Estate Planning Checklist

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Jodi

This blog has been prepared by Jodi Dark who is a Financial Advisor for HollisWealth®, a trade name of Investia Financial Services Inc., and does not necessarily reflect the opinion of HollisWealth or Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee their accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication/blog and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities. The information contained herein may not apply to all types of investors. The Financial Advisor can open accounts only in the provinces in which they are registered

Executor Responsibilities

Death can be very taxing, in more ways than one. First, there are the emotions everyone goes through. Then all the financial stuff must be sorted through. When your Uncle Albert asked you all those years ago to be his executor, you had no idea your innocent “Sure,” would end up with you sorting through all the papers and dealing with the arguing family members.

As an executor you’ll be called upon to manage everything from funeral arrangements to paying bills, filing tax returns (yes, there could be more than one), settling the assets, and dividing up the remains to the heirs, along with advising them what’s taxable and what’s not. So, the job of executor carries important responsibilities that come with attention to detail.

Always remember if there are things you aren’t sure how to deal with, you don’t have to go it alone. Hire a professional to help you if needed, but be careful whom you choose as you want them to act according to the Will and the costs can be paid by the estate, but you don’t want the costs to eat up all remaining $ the estate has.

Jodi

This blog has been prepared by Jodi Dark who is a Financial Advisor for HollisWealth®, a trade name of Investia Financial Services Inc., and does not necessarily reflect the opinion of HollisWealth or Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee their accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication/blog and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities. The information contained herein may not apply to all types of investors. The Financial Advisor can open accounts only in the provinces in which they are registered

Bank of Mom and Dad

How you can help adult children without jeopardizing your own financial future.

With the cost of housing and education continuing to rise in Canada, it’s more difficult for younger generations to get established.
While average hourly earnings (adjusted for inflation) rose approximately $3 between 1977 and 2016, average housing prices have more than doubled, and significantly more than doubled in many of Canada’s cities.

The cost of a university education has almost doubled just since the early 1990s, with tuition continuing to rise significantly annually over the past decade.
It’s entirely understandable that parents want to help their children – but does helping leave parents at a disadvantage?
Some worry they will have to postpone retirement.

Sometimes you need to access your home equity instead of liquidating your savings.
If you are a homeowner and a parent who intends to help your adult children financially, there may be a better solution available to you.
Rather than dipping into your retirement savings, why not use the equity in your biggest asset – your home – to provide some financial flexibility and enable you to help fund large purchases for your children?

If you have adult children who need financial help from you, make sure that your needs are met first – or you may be the one asking for help from your children later. Unique financial solutions are available that can provide access to your home equity, and prevent you from having to liquidate other investments.
Speak to your advisor today to figure out if an all-in-one account is a suitable solution for you.

This blog has been prepared by Jodi Dark who is a Financial Advisor for HollisWealth®, a trade name of Investia Financial Services Inc., and does not necessarily reflect the opinion of HollisWealth or Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee their accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication/blog and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities. The information contained herein may not apply to all types of investors. The Financial Advisor can open accounts only in the provinces in which they are registered

Source: https://globalnews.ca/news/3854264/boomers-gen-x-millennials-cost-of-living-canada

Time to look at what the real risk is

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Tax Slips

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This is the time of year when we have many calls from clients asking when they can expect their investment receipts.

Stop over thinking it...

Think Globally when it comes to investing

It’s hard to figure out what the next hottest market will be so it’s a good idea to have a geographic mix.

- Jodi

Investing for Success

Sometimes the hardest part of investing is just staying in the market during tough times!! However, look at how it pays off!

Many events have affected markets in the past; however, over the long term markets have historically bounced back. Investors who stayed the course increased their wealth - and as you can see, the longer they stayed invested the better.

Should I put money in a TFSA or in a RRSP?

One of the common questions we receive is “Should I put money in a TFSA or in a RRSP?” Good question and it totally depends on your unique situation. (Yes, in our office every client’s situation is unique because no two people’s finances and goals will ever be the same! Kind of like a fingerprint.)

https://mysolutionsonline.ca/solutions-videos/tfsa-or-rrsp

When in doubt call us, we will be able to help!

Jodi

Home Office - Lockdown - eligible deductions

Now that we are deep into our emergency COVID lockdown you may find this link useful if your employer is requiring that you work from home.
Click below to find out if you are eligible to deduct your home office as an expense while you are an employee working from home. As well the CRA has added a list of new expenses that can be deducted.

https://www.canada.ca/en/revenue-agency/news/2020/12/simplifying-the-process-for-claiming-a-deduction-for-home-office-expenses-for-employees-working-from-home-due-to-covid-19.html

Bonnie

I’m here for you…if you have a change of address, name change, need an appointment or an update to your beneficiaries please contact me and I can process these for you.
519-332-5050 x 111
b.mcphail@holliwealth.com

Cheering each other on

‘The best kind of friendships are fierce lady friendships where you aggressively believe in each other, defend each other, and think the other deserves the world.’

‘I wish that more women realized that helping another woman win, cheering her on, praying for her, or sharing a resource with her does not take away from the blessings coming to them. In fact, the more you give, the more you receive. Empowering women doesn’t come from selfishness but rather from selflessness’ – Selene Kinder

‘The success of every woman should be the inspiration to another. We should raise each other up. Make sure you’re very courageous: be strong, be extremely kind, and above all, be humble’ – Serena Williams

Our team is made up of brave and capable women. Yes, we are kind and caring and thoughtful. But don’t let that fool you, we are smart and strong and fierce. We also take joy in lifting others up. In a world that feels a little crazy let’s all remember to reach out and lift others up. Be anything you want, but most importantly be kind!

-Jodi

Michelle

I’m Jodi’s Executive ASSISTANT and I love my job! And no, she didn’t pay me to say that 😊

I have been in this business for 20 years and with Jodi at Financial by Design for over 10 of them.
I wear many hats in our office and am usually your first point of Contact. Part of my role is to manage our team and make sure everyone’s day is kept on track. I also enter most of our investment trades and work hard, double and triple checking each item to ensure there are no issues. I want to make sure that each client gets the best service possible and I work with intentional effort to make sure our client’s plans stay on track.

I love helping our clients and can answer most of the questions that come up in a day. Basically, contact me first and if I don’t have an answer, I will work hard to get you one. Our clients can feel that we are always working in their best interest and are amazed at how much we care About them. I often hear “thanks for going above and beyond” which is what SEPARATES our team from the service AVAILABLE at other institutions.

It’s about the customization and personal touch that we can provide.

Together our team offers guidance on investments and insurance, basically all things money.
Our real goal is helping our clients plan for, and live out, the LIFESTYLES they dream about.
I work hard everyday and I love my job, because I love our clients and I love seeing them happy and successful!

-Michelle

Team Huddle

Wednesday mornings are typically our “Team Huddle” time. I like to call it that because we approach everything as a team with each member playing a significant part. We follow an agenda but always start out with our goals and intentions for that meeting.
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We then discuss concerns anyone has, followed by any outstanding client issues, upcoming holidays, vacation and events or supplies needed.
My favourite part of this time is the “ideas or suggestions”. I really value Michelle and Bonnie’s input into how we can add things into our processes that work and subtract things that aren’t. As with most people, I assume I only see things through my eyes so it’s great to have an open space where everyone’s input is appreciated and welcomed!
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- Jodi

The TFSA new contribution limit for 2021

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The limit is $6,000, matching the amount set in 2019 and 2020.
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Want to Know your REAL values – take a look at your bank transactions!

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Here’s your challenge. Write down your top 3 core values, things that you believe to be true about yourself. Is it that your health is a non-negotiable and you lead a healthy lifestyle? Are you financially responsible and make savings and looking after your family a priority? Are you socially conscious and pride yourself on giving back?
Now have a look at your bank account transactions. Do those debits match up with your core values?? Is your bank statement showing fast food and coffee shop expenses? Do you see money being directed into a savings or retirement plan maybe a RESP for the kids? Are there any funds being directed to your favorite charity or is it something you’ve be planning to do but haven’t quite got around to yet?
Now write out the REAL values that you have learned from looking at your bank statement. Do they match up with the ones you first wrote down?
If not it’s time to make some adjustments in the way you are living compared to the way you want to live. As they say - It’s time to start putting your money where your mouth (or heart) is!