Financial Wisdom

July 2025

Book a Meeting

9 Common Ways Canadians Erode Their Wealth

Managing money isn’t always glamorous, but small missteps can quietly chip away at your nest egg. Avoid these nine wealth-killers, ranked from "minor leak" to "financial sinkhole."

9. Chasing Loyalty Points - We all love a deal, but loading up on loyalty points by spending more than you planned is a losing game. If you spend $5,000 just to earn "free” rewards, you’ve negated any benefit–and if you carry a balance, interest charges...

Read More

Life Insurance: What You Need to Know

When it comes to life insurance, the name is a little misleading–it’s not really for your benefit. It’s there to protect the people you care about most if something happens to you. In a way, it’s more of a "loved ones’ lifestyle protection plan."

One of the first things to understand is that you don’t buy life insurance with money–you buy it with your health. If you become seriously ill, you may not qualify, no matter how much you’re willing to pay. So, waiting too long...

Read More
Print PDF

Tax Efficient RRSP Withdrawal Strategies

Many Canadians diligently contribute to their Registered Retirement Savings Plans (RRSPs) throughout their working years, aiming for a comfortable retirement. However, when it comes to withdrawing these funds, the strategy isn’t always straightforward. For some, tapping into their RRSPs earlier than traditional retirement age can offer significant tax benefits and financial flexibility.

Why Consider Early RRSP Withdrawals? - The conventional wisdom suggests deferring RRSP withdrawals to delay taxes as long as possible. Yet, this approach might not be optimal for everyone. Withdrawing funds during years when you’re in a lower tax bracket can reduce your overall tax burden. This strategy, sometimes referred to as an "RRSP meltdown," involves strategically...

Read More
Print PDF
What We Do
 
 
 
Online Resources

Happiness often sneaks in through a door you didn’t know you left open.

John Barrymore

Shafik Hirani provides investment advice and securities/products through Aligned Capital Partners Inc. (ACPI). Shafik Hirani is a member of ACPI, a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). Shafik Hirani provides financial planning services and is licensed for the sale of life insurance products and investment products. Shafik Hirani is registered through separate organizations for each purpose and as such, you may be dealing with more than one entity depending on the products purchased. Shafik Hirani will provide the name of the entity being represented when insurance/financial planning business is conducted. The sale of insurance/planning products is not the business of or under the supervision of ACPI, and ACPI will not be liable or responsible for such activities. All non-securities related business offered by Shafik Hirani's Private Wealth Management Practice is not covered by the Canadian Investor Protection Fund (CIPF). Non-securities related business includes, without limitation, advising in or selling any type of insurance product, advising in or selling any type of mortgage service, estate and tax planning or tax return preparation.

Shafik Hirani's Private Wealth Management Practice
#601 - 110 9th Ave SW, Calgary, AB T2P 0T1
Ph: (587) 349-2274