Honouring John Heinrichs

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Did you see our 12 Days of Wealthmas series on Social Media?

 

Here’s everything you missed, exactly as it was posted.

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  • On the first day of #Wealthmas...

    TFSA withdrawals are reinstated on January 1 of the year following the withdrawal. The contribution room related to a withdrawal in 2022 will be available effective January 2023.

    On that date, an additional $6,500 will also be added to the total contribution limit.

  • On the second day of #Wealthmas...

    This is an important one! Be sure to speak with your financial advisor to make the necessary changes.

     

  • On the third day of #Wealthmas…

    Be sure to speak with your Financial Advisor and Accounting Team to consider selling those losses to offset any gains, thereby minimizing overall tax owing.

  • On the fourth day of #Wealthmas…

    Have you moved? Has a member of your family recently given birth? Maybe you made a large purchase?

    These are all things that need to be considered when reviewing your will.

  • On the fifth day of #Wealthmas…

    Have you considered whom you will appoint to be your Power of Attorney & Personal Directive?

    Think carefully, as your Power of Attorney is often the individual appointed to make financial transactions or sign legal documents that the Principal cannot for one reason or another. Your Personal Directive appoints an individual who will make decisions about your person.

  • On the sixth day of #Wealthmas…

    Although Life Insurance is not for everyone, without running a Risk Assessment, you won’t know if you don’t have enough insurance – or if you have too much.

    Life Insurance can help to offset any current liabilities you may have, help to protect the financial wellness of your children, and even be used as a tax strategy within your estate upon passing.

     

    We now have a licensed in-house Insurance Specialist to assist you with your insurance needs.

  • On the seventh day of #Wealthmas…

    Have you thought what your life would look like ten years down the road when you’re not working 9-5? How do you see your days passing?

    Please reach out to us if you have questions around your retirement, not only from a Financial Planning perspective, but also for Tax Planning or a general discussion around retirement.

  • On the eighth day of #Wealthmas…

     

    The deadline for contributions to be deductible on your 2022 personal income tax return is March 1, 2023.

    By making a contribution on or before this date, you have the option of taking that tax deduction in 2022 or 2023.

  • On the ninth day of #Wealthmas…

    Charitable donations are not only a great way to give back, but also to minimize your tax bill at the end of the year.

    Your Financial Advisor can also help you build out Charitable Donation Strategies within your Estate Plan.

  • On the tenth day of #Wealthmas…

    January is a great time to review your financial plan, make sure it still makes sense, and see how you are tracking.

    If you find yourself without a Financial Plan, this is a great time to speak to your Financial Advisor to have one created for you and your family. It can help answer questions like:
    Will you be able to retire as planned? Will your retirement income be where it needs to be? Is your Estate in order?

  • On the eleventh day of #Wealthmas …

    A Disability keeping you from performing major duties in your employment, or Critical Illness that could include Heart Attack, Stroke and Cancer amongst others, can be financially devastating to you and your family.

    While Life Insurance assists your Family in the event of your passing, Living Benefits are there to provide financial assistance while you are alive.

    We now have a licensed in-house Insurance Specialist to assist you with your insurance needs.

  • On the twelfth day of #Wealthmas …

    Cash, bonds, preferred shares or equities.

    1. Cash (or equivalents): Safe, completely liquid, earning little or no interest income. A “parking spot” for funds for near future use.

    2. Bonds – Income Producing: A type of investment issued to the public, by governments or companies, as a loan to raise money. Considered to be a conservative investment, where the issuer is obligated to repay your principal at a specified future time.

    3. Preferred Shares – Income Producing: Only issued by companies, and riskier than bonds, because the issuing company is obligated to pay their bonds before their preferred shares in the case of liquidation.

    4. Equities – CDN, U.S. and International: By purchasing a stock (equity) in a company, you participate in the stock’s value and dividend payouts, if it is a dividend-paying stock.

Connect with Lucy Today

 

email wealth@kbh.ca and check out our Resource Library for more info