In this episode of the Canadian Retirement Roadmap, Patrick Briscoe, a Financial Planner and Certified Executor Advisor, explores the potential risks and complications of adding joint owners to your property, investments, or bank accounts.

While it might seem like an easy way to avoid probate fees and simplify estate administration, this move can lead to legal, tax, and family conflicts.

Patrick discusses the motivations behind this common practice, real-world risks including legal exposure, loss of control, tax implications, family conflicts, and the loss of principal residence exemption.

He also offers alternative strategies for simplifying estate planning without incurring additional risks.

Tune in to learn how to protect your family's financial future while keeping things simple and secure.

Timestamps: 00:00 Introduction to the Canadian Retirement Roadmap 00:22 The Risks of Adding Kids as Joint Owners 02:38 Understanding Legal Exposure and Intent 04:43 Loss of Control Over Assets 05:55 Tax Implications of Joint Ownership 07:45 Family Conflict and Joint Ownership 08:54 Principal Residence Exemption Issues 10:56 Government Benefits and Estate Planning 12:32 Alternatives to Joint Ownership 15:43 Conclusion and Final Thoughts

👍 Don’t miss future episodes of The Canadian Retirement Roadmap Podcast! Explore past episodes + free resources → https://bayswaterwealth.ca/podcast

🌐 Website: https://bayswaterwealth.ca 💼 LinkedIn: https://www.linkedin.com/in/patrick-briscoe/ 📸 Instagram: https://www.instagram.com/bayswaterwealth/

📞 Want to connect? Book a free 15-minute introductory call (phone or video) → https://bayswaterbookings.ca/prospective-step-1/

⚠️ Disclaimer: The information shared in this video is for educational purposes only and is not tailored financial advice. Every individual’s situation is unique — please consult with a qualified financial planner before making decisions about your personal finances.

In this episode of the Canadian Retirement Roadmap, host Patrick Briscoe discusses the delicate balance between helping your kids financially and securing your own retirement.

The episode introduces the 'emotional paradox of generosity,' explaining how a well-intentioned gift can lead to future financial shortfalls.

Key financial concepts such as the Rule of 72 are explained to illustrate how money doubles over time and the true cost of present-day gifts.

Through a real-life example, Jane Smith's financial planning scenario demonstrates the long-term impact of a $50,000 gift.

Patrick advises on running numbers, asking the right questions, and integrating gifts into your retirement plan to ensure both your and your children's futures remain secure.

Download the free guide on retirement gifting and opportunity cost at BayswaterWealth.ca/podcast to further understand the impact of financial generosity.

Follow and share to help others give with confidence.

00:00 Introduction to the Canadian Retirement Roadmap 01:01 The Emotional Paradox of Generosity 02:02 Understanding the Rule of 72 03:53 Case Study: Jane Smith's Financial Plan 08:25 Steps to Give Without Regret 09:51 Conclusion and Resources

👍 Don’t miss future episodes of The Canadian Retirement Roadmap Podcast! Subscribe here on YouTube and explore past episodes + free resources → www.bayswaterwealth.ca/podcast

🌐 Website: www.bayswaterwealth.ca 💼 LinkedIn: https://www.linkedin.com/in/patrick-briscoe/ 📸 Instagram: https://www.instagram.com/bayswaterwealth/

📞 Want to connect? Book a free 15-minute introductory call (phone or video) → https://bayswaterbookings.ca/prospective-step-1/

⚠️ Disclaimer: The information shared in this video is for educational purposes only and is not tailored financial advice. Every individual’s situation is unique — please consult with a qualified financial planner before making decisions about your personal finances.

In this episode of The Canadian Retirement Roadmap Podcast, Patrick sits down with Carl Richards — CFP®, bestselling author, and creator of the long-running Sketch Guy column in The New York Times.

Carl’s new book, Your Money: Reimagining Wealth in Simple Sketches, explores our relationship with money in ways that are thought-provoking, emotional, and refreshingly human.

Together, Patrick and Carl dive into several sketches from the new book, discussing:

✅ Why money = feelings

✅ The true meaning of real financial planning

✅ Why boring investments often outperform

✅ Why sometimes, you just need to spend the money

✅ How to live an “alpine style life” with less stuff and more meaning

✅ And how to embrace the reality that things change

💡 Giveaway: Want a chance to win a copy of Carl’s new book? Enter here → www.bayswaterwealth.ca/podcast

📖 Get Carl’s book on Amazon: https://a.co/d/hV9EoyP

Chapters: 00:00 Introduction and Guest Welcome 02:28 Carl Richards' Background and New Book 06:08 The Emotional Side of Money 08:57 Real Financial Planning 13:34 Investment Discipline and Practical Advice 17:56 The Purpose of Money 18:37 Spending Money for Happiness 21:16 Financial Planning and Spending 22:36 Portfolio Management Insights 25:47 The Alpine Style Life 28:56 Embracing Change 33:03 Final Thoughts and Reflections

👍 Don’t miss future episodes of The Canadian Retirement Roadmap Podcast! Subscribe here on YouTube and explore past episodes + free resources → www.bayswaterwealth.ca/podcast

🌐 Website: www.bayswaterwealth.ca

💼 LinkedIn: https://www.linkedin.com/in/patrick-briscoe/

📸 Instagram: https://www.instagram.com/bayswaterwealth/

📞 Want to connect? Book a free 15-minute introductory call (phone or video) → https://bayswaterbookings.ca/prospective-step-1/

📲 Connect with Carl: LinkedIn: https://www.linkedin.com/in/thinkingcarl/ X: https://x.com/behaviorgap Instagram: https://instagram.com/behaviorgap YouTube: @behaviorgap

⚠️ Disclaimer: The information shared in this video is for educational purposes only and is not tailored financial advice. Every individual’s situation is unique — please consult with a qualified financial planner before making decisions about your personal finances.