BMO Bank of Montreal - We're here to help.™
Ryan Sirianni

Private Banker

Tel: 778-694-9083

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BMO Private Wealth
1180 Columbia Street West, Suite 201F
Kamloops, BC
V2C 6R6
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Responsible Investing

Considering Responsible Investing? Here’s why you should

For many, 2020 was seen as a “critical year for addressing climate change.” Riding on a wave of environmental activism, the hope was that the 2020 UN Climate Change Conference (COP26), scheduled in November of last year, would solidify plans to reduce global carbon emissions. Instead, COVID-19 and anti-racism movements refocused public attention, overshadowing many pressing environmental concerns and postponing COP26. But while this period of upheaval seems to have sidelined the momentum that environmental concerns were gaining, the social inequalities revealed have pushed many conscious investors to explore sustainable investments — specifically those focused on companies with strong environmental, social, and corporate governance (ESG) principles.

Digital transformation: How to future-proof your business

We can all agree that 2020 was an unprecedented year, and the global COVID-19 pandemic changed the way we live and work. Extended lockdowns made it challenging to do business, as everyone was confined to their homes. But as they say, when the going gets tough, the tough get going.

Tax Planning

Retirement Planning

Understanding the Basic RRSP Rules

Investing in a Registered Retirement Savings Plan (“RRSP”) is one of the soundest ways to ensure you enjoy a financially secure retirement. In order to maximize the benefits of an RRSP, it’s important to have a basic understanding of the rules that govern them.

Dealing with Employment Transitions

Whether you are taking on early retirement or have been displaced by corporate restructuring. You will soon be facing a number of important decisions.

Tax-Free Savings Account

The Tax-Free Savings Account (TFSA) is a savings plan that allows Canadians to invest and earn tax-free returns. Any income (interest, dividends, and capital gains) earned is tax-free.

RRSP Withdrawals

There is often a temptation to withdraw funds from your Registered Retirement Savings Plan (RRSP) prior to your retirement. Careful consideration should be given to the financial impact of this decision. Even though the Canada Revenue Agency (CRA) allows for withdrawals from your RRSP at any time, it is important to keep in mind that the funds in an RRSP are designed to provide you with income for the remainder of your lifetime, after your retirement. When money is withdrawn from your RRSP, it is considered part of your taxable income and subject to income tax in the year of the withdrawal. If you place the funds in one of the qualified RRSP maturity options at retirement, you will be taxed only on the portion paid to you each year.

RRSPs – Saving Tips and Strategies

A Registered Retirement Savings Plan (RRSP) remains the cornerstone of most retirement plans, particularly if you don’t have a company pension plan. An RRSP is a tax-deferred plan designed to help you save for retirement. With an RRSP, contributions are tax deductible and once in the plan, continue to grow on a tax-deferred basis until the funds are withdrawn. Any funds removed from the RRSP are taxed in the year they are withdrawn. At retirement, the money in the plan may be rolled into any of the RRSP maturity options where they continue to be tax sheltered, except for withdrawals made from the plan – which are treated as income – each year.

Retirement Expense Worksheet

As you plan for your retirement, it is critical to consider your current expenses as well as your future expenses.

Planning for certain risks in retirement

While your retirement date may still be several years off, and the goals you set today may seem even further off, it is never too early to begin preparation.

Retirement trends

The timing of one’s retirement and when one starts to withdraw from their savings may mean the difference between having a retirement nest egg that lasts a lifetime, or running out of money and cutting back during retirement.

Locked-in Retirement Plans

While staying with one employer for your entire career used to be the norm, statistics indicate that most of us will work for four or five different employers prior to retirement. If you are entitled to a vested pension benefit under a pension plan, each job transition may provide you with an opportunity to transfer your pension to a vested and locked-in registered plan.

LIF Minimum & Maximum Withdrawal Schedule

Each year the amount that you can withdraw from your Life Income Fund (LIF) will vary depending on your age, the value of your plan at the beginning of the calendar year, and the provincial or federal pension legislation governing your plan.

Leaving an employer? Consider your options for defined benefit pension plans

A change or termination in employment can prompt a decision to leave a defined benefit pension with the pension plan of the former employer or transfer the commuted value of benefits from the pension plan to a locked-in registered plan. The factors influencing the decision that one should take into consideration will vary from person to person. There are situations where it is best to leave the pension in the plan, and there are other reasons where it makes more sense to transfer the pension.

Get a TFSA working for you

The benefits and flexibility provided by a Tax-Free Savings Account (TFSA) make it an ideal solution to save for multiple financial goals. While TFSA contributions are not tax deductible; they grow tax-free, can be withdrawn tax-free at any time, and there are no restrictions on how you use the funds once they’re withdrawn from your TFSA.

Common topics adult children may need to discuss with their aging parents

Consider the following suggestions on how to approach some common topics that you may need to discuss with your aging parents.

Checklist: Living in retirement

Make the most of your retirement. Each person has a unique vision for how they will spend their retirement. Whatever your plans, make sure you make the most of your retirement by staying physically and mentally active, and ensuring your money lasts as long as you need it too.

Checklist: More than 10 years to retirement

Welcome to tomorrow. Prepare now to retire well later.

Checklist: Less than 2 years to retirement

Transition into retirement with confidence. As you transition into retirement, keep in mind your income could come from multiple sources at different times of the month. You’ll need to know where that income will come from, how much you’ll receive, and when you’ll receive it. Before you retire, you’ll need to complete a variety of employer and government forms. This checklist will help you move into your retirement seamlessly.

Checklist: Between 2 and 10 years to retirement

A clear path to retirement requires a clear plan. If retirement is now on the horizon and no longer a distant goal, you’ll want to make sure preparing for it is a priority. Using this time to continue to save and build your assets, while paying off outstanding debt can really make a difference. This is also the perfect time to put some serious thought into what your retirement will look like. This checklist will help you do just that.

Caregiving in Canada

When someone becomes a caregiver, they can often be confused and overwhelmed by trying to find services to assist them in caring for their loved one. Many people do not know what services are available or where to begin to find these services. The good news is there are several options to assist you.

Philanthropy

Family philanthropy

Benefiting the community and the family.

Building Your Legacy Using a Private Foundation

Like many Canadians, making the world a better place and creating a legacy aligned to your personal values, beliefs and convictions is an important wealth planning priority. Establishing a private foundation can help you achieve these priorities and give meaning and structure to your philanthropic goals. It can also help you to pass these values on to your children and grandchildren, by involving them and other family members in your giving strategy and family legacy.

BMO Charitable Giving Program

Philanthropy is an important financial planning consideration for many Canadians, and an integral part of their wealth management plan. A Charitable Gift Fund (“donor advised fund”), established through the BMO Charitable Giving Program, allows you to create a flexible and customized philanthropic solution that will have a lasting impact on causes that matter to you and your family.

Philanthropy and Giving Back

A guide for philanthropic and charitable giving strategies.

Financial Planning

Common money myths and six steps to better finances

Don’t let common money myths stand in the way of pursuing your financial goals. Just because a belief is widespread doesn’t mean it’s true. Some of these money myths may be sidetracking your financial success.

Get on Track with a Spending Plan

Have you ever felt like you are walking on a treadmill with your personal finances – doing a lot of work but not getting anywhere?

Dealing with money as a duo

New lovebirds often spend hours talking together. They share stories from childhood, funny anecdotes from high school and college, and their future hopes and dreams. However, until a couple has talked about money, they don’t completely know each other.

Wealth Planning

You’ve got plans. Let’s make it an action plan.

Wealth Management for Physicians: Because your financial health matters.

Our “One Wealth” team creates solutions that respect the nuances of your profession, and address the opportunities and potential challenges associated with your personal wealth. We can help you with complex banking and borrowing needs; investment management, wealth planning concerns, business succession strategies, and trust and estate services. In short, we can help provide you with the right solution, regardless of the complexity of your needs.

A Sudden Windfall - A blessing, not a burden

A windfall can be defined as the unexpected or unplanned acquisition of financial assets that alters the recipient’s financial position. This can be a welcome surprise, but the pressure of managing and dealing with a significant amount of money can also be an unforeseen burden.

Will and Estate Planning

Ensuring a seamless transfer of wealth with an estate plan

Estate planning is the process required to transfer and preserve your wealth in an effective and seamless manner.

Education Planning

Taking Money Out of an RESP

This article provides information on how, and when, to withdraw funds from an RESP, as well as information on qualifying educational institutions and programs. In situations where the RESP beneficiary decides not to pursue post-secondary studies or leaves before completing a qualifying program, the subscriber of the plan must decide what to do with the money that has accumulated in the RESP.

Education Planning

Most parents hope their children will pursue higher education – and for good reason. A post-secondary education can prepare your child for a fulfilling career, lead to enhanced earnings potential and, ultimately, steer them on the path to a successful and rewarding life. However, if adequate savings are not in place for post-secondary education, your child could graduate with the added stress of carrying significant student debt before they’ve even secured their first job.

Helping Your Children

These days, given the current economic climate amidst the COVID-19 pandemic, many parents of adult children may feel their own finances are in relatively good order, yet they may have concerns about their adult children and their ability to support themselves during this unprecedented period of uncertainty. Helping your children is a parental instinct, and if you have the means you certainly want to help them out. However, remember to do so prudently so you don’t impact your own retirement, estate planning or tax situation. This article explores ways to effectively help your adult children while keeping your own wealth plan in order.

Business Advisory & Succession Planning

Financing Options When Buying or Selling a Business

The purchase and sale of a business is a complicated and challenging process. Once a price has been agreed on, an important hurdle that buyers and sellers often face is the financing of the purchase price. This is primarily driven by the financial capacity of the buyer, and willingness of the seller to accommodate the buyers.

Understanding Your Needs as a Business Owner

As a business owner, your priorities may change as you transition through various stages of the business life cycle. As priorities change, your focus may shift in areas such as banking, risk management, financial planning, investment management and your family needs. What remains constant is your desire to be successful and to share your success with those closest to you. So, what is on your mind? One of the most common questions that business owners have, is “Who can help me with these transitions?” At BMO we can help you address this question and achieve your financial goals.

The Value of a Business Plan

Whether you’re a new start-up business or a mature company looking to meet annual growth targets, a business plan can be an effective tool to meet your goals and achieve success. A key benefit of business planning is the ability to create a united team, focused on a specific direction set for the company.

Holding Investments inside a Company – Taxes upon Death

In the absence of planning, when an individual passes away owning shares of a private company, they could be exposed to double or triple taxation.

5 Mistakes in Selling a Business

Selling their company is usually the largest and most challenging financial transaction of a business owner’s life. For most owners, selling a business only happens once and selling the business represents the culmination of their life’s work. Often the business bares their name and holds a place in their heart right next to the kids. For these reasons, selling the business is not just a technically challenging process, it’s also emotionally complex.

5 Common Challenges for a Family Enterprise

Statistics show that family enterprise is the most common form of business ownership in the world. In Europe and Asia, some businesses have been family owned for 10+ generations, or several hundred years. In Canada, it is estimated that some 60% of the GDP is driven by family enterprises that employ more than 6 million people. Ironically research on family business has only gained significant traction over the past 50 years.

Do you have a succession plan for your business?

A succession plan would detail the business owner’s desires with respect to the management of the business and the disposition of their shares. This is very important because business owners devote a significant amount of time, energy and, in most cases, their own money to building their business. If you’re contemplating a sale to a third party or a transition to family or employees, setting goals, having a vision and developing a formalized business succession plan are critical for success.

A Time To Sell: Preparing Your Business For A Potential Sale

As a business owner, the decision of when to sell your business must be carefully planned, and included as part of a long-term succession planning strategy. Planning for the sale well in advance allows you to prepare your business to ensure you’re in a position of strength to negotiate and maximize the proceeds of the sale.

COVID-19 Update

Update on Canada’s COVID-19 Economic Response Plan

Summary of Federal Fiscal and Tax Measures to Support Canadians and Businesses

Beware of the Parallels Between Today and the Great Depression

May 4, 2020: There is an interesting paradox occurring today where the current economic and market environment is described as ‘unprecedented,’ yet there are consistent parallels drawn between the present circumstances and the Great Depression of the early twentieth century.

Five Best Practices for Business Owners During Uncertain Times

April 30, 2020: The COVID-19 crisis has created an uncertain time for business owners, regardless of the industry in which they operate. Given these challenging times, the BMO Business Advisory and Transition Planning team has outlined five best practices to help business owners focus and manage their business effectively.

Other

Wealth Insights Magazine

The Wealth Insights Magazine highlights several topics, strategies, and solutions for the owner to consider when balancing personal wealth management with the needs of their business venture.

Summer Reading List

Summer is an ideal time to get wrapped up in a good story. With so many great books out there, we’re providing you with some recommendations from across BMO Private Wealth that may deserve a spot on your summer reading list.

Tax Planning Strategies

Separation, Divorce and Your Financial Plan

Separation, Divorce and Your Financial Plan outlines the financial and tax implications of a breakdown in a relationship for issues relating to both married and unmarried (i.e., “common-law”) spouses.

Tax Tips For Investors

Knowing how the tax rules affect your investments is essential. Tax strategies that you should consider such as income splitting, charitable giving and estate planning.

Tax Slips Overview

In an effort to help simplify your tax preparation efforts, we are providing you with a brief overview of the various tax slips and supporting documents you may receive from BMO, and their expected mailing dates.

Canadian Snowbirds and U.S. Income Tax

Although Canadian snowbirds reside in the U.S. for only a part of the year, there is the potential of being considered a U.S. resident and, in turn, having to pay U.S. income tax on the same basis as a permanent U.S. resident. This article outlines how the U.S. government determines whether you are a resident for income tax purposes; namely, it covers the criteria for meeting the Substantial Presence Test, Closer Connection Exception and the Canada U.S. Income Tax Treaty Tie-Breaker Rules.

Managing Your Wealth

Having Meaningful Money Conversations With Your Partner

Communication is essential in any relationship, and that includes being able to talk about money. In a BMO Financial Group study,1 Canadians cited conflicts over finances (68 per cent) as the primary reason why a couple might divorce; ahead of infidelity (60 per cent) and disagreements about family (36 per cent). Money has the potential to be a source of tension and conflict for any couple, regardless of their net worth. This article provides some suggestions to help you and your partner have more meaningful discussions around money,

Wealth Planning Facts & Figures

This is a helpful resource summarizing important tax, retirement and estate planning information.

Financial Resolutions for 2022

As you consider your financial priorities for the coming year, here are some financial resolutions that could help you save taxes, protect your portfolio, and position you for financial success in 2022.

Generation Why!

Take notice of millennials – they’re devoted, educated, and focused to succeed.

Starting Your New Life And Dealing With Money As A Duo

Couples in new relationships often spend hours talking – sharing stories from their childhood, funny anecdotes, as well as their future goals and aspirations. However, until a couple has had an open and honest discussion about money, they don’t completely know each other.

Estate & Succession Planning

Planning for the Family Vacation Property

If you own a vacation property, this provides information on the tax consequences of selling a second home and highlights important estate planning considerations, if your plan is to keep your vacation property in the family for the next generation.

Preparing Your Last Will and Testament

The attached article – Preparing Your Last Will and Testament – explains various aspects of Will preparation including, the importance of appointing an appropriate executor, life events that warrant a Will review and the use of testamentary trusts.

Different Ownership Structures for Real Estate Investment Property

Investing in real estate has always been a popular investment strategy for building wealth, particularly in active housing markets and big cities like Toronto, Vancouver and Montreal. No matter where you choose to invest, the decision to purchase real estate should be reviewed with your tax and legal advisors to understand the tax and legal issues applicable to your particular circumstances, and to determine whether it is a suitable option for your situation.

Passing it on?

Expectation versus reality for leaving and receiving an inheritance.

Engaging the next generation

Are they prepared? Children and grandchildren need to get ready for their roles as inheritors.

“Stress Testing” Your Estate Plan in a Time of Crisis

April 30, 2020: A crisis can be a catalyst for action if you don’t have an estate plan – or even a Will. Here is a checklist to help ensure your estate plan is up to date, reflects your current wishes, and continues to align to your goals.

Economic and Market Updates

2021 Market Outlook - BMO Private Wealth

2021 Market Outlook – The Continuation of the Roaring Twenties Recovery, Rotation and Reflation

Talking Points

Talking Points is a weekly market commentary written by Douglas Porter, Chief Economist and Managing Director at BMO Capital Markets.

The Goods

A Monthly Commodity Watch-Tracks BMO Capital Market's Commodity Price Index and provides commentary and forecasts.

Focus

Focus is a weekly financial digest.

IN Tune Podcast

IN Tune is a podcast series featuring Equity Research analysts from BMO Capital Markets.We explore key emerging themes and trends to help you manage your wealth with confidence.

Wealth Experience Podcast

Tune into The Wealth Experience podcast channel for an exclusive BMO Wealth Management Podcast.

Current News / Affairs

Decoding Responsible Investing

At BMO Private Wealth, we believe that supporting our clients with their increasing focus on sustainability is a great demonstration of a truth that underpins our purpose: Boldly Grow the Good in business and life. We have a proud legacy of innovation and collaboration through the integration of environmental, social and governance ("ESG") issues into our investment processes, while ensuring that investment decisions are always made in the best interests of our clients. Supporting these decisions is a belief that incorporating a range of responsible investment techniques can have a meaningful impact on the creation of long-term investor value.

Education and Knowledge

Networth Newsletter

A quarterly publication written by BMO Subject Matter Experts on a variety of timely and relevant wealth management topics.

Registered Retirement Savings Plans

Investing in a Registered Retirement Savings Plan (“RRSP”) is one of the soundest ways to ensure you enjoy a financially secure retirement. In order to maximize the benefits of an RRSP, it’s important to have a basic understanding of the rules that govern them.

BMO Experts Share Their Most Important Investment Lessons

Whether you’re a seasoned professional or just starting out, many investors agree that they’ve made a few mistakes along the way. In the attached article we asked four BMO Financial Group experts to share the most important lessons they’ve learned during their careers as investment professionals. The lessons learned, some which may be familiar to you, provide insight and best practices to consider when investing and managing your portfolio.