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homebynavroop · 3 years ago

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Is real estate still a good investment for Canadians

We shouldn’t be making property investment decisions based on headlines.

By Romana King

October 23, 2019

Miniature House on A Blue Financial Graph representing investing in real estate Kitchener.

Photo: iStock

In partnership with Surex

Long before the stock market existed, before salt was considered as valuable as gold, and before humans first struck oil, the asset that was most sought after was land. Real estate investing has evolved, but today investors still seek out land as a way to diversify their assets, earn income, and increase their net worth.

These days, however, many are asking whether or not real estate is still a good investment. The question is timely given the recent governmental focus on the nation’s housing market.

Starting in 2016—when the Greater Toronto and Greater Vancouver market were thought to be in bubble-territory—governments began to introduce a series of taxes and mortgage rules. The aim was to slow down heated housing markets—and it worked. By 2018, the national average annual sales price dropped 3.9 percent to $488,668, according to the Canadian Real Estate Association’s data. During that same year, sales activity dropped by almost 11 percent.

But the biggest supporters of real estate, as an investment asset class, were unphased; investors like Jim Yih, an Edmonton-based pension and benefits expert and a personal finance blogger who runs the site Retire Happy. He admits he’s biased. His personal net worth grew significantly due to real estate investments.

“There are many ways to build wealth,” Yih says, “but not everyone is apt to do it through real estate. The question isn’t whether or not real estate is a good investment, but what is the best way to use real estate as an investment?”

Treat real estate investing as a business

For many, the first foray into real estate as an investment is through the purchase of a primary residence. The time and dedication required to research, investigate, and analyze this purchase helps people appreciate what is required to find a good investment property when they start to build their property portfolio—but they tend to focus on just two factors: purchase price and potential sale price. For seasoned investors like Yih, these are the wrong targets. “The key to successful real estate investing is positive cash flow—and that can work in any market,” says Yih.

While it can be harder to find a cash-flow positive property in higher-priced markets like Toronto or Vancouver, it’s not impossible, particularly if you have a strategy to increase your equity (such as making building improvements) or saving up for a larger down payment.

“It’s the idea of a large lump-sum investment that tends to frighten potential investors,” says Dylan Nihte, a real estate agent and growth manager at Zolo, Canada’s largest independent brokerage. “But if that same investor were to invest in gold, stock, equities or even Bitcoin, chances are they’d need 100 percent of the purchase cost,” Nihte says. “Real estate allows you to use the power of leverage. An investor only has to pay 20 percent of the purchase price to own 100 percent of the asset; you leverage a portion of your own money to own an asset worth much more, with the potential to increase in value over time.”

But the advantages of leverage and appreciation should not allow a person to ignore business fundamentals. “Gambling on a property’s future price is not the best way to invest in real estate,” says Yih. “It’s just speculation.” To be successful in real estate, an investor needs to treat it like a business.

“Concentrate on cash flow,” he says. “The income earned needs to cover all expenses, and there should still be extra left over each month.”

Manage the risks

Real estate investment offers passive income and a way to diversify your portfolio, but it’s not without risks. Here are strategies to mitigate the most significant risks an investor faces when investing in real estate:

Risk #1: Taking on additional debt

Most investors will require a mortgage to purchase rental real estate. This can alter your debt ratios which can impact whether or not you get the best mortgage or loan rates. To mitigate this risk, keep track of your credit score (you can review this on credit agency sites, such as Equifax or Transunion), pay all bills on time, and talk to an advisor before applying for new credit or renewing a current loan.

Risk #2: Spending on costly repairs and maintenance

As Yih mentioned, a rental property needs to be cash-flow positive. An investor needs to budget for a contingency fund (money used to pay for costly repairs and maintenance). If the anticipated monthly rent covers all monthly expenses, including a repair fund, then the property is cash-flow positive, which is fundamental for a good investment.

Risk #3: Dealing with bad tenants

It’s important to carefully screen tenants and create a detailed lease, preferably with the help of a real estate lawyer. Become familiar with local laws that apply to landlords and tenants. Also, consider adding insurance coverage to protect yourself from damage like vandalism.

You can potentially escape any long-term tenant headaches by establishing a short-term rental business; just be aware of how this will affect your mortgage and insurance. Lenders don’t like short-term rental income and won’t include this income in their mortgage qualification calculations, explains Ron Butler, owner of Ontario-based Butler Mortgage.

Finding adequate insurance can also be a problem, explains Kim Neilly, vice-president of corporate development at Surex, an online insurance brokerage based in Alberta. “Vacant rental units are about the hardest thing to insure,” says Neilly. Whether someone moves out mid-lease or the unit is left vacant due to a lack of bookings, a prolonged vacancy in your rental unit puts your insurance coverage at risk. “Generally, there is a 30-day grace period, but that varies by insurer,” says Neilly. Some providers will void your policy within 24 hours of a unit becoming vacant.

If you do decide to set-up an Airbnb-type rental business, talk to your insurance provider. “Many new and exciting changes have allowed more people to participate in programs like Airbnb and Vrbo without having to spend thousands on insurance,” explains Neilly. “Many companies have endorsements that allow a property owner to add extra coverage for as little as $200 per year.”

The key is to talk to mortgage and insurance professionals proactively so you know your options.

Risk #4: Getting hit with a lawsuit

Liability is a massive downside to real estate property investments. As the landlord, you are open to medical and legal suits should a person be injured on your property. The easiest way to mitigate this risk is to purchase adequate insurance.

Increased liability coverage—the portion of the insurance policy that covers medical and legal bills—is relatively cheap, given the potential damage a lawsuit can have on your personal finances. “A minimum of $2 million in liability coverage is highly recommended,” explains Neilly. “Lawsuits are creeping up over that $2-million mark on a more regular basis, and the cost difference between $1 million and $2 million in liability coverage is about $50 per year.”

Risk #5: Potentially losing your investment

Another risk is the potential to lose everything should a catastrophic event severely damage or destroy the property. A fire, overland flooding, hail, or even an earthquake are all possible disasters in Canada, and the result can be critical and expensive damage to the property.

Virtually all insurance policies will cover a catastrophic loss of a building, but as a real estate investor you must also consider the loss of income due to damage or destruction. A comprehensive rental policy will provide a landlord with income to replace lost rent at fair market value, explains Neilly.

Bottom line: Canadians can still confidently invest in real estate

Even with persistent headlines about an impending global recession, real estate is still a viable way to build and grow your investment portfolio. While 2018 numbers appeared bleak, by 2019 the climb out of negative growth forecasts was already taking place. According to CREA, the national sales activity was on target to increase by five percent in 2019 and forecasted to grow by 7.5 percent in 2020. The national sales price was also on track to climb with only a slight nudge up in 2019 (of 0.5 percent) and a return to historical norms of 2.1 percent price growth in 2020.

For investors, to key to making strategically smart decisions is to consider the underlying economic factors that impact your investment. As Douglas Porter, BMO chief economist recently stated in a Bloomberg interview: bond yields are dropping, Canada boasts strong population growth, and government budgetary decisions are acting as stimulants for the national housing market, all of which point to a healthy future for Canada’s real estate Kitchener market.

#real estate Kitchener #real estate agent Kitchener

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lovelyfantasticfart · 4 years ago

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Actual Property Outlook 2018 In Vancouver, BC

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captain-spookycandycollecti-blog · 6 years ago

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How much would car Insurance be for a 16 year old guy?

My parents want me to start picking what car I want to get. I was wondering how much insurance would cost for each of these cars for a 16 year old guy. I am interested in a BMW E36 323is Coupe, BMW E36 325is Coupe, BMW E36 328is Coupe, 1997-2001 Honda Prelude, and a 2000 VW Golf GTi. Please help me because I need to know the cost to insure each of these cars before I pick.""

Does living on an unpaved road affect car or home insurance rates?

I'm doing some research and I can't find out if living on unpaved roads affect car or home insurance rates. Please help me :)

Where can I find disability insurance?

I am deaf and looking for special disability insurance for auto. I have state farms with my parent name but I am trying to get my own insurance that work with disability part.

How much does health insurance cost?

I am from the UK and I am doing an assignment on whether medicine can be justified to have a price tag. As I have free public healthcare from the country (NHS), and I do not have private healthcare. I would like a guide as to how much health insurance would cost for a child, man, and woman with no health condtions. Please be specific and add more examples if you can.""

""So my father has car insurace in Spring Valley , Ny which causes his insurance to be cheap...?

He wants to add me as a driver and Im 19 yrs old. I live in Brooklyn. Me and him have two complete different addresess. When he adds me should I give them my brooklyn address or it doesnt matter. Note that I dont want the different address the increase his insurance

How do i pay car insurance at 18?

Okay, so i'm about to turn 18. I'm moving out and into my Boyfriends home(He's 20). He still lives at home, but his parents love me and want me outta my parents home, so i am! But i need to know how to switch my car insurance over so that i can keep my car and pay my own insurance. I refuse to get put on to my boyfriends parents policy. Is there a way for me to get the bills and pay for it, without my parents or his parents having to worry about it? (Please don't tell me that i shouldn't be moving out at 18. I'm responsible, and i've had a job since 15. I've been saving every penny for this moment.)""

Is car insurance cheaper if your a dad?

i'm soon to be a father of two and was wondering if it makes insurance any cheaper, does anybody know?""

Selling insurance question?

What license/certification does one need to sell and distribute insurance such as home owners, auto, life insurance etc. in the state of Wisconsin. And what schooling if any would someone need to obtain these licenses and or certifications. My grandfather and a friend own a agency that affiliates with another independent agency that allows them access to a large variety of insurers, and they would like me to become apart of business.""

How much is approx. insurance costs for a 125cc road bike with 23 years L driver. Can any one plz ans me?

Car insurance mazda rx8 help!!?

im 18 years old, i have a perfectly clean driving record. no tickets, no points, nothing. how much would insurance be if i got a 2004 mazda rx8?""

Does you medical insurance show every time you been to a hospital?

Can people find when where and why you went to the doctor through your insurance

Cheapest car and insurance for 18 year old?

Hello, i'm looking for a cheap first car which looks alright for a 18 year old? a car which also has quite cheap insurance -_-""

US car insurance rates?

I'm in the market for a midsized or compact car. I'm looking into purchasing a Honda, Toyota, or Mazda brand vehical. I'd like to know which of these cars has a lower insurance rate. (If it helps, I live in the midwest and have a good driving record.)""

Where can i get the cheapest car insurance if im 18?

93 prelude

Why life insurance is so cheap ?

are they really going to pay after death ???

Car insurance for Fiat?

Hi, guys i was just wondering how much will it cost me for full coverage car insurance for 2013/2014 Fiat Arbath in State of California. Im 24 years old? I'm just wondering how much will it cost in California.""

Is homeowners responsible or car insurance?

The brakes on my aunt's car went out and when she turned into her driveway she hit the house. SHe is fine both airbags came out, but now the home owners says they will not pay and the car insurance say they will not pay. They said if someone else had hit the house they would. Can anyone give me some insight to the iNSURANCE industry.""

How much more a month is car insurance for a sports car than for something like a coupe or sedan?

Insurance question? please help me i need to know what to do.?

im 16, had my license for a little over a month. i live in california. im with allstate. here's what happened: i was backing out of a diagonal parking space. i was at starbucks, mid day. no one else was in the car. i saw a car coming, i let it pass, and i backed out. turns out it didnt clear out all the way. i got the rear end of it. their dent is not too bad, the bumper is fine, its just a little bit of the metal that probably needs to be sucked back out. it is an suv. my dent however was worse. the bumper got dented, and so did some of the medal around it. the brake light has a small crack in it, but its only visible from close up, and it still works. we exchanged information, and he said he will call his insurance company tomorrow morning. will my insurance go up? how much will i need to pay to have his car fixed? whats gonna happen? please help me im freaking out. thank you soo much""

What trackers reduce car insurance for young drivers?

I have heard of trakers that are said to reduce car insurance, can anyone name the trackers and how much they are said to bring the quote down by? Many thanks""

Is Matrix Direct a good ins company?

Which insurance company or agent offers the cheapest auto insurance policies in Miami?

Do I need to have insurance to drive a car across country?

The car is registered in California under a family member's name. I'm 18 living in Pennsylvania. I want to be able to drive this car from California to Pennsylvania. So do I need to register for insurance before i start driving the vehicle across country?

When is the best time to cancel car insurance?

Car insurance is coming up to renewal. Found a cheaper company to go with for the next year. When is the best time to cancel, before the renewal date or just after? I want to keep my NCB I have built up with them and move it over to new company for the next year, also if I cancel before the renewal date would this affect my NCB that I have built up with them?""

Car insurance by age.?

1. How much is the average payment on car insurance every month for someone who is 21 years of age? 2. Is it cheaper on your insurance to buy an old car or, is it just better to buy a fairly new one?""

Why did my insurance company call me?

I received a call today from my JOB PROVIDED Health insurance company. The representative asked me a number of questions about what I have done about my epilepsy and what medications I am currently on. Why did they call me? My mother said that they do this to determine if they are going to drop you or not. Can they drop me even though it is provided threw my job?

Need car insurance for a nissan navara? please help

hello, just wondering if anyone can give me some insurance companies for a nissan navara, im 22 have 3 years no claims yet my insurance says they cannot insure me on it? At the minute i drive a 1.9tdi vw passat and my insurance only costs 800, so why wont they insure me on 2005 nissan navara? Please help, thanks in advance x""

Car Insurance?

How much would it cost to insure a red 2007 new beetle+hatchback?

What is the best life insurance for a 77 year old man?

Is my car insurance still valid?

My partner has been banned from driving, he is the first named driver on my car insurance and I am the second driver. Am I still insured to drive my car?""

Insurance for a 17 year old on a ninja 250?

hey im looking at getting a ninja 250r for a first bike. i choose a 250 because it is cheap, cheap to keep up, i could work on almost every job myself, it wont do a wheelie at 90 and kill me, gets 65 mpg highway, and is still as quick as a z28 0-60. what would the insurance be on a little 250 for an almost 18 year old with a perfect driving record, and almost all major discounts ( good student...etc)? i know you cant say for sure but would it be a doable amount since it is just a 250, or is it going way too much cuz im a teen?""

Will 'fail to stop at red light' for 1st time affect my GEICO insurance rate ?

I just switched to GEICO last week and unfortunately got a 'fail to stop red light' citation from SoCal DMV... they required me to pay 480$ for the ticket and 535$ + course fee for traffic school if I need one. I really don't want to pay for the traffic school but afraid it will affect my insurance rate later. currently I am paying 760$ every 6 months for full coverage on 2 mid-size cars. Could anyone give me some idea for this? PS: I had 4 years driving experience and kept clear record with allstate before getting this ticket...

Car Insurance Laws in Arizona?

Is it illegal to drive without car insurance? I have insurance on my car, it is just a pain because it's so expensive and a waste of my money. My friend told me the state requires it and you could e put in jail if you do not have insurance, and I know illegal immigrants that do not have insurance that drive get away with this **** everyday.""

What happens if you get pulled over and get a ticket for no insurance?

OK so I just got pulled over this morning for not having any insurance and I had no idea I did not have it. For one the car is not mine its my boyfriends and for two his mom was the one that had insurance on it and dropped it without telling me, so I had no idea. I just went and got insurance on it like an hour after I got the ticket, so will the ticket be dismissed, if not what will happen and how much will this all cost?""

Will my car insurance rate rise if someone on my policy gets in an accident?

If I add someone onto my car insurance policy and that person gets in an accident, will my rate climb. If it does can I remove that person from my policy to keep my rate the same.""

""Someone backed into me in a parking lot, is this insurance company lying?""

Foreigners backed into my car in the parking lot, they had insurance, I called the insurance company and they asked for an estimate on how much it would cost to fix it, I did, and they said okay and that they would mail it on Friday morning. It's now Monday and I haven't gotten it. They are in a state not far from us. Is this insurance company full of crap or do I just need to wait longer? Thanks :)""

Does you medical insurance show every time you been to a hospital?

Can people find when where and why you went to the doctor through your insurance

How much would insurance be on a dodge stealth?

i am going to be sixteen and i may be buying a 92 stealth and i need to know how much insurance would be. it is only a 5,000 dollar car. but the speed meter goes to 160mph.""

Why are insurance companies such bastards?

I could never figure out why people screw their insurance companies when they can. Well now I know. They are a bunch of ethic-less, principle-less bastards. So go for it, screw them when you can for all you can. You can be assured they will do it to you first wether you are honest or not.""

Where can a marijuana smoker get affordable life assurance?

it depends on if your a heavy smoker or just smoke a few times. if they ask for health records then you will be in a higher quote, but also when they ask you question on health and you answer honestly it will help you in the long run because then you will be covered for the need of that disability since your health assurance new you can since you are a smoker. but it depends on if your a heavy smoker or just smoke a few times.""

Car insurance for 2 people in 2 places...?

My father is going to add me to his auto insurance. He lives in the the Bronx, NY and currently I go to school in upstate New York and is where I will be using the car and I know car insurance is cheaper upstate New York. With that being said is it possible for his part of the insurance to be filed in New York City and my part to be filed through the upstate location? While still having him receive the bill for both... Thanks in advance!""

Car insurance?

hi last week i reversed into a piller and wrecked the back end off my car after paying 411 to get it fixed my b/f was coming home from work and a van went into the side of him and wrote my car off. we are getting a courtesy car today but apparently i cant drive it until my details have been sent to dvla and they get an ok back b/f reakons it will be a couple of days but i need a car is this right and does any1 know how long it will be cause i havent had a car for nearly 2 wks now and am lost without it. thank you

What is the cost of Medical Insurance for an 18 year old?

I am a 17 year old senior in St. Louis, Mo. I plan to move out of my parents house promptly after the school year is over. My boyfriend and I have been doing a lot of research on apartments and creating a budget. My biggest concern though, is medical insurance.. I'm not sure how much it is going to cost us to be able to have it.. I would really appreciate an average monthly fee, (or at least an idea) Thank you!""

Doi have to provide cell phone and car insurance?

I live in georgia. My wife has asked for a divorce and has asked me to move out. We have two boys 1 and 3. I'm trying to settle things and save our marriage which prob will not happen. My ? Is...do I have to furnish her with cell phone service (in my name) and car insurance? We are both on title for car, I don't mind if I must as long as the bill is split equally...but am I required to provide her with cell phone services if she indeed wants to divorce and the phones are in my name? She has a home phone which she can conduct her business with....no money for lawyer but I'm not going to give her cell service if its what she wants?""

Will 3 points increase my car insurance by much?

if so how much? Is it very bad to get 3 points?

What is the cheapest auto insurance ?

Is safe auto cheaper than pronto insurance?

Speeding ticket & avoiding insurance increase?

I received a speeding ticket the other day for going 14 over. This is my second citation in the past year. The previous one being for failure to yield. I CANNOT have this second citation on my record because I can't afford the insurance increase. A friend of mine said he took an online traffic school course and it negated his speeding ticket and kept his insurance rates from increasing. I've found several places to take the online courses for my state, but they don't say whether receiving the certificate of completion will do anything to help remedy my situation. I need to know 1) Reliable online traffic school 2) What to do with the certificate of completion once received (mail to whom? call where?) 3) Does completion of the course guarantee maintained insurance rates. 4) Should I pay the ticket as soon as possible, or wait until after I've completed the course to see if it will negate the fine. Don't tell me just stop being a crappy driver or LOL your fault. I understand my irresponsibility. I just need the answers to my questions, nothing more.""

Affordable health insurance?

Since money is tight, we are going through the state for health insurance. It's a pain especially since my weekly pay changes all the time so they want it called in to see how much they have to charge us every month. At least my husband's pay stays the same. I see health insurance ads on tv and online but not sure which is affordable and even more important legit enough to go with. Any suggesttions?""

What does Obama mean by affordable health insurance?How can it be affordable for everyone?

Do you think i would be able to pay the insurance?

so here is the situation...My mom, my brother and i are all living together right now but my mom has an altima and me and my brother are sharing an 05 dodge dakota. Soon my mom is going to be buying a car for her, my brother is getting the altima, and i am getting the dakota. Her plan was for me was to use the truck all the way through college and until i get a good job and buy my own car. However i do not like this truck at all and would rather sell it and get a car. The car i want is is an 08 Acura tl type s. She just laughed and said good luck paying for the insurance. I am willing to do a lot of work to get this car (including preparing the truck for sale and actually selling it) and working to pay for the insurance. As soon as she gets this new car i plan on applying everywhere, pretty much all of the restaurants in my area. I will be 18 by the time i come anywhere close to getting this car. Do you think being a busboy at a restaurant will be sufficient to pay for the gas and insurance for the car i said above. Ive never gotten a ticket or been in an accident before. Also i live in florida if this makes a difference.""

Car insurance and the meaning to it.?

how does exactly car insurance work, when people say are you on his/her policy, premium insurance and so on... i am new to cars in a perspective point i am a new learner towards driving and i want to start learning what these words mean and what they do. if you could analysis the word CAR INSURANCE any specific site where i could learn these words from top to bottom of the meaning car insurance. thank you""

""I got into a tiny accident today. I am 19, about how much do yo think insurance premium is going to go up?""

There are 2 other 45yr old drivers on the insurance already, I wan't added to it yet. About the damages. I have a 9 in diameter dent in the car above the front bumper. The person's car I hit had 5 to 2 minor scratches on her back bumper. She called the police, who will probably automatically put it through insurance.""

""Im 19, need a renewal on car insurance, whats cheap?""

i passed driving test in march and its due for renewal the 15th march, im with tesco at the mo but it keeps coming up with error message online, i really need to find something cheap as i cant afford a lot. please help? i have nearly 1 year no claims""

Getting my license in April. Good cars w/ low insurance rates?

I like cars like the Scion tC, Mitsubishi Lancer, ect. Sports cars, but not super nice ones. I'm getting my license in April and will get a car shortly after. I want to get a car like the ones above, but I don't think my dad will want to pay a lot for insurance, but I don't want to get a Jeep, which is what he got my brother and sister since the insurance is low. What are some cars like these that also have good rates for insurance? Price range is any thing lower than $10k.""

Can I sue someone with auto insurance?

I live in Las Vegas and I was involved in a car accident in November. There were 6 cars involved and this process is being UNUSUALLY long. It is impossible to get in contact with one of the claimants so we can not settle for our car damages. Can I sue the individuals that were held respoinsible for the auto accident?

What should I be looking for in coverage with car insurance?

I'm 22, just graduated from college and am just about to get my car put in my name and on my own insurance (was paying my parents for car insurance in my dads name before). I am curious on what exactly I should be looking for as far as deductibles and liabilities go to get a cheaper-ish rate, but yet still decent coverage? I was paying $70 a month on my parents insurance, I know I won't get that good of rate, but am wondering what decent coverage would be for a decently priced monthly rate...I was told to get a $500 deductible for collision? My car is a 1997 Honda Accord, great condition, around 130,000 miles, and I got one ticket in 2007. Any advice would be helpful! Thanks!""

What is the cheapest car insurance for a new student driver?

What is the cheapest possible car insurance for a new driver who is 17 years old and drives a 2005 ford explorer? I also live in NJ. I'm looking for the cheapest car insurance possible. The plan is for me only, no other drivers to be added. I need answers asap. Please help!""

Do i need insurance to leave my car parked on the street?

Its got tax and mot but if its not being driven, just parked outside do i need insurance for it? A neighbour told me someone else in the street got towed away as there was no insurance on it.""

Maternity on new Insurance?

Hi, I will be relocating jobs and will then have to get onto my new job's insurance. Just wondering, is maternity often available with applying with a new insurance? Could it be considered a pre-exisiting condition? Also, with insurance, would it cover all my ob/gyn visits? New to this, need info! Thanks, in advance!""

""Speeding ticket, have State Farm, will my premium increase or not?""

The reason I am questioning the premium increase is because a friend of mine, who also has State Farm, never saw an increase in premium two years ago when he received a speeding ticket. what's the deal? anybody know?""

Whats the best affordable insurance?

I have a good driving record no tickets no suspension. I would like to know who has the best affordable liability car insurance from a range of monthly payments between $50-90?

Is there a reason to notify my auto insurance company of a student driver?

It will raise the crap outta my rates and since every licensed driver is insured and the insurance follows the car, not the driver, is there a reason? My young learner is 15 and has a learners permit. Right now the lessons have just been in the country, so no worries yet, but shes getting better and will be ready to get out among the other idiots on the road soon. Thanks""

Does you medical insurance show every time you been to a hospital?

Can people find when where and why you went to the doctor through your insurance

https://www.linkedin.com/pulse/construction-insurance-quotes-online-horace-mullen/"

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cindyweller · 7 years ago

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5 Asset Protection Tips

Essential Asset Protection Tips

It doesn’t matter how much money you make or how much you have saved there are certain asset protection tips everybody should know, and there is no excuse for not being familiar with them.

Assets can be property, goods, a business or money you have saved or inherited. The term refers to anything of worth that you have and that someone else may try to take from you, whether it is in the form of a tax lien for unpaid taxes or the settlement of a lawsuit.

Having identified what you have collected and wish to hang onto, the question then becomes what is the best way to protect the assets you have worked to obtain?

Here are some tips everyone should be familiar with no matter your bank account size:

1. Keep a low profile. Although it is unpleasant to think about, Canada is one of the most litigious countries in the world, and people file frivolous lawsuits every single day. However, they are less likely to file a lawsuit against you or your estate if they do not think that you have the money to pay a settlement. Similarly, lawyers are less likely to take on a potentially frivolous case if there are no assets in question.

2. Separate your assets. Again, although it is unfortunate, lawsuits are a reality and effective asset protection has to address the potential fallout of these lawsuits. If you keep your assets held by separate Edmonton based Limited Liability Corporations (LLCs), then an unfavorable judgment in a lawsuit against one property may not be able to affect the other assets.

*Need a primer on legal corporate definitions? See this site.

3. Avoid general partnerships. General partnerships allow each partner a great deal of authority over one another. If you are in a general partnership, your partner can make major decisions and agreements on behalf of the partnership without consulting you, such as signing for a large loan. Although you were not there when the loan was procured, as a general partner you will be responsible for the repayment of that loan.

4. Keep good insurance. No matter how confident you feel about your asset protection plan, good insurance is an absolute necessity, from car insurance to your homeowners’ policy and everything in between. Under-insuring leaves you and your estate at risk.

5. Get good advice. Speak to a trusted and experienced lawyer in Edmonton and take his or her advice into account as you create a comprehensive estate plan that protects your assets.

When you have worked hard to build an estate, you should take the necessary steps to protect your assets from unforeseen problems or frivolous lawsuits.

The best form of asset protection is to ensure you have updated legal documents such as wills and trusts that will protect those things you hold dear. If you live in and around Edmonton, Alberta, we can contact you with the top estate planning lawyers today for great advice at affordable rates on this important topic.

Please note: This article is not legal advice, please contact a lawyer for assistance if you have been injured in a car accident

The post 5 Asset Protection Tips appeared first on Right Legal.

5 Asset Protection Tips posted first on https://www.rightlegal.ca/

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yahoo-puck-daddy-blog · 7 years ago

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Confused outrage over NHL Olympics boycott

yahoo

It’s never a good thing when an enraged heart and an engorged sentimentality dominate logic and practicality, but that’s about where we are with the debate over the NHL’s decision to pull out of the 2018 Winter Olympics in South Korea.

Take Monday’s Associated Press report that reconfirmed what had already been confirmed by USA Hockey: That any player on an NHL contract would not be allowed to play in the Olympics.

That goes for NHL players, AHL players on NHL contracts and everyone else with an NHL deal. It’s the reason why USA Hockey cautioned veteran players and college players thinking about the Olympics that signing an NHL deal would end those dreams. And while the NHL is the one driving this, USA Hockey is the one obeying the will of its “partner.”

Cue the outrage over the NHL keeping minor league players from their own Olympic dreams, including the odd notion that interest would be exponentially higher if, like, Cal O’Reilly or some other Marlie were playing for Team Canada. Which is ridiculous, unless we’re talking about Brooks Laich.

Cue the misstating of the actual story, which is that minor league players are very much eligible to participate in the Olympics IF they’re on minor league contracts. AHL President David Andrews reiterated that with Yahoo Sports this week, saying that “AHL contracted players may go if assigned by their club.”

So, Zack Stortini Nation: our boy is very much eligible for the Olympics should the Charlotte Checkers allow him the chance.

(Whether AHL teams will actually do this is another issue, considering their own needs and pressure from the parent clubs.)

Again, think about this logically regarding AHL players on NHL contracts: Does the League really want the Edmonton Oilers to have to tell Connor McDavid he can’t represent Canada but Joey LaLeggia can because the former is in the NHL and the latter is in the AHL?

And if one of the driving arguments for the NHL staying home is “we take all the risk but get little of the benefit,” why on earth would they ship their safety net to South Korean for three weeks? So Malcolm Subban can blow out his knee playing goal for Canada in an exhibition tournament, Tuukka Rask does the same for the Bruins in March, and it’s the Anton Khudobin Show for the Boston Bruins the rest of the way?

I don’t know. It seemed pretty obvious that if the NHL isn’t going, anyone paid via an NHL contract wasn’t going. But that’s just me.

Speaking of “all the risk but get little of the benefit,” the other example of a raging heart trumping pragmatism was the heat generated by a recent Montreal Gazette column, written by the Impossibly Named Dick Pound.

“IOC’s Dick Pound rips NHL for its Olympics decision in op-ed column,” proclaimed Sportsnet, and that he did, as well as assigning an enormous amount of import to a tournament in which the NHL has participated a grand total of five times.

“The Olympic tournaments finally became events in which the best players in the world participated. The game continued to grow internationally and the fan base became global,” wrote Pound, who probably also credits the World Baseball Classic with MLB’s popularity in Japan.

Let’s take a look at the guts of this, shall we?

I “get” the economic argument. But I also believe that there are at least two larger interests in play.

OK, let’s stop right there.

Dick Pound is the senior active member of the International Olympic Committee. He “gets” cute in this column by ironic-quoting words like “negotiations” to describe the talks between the NHL and the IOC, the inference being that the NHL didn’t do so in good faith, one supposes. What he doesn’t do, of course, is turn the microscope around and point it at his own organization’s stubborn avarice, which is actually why we’re in this pickle.

And that’s odd, because Pound has never been one to shy away from calling out the Olympics for its corruption.

The first is a responsibility for growing and promoting an exciting game, which is important for the sport, its players and spectators throughout the world. It is not sufficient for the NHL to be content with plucking the low-hanging financial fruit, but to fail to invest in the future of the game.

This is in reference to the NHL’s desire to go to China in 2022, but not South Korea in 2018.

Now, one can argue the merits that the Olympics “grow the game,” which has always seemed born from two American wins in 1980 and the myth-making that followed it. One can argue that two weeks every four years doesn’t grow an established sport any larger than it already is. The Golden Goal is an important part of the Sidney Crosby Story, but he was already Sidney Crosby.

(As a sidebar to all of this: “Growing the game” would seem to benefit from true parity and the formulation of new, sudden stars on such a large stage. Something an NHL-less Olympics would seem to create, for what it’s worth.)

But Pound is conflating “growing the game” with “growing the brand,” and that’s the NHL’s aim as much as it’s the IOC’s aim in protecting the Olympic brand at all costs. When it comes to growing the brand, one major sticking points between the NHL and the IOC has been placing NHL branding on Olympic hockey, and sharing in NHL/Olympic merchandise. The NHL sees growing the brand as growing the game, and good luck getting the IOC to share in that (financial) growth, even if it means something as simple as NHL signage on Olympic rinks.

We continue:

The second issue is the NHL’s decision to actively prohibit individual players, who want to represent their countries at the Olympic Games, from doing so. Aside from being heavy-handed and an abuse of its economic power, it is disrespectful to the rights and dreams of those players.

“An abuse of its economic power…” what the hell does that possibly mean?

That the NHL can mandate that its players play to the specifications of their contracts and at the will of the NHL, and that’s wrong? That the NHL will use the Olympics as a bargaining chip in CBA negotiations?

Also, as usual, when it comes to sharing the wealth, the IOC is going to run to the safe space of “the dreams of athletes” every single time.

We continue:

While I can see that it might be legitimate to try to discourage such participation, I believe it is (among other things) bad business to forbid or prevent such individual choices. Again, one does not have to be much of a prophet to predict that the NHL Players Association will exact a significant price for the NHL’s intransigence regarding the players when the next Collective Bargaining Agreement discussions begin. That, too, is bad business for the NHL — all of its own making.

Well, yeah, lockouts suck. On that we can agree.

But here’s what’s also bad for business: Shutting down your league in the middle of its season, loaning your assets to another business so it can profit from it, shouldering all of the risk and getting little to no palpable reward from it – either from the Olympics themselves, or the impact on the NHL in their aftermath. From gate to ratings, there is no Olympic Effect for the NHL. They’ve had ample time to study this.

So yes, it’s bad business when you’re helping drive an event that generates billions on billions on billions of dollars thanks in part to your brand – hockey is second to figure skating as far as Winter Olympics prestige sports – and seeing no benefit from it, especially in an Olympiad where the host city inspires such apathy.

The Olympics generated $9.3 billion in marketing revenues during the 2016 Rio Games. The IOC gets 10 percent of revenues from the Games. It’s much easier to spout off about crushing the dreams of athletes than having the IOC justify this incredibly unbalanced partnership with the NHL, beyond empty platitudes about “growing the game” and “let them play!”

But then the IOC has perfected the art of using the “Olympic Dream” as a monetary steamroller to crush logic and practicality. Ask Rio.

—

Greg Wyshynski is a writer for Yahoo Sports. Contact him at [email protected] or find him on Twitter. His book, TAKE YOUR EYE OFF THE PUCK, is available on Amazon and wherever books are sold.