Happy Friday from BMWM!
On Thursday August 1st, Matty, Betina, Taylor and Jake threw Brenda a surprise party for a milestone birthday! We have attached a photograph that commemorates the celebration.
We have had some conversations with clients recently about the advantages of TFSAs. We thought a reminder might be in order. For fun, we invited ChatGPT to help us with our explanation. Firstly, what is ChatGPT? It is an artificial intelligence chatbot that uses natural language process to create humanlike conversational dialogue (This description was also provided by ChatGPT). This is new technology that is changing the way many companies do business and assists with content creation. This will lead to many conversations about Ethics and Plagiarism. While the world figures out how to use this new smart technology, you might want to download it and ask it some questions. It may not always be correct, but it will almost always come up with an answer. It was fairly accurate when asked about the advantages of a TFSA and with some input from Brenda, it did provide some helpful information on the estate benefits of this investment vehicle.
A Tax-Free Savings Account (TFSA) is a versatile investment account available to Canadian residents, where all contributions, interest, dividends, and capital gains are tax-free. Contributions are made with after-tax income, so withdrawals are not taxed, making it an excellent tool for both short-term savings and long-term investments. TFSAs have an annual contribution limit, which accumulates if not used, and unused contribution room carries forward indefinitely. This account is ideal for saving for a wide range of financial goals, from emergency funds to retirement.
A Tax-Free Savings Account (TFSA) offers several advantages for estate planning. First, the funds within a TFSA grow tax-free, meaning beneficiaries can inherit the full value without facing tax liabilities on the growth or withdrawals. This makes it an efficient way to transfer wealth. Second, you can designate a spouse or common-law partner as a successor holder, allowing them to assume ownership of the TFSA upon your death without affecting their own contribution room, ensuring a smooth and tax efficient transition of assets. Lastly, for other beneficiaries, the TFSA’s balance at the date of death is transferred tax-free, simplifying estate administration, and maximizing the amount passed on to heirs. For more detailed information on these plans or to open an account, please call or email us.
BMWM will be taking new team photos for our website. We would like you to participate and have a say on where those photos are taken. We ask that you provide us with outdoor locations that you believe are beautiful and reflect our communities in between Oshawa and Newcastle area. We welcome photographs if you would like to email us.
The Current Account (click here to read) covers the Paris Olympics denting Air Canada profits, U.S. and allies staging military maneuvers in the South China Sea, India’s central bank propping up its currency, and U.S. gas producers cutting production.
Have a lovely weekend,
Brenda, Betina, Matty, Taylor, and Jake