Trump’s Triumph … Again
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Well, he’s done it again. Personal feelings about the outcome aside, today’s blog post will objectively examine the business implications of the win and the opportunities it presents. Political events can often stir strong emotions, but as an advisor, my role is to help clients focus on the tangible impacts these results can have on the economy and investment landscape. Post-Election Market Rally: What It Means for Investors As Canada and the world continue to react to Donald Trump’s recent election win, the stock markets have witnessed an upswing. For many, this moment offers a vital opportunity to analyze the…

The Impact of Inflation on Savings and Investments
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Inflation is a critical factor in personal finance that can significantly affect your purchasing power over time, particularly as you plan for retirement. As prices rise, the same amount of money will buy fewer goods and services in the future. This blog post will explore how inflation impacts your savings and investments and provide strategies to mitigate its effects, including a calculation on how retirees can maintain their retirement income needs over a period of 20 years. What is Inflation? Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. Central…

The Role of Power of Attorney
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When it comes to planning for the future, one must consider naming a Power of Attorney. A Power of Attorney (POA) is a legal document that allows someone else to act on your behalf in various matters, including financial and healthcare decisions. In this article, we will focus on the significance of having a Power of Attorney for Property (commonly referred to as a Financial POA). What is a Power of Attorney for Property? A Power of Attorney for Property is a legal document that grants someone else the authority to handle your financial matters on your behalf. This designated…

Importance of Executor / Estate Trustee
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Being named an executor of someone’s will is a significant responsibility that comes with various duties and tasks. An executor plays a crucial role in managing the deceased person’s estate and ensuring that their final wishes are carried out. Let’s explore what it means to be an executor. Some of the key responsibilities of an executor or estate trustee include: Planning the Funeral: As an executor, one of your initial responsibilities may involve making funeral arrangements according to the deceased person’s wishes or family preferences. This can involve coordinating with funeral homes, arranging the service, and managing related costs. Inventory…

Happy New Year
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While many people are making their New Years Resolutions about health and wellness, consider committing to your financial wellbeing too! Here are a few things to think about when writing down your 2024 goals. Top up your TFSAs or consider making a regular contribution The new maximum limit for 2024 is $7,000, however if you have not maximized your contributions in previous years then you will have more than the annual limit to contribute. If you don’t have the cash available for a larger deposit, you could consider making regular bi-weekly or monthly contributions throughout the calendar year to maximize…

The Importance of Setting Financial Goals
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Goal setting has proven benefits in all aspects of daily life – personal, professional, and financial. But while the act of setting goals is important, perhaps more important, is sticking to those goals. Staying on course is often the more challenging part. We all have good intentions, but humans can sometimes get in their own way to success. You’ve likely heard before that it is often lifestyle changes and having an accountability partner that make a weight loss journey successful. Setting more realistic goals and slowly committing to changing your lifestyle is a lot more attainable than a quick crash…

Holding Cash in Your Portfolio
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Do you have money sitting in a chequing or savings account making very little (if any) interest? Although cash should not be a long-term method of growing your wealth, there is a time and place to use cash to your advantage within your financial plan. Cash can support your current and short-term financial needs as well as provide you with protection and liquidity. With current interest rates at recent memory highs, more clients are asking about GICs and high interest rates. While I generally recommend investing in a diversified mutual fund portfolio for long-term investments, cash & GICs are finding…

We’re Moving!
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We are excited to announce that effective May 1, 2023 we will be welcoming you in our new office space! After more than 11 years in our current location, we are moving just over Hwy 401 into Hespeler; only minutes from our current Struck Court location (a short 2.7km). There is ample parking at our new location, with designated spots just for our clients. We are located about 750m east of the Food Basics plaza. Our new address is Unit 4 – 380 Jamieson Pkwy, Cambridge, ON N3C 4N4 Our new phone number is 519-513-6474 You can still reach us…

The New FHSA
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The First Home Savings Account (FHSA) allows Canadians to save for their first house. The FHSA combines the features of a RRSP and TFSA. Like an RRSP, contributions would be tax-deductible and qualifying withdrawals to purchase a first home would be non-taxable, like a TFSA. You can use it in combination with Home Buyers’ Plan (HBP) – a withdrawal up to $35,000 from your RRSP. The difference, however, is that with the FHSA the funds do not need to be paid back, unlike the HBP/RRSP, which need to be paid back over 15 years after using the RRSP funds to…