Build Wealth Canada Podcast

In 2026, it is estimated that nearly half of all Canadian mortgages will be up for renewal. This involves over 1 million households here in Canada. Because of the change in interest rates, some of these households could see their monthly payments jump by 15% to 20% on average—and in extreme cases, even higher. That's the bad news. The good news is that if your mortgage is coming up for renewal, the stress test requirements have likely changed since the last time you took out a mortgage years ago. You actually have more power than ever to leave your current mortgage provider if you find a better mortgage elsewhere, and this is because the stress test has been removed in certain cases. Homeowners who were previously "trapped" with their current mortgage provider can now freely move to a competitor offering a lower rate. This forces the lenders to actually compete for your business. In this episode, we're going to cover exactly how you can navigate all of these changes so you can keep more of your hard-earned money invested in your portfolio, rather than handing over an excessive amount to your mortgage provider. Specifically, we're going to cover: What Canadian mortgage holders need to know about these changes to the stress test to avoid "payment shock" and take advantage of the new switching flexibility. How to choose between a fixed-rate vs. variable-rate mortgage with everything that is going on in Canada right now, based on the latest rates. How to execute an advanced hybrid strategy using a re-advanceable mortgage if you have a lump sum of cash to invest, but are nervous about putting it all into the market at once with valuations at all-time highs. To help us dive into all of this, I invited Sean Cooper back onto the show. Sean is the resident mortgage expert for this podcast, he's the bestselling author of the book "Burn Your Mortgage," and he's a fully licensed mortgage broker. He is who I go to and send all friends, family, and listeners of the show to for any mortgage-related questions and research. Because he actually does this as a full-time job, he is up to date on all the latest mortgage rules, changes, and the best interest rates currently available here in Canada. If you have any mortgage-related questions, or if you just want to see Sean's up-to-date research on the best mortgages that he's been able to find across the dozens of lenders that he's constantly monitoring all over Canada, you can send him a message, or book a free call with him over at buildwealthcanada.ca/sean. Alright, let's get into the show!

With the new year kicking off, investing is top of mind for many of us, especially with all the new contribution room that many of us just received in our different registered accounts here in Canada (TFSA, RRSP, RESP, FHSA). Now before we decide what to invest in with our contributions this year, I thought it would be wise to look into: -What are some of the major and common mistakes that Canadian investors make when they do their own analysis on which investment to buy? -When we are looking to compare two investments, whether it's a mutual fund, or an ETF, what is the process that we should follow to make sure that we are doing appropriate and thorough due diligence? -Are we paying near the low-end vs the top-end of the spectrum when it comes to fees? What would be considered a "high" fee vs a "low" fee for the Canadian investor? -Are there other charges or fees that we should be mindful of in addition to just looking at the MER for an ETF or mutual fund? -How to properly compare investments that we are considering? We go into all that and more in this episode. Enjoy! Resources Mentioned: ETF Comparison Tool ETF Guide: What I Invest In and Why? Disclaimer: This podcast is sponsored by BMO Exchange Traded Funds. Build Wealth Canada is compensated under this arrangement by BMO ETFs. This communication is intended for information purposes only. This update has been prepared by Build Wealth Canada and represents their assessment at the time of publication. The comments contained do not necessarily represent the views of BMO Global Asset Management (BMO GAM). The views expressed by the host and the interviewee are subject to change without notice as markets change over time. The information contained herein is not, and should not be construed as, investment advice to any party. Investments should be evaluated relative to the individual's investment objectives and professional advice should be obtained with respect to any circumstance. Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds managed by BMO GAM. Any reference to a particular company is for illustrative purposes only and should not be considered as investment advice or a recommendation to buy or sell nor should it be considered as an indication of how the portfolio of any investment fund managed by BMO GAM is or will be invested. This social media network is an independent organization and is not affiliated with BMO GAM.

Today, we have a Canadian guest who has literally done over 400 interviews with different personal finance experts over the years, many of which were specifically for Canadians. Today, I pick his brain on the common conclusions, best practices, and recurring advice he's heard after interviewing so many personal finance experts. My guest, Kyle Prevost, is also part of the FIRE (financial independence, retire early) movement and was able to hit his financial independence number at a very early age. I pick his brain on what safe withdrawal rate he has settled on and why, based on his extensive research, so that he doesn't run out of money in his early retirement and is able to live off his portfolio permanently. I also ask him what has really moved the needle for him in terms of growing his net worth to reach financial independence so quickly, and what he does now to help ensure that he stays financially independent and doesn't have to go back to work, when we have the next major stock market crash. Free tickets to the Canadian Financial Summit: https://buildwealthcanada.ca/summit The Summit is from October 22-25 this year so be sure to grab your free tickets at the link above. You can also see all the speakers and talks at that link too. Questions Covered: After interviewing well over 400 personal finance experts over the years, what are some of the most impactful lessons or recurring pieces of advice that you've heard? A few years ago, you created a retirement course where I remember my favourite section being your findings on the safe withdrawal rate - in other words, how much can we all withdraw from our investment portfolio to be able to live off it long-term? What are your current thoughts on a safe withdrawal rate, based on the research that you've seen, and have your views changed over time? I know living abroad and travelling is something that you and your wife have done a lot of. When it comes to saving money on travel, can you give us 3 to 5 pieces of advice that you found really moved the needle for you when it comes to either not overpaying, or where you were able to really maximize the value that you received per dollar spent? Now that you've hit FI years ago, do you still find earning more money to be a motivating factor for you? The last time you were on the show, you mentioned that it was as it lets you experience more when it comes to travel (among other things). Now that you've been FI for even longer, and since the markets have done so well over that time, do you find accumulating more money is still the motivator it once was? Or do you now get motivation and fulfillment from other things? If both you and your wife were to stop generating any additional income through part-time work or side projects, how would you approach your cash position and asset allocation? Follow up: Since you are still generating some income as a household post FI, how does that change how much you keep in cash and how you structure your asset allocation? With the markets at all time highs again, there are definitely those that are getting nervous and worrying about a drop in the markets in the near future. What do you personally do to ensure you don't run out of money and are forced to return to 9-5 work if we were to have another 2008 scenario? Over the decades, what factors have truly moved the needle for you in terms of net worth generation? Tell us where we can hear more from you and about the Canadian Financial Summit.

Links to speak to today's guests: Thuy Lam: buildwealthcanada.ca/plan Alanna Abramsky: broadmoney.ca After conducting hundreds of interviews over the past 10 years with different financial experts and those who have been able to hit their financial independence number early, one of the common themes and best practices that I've noticed emerge time and time again is that those who are wealthy actually track their spending. At the end of the day, knowing what you spend every year on essential expenses versus discretionary expenses like vacations and fun activities lets you actually forecast with pretty good accuracy how much you need to become financially independent so that you can retire early if you wish. It's also one of the key, critical ingredients that you need to be able to know whether you can sustainably live off your portfolio, and for how long. Now, I will admit, tracking expenses is not something that I personally find fun. It's one more thing to do, and we're all busy enough as it is. But literally every single financial planner that I have ever worked with over the years who knew what they were doing, and every single person that I've talked to who was able to retire early or reach financial independence early, had expenses as one of the key components that they managed and that they needed to know to be able to determine with accuracy when it is safe to stop working and live off your investments forever. It really is a skill and process worth developing that you will literally be using your whole life. My wife and I have now been either fully retired or semi-retired for the past 9 years here in Canada, and I can tell you that knowing our expenses year to year has been critical in making sure that we don't overspend and have to go back to work. And, as I've mentioned in the past, knowing this has also been a huge financial anxiety reducer for me personally, since you actually know how much you have and how much you need, and so you aren't in a state of anxiety every time that the credit card bill comes in, hoping that you and your family didn't overspend this month. In this episode, I invited 2 highly experienced financial coaches here in Canada to discuss how we should be tracking our expenses, whether we actually need a traditional budget, the different processes that we can follow to properly manage this key component of our financial lives as efficiently as possible, and what tools we can use here in Canada to make this whole process less tedious and more automated and productive. Our first guest is Thuy Lam. Thuy is a Certified Financial Planner (CFP) with over 20 years in financial planning, financial coaching, wealth management, and business consulting experience. She enjoys working with clients who value financial advice conveyed in an easy-to-understand fashion, and especially those looking for help with cash flow planning while going through a life change, such as a new job or career, marriage, divorce, or retirement. I've worked with Thuy personally, and she's been amazing at helping my wife and I plan out our finances in our early retirement. Our second guest is Alanna Abramsky. She has been financial coaching for over 10 years and has helped more than 1,000 Canadians over this time. She has over 30 years of experience in the personal finance field, and she started Broad Money with the mission of empowering Canadians to take control of their financial futures, offering support and guidance every step of the way.

Today's episode is a must-listen for anyone who's ever felt confused, anxious, or just plain stuck when it comes to money. We're diving deep into the emotional and psychological side of personal finance with Jessica Moorhouse, an accredited financial counsellor who's spent over a decade helping Canadians untangle their money struggles. In this conversation, Jess reveals the most common patterns she's seen over the years—from overspending traps to financial fears we rarely talk about—and the simple, practical strategies that can truly make a difference. We'll also unpack powerful insights from her new book, "The Hidden Barriers Between You and Financial Freedom", including why even those who are financially secure can still feel stressed about money. You'll learn how to spot the invisible forces that keep you stuck, and more importantly, how to move past them. Plus, if you're in a relationship, this episode is packed with real-world advice on managing money as a couple—without the fights and resentment. By the end of this episode, you'll walk away with actionable tips and the clarity you need to take control of your financial future—without losing your peace of mind. A Big Thanks to Our Sponsors: Incogni: Get 60% off Incogni by using the link: https://incogni.com/buildwealth ETF Market Insights and BMO ETFs: Catch the latest episodes on YouTube Here: https://www.youtube.com/@ETFMarketInsights Sun Life MyRetirement Income: To learn more about if Sun Life MyRetirement Income is right for you, visit https://buildwealthcanada.ca/myretirementincome. BMO Asset Allocation ETFs: I use these ETFs a lot, and they are the largest Canadian ETF provider. You can see them and learn more here: http://www.bmoetfs.com/

Today, we're going to cover what you need to know from a tax, investing, and financial planning perspective as all our taxes become due here in Canada on April 30th, 2025, and as we get well underway with 2025 in general. As you know, the government makes changes every year in these areas. The implications of these changes can have a pretty substantial impact on how much you pay in taxes, your net worth, and what government benefits you are eligible to get, and how much you get. These can easily affect your net worth in the thousands of dollars every single year, so it's definitely in your and my best interest to know about these changes and get a bit of a refresher, so that we can all better prepare, and also take advantage of any opportunities that arise, like any benefits that we might become eligible for. A Big Thanks to Our Sponsors: Incogni: Get 60% off Incogni by using the link https://incogni.com/buildwealth PolicyMe Life Insurance: Proudly Canadian, get a no obligation quote at buildwealthcanada.ca/policyme ETF Market Insights and BMO ETFs: Catch the latest episodes on YouTube Here. BMO Asset Allocation ETFs: I use these ETFs a lot, and they are the largest Canadian ETF provider. Why wouldn't you want to buy from a Canadian provider with your ETFs? You can see them and learn more here: BMOETFs.com About Our Guests: To help me with this episode, I have Certified Financial Planners Jason Heath and Paul McVean on the show. Jason is a popular returning guest on the show, definitely one of the more well-known and respected financial planners, here in Canada. Jason has been providing fee-only, advice-only financial planning since 2002, so over two decades. He is also a personal finance columnist for the Financial Post, MoneySense, and Canadian MoneySaver. He has a Bachelor of Economics degree from York University and holds the Certified Financial Planner designation. In addition to being a Certified Financial Planner, our 2nd guest, Paul McVean is also a Senior Tax Accountant, he is a CPA, and he's a Trust and Estate Practitioner (a TEP), so definitely very knowledgeable, especially on the tax, and how to save you tax side of things where he has over 25 years of experience. Jason and Paul are both fee-only financial planners here in Canada, which means they don't sell any investments so there isn't that potential conflict-of-interest that you see a lot of here in Canada where someone calls themselves a financial planner or a financial advisor, you think you're getting a good financial plan and that they have your best interests at heart, but really they are just trying to get you to buy the investments that their firm sells so that they can earn a hefty commission. None of that here, we're going for purely unbiased financial education in this episode with Jason and Paul. If you want to speak to Jason, Paul or someone from their team, you can reach them at buildwealthcanada.ca/jason. Jason and his team have been increadible educational contributors to the Build Wealth Canada Podcast for multiple years now, their episodes are consistently some of the most popular on show, and I did want to give a big thanks to Jason as he has once again agreed to continue giving Build Wealth Canada listeners a discount, if you do decide to work with them when it comes to your financial planning, optimizing your taxes, etc. A big thanks to Jason for that, and that link again to speak to them to see if you are a good fit for each other, and to get a discount if you do decide to work together is buildwealthcanada.ca/jason. And now let's get into the show. Questions: To kick things off, can you take us through any significant changes and things to keep in mind for 2025 when it comes to investing, taxes, and financial planning in general, here in Canada? One other thing that I wonder about is the importance of tax planning. I get the impression most accountants are tax preparers, not tax planners. Can you talk about the difference and why it matters? Let's talk about the elephant in the room: The changes to the capital gains inclusion rate. This could have a major financial impact for many of us here in Canada, but I think there are also a lot of misconceptions of who this applies to and in what situations. One very attractive headline that I see here in Canada from time to time, is that for 2025 for example, Canadians can receive up to $53,375 in eligible Canadian dividends tax free, if the investments are in their taxable investment accounts (and if they have no other sources of income). Some retired couples, and aspiring early retirees will then reason that combined with their spouse, they can each earn that $53,375 tax free every year, so $106,750 together. They can then just live off their dividends in retirement, pay no income tax, and never have to sell anything. This strategy has a lot of different caveats and very easy mistakes to fall into. Can you unpack this for us so that we are all aware of this strategy, but also understand its risks and limitations. While on the subject of dividends, one big consideration for Canadians is that when we receive Canadian dividends in our taxable accounts, those dividends can increase the speed at which we start getting clawed back on our government benefits like the Canada Child Benefit (CCB) and Old Age Security (OAS) for example (i.e. the gross up). One potential solution for this, is to use corporate class ETFs like HXCN from Global X for example (previously Global X was under the brand Horizons). What are your thoughts on these ETFs and can you give us your thoughts on the extra risk that we are taking on by using this type of structure where our dividends are essentially being turned into capital gains so that we don't have to worry about these clawbacks as much? For anybody new to this world of Canadian financial planning and optimization, can you take us through what an advice-only financial planner is (what you are), compared to a more traditional financial advisor title/role here in Canada?

Have you ever wondered how financial planners in Canada plan their own retirement once they decide to retire? Our guest today is a recurring guest that we've had on the show many times. He's a fee-for-service financial planner with decades of experience in the industry, and while he's not retired yet, he's gotten to that age where he's getting really close, and so it makes sense for him to do a more thorough financial plan for himself, for his own retirement. And so, I thought it would be useful for us to look under the hood, and hear his thought process when planning his own retirement as a Canadian, as surely there are nuggets of wisdom, best practices, strategies, tactics and insights that he's applying when planning his own retirement, that we can then use ourselves, in our own finances. Enjoy the episode! Links from the Episode: A big thanks to John for offering a free 30 minutes consultation to Build Wealth Canada listeners. You can speak to John for free by going to: BuildWealthCanada.ca/john

Today, we tackle one of the most intricate financial puzzles faced by Canadians: transitioning from accumulating wealth for retirement to effectively managing it during the decumulation phase—when you're actually living off your investments. In this episode, we'll explore why this shift can be so complex, even for seasoned savers and investors. You'll gain insights into balancing financial security with enjoying your retirement lifestyle and sustainably spending the wealth you've worked so hard to accumulate. We'll also discuss both hands-on and passive approaches to managing retirement funds and share strategies to help maintain your financial stability while still enjoying life. Whether you're nearing retirement or planning ahead, this episode offers valuable strategies for navigating the decumulation puzzle with confidence and peace of mind. Our Expert Guest: Joining me today is Eric Monteiro. Eric helps lead Canada's largest provider of workplace savings and retirement platforms, covering over 1.3 million Canadians and managing more than $125 billion in assets. He does this at Sun Life, where he has worked since 2016 as the Senior Vice-President of Group Retirement Services. Eric also serves on the Board of Directors for The Princess Margaret Cancer Foundation, one of the world's leading cancer research and care organizations. And now, let's get into the interview. Questions Covered: Easily one of the most complicated financial puzzles that I've ever had to solve, was how to transition from the accumulation stage where we're just adding to our investments for retirement, to the decumulation stage where we are now living off our portfolio, and now have to worry about not running out of money. For those of us who haven't fully gone through this challenge yet, can you shed some light on why transitioning to this new stage in life is so much more complicated? and why should we all care about it now, even for those that are still in the accumulation stage? When it comes to Canadians managing their finances while living off their portfolio, there are several different approaches available to them. Some are very hands-on, more time consuming, and can get very complex. They do however have the benefit of generally having low fees and potentially being very tax optimized if managed correctly. On the other end of the spectrum, we have very hands-off, passive solutions, but those tend to have larger fees associated with them (at least from what I've seen here in Canada). Can you take us through the different decumulation solutions or strategies available to us, as Canadians, and what are the pros and cons of each? I'm a passive index investor, and I don't mind micromanaging the investments and withdrawals myself to save extra money on fees and taxes. But, one thing that I worry about and that I believe all Canadians should consider, is: Who is going to manage the decumulation for your aging parents? Especially if they are not as financially savvy, and when they eventually go through cognitive decline as they reach those later years. And, what happens if you die before your partner, or go through some form of cognitive decline yourself? How can you transition what you currently do, to a partner that maybe is not willing or able to micromanage your investments to the same degree as you? Can you speak to which options you have found to work best for Canadians in these situations? One of the challenges that we all face, especially as we start to live off our portfolios, is how to balance the need for security where we don't run out of money in our retirement, while still enjoying the fruits of our labour, especially while we are still healthy. In other words, ensuring that not only do we not overspend, but also that we don't underspend and end up passing away with an enormous portfolio that we regret not fully utilizing. Do you have any practical strategies, tactics, or ways of thinking to help us find the balance so that we don't end up on either extreme end of this spectrum? One solution that you mentioned earlier that could potentially be used to help automate and simplify our finances in the decumulation phase was the 'MyRetirement Income' product. This is something that's new, that I'm not too familiar with. Can you tell us more about it, how it works, and what are the fees associated with it? Thanks so much Eric, I'm always on the lookout for what is available out there, particularly for solutions that I can maybe suggest to my parents, or that I can transition to my wife if something was to happen to me. Can you tell us where we can learn more, and are there any other educational resources that you can direct us to when it comes to helping solve that decumulation puzzle here in Canada?

We all spend decades accumulating and growing our net worth, along with many hours of research and studying to optimize our investments and minimize our taxes as Canadians. But what if a single incident wipes all that out? or even just a large portion of it out? Wouldn't it be completely irrational to not eliminate that risk? The best solution that I can think of for accomplishing this is insurance, so I thought it would be helpful to come up with a checklist that you can use of the different types of insurance available for us Canadians, so that you can go through it, one by one, and decide which types make sense for you, to protect your net worth. After that, we do a minor pivot to talk about dental insurance and medical insurance for us Canadians. I have been spending an obscene amount on dental care with our two kids. It's super expensive, it stresses me out, and so I wanted to learn more about what the options are for us Canadians when it comes to dental coverage, along with getting medical coverage for things that aren't covered by the government, here in Canada. Today's Guests: To help me with this, I brought back one of our popular returning guests, Laura MacKay. Laura is the co-founder and COO of policyme.com, Canada's fastest-growing digital insurance company. In 2021, she was named one of the Women of the Year by Bay Street Bull. She has a Bachelor of Mathematics from the University of Waterloo, and her degree focused on Actuarial Science, which included learning about mortality risk, the basis of life insurance pricing and valuation. Laura is also joined by her colleague Natalie Dupley, who comes from the not-for-profit sector. Natalie is now a licensed insurance advisor that works with Laura, and specializes in life, accident, and sickness insurance. Links from the Episode About Laura's Company: PolicyMe.com Educational Guides from the Episode: Types of Dental Insurance Plans in Canada The Canadian Guide to Health Insurance Plans What is Life Insurance: Meaning & Comprehensive Guide Questions Covered: To kick things off, can you take us through what insurance us Canadians typically need, so that we don't miss out on any critical coverage that we should have? One type of coverage that I think isn't always thought about for us Canadians is health and dental insurance, particularly since we're used to having most of our medical expenses covered by the government. Can you take us through some common misconceptions about health and dental insurance, as well as who it would be most useful for? When I think of cases where I need insurance, it's typically for very sudden and time sensitive events like a car crash, or dental procedure that I need done as soon as possible. But what about having insurance for things that are less sudden like therapy and mental health, or things like braces or corrective eye procedures like LASIK surgery? How does having private insurance work in those cases? When it comes to this type of insurance, how do we determine if it's more financially sensible to pay-out-of-pocket for these healthcare costs vs purchasing a Health & Dental Insurance plan? Before we continue with more educational questions, I wanted to give you a chance to speak about PolicyMe, what you do, and I realise that you also specialise in health and dental insurance so perhaps you could speak about that? What are the key components to look for when evaluating this type of insurance? When it comes to health and dental insurance plans, is this something that also covers you when travelling? Or would that be separate? Of all the things covered under a Health & Dental plan, what areas of coverage do most Canadians prioritise or care about? and what are some areas of coverage that you think are underutilised (or that Canadians can stand to benefit from more)? What are some of the most common questions that Canadians ask when it comes to health and dental insurance? Can you tell us more about PolicyMe, how you differentiate yourselves, and what you offer?

In this episode, I interview two professional financial planners to discover what are the most common questions that they receive when working with Canadians. Our two guests are also going to cover what the most important and frequently occurring blind spots are that we Canadians tend to make in our own finances. We also cover how to know if you are on-track to reach financial independence and retire early, or if you have enough to retire comfortably. We cover all this and more, as we tackle the top questions that Canadians have, here in Canada. Our guests today are Hannah McVean and Thuy Lam from Objective Financial Partners. They are both fee-for-service financial planners, are both Certified Financial Planners (CFP), and they and their firm don't sell any investments and instead focus on providing unbiased, conflict-free financial planning advice. Hannah was actually a guest on our January episode with Jason Heath and that was our most popular episode this year. So, it's great to have her back, along with Thuy to get multiple perspectives on these most popular questions that Canadians have. Resources & Links Mentioned: You can book a free introductory meeting with Hannah, Thuy and their team at buildwealthcanada.ca/plan. As a Build Wealth Canada listener, you'll get 10% off if you end up working with them. The discount is for a limited time, and you can sign up for free here. A big thanks to Hannah and Thuy for offering this to Build Wealth Canada listeners.

Having your investments pay you large dividends or yield sounds great. It's truly passive income where money just shows up in your account without you having to do anything, and without you having to sell off any of your investments even when markets are down. But what if you get too focused on maximizing dividends or yield in your portfolio? After all, there is no free lunch when it comes to investing. There are always tradeoffs, and it turns out that there are some pretty significant disadvantages for investors that just try to maximize their yield or dividends at all costs, and it can result in you actually getting a substantially lower "total return" over time, on your investments. About Our Guest To help us learn what pitfalls to look out for when deciding on our investments, particularly when it comes to some of these very high yielding ETFs that you may be seeing recommended online, we have Chris Heakes. Chris has over 14 years of experience in the investment industry. He's a CFA, has a Master of Finance from the University of Toronto, and is a Director and Portfolio Manager at BMO Global Asset Management. Chris is going to take us through what we should look out for so that we don't fall for the yield trap. We'll also cover hidden fees that you may be unknowingly paying on some ETF, along with some arguably deceptive advertising to look out for that you may have seen here in Canada when it comes to your investments. Lots to learn in this interview with Chris, so let's jump right in. You can see all the show notes, resources and links for this episode over at BuildWealthCanada.ca

When it comes to managing our investment portfolios, there are definitely some mistakes that are easy to make, and ones that a lot of Canadian investors tend to do. In this episode, we have Peter McMurtry on the show who is going to take us through what the common mistakes are that Canadian investors tend to do, as well as the best practices that he's noticed from his 30+ years in the investing industry. One of the things Peter does is portfolio reviews for his clients, so I wanted to pick his brain on the common mistakes that he sees investors make when he reviews their portfolios so that you and I can be sure to avoid those mistakes in our own portfolio. On the flip side, he's also worked with clients that are successful investors, and after doing this for 30+ years, one begins to notice certain patterns about what the successful investors do, that the unsuccessful don't. We go into these best practices that he's noticed over the years from these successful investors, so that we can apply these lessons ourselves. Enjoy the show, and you can get the show notes and resources over at BuildWealthCanada.ca Wishing you all the best, Kornel