Tax-saving strategies for making the most of your charitable gifts

EPISODE SUMMARY

Jordan Arndt takes the lead in this episode to discuss some unique ways that you can give to charity to maximize your tax savings and maximize your charitable gifts.  If you have questions for Jordan, please feel free to email him at Jordan@ennsbaxter.com

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TOPICS IN THIS EPISODE
1.  Donating stocks, mutual funds or ETFs
2.  Donor-advised funds and why they could be a better option than a personal foundation
3.  Making gifts of life insurance 

OTHER EPISODES

7. Tax Basics and “The Next Bracket” Myth 

14. How to File Your Taxes in 2021 Featuring Luke Hergott, CPA

41. Reduce Your Taxes with Deductions and Credits

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Transcript

Evan Neufeld: Hello, and welcome back to the Canadian Money Roadmap podcast. I'm your host, Evan Neufeld. Today, I'm joined by my partner, Jordan Arndt and we are going to be talking about charitable giving. A basic overview, but also some more specific strategies to help maximize the value of your charitable gifts.

So for those of you listening, my colleague over on the other side of the desk here is Jordan Arndt. And Jordan, you are a financial advisor here at our office, but you also have a unique designation, the master financial advisor in philanthropy. So today you're going to show your stuff. We're going to talk about charitable giving in a bit more of a granular way and look at some ways that folks can increase the value of their financial giving through a variety of different means and methods. If you've never made a charitable donation before, please listen to this podcast, you might learn a lot of things new. And if you have made a charitable gift before I can guarantee that this would be valuable for you so you can understand some of the other ways that charitable giving can work to your advantage and to the charities advantage long-term. So, anyways, Jordan, we're going to let you carry the ball here through this episode, but thanks so much for joining me on this.

Jordan Arndt: Yeah. Excited to be here. This is a fun topic, it's something I love talking about. It's exciting to think about how we can take our charitable dollars and maybe even find ways to make them go a little bit further. So I'm excited to dig into this here. 

Evan Neufeld: Wonderful, let's set the stage a little bit for the charitable giving conversation.  Talk to me a little bit about what that is in Canada here. 

Jordan Arndt: Charitable giving it's actually a large sector that maybe people don't even realize. So, we'll just throw a couple of numbers at you here. About 8% of Canadian GDP comes from the charitable and non-profit sector.  It employs about 2 million Canadians and over 13 million Canadians volunteer. Quite a few people, you probably know someone volunteering or involved. There's over 80,000 registered charities in Canada. So lots of them, really the majority are small and local and close to home. But of course there's some larger ones that we've all heard of.

Evan Neufeld: So when you look around, you think you might see material from Red Cross and things like that. Food Bank, like the really obvious ones, but there's also a lot of charities that are close to the things that you know, and love too. Animal shelters, things for specific health concerns, but also supporting people in various situations, single mothers, people with addiction and all sorts of other things that might be highly relatable to your circumstances or someone that you know and love.

Jordan Arndt: Absolutely and even larger organizations like the Food Bank, for example, they will have a local chapter in your community, city or town. So there will be quite a local presence and impact by these charities. 

Evan Neufeld: Awesome. So the general idea here is that we understand that giving money away to organizations that we believe in that's generally for the greater good and you know, that's a non-selfish endeavor.  But on maybe selfish is a, is a bad way to do it here, but the government also understands that there is some value in people making those donations themselves. And so as a result, they provide a tax credit for that. Can you give me a basic overview? I know every province is slightly different, so we can't really do too specific.

Jordan Arndt:Yeah. We won't go into necessarily exact numbers here, but yeah, the Canadian government has set up quite generous incentives to give specifically to registered charities. So that's one thing that's key there, it has to be given to a registered charity. It can't be non-registered, it can't be something like GoFund me, crowdfunding sites like that.  Those don't count or won't be eligible for a credit. 

Evan Neufeld: It might be good to do, but you won't get the credit, 

Jordan Arndt: Correct. That's a different conversation of if it still supports what you want to support for sure. But just be aware that it will not generate a tax credit.  But like you said, there's two components to the tax credit.  It's Provincial and Federal. Very dependent on what province you live in, they're non-refundable tax credits. So basically they will reduce the taxes that you owe at the end of the year, assuming there are taxes there to reduce in the first place. There's also limits on how much of the income you can claim, I guess, or the tax credit can be claimed against.  So it's limited to 75% of income while you're alive and the year of your death, that increases to a hundred percent of your income. 

Evan Neufeld: I think we'll get into that one a little bit more too. Yeah. If you're wanting a little bit more information about more tax credits and deductions and things like that, you can go back and listen to my episode with Luke Hergot in that regard, we just recorded that earlier this year.

So this episode beyond that, let's kind of get beyond just the specifics of giving away money can actually give you a tax break. What are some of the things that you're looking for on your end for things that are maybe lesser known to people 

Jordan Arndt: Yeah. So a common way to give is cash. Either you give your credit card number, that's just a cash donation or perhaps you you're asked to give also typically just a cash donation. But there are actually a couple of alternatives, relatively common and alternatives that can be applied to lots of people that actually help to make our charitable dollars go a little bit further. We're getting those ready here, but those can include donating parts of your investment portfolio, we'll refer to those as securities. Using donor advised funds, which is like a private foundation and even maybe life insurance, which you know, lots of you will have or something that you've thought about, but we'll get into those specifics here right away.

Before we go too far here. I just want to stop too and pause it just a little bit and just say that, you know, we're going to talk about tax credits here and economic benefits and kind of some hard values and numbers and, and some of those reasons why these alternatives perhaps have benefits.  But charitable giving is a very soft subject, I guess, for lack of a better word. You're going to have your reasons why you might give, perhaps it's your family values and the way you were raised, perhaps it's compassion for others, perhaps it's your personal belief in a cause, or you're personally affected by whatever the charity supports or someone close to you is affected.  Tax credits, of course , is a valid reason to give. Perhaps it's religious affiliations and there's affiliations there that make you want to want to give. And so everyone's going to have different reasons there, and that's not something we can answer for you. That is something you will have to figure out. But I just want to make sure we touch on that and not make charitable giving too much of a nuts and bolts numbers thing, because the impact that the local charity has is as beautiful and huge and it creates a lot of good in your community. And so, I want to make sure we at least touch on that.  It's more than tax credits. 

Evan Neufeld: Yeah, exactly. And even going back to the tax credit side of things, you have to want to give for more than just the reason of getting a tax credit because you'll never get all of your money back. There's no free. You always have to be out of pocket something here.

So there is a little bit of a tax benefit of course, but the point of charitable giving is that you want your money to do something beyond “make the pile bigger”. Let's get into some of the common alternatives. You mentioned donations of securities, and we see that a little bit in our world here as advisors and planners. Talk to me about that a little bit.

Jordan Arndt: Yeah. So in this case, this would be donating securities in kind. So let's break that down a bit. The securities themselves have to be publicly listed. So stocks, bonds, mutual funds. These could be your shares of RBC or apple individual stock holdings. It also could be your mutual fund units that perhaps you have with your advisor or that you own individually.

The second part of that is they have to be transferred in kind, and this is really important. You can't cash it out and then donate the cash proceeds to charity. In kind means direct transfer. So the charity that, you know, might have a broker that they can accept donations of securities in kind like that, or there's intermediaries that can facilitate that transaction for a relatively small fee. 

Evan Neufeld: You can do a Google search for that one, just to find an intermediary. There's a few that are quite common and will show up at the top of that Google search, but donating securities in kind, most of them will be able to facilitate transfers to smaller charities that don't necessarily have brokerages or anything like that.

But if you're looking at say the red cross. Those internationally recognized charities. They would often have a direct means of doing that as well. So gift in kind there essentially means if you have 10 shares of let's call it TD. You give them your 10 shares of TD and then they sell it on their end.  So you're not selling it first, writing a check. This is a process that transfers it directly to the charity. 

Jordan Arndt: That's right. And so just using the TD example, let's say those 10 shares are worth a hundred dollars. Of course, there'll be some small fees, we'll not necessarily consider that here, but if you donate those 10 shares, the charity will receive that hundred dollars.  There's no other discounting, I guess, of what they receive. 

Evan Neufeld: Okay. So why do we want to do it? 

Jordan Arndt: Yeah. Why is this better than donating cash? So this is really applicable if you have securities in a non-registered account, this is not your, TFSA and not your RRSP or registered plans, and there is a capital gain there or an SNC. If your securities have appreciated in value, you bought them for one thing and they're now worth more than that. There's tax that you owe there on that at some point those securities will need to be redeemed whether its during your life or upon your death.  And at that time there will be capital gains tax that is owing. When we donate the securities directly in kind again, that's very important, there is no inclusion of the capital gain. We call that 0% inclusion of capital gain. So essentially, rather than having securities that you need to sell, pay tax and then donate cash with the net remainder amount.

You get to donate the full value of the security. The capital gain is not included and your receipt, your tax credit receipt is for the full amount. So it's kind of a double win that the charity probably gets a little bit more assuming this is where you're funding your donations from and your receipt is for a little bit more because you haven't had to first pay the tax on that.

Evan Neufeld: So your tax bill is just significantly less. Well, I'm going to call it zero. Your tax bill on that donation is zero. Well actually, it's going to be net positive because you get the credit for the full amount.

Jordan Arndt: That's right. So now your receipt is for the higher amount. Which then you can use to offset income from other sources.

Evan Neufeld: Wow. Okay. So this is really, really significant for people who have been investing for a long time. I'm going to say specifically for people that were investing long before TFSA’s existed, because at that time, generally the only places you could really invest were RRSPs and then a non-registered account.

So if you maxed out your RRSP or it didn't make sense to use an RRSP, I am going to go out on a limb and say that you have non-registered investments. As a result, TFSA’s have been around for quite a while here since 2009, and so people who had non-registered investments before that they've probably appreciated in value, like crazy.  We see it all the time. And so as someone gets older and we're trying to rebalance their portfolios, they probably have really concentrated amounts of equities. These are stocks or stock mutual funds. That have appreciated in value and there'll be significant capital gains tax to pay, to rebalance those accounts.

So in this case, we could donate some of those mutual funds, ETFs, stocks directly, and we just get rid of the tax problem entirely. 

Jordan Arndt: Yep. That's really well summarized. It's really interesting. One thing that's also interesting, and this is going to apply to less probably of those of you that are listening here, but if you have a corporation and you have money invested in a corporation again in a non-registered account with appreciated security, some of that same criteria, if you make the donation from there, in addition to all the benefits that we've already talked about, The donation also credits the capital dividend account or CDA, again not to get too technical with this, but essentially that allows you to pay out a tax-free dividend to the shareholders.  So there's a really a third benefit that comes if this donation mechanism arises from within a corporation. 

Evan Neufeld: Yeah. It's a little bit of a different mechanism because within the corporation you get a deduction instead of the credit. But at the end of the day, it's not too different necessarily, but then when the donation is made, the CDA credit benefits the individual shareholder at the end of the day, too. So there is a tax benefit to the company, but also a benefit to the shareholders as well. 

Jordan Arndt: Absolutely. And the amount of credits the CDA, I guess, is the it's the portion of the non-taxable portion of the capital gain. Now, like we talked about by donating securities in kind wipes out the taxable portion of the capital gain. So actually the amount credit, the CDA again is even more, it's a little bit hard to maybe get your head around, but I guess just understand that there's some significant benefits to corporations. There's some significant tax benefits to implementing this strategy and with the corporation, if you have the opportunity to do this as well, there's that third significant benefit that allow you to pay tax free dividends to your shareholders?

Evan Neufeld: So for people thinking of doing this, if you have a non-registered, sometimes it's called an open or even a cash account. If you have investments in a non-registered open cash account, then take a look and see what your capital gain situation is. If you have a meaningful gain there, this might be a good option for you.

If you work with an accountant, a financial planner, please talk to them before initiating large gifts of securities. These things can get a little bit complicated. So people, the professionals in your life that know your situation, please reach out to them first before doing this.

Okay. So that ones great. We've got other ones to talk about here. So let's keep her going, a donor-advised fund. You mentioned that one is kind of like a private foundation. What is that about?

Jordan Arndt: So this one's really interesting. So this is like a private foundation in the sense that you can put money into this fund and then distributed it over time.

However, it's handled by someone else. Someone deals with the government, someone else deals with the administration. So really it's like that private foundation but without any of the work plus, depending on if privacy is a concern for you, the donor advised fund is anonymous. Where if you have a private foundation, your information is publicly available. Really to set up the donor advised fund, you simply set it up and make a donation, it can be cash and it can also be securities in kind, which is very interesting. Then you distributed those assets over time. So simple example, let's say you put a thousand dollars into a donor advised fund. There is a minimum that you have to grant out to charity every year. The money that's left in the fund can be invested, so it can continue to grow over time with that minimum amount then that needs to be continued to be distributed out. You can either do those distributions or grants anonymously, but you can also give it a name so you could call it the Smith family charitable account or something where if you want there to be your name tied to it, or a bit of a legacy, you have the ability to absolutely do that. 

Evan Neufeld: Okay. So this one is kind of cool. So the value of a foundation is essentially the idea that you want to have a pool of money that just exists to grow and give more money away over time. Would that be fair?

Jordan Arndt: Yeah, I think that's fair. Once you make the donation to this donor advice fund, think of it like a foundation, it's no longer yours.  You can't say, ah, I'd like to take it back and take it back out. Really the only control you have over it at that point is where you distribute the assets to, or how you make the grants to charity. 

Evan Neufeld: So a foundation is really expensive. Like people might want to have their own foundation. You need to have a separate corporate entity, you need to have a board of directors, you have to have the capacity to issue receipts and filings. It's a lot. So if you're donating less than a million bucks 

Jordan Arndt: I've heard even higher as a rule of thumb almost closer to 5 million, maybe it can kind of make sense. The basic principle is it's not going to apply to most of us

Evan Neufeld:. So donor advised funds can be a way to have very, very similar benefits for much lower cost. So again, the idea that think of it like a charitable giving engine. So if you're okay with your charity not receiving, say you want to do a $50,000 gift, for example, if you're okay with them not receiving that 50,000 this year, but every year they get 2000 bucks every year in perpetuity whatever the case may be.  That might be a really good option. So if you have a charity that's near and dear to your heart, that you'd like to give to for as long as possible and let your investment dollars work for the charity and not just for you,  donor advise fund is a pretty cool option.

Jordan Arndt: I see two other cool kind of applications for this one is if you want to create kind of a legacy of giving within your family. So, annually, it depends how you set it up, but you can set it up where annually, Hey, contact me and ask where I would like to distribute how much and where I would like this year's grant to go.

So you can start to incorporate your family into that. If that's important to you or start to have conversations around legacy and what do we want our dollars, like you were mentioning, what do you want this to mean and work for which charities, as opposed to just myself. You can also name a, I think it's a successor basically, or the person who continues on to do the grant naming if you were to pass.

And so it's not something that if you were to pass, it's gone and it has to be distributed right away. It can continue on beyond your life. So that's one, I think, really cool aspect. As you start to think about transferring wealth, or you start to think about how do I involve my family into these bigger conversations and what's important.  Donor advise fund could be a cool way to do that.

The other time that this could be really applicable, as let's say you have a large liquidity event or something in, in a year where you're going to come into a lot of taxable income, perhaps you sell your business. That's kind of like the big one that really comes to mind, or you have a large capital gain.

Maybe you shifted portfolios and you had a large non-registered portfolio, sold the cabin. Yeah, not a primary residence. Exactly. So you have a large taxable position in a certain year. You want to give money to charity, but you maybe don't, you know, using 50,000 and it could be very well, could be more than 50,000.  Maybe you don't want that all to go to charity in this year. You know, you're attracted to some of the features that we're talking about here with the donor advised fund. Well, this would be a great way. We make the donation to the donor advised fund. When you receive the full tax credit now or in this tax year.  And so we can use that donation to offset the tax problem with a large tax problem that you have today and then distribute to charity over time. Basically, however long you really want to after that and depending on investment growth and you know, a number of factors, but anyways, the point is donation today, tax credit in this year assets then distributed over time.

Evan Neufeld: Yeah, it's really cool. Awesome strategy. And so this is much more acceptable to people, that being said, you can't do it generally for 500 bucks or anything like that. There are some minimums that you have to do, but it's all determined based on the provider, who's facilitating your donor advice fund. So there are investment firms, some of the bank brokerages but also your local community foundations. So here we have the Saskatoon community foundation. Most major cities would have a community foundation that would have access to do this for you. Talk to your advisor, talk to your community foundation, see if this is an option for you.  Again, throw it in Google, donor advised fund Toronto, you know, whatever, wherever you live and there's going to be options available for you there. Okay, next life insurance 

Jordan Arndt: Okay. So this is another interesting one. 

Evan Neufeld: But I don't get a tax credit if I'm dead.

Jordan Arndt: Well, maybe you don’t, it depends. This one's a little bit different.

There's kind of two common ways. Either you have an existing insurance policy that you have on your life that you no longer need anymore moving forward. The second way is you want to purchase a new life insurance policy and donate to charity. The tax benefits with life insurance are a little bit different. It really depends on what you're doing. If you're donating existing policy, if you're purchasing a new one. Key point though, is this is really meant for using permanent insurance. When we're thinking about making a plan gift, we know at some point we are going to die, but we don't know when that's going to be.

And so term insurance might not necessarily work, but permanent obviously, obviously will. The real benefit here is that we can take smaller amounts of dollars today. So think about your premium that you're paying on your life insurance policy and we can turn that into a potentially quite or significantly large donation upon your death, where the charity would receive the proceeds of the life insurance.

Evan Neufeld: Yeah. So when we're talking about permanent insurance, sometimes there's something called term to a hundred. Sometimes you'll see universal life. Sometimes you hear whole life. These are the types of things that we're talking about there, but as far as the tax benefit timing there, who owns the policy? What are some of the setups for how we can structure this appropriately?

Jordan Arndt: Yeah. So simply the charity, if you name the charity as the beneficiary, which is relatively common, that'd be really relatively easy as well. You know, right now the beneficiaries, maybe your spouse or your kids or your estate, the charity instead becomes a beneficiary. In that case, there's no tax benefits during your life.  However, upon death, the death benefit will go to the charity and then at that point, your estate really will receive the tax credit that they can use for some of your end of life tax problems or a situation that I guess you need to consider at that time. Right? 

Evan Neufeld: So in this case you know, if you're planning with a spouse right now, if you had a joint last to die insurance policy, you could name a charity as a partial beneficiary of your policy that would accomplish this right here. And there's a number of other ways that you can do it that way, but what about if you wanted to give your policy to a charity?

Jordan Arndt: So yeah, in that case the charity would not only be the beneficiary, they would also be the owner of the policy.  So you would actually transfer the policy to that charity. And this is where the tax benefits again, it depends a little bit, but if there's existing value of that policy, maybe there's a cash value or something in there you'll receive the fair market value at the time of transfer. Or if you continue to pay the premium payments, you will receive tax credits for the premium payments that you that you make.

But you don't, the key thing here is you don't receive when the charity gets that death benefit, upon your death, you don't receive a tax credit at, at that time. That's really the big difference here. Right? 

Evan Neufeld: Okay. If you're planning on doing life insurance, who do you start talking to? Yeah, this sounds a little bit more complicated.

Jordan Arndt: Yeah. This is a big one and most likely the dollars are also quite larger, big just with the fact that that's really the point to this as we'll take smaller dollars today and leverage that into a much larger donation in the future. You're going to want to think about this one, like certainly consult your advisors, consult your financial advisor, consult your insurance advisor, your accountant, your lawyer.

This is something that could be put into the will as well, just to make sure that all the I's are dotted and T's are crossed. The other thing is talk to your charity. If you're naming a charity, we want to make sure that they are here 10, 20, 30, 40 years down the road, or whenever this actually will end up happening.

So you’ll want to bring the charity, I think, into this conversation sooner, rather than later, 

Evan Neufeld: So, because there's a lot of planning that happens for charities in terms of fundraising and whatnot talk to the fundraising professional there, or the director of the charity or whomever facilitates that conversation.  They would love to know that you're thinking of them. So anyways, life insurance is one of those ways that you can really leverage your cash today and the things that you already own for a greater benefit and even a tax benefit for yourself later on in life. So maybe before I kind of caught myself here, you mentioned it tax in addition the ability to use these tax credits upon death. So life insurance is obviously where that comes in. 

Jordan Arndt: So maybe upon death, maybe you have a large registered portfolio. 

Evan Neufeld: RRSP’s, LIRAs

Jordan Arndt: Maybe you have this secondary residence where upon your death, there's no spousal rollover or anything that you can take advantage of? At some point, the tax man I guess comes too. You know, we can't kick the can forever down the road necessarily. And so again, perhaps your portfolio is large enough where there is significant assets there with gains that will have a significant estate liability really upon your death or upon the last death that maybe you and your spouse, for example. Again, everyone's situation needs to be looked at specifically, but using life insurance in that way, where you generate the tax credit upon your death would be one way to offset a large tax bill or that your estate needs to take care of.

Evan Neufeld: Okay. We've talked about life insurance, using a donor advised fund and donating securities in kind, these are some methods for giving. What are some less common ones? Maybe just run through the list here. So peoples interests can be peaked.

Jordan Arndt: Let's just hit you with this quick. These ones aren't going to come up as often, but I guess know that you can do it.  You can donate your registered assets, so your RRSP, your RRIF, your TFSA even, you can donate that to charity. Some small benefits here is it avoids probate here potentially. It will pass quicker to charity, as opposed to having to go through your estate. You still get the income. It's still attributed to the donor upon death, but then you receive the tax credit, so that's offset. Donating stock options. Perhaps you work for a publicly traded company and you receive stock options as part of your compensation, those can be donated directly. Donating private shares of companies. I don't think this is going to come up very often, but it is a possibility.  Donating real estate, again, you could donate your cabin or land that you own somewhere or whatever real estate property that you have. And lastly, we'll just mention donating valuable property. So perhaps you have art or valuable vintage car or something that has some significant value, that can be donated.  You'll need an appraisal, and you'll have to figure out what the fair market value is of that at the time of donation. It's an option. 

Evan Neufeld: Yeah. Even things like cultural property too. So, you know, like an indigenous artwork or something like that to a local museum that specializes in that or whatever the case may be. So those are some of the how you can give, but part of the charitable strategy that if you're trying to make larger gifts or be more efficient with them, you want to think about when you want to give to, right. 

Jordan Arndt: Yeah with the when is a large part of how do I navigate these If if you're thinking about a planned gift or something that you want to be strategic with and less reactionary. When you want that to go to charity and when you want the tax credit is a, is a big part of this. So do you want to see the benefits of the gift during your life? Or are you okay with that after your death? Do you need the tax credit during your life to offset income today? Or do you have a large estate liability that you want to help offset?

Yeah. You think about life insurance, like we talked about, there can, depending how you do it can generate benefits today, but it can also generate the tax credit at death. And of course, the dollar values that the charity receives will be larger at death. So you're not going to see the impact, I guess, of those dollars during your life.  So think about how much control you want over that and what you'd like to see both during your life and after. 

Evan Neufeld: So when it comes to charitable giving, unless you're doing $2,500 or $200  to UNICEF, or whoever knocks on the door, looking for a check around Christmas time, I think there's a ton of value in being proactive with your charitable giving strategy.But it's important to follow a process.

Jordan Arndt: Yeah, absolutely. I think having a process, like you mentioned, what do you want to give, when do you want to give it, and then how do you want to give it? It is important to consider.  Maybe these strategies sound cool, but it's like, I don't have a use for this today.  That's okay. I guess, keep these kinds of back pocket and thinking about for the future, because 10, 20, 30, 40 years down the road, maybe you are in a position where,  these are something that you can utilize. So just know that I guess there are options out there and talk to your advisors about it whoever those may be.

 I think just to wrap it up,  just like a good financial plan, we can take a strategic approach to giving and thinking about your entire life and your entire financial picture.

I do want to emphasize this isn't to take the emotion out of it. Charity again, there is an emotional aspect to it, but it helps us live out our values and make sure our dollars are working as hard as possible and being as efficient as they can when we are donating. So consider, do you have a vision for your giving? What causes or charities are most important to you? What do you hope to achieve with your giving? Do you want to involve your family? There's a number of questions you can kind of ask and work through that. That's about all I have. 

Evan Neufeld: So if you work with a financial planner that knows your situation and you're charitably inclined, think about how these options could benefit you and also more importantly, the charities that you want to support. So, Jordan thanks so much for providing your expertise in this topic.  If people want to get a hold of you, I'll put your email address in the show notes here. That's perfect. And they can reach out to you for any clarification, questions or anything like that. But thanks again to you who are listening today. We really appreciate it. If you have the time to follow on the podcast player of your choice, that would be awesome.

Or if you find yourself on apple, if you want to leave a rating or review, if you found this interesting, that'd be great. But thanks again for listening and we'll catch you on the next one.

 Thanks for listening to this episode of the Canadian Money Roadmap podcast. Any rates of return or investments discussed are historical or hypothetical and are intended to be used for educational purposes only. You should always consult with your financial, legal, and tax advisors before making changes to your financial plan. Evan Neufeld is a Certified Financial Planner and registered investment fund advisor.  Mutual funds and ETFs are provided by Sterling Mutuals Inc.