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 delve into the key aspects of 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,…

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 a few minute drive 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…

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…

Market Update
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After the market volatility of most of 2022, the 2023 year kicked off with some positive swings in markets. Many funds are nicely positive year-to-date. However, ongoing news of inflation and rate hikes are still making investors nervous, causing continued ups and downs. Cap that off with the recent US regional banks upset, and memories of 2008 are stirring up more emotions. The good news is that none of the strategists or portfolio managers who I have heard speak recently feel these events indicate a re-do of 2008.  The issue with a couple of these small regional banks is not…

Market Update
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The month of October saw a very strong upswing on the major market indexes. This does not change the fact that 2022 has been an emotional time for investors. It’s always uncomfortable to live through these kinds of extended market downturns. During these periods of discomfort, it can be helpful to reflect on the past as means to help frame the eventual path forward. Keeping focused on your long-term goals is important during these uncertain times. During these kinds of markets, I remind my clients that these are not uncharted waters. Over the past 60+ years, equity markets have seen…

New Tax-Free ‘First Home Savings Account’
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Most people know that you can use up to $35,000 of your RRSP for a down-payment on your first home. Under this First-Time Home Buyers Plan (HBP), you essentially borrow up to that amount from yourself out of the RRSP and must re-pay the amount back into your RRSP starting the second year after you withdraw it. The re-payment is 1/15 of the total amount withdrawn, each year for 15 years. For example, if you take out the full $35,000 under the HBP in 2022, you will begin paying it back to the RRSP in 2024 in the amount of…