Opening Notes

Fall has seemed rather elusive this year, with the unusually warm temperatures in September and October delaying the full onset of Fall colours.  If my recollection of high school biology serves me well, I believe the leaves take their cue to change colour from the colder temperatures that would normally be here by now.  We are not complaining, as the warmer weather has made walks outside much more pleasant.  We took this Fall photo while walking through Canatara park a couple of weeks ago.

This Fall has brought changes to our household as our oldest son, Lucan, has left for his second year of study at the University of Guelph.  His first year was spent at home doing everything online thanks to the ongoing pandemic, so it was nice to see him step out this year on his own for the first time, and to experience more of university life.  As many of you have been through this with your own families, you will appreciate that Mom & Dad and siblings need to adjust to all these changes as well.  I can report that we are steadily getting through it together and learning once again that change is inevitable with the steady passing of time.

After an excellent run for world stock markets since the sharp lows of March, 2020 when the pandemic began, we wondered if we would see a market correction during the somewhat notorious September/October timeframe.  However, despite an occasional sharp, but brief decline, the markets overall continue to do quite well.  I recommend that clients access our team website to read the RBC Global Insight Monthly report that is always current and available on the right-hand side of the Hazzardous Notes Blog section (where you are reading now).

Craig and I have had many meetings these past several weeks, either phone, Webex or in-person using our office boardroom.  Our goal is still to reach out to everyone in the coming weeks.  When calling to arrange a meeting, Michelle may quickly confirm some of your "Know-your-client" (KYC) information as part of this process.  We are required by law to make sure that we keep your personal information up to date, so don't be surprised if we ask you a few personal questions as part of this effort - the privacy of your information is always strictly maintained.  We trust that you enjoy the remainder of the Fall season.  Our 2022 desk calendars have just arrived so be sure to ask us for your calendar if and when you are in.  Thanks everyone.

2021 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, here’s a summary of some common year-end tax planning strategies.  Please contact Michelle if you would like us to provide a report that shows your YTD capital gains/losses for the year.  This report can be useful to help you know in advance what your upcoming capital gain liability will be from trading.  Follow this link to be connected to the Year-end tax planning report (press the back button on the browser to return to the newsletter):  2021 Year-end Tax Planning

RRIF Payments & Withdrawals

You can think of a registered retirement income fund (RRIF) as an extension of your registered retirement savings plan (RRSP). Your RRSP is used to save for your retirement while your RRIF is used to provide you with retirement income. This article focuses on the main considerations associated with receiving income from your RRIF, including calculating your minimum amount, as well as the withholding taxes on your RRIF withdrawals.  Follow this link to be connected to the report (press the back button on the browser to return to the newsletter):  RRIF payments and withdrawals report

Succession Planning for your Canadian Vacation Property

Vacation properties go by many names: cottage, chalet, camp, cabin or secondary home, for example. For many Canadians, regardless of what you specifically call it, these types of vacation properties are a source of great personal enjoyment. Some owners may feel strongly about keeping their vacation property within the family, and if that’s the case, it’s important to consider how best to transfer ownership to younger family members. This article reviews various tax implications and strategies that can be used in passing ownership of your vacation property to the next generation.  Follow this link to be connected to the report (press the back button on the browser to return to the newsletter):  Succession Planning for your Canadian Vacation Property

What's New this Month?

This section 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.

• Changes to Covid support measures are in effect.  Follow this link to be connected to the Global News website (press the back button on the browser to return to the newsletter):  Summary of Covid benefit changes

  Certain temporary benefits due to the ongoing pandemic are expired including:

  Rent subsidy, Lockdown support, Canada Emergency Wage Subsidy (CEWS), Canada Emergency Rent Subsidy (CERS), Canada Recovery Benefit (CRB)

  New & extended benefits include the following:

  Canada Worker Lockdown Benefit (to replace the CRB), Canada Recovery Hiring Program is being extended, Canada Recovery Caregiving Benefit is being extended, Canada Recovery Sickness Benefit is being extended