End of Year: Time to Think about Your Legacy, and Creating an Impact
More and more often, as people's life shifts, they want to have their money do more, have more of an impact. When dealing with sudden change, such as the close of your business, an inheritance, or a death in the family, money takes on a very different role. It becomes a way of creating a legacy for something you have valued.
That is why, there are more opportunities everyday to provide that. In the past few years, some of my education has been in helping clients to fulfill that role, to create the legacy that has an impact in an area that is important to them.
Have a large gain on some stocks? Want to donate to your favourite charity? Combine the 2 benefits.
You can donate the shares directly, and have the ability to waive the capital gain, and get your Charitable Donation tax credit.
Making a difference with Charitable Donations
There are many ways to do this, both by donating your time, and also by donating some funds. However, learning more about creating that legacy takes time, and is well worth the planning. Here is a recent video that shares a special story, about somebody who has done just that.
|Charitable and Philanthropic Planning Options with Janine Purves
Want to consider your options, let's review your ideals and see how your legacy can be created.
For Year end, we do suggest a review of your tax summary, and identifying if there are any key priorities that can be managed by making any shifts before year end. Here's a check list to help.
review year end priorities
and setting goals for next year.
Do you plan to withdraw from your Tax Free Saving Account (TFSA), trigger losses, donate to Charity or make RRSP contributions?
I can help. We always look at the big picture.
Also, please refer to my article on Charitable Giving for more details.
The checklist shares some items to review as a business owners
Other useful links to help you organize for year end:
Have everything at your fingerprint. Important that after filing in your information, please keep this in a secure place that can be accessed by people you intend to share it with such as your executor or loved ones.
Take 5 minutes to assess your current financial health by answering a few questions about your spending, borrowing, saving and investing habits
The last 18 months have been about trends, such as Technology, Crypto-currencies, and Cannabis stocks. Most analysts have indicated the valuations have been extreme in a few areas, but that hasn't stopped many people from making money, (and sometimes losing it too). The real challenge is understanding the risk in being in an overpriced stock, and when that pricing trend will start to normalize.
In professional portfolios, such as pension plans, and managed money programs, risk is a critical factor to be considered. The highest priority is ensuring you protect the long-term money. To better understand 1 approach to this, review the recent
Volatility Hits in October.
We've seen ups and downs this year, and in fact, more than we have in the past 3 years. As markets get more expensive this is expected.
October is often noted to be the most volatile month, and this year, it did a good job of keeping this title.
However, from an analysis standpoint, most fundamentals are still on track, and there's no reason to see a dramatic drop in the stock market at this time. Are some stocks expensive? Absolutely. But that's why holdings change and there have been some shifts to more defensive stocks in the past while.
It's hard to anticipate how long volatile periods will last, but we can guarantee that the negative days will be followed by a few days where things move up (as we've seen this past week). Missing those is a missed opportunity.
The chart shows the typical year, and how much downside we see each year.
Right now is a good buying opportunity relative to September. Is this the big pull back? Maybe not, but long term money still needs to be invested. Determine your risk level, ensure your short-term needs are met, and discuss the gameplan to keep these on track.
Wealth Matters Webcast
to learn the most important planning considerations when preparing a power of attorney, as well as some of the issues he typically sees with these documents.
Thank you to so many people over the past 10 years. This years Joy of Aging had an amazing speaker, Dr. Jennifer Pearlman, a funny MC, Martha Chaves, but the most fun was the fashion show, featuring many women from our community. The friends that cheered them on, and the "Models for a day" had a blast.
It's hard to believe this was our 10th anniversary. Thank you to all who participated;
Thank you again for your support
Thank you for your referrals. We really appreciate you passing along our name. If you know somebody who needs a 2nd opinion on their portfolio, or who really needs to focus on planning for the future and setting some objectives, I can help. Ensuring you have the retirement income you need and paying the least amount of tax along the way is how I enable you to meet your personal financial objectives.
Quote of the Month:
An investor without investment objectives is like a traveler without a destination.
This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd.
Insurance products and services are provided through Assante Estate and Insurance Servi
Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada
Assante is an indirect, wholly-owned subsidiary of CI Financial Corp. ("CI"). The principal business of CI is the management, marketing, distribution and administration of mutual funds, segregated funds and other fee-earning investment products for Canadian investors through its wholly-owned subsidiary CI Investments Inc. If you invest in CI products, CI will, through its ownership of subsidiaries, earn ongoing asset management fees in accordance with applicable prospectus or other offering documents.
Dates to Remember
Lest We Forget
Resonances Boreales at RHCPA
November 13: Special Accounting session, Enhancing your Value through awareness of the Charitable Giving Sector
November 14: Wealth Matters Webcast: Power of Attorneys- What you need to know!
Classic Albums Live, Supertramp, Crime of the Century at RHCPA
Recommended date to submit in-kind charitable donations to ensure processed for 2017
Guaranteed Income p
roducts-Are they right for you?
Send an email to me to reserve your seat
December 14: Recommended deadline for year-end tax planning
Final Tax Installment Due
CFP, CPCA, CCS
Senior Financial Advisor
Assante Capital Management Ltd.
Ph (905) 707-5220
Fax (905) 707-1035
9130 Leslie Street
ON L4B 0B9
Visit our website at www.janinepurves.com