Hazzardous Notes Newsletter for December, 2019

Dec 03, 2019 | Kevin Hazzard


The Christmas and holiday season has arrived with the start of December.  We hope everyone has an opportunity to share this season with their friends and family.  This cover photo was taken at the Partridge Creek mall in Michigan a few weeks ago.  They do a fantastic job with lighting up the outdoor mall for Christmas each year.

Welcome back to our Hazzardous Notes monthly newsletter!  We have experimented with emailed newsletters and posted blog updates to our website over the past year or two and realized that the best solution is a combined approach - a regular monthly newsletter as part of our Hazzardous Notes Blog.  Similar to what we just did to get you to this blog entry, Michelle will send an email to you with a link to our website whenever we post an updated blog entry, including our regular monthly newsletter.

Opening Notes

The autumn season has flown by and Christmas is now in the immediate future.  I impressed the entire family (and myself) this year by putting up the outside Christmas lights perfectly on the first attempt - no small feat as difficult to judge your success in broad daylight.  Beyond decorating for Christmas, we have been keeping our weekends busy this fall taking our oldest son, Lucan, to visit various universities and colleges around Ontario as he will soon be submitting applications for post-secondary education.  I feel empathy for kids at this age as expectations are very high, both for marks required and for being expected to know at age seventeen what it is they want to do with the rest of their lives.  When I think back to when I was seventeen, I had no clue what I wanted to do, and ended up changing directions multiple times.  With high admission standards and the cost of a year of university approaching $25,000 and up, these decisions are only getting more difficult (and expensive).

2019 Year-end tax planning

As year-end approaches, taking some time to review your financial affairs may yield significant tax savings.  To ensure that you leave no stone unturned, this report will provide a summary of some common year-end tax planning strategies:  2019 Year-end tax planning

A New estate planning tool - Joint Gift of Beneficial Right of Survivorship accounts (JGBRS)

RBC DS now makes available an account called the "Joint gift of beneficial right of survivorship account (JGBRS account)".  Like other joint accounts, it has multiple account holders.  What is different about the JGBRS account is that the account holder (can only be one individual) retains legal and beneficial ownership of the account and all its assets, while gifting only the beneficial entitlement to the right of the account to one or more additional account holders (Successor account holder(s)).  There are some unique limitations on this type of account that requires additional reading and discussion, but for some situations, it provides an excellent way to pass on non-registered assets to your beneficiaries outside of the estate.  See this link for more information:  Joint ownership accounts

RBC Premier Banking

For clients maintaining $1M or more with RBC Dominion Securities, the firm now offers a special Private banking account package that includes access to a dedicated Premier Banking Advisor - an experienced banking professional who acts as a member of your Wealth Management team.  For more information, see this link:  RBC Premier banking


Enjoy the month of December with your family.  Our RBC DS desk calendars that we give out each year should be in the mail later this week.  I will also be sending out the annual RBC Dominion Year-ahead report to provide RBC's thoughts on investment strategy in 2020.