Jodi Dark 5/14/21 Jodi Dark 5/14/21

Women and Money

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: Fidelity Investments Money FIT Women Study, February 2015

Jodi Dark 5/12/21 Jodi Dark 5/12/21

Who needs to know?

Changing names is a matter of personal preference. We received requests for name changes for various reasons and often we are asked ‘who else do I need to notify?’

Changing names is a matter of personal preference. We received requests for name changes for various reasons and often we are asked ‘who else do I need to notify?’
Priority should be government identification. Many of these changes will require a copy of your marriage certificate and in some cases, they need to see the original.

Here are a few others who need to know:
• Drivers License
• Health Card
• Passport
• CRA
• Home Insurance
• Auto Insurance
• Car Insurance
• Life Insurance
• Employer
• Pension / Benefits
• Children’s School
• Will, Lawyer, Accountant
• Doctor, Dentist, Optometrist, Massage Therapist, Chiropractor
• Utility Provider (Gas, Cable, Hydro, Cell Phone)
• Notify the bank for your Mortgage or Landlord (tenant)
• Investment Accounts ( RSP’s TFSA’s etc)
• Bank accounts, credit cards

We help make the changes on your investments as seamless as possible.
-Michelle

This blog has been prepared by Jodi Dark or a member of her team. Jodi 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.

Jodi Dark 5/7/21 Jodi Dark 5/7/21

Women and Money

Jodi Dark 5/5/21 Jodi Dark 5/5/21

What to do with at Tax Refund

Stop treating it like found money - Everyone is happy to receive a tax refund, but it is actually your money to begin with, so allocate wisely.

Stop treating it like found money - Everyone is happy to receive a tax refund, but it is actually your money, to begin with, so allocate wisely.

1) Pay off debt
If you have debt - credit card debt, student, or personal loans – using your tax refund to pay off high-interest debt is a smart move. Make sure to put it towards your debt with the highest interest rate.

2) Lump sum to mortgage
Think of it as the government helping you pay off your mortgage by letting you use pre-tax dollars as a reward for saving for your retirement. If you have a mortgage that allows you to make additional payments without penalty (and most mortgages will allow you to make an annual lump sum payment of 5 - 25% of the mortgage value), this might be the perfect opportunity to use that to your advantage. The more you pay now, the less you pay in interest later.

3) Fund your retirement
Whether you are 21 or 51, you should be thinking about saving for retirement and making sure you contribute on a regular basis. If you are young, getting a head start will mean that the money you set aside now will have more time to accumulate and grow through compound interest.
If you put the money in your RRSP, you may get a tax deduction for your contribution, which could result in a tax refund next year as well … that you can also put towards your retirement fund. It creates a great cycle of savings!
Make sure to check your RRSP contribution limit.

4) Post-secondary fund
One benefit of putting money into a Registered Educational Savings Plan (RESP) is that the government will help you by matching part of your contribution. The government deposits a Canada Educations Savings Grant of 20% on the first $2,500 (or less) of your contributions per child each year to your plan. That is up to $500 per child each year! If you missed out on contributing in other years, you can make extra contributions, up to prescribed limits, this year to take advantage of the grant.

5) Emergency fund
Expenses can come up unexpectedly- you might be facing reduced hours at work or your car might need new brakes next month. An emergency fund helps you navigate life's financial ups and downs more easily. If something unexpected happens, this can help to reduce your stress in situations that are already challenging. We recommend that you have enough in your emergency fund for between three to six months of expenses. You could also contribute to a tax-free saving account; this would allow you to potentially earn a slightly higher interest rate while you wait to use the money. Make sure you check your yearly TFSA contribution limits.

Find the right balance
You can choose to do any of the things above with your tax refund, or you might choose a combination depending on how much money you are getting back and what your financial priorities are.
Whatever you choose, make sure to also give yourself a small treat with the money – whether it's a take-out dinner from your favourite place or a new outfit or something else you enjoy. After all, you’re allowed to have fun too!

-Bonnie

This blog has been prepared by Jodi Dark or a member of her team . Jodi 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.

Jodi Dark 4/23/21 Jodi Dark 4/23/21

Getting Advice

According to research, working with a financial advisor has a significant positive impact on your wealth.

According to research, working with a financial advisor has a significant positive impact on your wealth. Whether it’s being better prepared for retirement or developing a successful savings discipline, having a good relationship with your financial advisor can have a meaningful impacting your ability to reach you financial goals.

Source: Fidelity Investments Money FIT Women Study, February 2015

Jodi Dark 4/14/21 Jodi Dark 4/14/21

Planning For the Future

One thing that is very important when it comes to planning is to be prepared. Now may be a good time to do some homework on your estate plan.

One thing that is very important when it comes to planning is to be prepared. Now may be a good time to do some homework on your estate plan.
Pull out your Will (if you have one) and make sure it still reflects how you would like your assets distributed.

Here are some things you should consider:
Click here for a Will Planning Checklist

Also, use this time to update your personal records. In case of emergency let your loved ones know where you keep your important documents and keep this booklet with those papers.
Ask us for a Personal Record Keeper

Don’t forget to write in your digital accounts and passwords as well as things like air miles and rewards points.
After all, you don’t want your Facebook profile living on long after you’re gone.

Happy Planning
Jodi

Jodi Dark 4/9/21 Jodi Dark 4/9/21

Estate Planning Checklist

Death can be very taxing, in more ways than one. First, there are the emotions everyone goes through. Then all the financial stuff that must be sorted through…..

Jodi

Jodi Dark 4/7/21 Jodi Dark 4/7/21

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 that must be sorted through…..

171097568_301483104716488_1520492093661718638_n(1).jpg

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

Jodi Dark 3/31/21 Jodi Dark 3/31/21

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.

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

Jodi Dark 2/26/21 Jodi Dark 2/26/21

Time to look at what the real risk is

Interest rates are so low, maybe it’s time to look at what the real risk is.

Jodi Dark 2/24/21 Jodi Dark 2/24/21

Tax Slips

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

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

Jodi Dark 2/19/21 Jodi Dark 2/19/21

Stop over thinking it...

Stop overthinking it and just do it

Jodi Dark 2/12/21 Jodi Dark 2/12/21

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.

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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

Jodi Dark 2/5/21 Jodi Dark 2/5/21

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!

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.

Jodi Dark 2/3/21 Jodi Dark 2/3/21

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.

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

Jodi Dark 1/29/21 Jodi Dark 1/29/21

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.

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