Avenue, Victoria, V8P 2L5 Canada

Financial services in life insurance, mutual funds, RESP, RRSP, RDSP. Professional career and business development.

WFG Victoria BC
324-1095 McKenzie Avenue
Victoria , BC V8P 2L5
Contact Phone
P: 250 216 2054

Opening time

  • Mondays: 10:00- 05:00
  • Tuesdays: 10:00- 05:00
  • Wednesdays: 10:00- 05:00
  • Thursdays: 10:00- 05:00
  • Fridays: 10:00- 05:00

Company Rating

47 FB users likes WFG Victoria BC, set it to 14 position in Likes Rating for Victoria, British Columbia in Bank/financial services category

CRITICAL ILLNESS PROTECTION Today, the need for critical illness protection is greater than ever. Why? Medical advances coupled with greater life expectancy make it more likely for most people to survive an illness that would have been fatal in the past. And if they do survive a critical illness, they may find themselves with financial challenges that they hadn’t considered such as loss of income, medical expenses or additional childcare. Critical Illness Protection is a standalone product, provided by Transamerica Life Canada, that provides a lump-sum benefit to clients who are diagnosed with a covered condition and survive the 30-day survival period. The benefit payment can be used however they choose with no restrictions or reduction to benefits. =========== Contact for more information. (250) 216 2054

Published on 2014-08-28 18:57:25 GMT

Acci-Jet is a Disability Insurance program offered by Excellence Life Insurance Company. If you are concerned about the impact to our lifestyle as a result of an accident or injury, this product could be what you need. Think about it: what would you do if a disability prevented you from working? You would lose not only your primary source of income, but you would also have to face extra expenses related to our condition-expenses that you'll have to pay out of pocket. Would you be able to meet your financial obligations? Acci-Jet is a Guaranteed Issue and requires no medical exam. Coverage for all workers, including self-employed. (1) Disability Insurance, (2) Overhead Expenses Insurance. (3) Accidental Death, Dismemberment and Loss of Use; (4) Extended Medical Care Further to an Accident; (5) Travel Insurance. You can have two types of disability insurance coverage (1) 24-hour coverage or (2) not work related. ================================================

Published on 2014-08-26 21:43:13 GMT

ABOUT HALF OF COLLEGE & UNIVERSITY STUDENTS IN CANADA HAVE TO BORROW FOR EDUCATION. (Originally, published in About half of college and university students in Canada (51%) have to borrow to pay for their educations, says a new CIBC poll. It adds the majority (73%) expect to graduate with debt loads of more than $10,000. And though more than half (66%) are optimistic they’ll be able to repay their debts within five years of graduating, the remaining 34% concede it may take up to 10 years. Since many students have to borrow to cover school costs, “it’s important for them to take the time to review their finances and build a manageable debt repayment plan,” says Christina Kramer, executive vice president of Retail and Business Banking at CIBC. “While their [repayment] intentions are admirable, they may not be realistic,” she notes. “As students graduate and start their careers, they will likely be moving out on their own, [as well as] saving for cars or down payments on homes and even starting families.” What’s more, most students who have summer jobs (73%) don’t make enough money to pay for their college or university costs, finds a separate CIBC poll released earlier this month. Since most only earn between $1,001 and $5,000 (53%), hey have to work during the school year to cover expenses. =============================== Contact Michael if you need a plan to deal with your student loan.

Published on 2014-08-18 20:53:33 GMT

(Originally published in Investment Executive, August 12, 2104) According to the survey, 55% of Canadians aged 45-64 are caring for their children, aging relatives or both and are what are known as the "sandwich generation." This demographic is on average over $500,000 short of their ideal retirement savings of $818,000. However, while money may be tight now, in a five to ten years cash flow will start to improve for these Canadians as current financial commitments, such as tuition fees and mortgage payments come to an end. As such, these Canadians are likely to enter a "catch-up" mode where their investment savings will start to expand dramatically. In the meantime, 76% of those people surveyed say the everyday stress of work, paying of household bills and taking care of families makes it difficult to reach their financial goals.

Published on 2014-08-13 10:40:22 GMT


Published on 2014-08-12 22:07:35 GMT

More than 54,000 taxpayers got warning packages from the CRA earlier this year (By Dean Beeby | August 11, 2014 08:45Source: The Canadian Press) A tricky rule keeps tripping up thousands of Canadians who make withdrawals from their tax-free savings accounts, and replace the money too early. Some 54,700 taxpayers got warning packages from the Canada Revenue Agency earlier this year about the problem affecting the 2013 taxation year, and were told they face a penalty. The number has been dropping steadily from a peak of 103,000 in 2010, but still represents a persistent misunderstanding of TFSA rules even as the agency and financial institutions step up education measures. The regulations say that account holders can put back the amounts they withdraw from a TFSA only in a later calendar year. Doing so in the same calendar year exposes them to a tax hit for overcontributions, even though they're only replacing the withdrawn funds. By the end of 2013, some 10.7 million Canadians had opened a TFSA, a savings vehicle introduced by the Conservative government in 2009 that allows money to grow inside tax-free with no income-tax hit on withdrawal. The popular savings tool cost the federal treasury some $410 million in forgone taxes in 2013, or more than a billion dollars over its first five years. Some taxpayers are apparently slow to absorb the finicky withdrawal rule: this year 11,260 of them got the same warning package from the Canada Revenue Agency last year as well, figures provided by CRA show. As of the end of last month, the agency had waived penalties for more than 17,000 Canadians who broke the rule in 2012. The average penalty waived was $516, or a total of almost $9 million. And for the 2013 taxation year, more than 20,000 Canadians have already paid their penalties. Taxpayers who received a TFSA warning package in the mail this summer were given 60 days to respond. Those who don't respond get a notice of assessment, imposing a penalty. A spokesman for the agency said the onus is on Canada's banks and other financial institutions to make sure their customers know the rules. "As with any financial or investment product, financial institutions have a responsibility to inform their clients of the details and restrictions relating to TFSAs," said Philippe Black Veil Bridesau. "The CRA continues to work very closely with the financial institutions to ensure that CRA information related to TFSA is well understood and known by the Canadian financial sector." Brideau noted that fewer than half a per cent of TFSA holders ran afoul of the rules in 2013. The current maximum annual contribution to a tax-free savings account is $5,500, though Prime Minister Stephen Harper has promised to double the maximum once the federal books are balanced, expected next year in advance of the scheduled 2015 federal election. A special analysis in 2012 by the Finance Department found that the savings vehicle is more popular among higher income and older Canadians. ======================== Contact Michael J Hsieh if you need help with TFSA.

Published on 2014-08-11 23:00:56 GMT

Risk aversion is a big risk (An article originally published in Contact Michael if you wish to discuss this topic further.) Studies show most Canadian investors are highly risk averse. What most don’t realize is that aversion itself can be the biggest risk to meeting future income goals. Many have concluded the best way to reduce risk is to park their money in GICs, T-bills, government bonds, or high-interest savings accounts. The return may be small, but at least the money’s safe, right? Wrong. What most don’t understand is that these so-called risk-free investments actually are loaded with risk. Because baseline interest rates are at historic lows, there’s a good chance all your gains, plus some of your principal, will be eaten up by long-term inflation. By investing in securities that return more than inflation, you’re able to retain the buying power of your savings as well as add to your asset base. This helps protect against longevity risk—the fact you will likely live longer than prior generations and therefore need more money after you stop working. So, taking on a little more risk with your investment choices actually reduces the risk that you’ll run out of money. If you don’t know what annual return you’ll need to fund your retirement, you’re not alone. A recent study showed a large proportion of people over 55 are in the dark about this issue. But it’s not your fault. It’s a complicated calculation that requires specialized software. A range of variables need to be considered; for instance, how much you have at the start of retirement, how much you plan to withdraw, expected rates of return on your investments, inflation projections, and other inputs. The key is to understand the retirement landscape is completely different today than it was only a couple decades ago. To avoid running out of money, retirees have only two choices: scale back on annual spending in the drawdown phase, or build up a greater asset base by taking on a little more risk pre-retirement.

Published on 2014-08-06 20:33:26 GMT

A new poll suggests that health and medical costs are the biggest financial worry for Canadians later in life. The Bank of Montreal report, titled "Living to 100: The Four Keys to Longevity," found that 74 per cent of those recently polled foresee medical costs as their biggest expense in their senior years. On average, those polled expect to spend $5,391 in out-of-pocket medical expenses every year after the age of 65. About 30 per cent believe they'll be paying between $1,000 to $5,000 in annual medical costs, 21 per cent say they have no guess, 20 per cent expect to spend under $1,000 and 16 per cent say they expect to spend between $5,000 to $10,000. Six per cent anticipate on paying between $10,000 to $15,000, while three per cent expect to pay between $15,000 to $20,000 or $20,000 or more.

Published on 2014-07-30 22:54:46 GMT

Top ten reasons you need life insurance. Let’s talk about life insurance — it’s never a “fun” conversation to have. But when you sit down with an expert who has your best interests in mind, you may find that life insurance is something you not only need, but truly want, as well — to protect your family, dependents, business and legacy. Why? 1. You never know. Dying suddenly — in an accident, by unexpected illness or even of natural causes — can happen at any time. Life insurance helps your loved ones pay the mortgage, bills, even college costs, after you’re gone. It also provides tax-free cash to pay estate and death duties. Nothing can replace you in their hearts, but planning ahead with life insurance can make things easier for those you leave behind. 2. Funerals are expensive. In some cases, upwards of $7,000 to $10,000 — and we’re not talking about extravagant funeral services. This is the average cost of a burial ceremony that will be faced by your loved ones. At an already difficult and emotional time, your life insurance can cover these expenses without financial hardship or further stress. 3. Protect those you love. In your life, you work hard to make sure those you love — spouse, partner, children, family members — are taken care of. It’s just as important to consider providing financial support for the future living costs of surviving dependents. After all, they will have to go on without you. Make sure they’re protected, too. 4. Death shouldn’t mean debt. Life Insurance can help your dependents cover any financial responsibilities that are left after your death. Debt can be a tremendous burden, on top of the already emotional toll your absence creates in their lives. 5. Anything can happen. If you develop a serious illness, you may not be able to get life insurance to the extent you need it — or at all. If you have a terminal illness, life insurance can provide you with financial support. Life insurance can also be used in case of emergencies by requesting a withdrawal or loan. 6. Take care of business. Life Insurance isn’t just for individuals. It can protect a business from financial loss, liabilities or instability in the case of the death of a business owner/partner. Whether providing necessary short-term cash or keeping operations going until things settle, life insurance can be invaluable in maintaining the business you’ve worked so hard to build. 7. Supplement your retirement. You can use life insurance to make sure your retirement savings lasts as long as you do. An annuity is like a do-it-yourself pension plan — you put an amount of money into a life insurance product and in return you get a guaranteed stream of income month after month, for as long as you live. 8. It makes financial sense. Life insurance is considered a financial asset, which can help increase your credit and help you to get a loan or health insurance. Many policies have cash value, which even in case of bankruptcy cannot be touched by creditors. 9. Give to charity. Life Insurance can enable you to leaving a lasting gift to a favorite cause or charity that is much larger than you would otherwise set aside for donation. 10. Peace of mind, plain and simple. No amount of money can ever replace a person. But more than anything, life insurance can help provide protection for the uncertainties in life. Contact contact Michael for more information. cell: 250 216 2054

Published on 2014-07-28 20:58:08 GMT

The TFSA is the favourite investment account choice for Canadians, according to the Manulife Investor Sentiment Index. It’s been the top choice since the Index began tracking it in December 2010. Prior to the introduction of TFSAs, RRSPs were the most popular for the 15 years Manulife’s been publishing the Index. According to the Department of Finance, only three years after its introduction the TFSA approached the RRSP in terms of contribution flow, even though TFSAs are drawn from after-tax dollars. The Index shows savings vehicle preferences are ranked as follows: TFSAs, RRSPs, RESPs, mutual funds and segregated funds. The index also shows that Canadians view investing in their own homes (58%) and paying down debt (29%) are their top financial priorities.

Published on 2014-07-25 18:40:27 GMT

According to a recent report on Retirement: the top 3 reasons for retiring. Health. Tired of Working. Lost Their Job.

Published on 2014-07-23 22:45:16 GMT

Canadians plowed an additional $5.09 billion into mutual funds last month, with most of it going into balanced mutual funds which hold a variety of asset classes. The Investment Funds Institute of Canada said the total compared with the $5.01 billion that Canadians put into mutual funds in May and $2.21 billion in June 2013.

Published on 2014-07-21 19:36:55 GMT

A new survey says Canadians, on average, expect to be mortgage-free by age 58, one year later than in a similar poll a year ago. But the survey, conducted for CIBC (TSX:CM) by Angus Reid, found some big discrepancies across the country. For example, homeowners in British Columbia thought they wouldn't be able to pay off their mortgages until they hit 66, while those in Alberta expected to be mortgage-free more than a decade earlier at 55.

Published on 2014-07-21 17:57:35 GMT

Many of us will experience a critical illness during our lifetime, and advancements in medical technology have drastically increased the likelihood that we will survive. Critical illness (CI) insurance can provide us with the financial cushion necessary to ensure our financial plan remains intact during such a difficult period of our lives. Message me privately for more information or consult.

Published on 2014-07-18 16:43:39 GMT

Effective immediately, my office is business team is handling EasyLife from Foresters. EasyLife is a PARTICIPATING WHOLE LIFE INSURANCE product. Foresters is an international financial services provider, a membership-based fraternal benefits organization that spans more than 140 years. This is a LOW COST permanent protection, suitable for individuals between ages of 20 and 60 up to $100,000 in one easy interview. There are also associated benefits including (1) confidential financial helpline, (2) complimentary and discounted legal services, (3) monthly payment for orphans, (4) Terminal Illness Load, (5) Fun Community Events, (6) Community Involvement (7) Volunteer Leadership... all provided by Foresters. For more information, simply contact me at 250 216 2054.