As an Independent Mortgage Specialist with Mortgage Alliance Enrich Mortgage Group and a Legacy Certified Financial Life Planner in Calgary, Keith Uthe’s daily objective is to fulfill his personal life vision: ‘Everyone Shall Live a Life of abundance’. H...
As an Independent Mortgage Specialist with Mortgage Alliance Enrich Mortgage Group and a Legacy Certified Financial Life Planner in Calgary, Keith Uthe’s daily objective is to fulfill his personal life vision: ‘Everyone Shall Live a Life of abundance’. His goal in every conversation that he has is to impact that person’s life to help him towards a life of abundance. His experience, training, and knowledge as a Real Estate Investor, Certified Real Estate Investment Adviser, and Mortgage Associate all play a part in what he gives to those he works with.
In this episode, Keith talks about how the Smith Manouever gives you an advantage of tax savings. While you gain income from investments you have, you can also use as a tax credit the interest you pay for your mortgage. At the same time, if you want to build a fund for your retirement, this is also the best way to accelerate it.
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What you’ll learn in just 17 minutes from today’s episode:
Resources/Links:
Topics Covered:
Key Takeaways:
“One first key thing in Smith Manouever is, you need to use a readvanceable mortgage product.” – Keith Uthe
“The second key thing is, you have to have at least 20% equity in your home to be able to get the readvanceable mortgage setup.” – Keith Uthe
“The third key thing you have to consider is that the funds that you would take from your pay down of your mortgage to invest have to be invested into non-registered investments.” – Keith Uthe
“The advantage of converting your mortgage, and being able then to deduct the interest on your mortgage against your income, that’s where the rubber hits the road, you start to see those big gains.” – Keith Uthe
“It does take diligence, and it does take the responsibility, but the tax savings are huge.” – Keith Uthe
“The initial setup does take some guidance. But, that’s why we’re working with a Smith Maneouver Certified Professional, as a mortgage broker, as an accountant, as a financial planner, as those are important things. You want everybody that understands what the objective is, and all work together in the same sandbox to achieve the result to the client.” – Keith Uthe
“If they’re currently trying to do something to build a retirement fund for their future, Smith maneuver is a way for them to be able to help accelerate that.” – Keith Uthe
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