Talking to David Sweeney, Investment Advisor of Hollis Wealth, the provincial government have announced several initiatives to help you through Covid-19, in case you missed it, you can get the latest here.
The chief economist of Mackenzie Investments made some relevant comments pertinent to the recent federal election – click on the below link for some professional insights about the economic impact of the election on your portfolio.
(linked with permission)
If you’re a senior, there’s some essential numbers to keep in mind as we prepare for the end of year and coming tax season.
- Age amount: if you’re older than 65, you can claim $7,333 (this will increase by $161 to $7,494 in 2019) as a non-refundable tax credit.
- Pension amount: there’s no change from 2018, but you can still claim $2,000 as a non-refundable tax credit if you have pension income or RRIF/LIF income.
- OAS claw back line: you may have to repay some of your Old Age Security income if your income exceeds $75,910 for 2018. In 2019, this recovery threshold will increase to $77,580.
If you have any questions about these numbers and how they’ll affect you this year, please reach out to us by phone at 604-892-5131 or use the contact form below.
Before discussing the value of a CERTIFIED FINANCIAL PLANNER® professional, it’s important to understand what the designation means. What’s the difference between a CERTIFIED FINANCIAL PLANNER® professional and an investment advisor?
According to the following link: Government of Canada: Choosing a Financial Advisor, anyone outside Quebec can use the terms “financial planner” or “financial advisor”. Their stance is that the difference between advisors depends on their education and certifications – and furthermore, the GoC says that financial planning certifications help you to find an advisor with the skills you require.
The article goes on to say that a financial advisor is someone who helps you manage your money, like an Investment Advisor or insurance agent, and that a financial planner is a type of advisor that assists you in developing a long-term financial plan that helps you reach financial goals. Examples from the article that a financial planner can help with:
- Saving money on taxes
- Planning for retirement
- Estate planning
Financial Consumer Agency, Government of Canada “Choosing a Financial Advisor” August 2, 2018
David Sweeney and Janet Bride fill the roles of both Investment Advisor/Associate Investment Advisor and financial planners; their role is to help you manage your money and create a plan to reach your long-term goals. But what is the value of a CERTIFIED FINANCIAL PLANNER®professional?
Data collected from the FPSC “Value of Financial Planning Study”:
- “People with financial plans report feeling more on track with their financial affairs.
- Those who have financial plans and think retirement is an important goal feel more confident in their plans to retire.
- People with financial plans feel they have improved their ability to save in the last five years.
- Those who have financial plans are more confident that they can deal with financial emergencies, tough economic times, and ensuring loved ones are financially looked after.
- People who engage in comprehensive financial planning report higher levels of emotional, financial and overall contentment over those who have engaged in limited planning.”
The new U.S. Tax Cuts and Jobs Act has made renouncing U.S. citizenship easier than ever by reducing the exit tax threshold. This change combined with the features of being a non-U.S. person have made renouncing citizenship an attractive idea worth considering.