Happy Friday from BMWM!

 

We would like to send a kind reminder to everyone that as you receive your Notice of Assessments, we would appreciate a copy for your file as they contain contribution limits and valuable information for tax planning.  Please send these to Matty at matthew.grieder@rbc.com when you receive them.  As Brenda was writing this newsletter, she was listening to Gordon Lightfoot, who passed earlier this week. He is hailed as “The Greatest Canadian Songwriter” by both Wikipedia and The Winnipeg Free Press.  He has so many wonderful songs - Brenda’s favourites are Sundown and Carefree Highway, but most of us will remember The Wreck of the Edmund Fitzgerald.

 

The new FSHA (First Home Savings Account) is now available for use.  You must be a resident of Canada and be at least 18 years of age to own these plans.  There is a lifetime contribution limit of $40,000.  There will be a maximum contribution limit of $8,000 per year. Please note, contribution limits will not carry forward until the account is opened, so it is best to open one sooner rather than later.  If you would like more information for you, your children, or grandchildren, please reach out to our team and we will send it to you.

 

In the markets this week, we have seen a slight downward trend, while the company earnings reports that have come out this week so far have been primarily positive (or at least not bad) news.  There is some pressure on the banks as we watch the struggle of some of the smaller regional banks in the U.S.  The U.S. Federal Reserve and European Central Bank both raised interest rates by 0.25%.  Canada has indicated a pause in rate hikes for now.  While Canada and the U.S. Federal Reserve believe a pause is needed allowing for time to see the impact of these increases, the European Central Bank has left room for more hikes in the future if needed.

 

The Current Account (click here to read) covers the end of the Canada Revenue Agency strike, Russia accusing Ukraine of an attack on Vladimir Putin, two firefighters dying amid flooding in Quebec, and New York banning natural gas in new residential buildings.

 

Taylor’s word of the week is phlegmatic, meaning “a person having an unemotional and stolidly calm disposition”. For example, a football player’s greatest asset is to be phlegmatic as they are calm and will therefore perform well during the big game.

 

Have a wonderful weekend,

 

Brenda, Betina, Taylor, and Matty