Opening Notes

Our cover picture this month shows the Bluewater bridges at sunset.  After living in the Bluewater area for the past almost 25 years, I have finally begun to understand how nice it is to get out on the water - either the lake or the river.  After our experience last year of purchasing a really old boat and motor, we began to appreciate how nice it is to get out on the water - even with a really old boat and motor.  In July of this year, we upgraded our ride and purchased a Sea Doo for the family. We have truly enjoyed getting out there and having fun with this thing.  Whether pulling tubes, wakeboarding (not me, the kids), or just jumping on for a ride at sunset, it has been a fun addition for everyone and made me realize even more how fortunate we are to have Lake Huron and the St. Clair river so close to us.  (P.S. For sale - really old boat and motor)

In our last newsletter, we announced that we are now back into the office.  Keep in mind that we are still only allowed to book meetings in the boardroom and masks are still required in the halls and lobby.  However, even with the adjustments for Covid, it has been much nicer to be all together again in the office.  We are planning to contact everyone in the next little while to offer a chance to review things together - either by phone, Webex, or in-person at the branch.  If you would rather reach out to us ahead of that, please contact Michelle to book a meeting with us.  Keep enjoying these last days of summer as we will soon be into the Fall season.

Pension Income Splitting

Your family may be able to reduce its total tax bill by having a spouse who’s subject to tax at a higher rate allocate certain types of retirement income to a spouse who’s subject to tax at a lower rate. This article summarizes the pension income splitting rules, which you may want to consider as part of your overall retirement income plan.  Any reference to spouse in this article also includes a common-law partner.  Updated for August, 2021, this report may provide some good information to help you keep more of your household income.  Follow this link to be connected to the report (press the back button on the browser to return to the newsletter):  Pension Income Splitting

Updated Guide to Financial Measures to help Canadians impacted by Covid-19

We first put out this report earlier in the year, but it has just been updated with current information that you, a family member or friend may benefit from.  This guide is a summary of a number of federal economic relief measures that have been announced to-date to support individuals and businesses.  There may be additional support available to you from your province of residence as well.  This report is current as of August 10, 2021 (press the back button on the browser to return to the newsletter):  Updated Covid-19 support guide 

Registered Disability Savings Plans (RDSP)

The RDSP is designed to assist an individual with a disability in saving for their long-term financial needs. It offers tax-deferral on any investment growth, access to generous government grants and bonds, and an opportunity for family members to assist with the contributions. This article explains some of the intricacies of RDSPs including who can be the holder and how the government assistance works, as well as the rules around withdrawals from an RDSP.  Just updated this month, this report should provide good, current information on these plans (press the back button on the browser to return to the newsletter): RDSP report 

What's New this Month?

This section, first introduced last newsletter, provides links to current or developing items of interest that may be applicable to you or your family.  We don't provide a lot of commentary or opinion around these, but want to provide quick links to what is currently happening.

• Trudeau calls a Federal election for September 20, 2021 (press the back button on the browser to return to the newsletter): - Federal election 2021
• Government extends Covid benefits - Extending the eligibility period for the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and Lockdown Support until October 23, 2021, and increasing the rate of support employers and organizations can receive during the period between August 29 and September 25, 2021.  Extending the Canada Recovery Benefit (CRB), the Canada Recovery Caregiving Benefit (CRCB), and the Canada Recovery Sickness Benefit (CRSB) until October 23, 2021.

  Increasing the maximum number of weeks available for the CRB, by an additional 4 weeks, to a total of 54 weeks, at a rate of $300 per week, and ensuring it is available to those who have exhausted their employment insurance (EI) benefits. Press the back button on the browser to return to the newsletter after following this link:   Link to report on Covid support extension

• One-time OAS payment - The Federal Budget 2021 included a $500 one-time payment to older seniors. This has now been approved. This payment will apply to seniors who are eligible for the OAS pension in June 2021 and who were born on or before June 30th, 1947. If you're eligible, you'll receive this payment automatically. You do not need to take any action.  Press the back button on the browser to return to the newsletter after following this link:   OAS announcement