The other day, we had the opportunity to attend a special International Women’s Day Presentation by Maja Jovanovic , better known as Professor Maja. A sociologist, author TEDx speaker, confidence-builder and “apology-hater.” Professor Maja shared with us her powerful insights on women and confidence, communication and mindset. Professor Maja is currently in the midst of conducting a seven year global study with McMaster University on women’s confidence and communication. Today she challenged the women in the audience to reflect on how many times they say “sorry” throughout the day and instead of saying sorry, use different vocabulary. For more information on Professor Maja, visit her website here.

Team Update

Amanda Perkins recently (re) joined the Hayes Vickers team! Amanda joins us from RBCs commercial side of the business, where she was most recently a Commercial Banking Advisor. With over 15 years’ experience in the industry, she is committed to providing the highest level of client service. Amanda will act as a main point of contact for all your banking needs.

As we welcome Amanda, we also would like to congratulate Taryn who has accepted a position within RBC as a Learning and Development Specialist with head office. In her new position she will help train and develop associates across the country. With her wealth of knowledge and problem-solving determination, RBC Dominion Securities is fortunate to have her as their newest team member. We wish Taryn all the best in her new journey!

Market Update

Global equities are steady in overseas markets. North American equity futures are pointing higher ahead of today’s bell. European equity indices are flat at the midpoint of the trading day. Asian equities finished in mixed territory overnight. On the fixed income front, government bond yields are slightly higher this morning. Energy commodity futures prices are lower, while industrial metals are showing modest gains. For the full article please click here

New Home Buyers Account

In the federal Budget of 2022, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first hom - including from investment income - would be non-taxable, like a Tax-Free Savings Account (TFSA). 

The target of this account being available is April 2023. If you would like to be notified when it becomes available, please click here. 

With the government’s existing Homebuyers’ Plan (HBP), first-time homebuyers can withdraw (tax-free and without penalty) up to $35,000 from their RRSP to buy a house. This is considered a “loan” and must be paid back into the RRSP within 15 years.

The HBP isn’t going anywhere when the First Home Savings Account (FHSA) launches – and first-time homebuyers can choose to use both together. This means that by maximizing both programs, you could put $75,000 (plus any investment growth in the FHSA) toward a down payment.

Comparing the FHSA and the HBP:

• HBP withdrawals must be paid back into your RRSP. FHSA withdrawals do not.
• The FHSA lifetime contribution limit ($40,000) is higher than the maximum HBP withdrawal limit ($35,000)
• After you pay the HBP back into your RRSP, withdrawals are ultimately taxed. Qualifying FHSA withdrawals are tax-free.

The article 9 Questions Answered About the New First Home Savings Account offers a thorough look at the new product.

Tax Time

Last month we shared a few 2023 Tax Tips in our February Blog. All tax slips are available online through RBC Wealth Management online, including mutual fund tax slips issued by RBC. (tax slips issued by other issuers outside of RBC will continue to sent by regular mail). To access these, simply log into your Wealth Management Online to view your tax documents. If you have any questions as to how to access your RBC Wealth Management online, please contact us.