What is your Favorite Hot Beverage this Winter?

Some folks love a good cup of Coffee. Or maybe even an Expresso. Unfortunately, I don’t love the taste of coffee… I know it’s hard to believe but it’s the truth.
My Favorites are:
Hot Apple Cider
Hot Chocolate mixed with a little Vanilla Hot Chocolate…with Whip Cream of Course!
Chai Latte (Usually during Pumpkin Spice Latte Season)
Tea

I don’t have these Hot Beverages often. Usually it’s after a day of skiing or being outside on a cold day. Sometimes in the winter to warm up while I sit and read and camping in the Spring or Fall can be quite cool, so I will make myself a cup then, to warm up…...then again, I am always cold 😊

What is your favorite Hot Beverage?

Does it Change depending on the Season?
- Michelle

What are you Reading?

Yes, this is one of many of my actual bookshelves. I am a huge self-improvement kind of girl! Have you heard the saying if you’re not growing, you’re dying? By the look of my shelf you can see that I take that pretty seriously!
What are your favorite self-improvement reads?
Jodi

Merry Christmas

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It’s the season to be jolly!

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Jodi Bonnie and Michelle

𝐂𝐄 𝐂𝐫𝐞𝐝𝐢𝐭𝐬 - Have you heard of these?

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CE or continuing education credits are points you earn for keeping updated in various areas of all things financial. When you are a Certified Financial Planner like me, then you must earn 25 of these credits each and every year. Even though sometimes I give it an eye roll, I do realize how important it is to stay up to date on the everchanging financial environment, tax laws, privacy acts etc. Each year I am required to earn credits in these areas; Financial Planning, Professional Responsibility, Practice Management, Product Knowledge and Giving Back.

-Jodi

𝐖𝐡𝐚𝐭 𝐂𝐨𝐯𝐢𝐝 𝐡𝐚𝐬 𝐭𝐚𝐮𝐠𝐡𝐭 𝐮𝐬

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Lessons Learned in Covid

What Covid has taught us is that anything, literally ANY. THING. can happen. Many people have lost their jobs or were forced to shut down their business. Even clients with typically safe incomes like doctors, dentists, chiropractors and business owners were unable to go to work or forced to pivot their work plans. Many people had lots of credit but little or not enough income to make their monthly payments. Tie that in with a falling stock market, it was/is a very difficult time financially for many.

Here’s some lessons to take away:

𝟏. For years we’ve heard about and known we should have an emergency fund however with lots of access to credit and having a steady income many thought that this was an old, out of date idea.
So a massive take away is to build up your emergency fund and keep it in a safe place. Start saving at least 3 to 6 months of your expenses and keep it in a safe spot like a high interest savings account so it’s there when you need it.

𝟐. Figure out your budget and know your expenses. Get familiar with what’s going out each month so you’ll know how you can quickly cut back if the unexpected happens.

𝟑. Review your investment portfolio each year. Super important to make sure you know what you are holding and how much risk/stock is on the table, so you can survive stock market volatility more comfortably.

𝟒. Have cash available for short term purchases. Investments in the stock market require a long time frame. For your short-term needs don’t underestimate the value of having cash.

𝟓. Always have a few extra rolls of toilet paper and paper towel on hand 😉

𝟔. Keep yourself as healthy as possible - make yourself a priority by exercising and eating healthy.

𝟕. Once the world is back to normal don’t put off celebrating. Make sure you take that trip and see your people. You’ll never regret that decision!

-Jodi

Audits Suck

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"𝘼𝙪𝙙𝙞𝙩𝙨 𝙎𝙪𝙘𝙠"
𝐘𝐞𝐬, they do! Who wants to hear that they’re having an audit? In our industry, it’s something that happens EVERY. SINGLE. YEAR. That’s why we work so hard to make sure that everything we do is compliant and meets the high standards of not only our governing body but also the CFP (Certified Financial Planner) standards. A typical audit consists of an intensive question period of practices and policies as well as a random check of transactions, notes and updated/current information, documentation and compliance procedures. Throw in money laundering regulation tests and privacy and security checks and it’s typically a full day of deep diving into our practice. We have always ended up unscathed with only minor suggestions on new regulations to start implementing. (I mean they have to find something wrong – am I right?) We try to turn an audit into a positive and use it as a good time to review what is working and what we can improve. Because if you’re not improving then you’re not growing.
A large glass of wine at the end of the day also helps!
-Jodi

Welcome to Series 2 Part 4

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𝐁𝐫𝐚𝐧𝐝𝐢𝐧𝐠

Now that you have your business name and logo it’s time to work on branding.

Your branding makes your company distinctly yours. Think of it as your business personality. It’s important that clients see a social post and instantly recognize the company providing it – brand recognition. Think of brands that you love like Starbucks, Amazon or Coke. You know the logo and it makes that company distinctly stand out to you without ever reading a word.

Keep on brand by making sure that your font and colouring and language stays consistent whether it’s in a social post, website, blog or newsletters.
Branding can also help simplify marketing decisions because advertising, events or sponsorship will either fit with your branding or they won’t.
This is also an excellent time to consult with a professional to help ensure you also stay on brand!

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Jodi

Welcome to Series 2 Part 3

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𝐋𝐨𝐠𝐨

This is where you may want to start working with an expert.

Colours can evoke emotional responses from people so think back to who your ideal client is. Also, what colour tones work with the theme of your business. Do you want clients to feel that it is a loud and bold business by using bright colours or is it soft and soothing using more muted colours?

Does the lettering and font match the feeling of the experience you are trying to create?

In business everything matters. Is your business card a standard size or do you want it to stand out by using a fun shape or size? Does the quality of the paper reflect your business and the integrity of the product you are providing? People can form an opinion of your business very quickly by simply looking at your logo. Especially during web searches - is it going to make them want to click and investigate or will they quickly move on to the next company because it doesn’t give them the feeling they are looking for.

Make sure your logo reflects your business and that it’s something your ideal client would love.

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Jodi

Welcome to Series 2 Part 2

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𝐍𝐨𝐰 𝐭𝐡𝐚𝐭 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐧𝐚𝐦𝐞 - 𝐍𝐞𝐱𝐭 𝐒𝐭𝐞𝐩𝐬

Once you have settled on a few names for your business don’t forget this important step…is it available? Do a google search to see if the name is already being used. If it is, is it in a competing market? You don’t want to choose a name that’s already being used by someone in your industry however if it is a completely different industry you still may able to use the name.

The next step is to see if the name is available on social media sites and if the web domain is being used. If everything checks out then go ahead and register your business name and secure the social sites.

You’re almost there!
Next time let’s discuss logos and branding.

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Jodi

Welcome to Series 2 Part 1 of Our Small Business Info Series

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𝐂𝐡𝐨𝐨𝐬𝐢𝐧𝐠 𝐚 𝐧𝐚𝐦𝐞 𝐟𝐨𝐫 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬

Now that you have that great business idea, it’s time to pick a name – sometimes the biggest roadblock to actually getting started! Here are some tips to get you thinking in the right direction.

First, start with what it is you “actually” do and who is your ideal customer. Let’s say you’re a travel agent for example. Although what you selling are vacations what you are “actually” providing is travel experiences and adventures. Who is your ideal client, who do you enjoy working with and want to attract – get as specific as you can. Is it anyone with extra money or is it women that own their own businesses, who need luxury time away from the office?

Now brainstorm words that would attract your ideal client. In the above example, it may be luxury, spa, getaway, adventure or pampering. What words would make your ideal client feel the service you are providing.
The next thing to consider is to make sure it is a memorable name that is easy to spell. A common mistake is using a word that is easily misspelled and therefore you may not get people to your social sites as easily as possible.

Once you have a few ideas down on paper get a group of friends together to get an honest opinion. Have fun with the process and get creative!

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Jodi

Working from home

Welcome to the WFH world, whether this has always been your normal of the new normal. Here are some tips to make your transition as healthful as possible for that 1 minute commute from your bedroom to home office. ~

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Welcome to the WFH world, whether this has always been your normal of the new normal.  Here are some tips to make your transition as healthful as possible for that 1 minute commute from your bedroom to home office.

1. Separate Your Space: If your WFH space is in a bedroom or living room, try to create visual separation with either a piece of furniture that closes the office components from view after work, a furniture layout that doesn’t have your bed or couch looking at the office area, or using a screen or room divider that lets you “leave work” when you’re done for the day.

2. Add Natural Elements: If you can, orient your desk to capture tree views from a nearby window. Also look at adding houseplants in decorative pots to your workspace. These will offer an added benefit of purifying the air.

3. Light Your Space: Make sure you have good task lighting on your work surface. For short term setups, look for an adjustable lamp you can later use elsewhere in your home. If you’re going to be telecommuting long term, consider energy-efficient LEDs that mount under a wall shelf or cabinet above your desk and shine down on your papers and projects.

4. Seating is crucial: You may want to invest in a new adjustable, ergonomic desk chair. You can find refurbished models online at significant savings, or you can add ergonomic cushions to a chair you already own that fits your height and reach.

5. Filter the Light from Your Screen: If you work long hours into the night, consider a blue light filter for your computer screen to minimize interruptions to your circadian rhythms; this is particularly important if your office electronics are set up in your bedroom.

6. Correct Laptop Ergonomics: Laptops are great for working on the go, but not terribly ergonomic for long work hours at home. Consider adding a separate screen and possibly keyboard and/or mouse to reduce hand, eye and neck strain.

7. Don’t Sit All Day: Desk risers are invaluable for letting you work standing up part-time, rather than sitting all day.

While some employees miss the watercooler chitchat or the daily interactions with work friends, the tremendous time savings involved in not going to the office is like a wellness vacation, and a financial savings if you include hair, makeup and wardrobe.   “A half-time telecommuter saves the equivalent of 11 workdays per year in time they would have otherwise spent commuting,” according to Global Workplace Analytics.          

School from Home (Distance Learning or Hybrid-Approach)

1. Just as with working from home, your student’s ideal is an ergonomic, adjustable seat. This is particularly helpful if two different-sized people will be rotating use of one desk.

2. Task lighting is also important for school work – maybe even more so with books being such a large part of learning.

3. We’re moving into cold and flu season and those germs are often spread on contact. Reducing shared touchpoints is ideal. Give each student his or her own supplies and organizer baskets so they’re spreading fewer germs among themselves, and especially if your school has taken a hybrid approach to learning. If sharing a computer is required, have electronics-approved cleaners on hand for sanitizing keyboard and mouse between uses. And, of course, make sure regular handwashing is happening, even at home.

School from Home: A Silver Lining Here’s a slim silver lining to 1.2 billion children out of classrooms around the world because of COVID-19: “Research suggests that online learning has been shown to increase retention of information, and take less  time, meaning the changes coronavirus have caused might be here to stay,” says World Economic Forum.

The Missing Link to Overall Well-Being: Don’t miss the link between your homes and your health, the pandemic is helping to shift that thinking. With our living spaces doing double, triple even quadruple-duty as shelter, workplace, classroom, and even gym, what’s getting lost is the concept of home as a sanctuary.  This is one of its most important roles for our overall well-being. The best way to achieve a home sanctuary is to provide a space that supports: healthful meal preparation and facilitates connection with family; nurtures downshifting with quiet spaces for meditation, napping, de-stressing, and maybe that glass of wine at 5; a connection to nature, and puts your family and friends first with a peaceful setting.

Bonnie  

Welcome to part 4 of Our Small Business Info Series

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Welcome to part 4 of our 𝘚𝘮𝘢𝘭𝘭 𝘉𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘐𝘯𝘧𝘰 𝘚𝘦𝘳𝘪𝘦𝘴 where we will highlight 𝐒𝐦𝐚𝐥𝐥 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐛𝐚𝐬𝐢𝐜𝐬.
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A commonly asked question is "𝐖𝐡𝐞𝐧 𝐝𝐨 𝐈 𝐧𝐞𝐞𝐝 𝐚 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐧𝐮𝐦𝐛𝐞𝐫?”
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You will need a business number if you incorporate or if you need to interact with the federal or provincial government on behalf of the company. Think payroll and GST/HST. You can go online with the CRA to register for a business number. You will receive a unique 9-digit business number which will be used to identify your business.

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Jodi

Welcome to part 3 of Our Small Business Info Series

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Welcome to part 3 of our 𝘚𝘮𝘢𝘭𝘭 𝘉𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘐𝘯𝘧𝘰 𝘚𝘦𝘳𝘪𝘦𝘴 where we will highlight 𝐒𝐦𝐚𝐥𝐥 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐛𝐚𝐬𝐢𝐜𝐬.

This week we continue expanding your knowledge on the types of business you may choose to operate.

𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 – A corporation is a legal entity, separate from the owners. The corporation earns the income and expenses are paid from the corporation. The owners have shares of the corporation and are called shareholders. Shares of the corporation can be bought and sold, and it does not affect the corporation’s existence. To set up a corporation you need to go through legal steps and complete articles of incorporation. You’ll also need to have a lawyer keep a record of minutes annually and you’ll have to file a corporate tax return called a T2.

The corporate year-end does not have to be December 31 but is typically on the anniversary date of the corporate set up. Taxes must be filed within 6 months after the corporation’s year-end.

Because of the costs associated with operating a corporation some people choose to start a sole proprietorship and then move to a corporation as their assets build. It’s a good way to save tax on money that is kept in the corporation.

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Jodi

Welcome to part 2 of Our Small Business Info Series

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This week we continue expanding your knowledge on the types of business you may choose to operate.

𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩 – a business that you start with someone else. Could be a friend, a spouse or life partner, or someone you just met, and you have a great business idea together. Could be 2 or more partners, doesn’t matter. A partnership does not have to be a 50/50 split. You can decide the percentages based on money contributions, work, property or skills brought to the partnership. It can be formed with a contract or a verbal agreement, but you should set the terms for entering and leaving the partnership, division of income and other stuff. It’s kind of like a marriage, things always start out rosy and hopefully they stay that way. However, I want you to go in with your eyes wide open and plan for the worst-case scenario – have all of the terms written out so if things go south everyone is protected.
The partnership does not have to file a separate income tax return. Instead each partner includes their share of income or loss on their personal tax return. Each partner needs to file a T1 tax return and a form T2125 Statement of Business or Professional Activities.

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Jodi

𝐒𝐦𝐚𝐥𝐥 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐛𝐚𝐬𝐢𝐜𝐬

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During these last few months, we’ve noticed that some of our clients have been looking into alternative business opportunities or side hustles as we like to call them.

I’ve decided to start a 𝘚𝘮𝘢𝘭𝘭 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘐𝘯𝘧𝘰 𝘚𝘦𝘳𝘪𝘦𝘴 to help you with the boring, (hopefully not too boring) but necessary info that you should know if you are starting yours. It will make things a lot easier down the road if you are aware of all the things at the beginning.

Let’s start with some basic knowledge on the types of business you may choose to operate.

𝐒𝐨𝐥𝐞 𝐩𝐫𝐨𝐩𝐫𝐢𝐞𝐭𝐨𝐫𝐬𝐡𝐢𝐩 – a business that you and you alone own, it’s your baby and everything belongs to you. Another word for this is self-employed. You make all the decisions, make all the money and assume all the risk. You pay the income tax on all the profits and include this on your personal tax return. If you have outstanding debts, creditors can come after your personal assets.

Your business can be set up in your name, or you can operate under a business name. If you choose to use a business name, then you should set up a bank account in that name and you may also want to register the name and get a business number. You will need a business number if you have a payroll or need to collect GST/HST.

You will need to pay tax on any income that your business has earned and you may have to make Canada Pension Plan (CPP) on that income.

At tax time you will need to file a T1 tax return and a T2125 form which is a statement of business or professional activities.

Check back next week for part 2 of our 𝘚𝘮𝘢𝘭𝘭 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘐𝘯𝘧𝘰 𝘚𝘦𝘳𝘪𝘦𝘴!

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Jodi

Organizational Overhaul

If you didn’t get around to spring cleaning, now is the perfect time to take stock of how much stuff you have – and what you might be willing to part with. Simplifying your surroundings can give you a feeling of renewed energy and an overall sense of accomplishment.

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This decluttering trend is gaining a foothold in North America,  determining what possessions you can easily get rid of (such as an excess of clothing, china and trinkets) and what you might want to keep (like photographs and cherished keepsakes).

Here are five guiding principles:

1. Let go of clutter to make room for the stuff that matters.

2. Keep only the things that spark joy.

3. “Someday” never comes. (Think of that pair of pants that fit a bit snug.)

4. Treat your possessions as if they were alive. (Value the items you choose to keep.)

5. Your possessions reflect your state of mind.

Getting started

When faced with a chaotic scene of overflowing closets or piles of paper on every flat surface, it can be hard to figure out where to begin. Rather than hyperventilating over the enormity of the job, cut yourself some slack and break it into smaller tasks. Giving yourself a time limit to get the job done is also a good idea.

Tidy “like” objects, rather than decluttering room by room. Start with clothing, then books, papers and finally things with sentimental value.

Set aside the time for a focused bout of decluttering, doing all your clothing or all your books in one session.

If you’re having trouble deciding what needs to go into the discard pile,  “Does touching the object spark joy?” Are you happy wearing clothes that don’t give you pleasure? Do you feel joy surrounded by piles of unread books that don’t touch your heart?

The benefits

It might seem hard to let go of possessions like those stacks of old university books, piles of birthday cards and even boxes of electronic cables, but trust that you might reap some unexpected psychological benefits when you choose to say goodbye to that stuff you’ve been hanging on to.

Decluttering can help you flex your decision-making muscle, which in turn boosts your confidence. And then there’s the tranquility you can experience once your living space feels more clean and orderly, with everything in its place.

Financial housecleaning

As you get the hang of decluttering your living space, similar principles can help you become a bit more financially organized. Getting your financial house in order can make a big difference to your daily finances, and your advisor is the best person to help you get organized.

With a bit of elbow grease and determination, decluttering your life and organizing your finances can truly be a cathartic experience.  Letting go of stuff that doesn’t bring you joy can create a wonderful sense of accomplishment and freedom. And then there are the feel-good endorphins that kick in when you donate clothing, books, toys and other household stuff to people who might really need it.

Happy decluttering!

Bonnie

© 2019 Manulife