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Odette Morin

Odette Morin

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Monday is tax return drop off deadline for April 30th filing

taxtime

How busy we are at tax season depend a lot on how late Easter Monday falls on the calendar.  Clients often wait until after this long weekend to start their tax returns. 

Unfortunately, this year Easter Monday falls on April 21, 2014, giving clients only 9 days to meet the April 30, 2014 tax filing deadline. 

Given this circumstance, we strongly encourage all clients to bring their records to us by this Monday morning April 14.

As much as we’d like to accommodate everyone, we can’t guarantee completion – provided you have given us all required information – of any tax returns brought in after April 14, 2014. 

Filing your return even one day late will result in an automatic penalty of 5% of the unpaid tax balance.  The penalty rate will also increase the later you file your return or if this is not the first time you have filed late.

Here are the tax checklist you must complete as well.

http://www.you-first.com/client-centre/tax-return-checklist/

Thank you for dropping off your Tax documents by this coming Monday!

The ABC of tracking of your Investment Gains & Losses

There was a great article today in the Globe & Mail about tacking your Adjusted Cost Base.  This is essentially needed when you dispose of equity investments in a non-registered account.  Gains and Losses must be reported.  You do not get a Tslip for that investment income.  You only pay tax on 50% of the gain you make.  This article explains it very well.  Of course if you are our client, we will do this for you!!

2014 Q1 Market Commentary

Equity markets around the world posted mixed results in the first quarter of 2014. Despite some volatility early in the period, the global economy’s moderate growth, low interest rates and controlled inflation gradually supported investor confidence and resulted in increases for many markets by quarter-end. Fixed-income securities were also higher for the quarter, with prices for 10-year government bonds in Canada and the U.S. rising slightly, pushing yields down, while demand for corporate bonds remained strong.

The crisis in Ukraine, instability in emerging markets and slower growth in China created headwinds for global equity markets in the first two months of the year. By the end of the quarter, however, the S&P/TSX Composite Index in Canada had benefited from higher prices for commodities to gain 6.1%, including dividends. The index was broadly positive, with the strongest results coming from the energy and materials sectors, while industrials and financials had smaller increases.

Performance among foreign markets was more muted, but Canadian investors in global securities benefited as the Canadian dollar weakened against several major currencies, including the U.S. dollar and the euro. After posting stellar results in 2013, for example, the S&P 500 Index added a modest 1.8%, which translated to nearly 6% in Canadian dollar terms. Early declines for the U.S. market were ultimately reversed by improving economic data and the market’s increasing comfort with the new Chair of the U.S. Federal Reserve, Janet Yellen, and its resolve to “taper” its economic stimulus. Stronger business conditions and greater stability in Europe, meanwhile, led to results that were mixed in local currency terms, but positive when converted to Canadian dollars. Investor anxiety about the effect of tapering on emerging markets and China’s cooling economy led to negative results for China’s Shanghai Index and the MSCI Emerging Markets Index, and after making strong gains in 2013, Japan’s Nikkei Index declined 9.0%, or 3.3% in Canadian dollar terms.

We marked the fifth anniversary of the current bull market during the first quarter of this year. It has been gratifying to see how well both the global economy and stock markets have recovered in this time – the S&P 500 Index in the U.S. has gained more than 180% and the MSCI World Index is up 140% from their lows of March 2009 to the end of March 2014. Nevertheless, the volatility experienced in the most recent quarter is a reminder that capital market investments typically do not take a path uniformly upward, often experiencing declines or “corrections” before moving forward again. For that reason, I believe it is important to take a longer-term approach, and to invest in a portfolio that is well diversified among asset classes, geographies and sectors, depending on your individual investment objectives.

In closing, I would like to thank you for your continued trust and business. If you have any questions or concerns about your account, please do not hesitate to contact me, Terry or Anthony.

Source of information: Investments, Signature Global Asset Management, Cambridge Global Asset Management, Globe and Mail, National Post, Bank of Montreal Economics, and Trading Economics. Index information was provided by TD Newcrest and PC Bond.

We’re not Burger King (and that’s good).

Do you remember the Burger King ads that ran years ago? They always ended with “Have it your way”. It was a positive message that conveyed the importance of client satisfaction.

Fast-forward to today and the You First tax checklists (I bet you didn’t see that coming!). Despite all appearances, asking you to complete these lists our way also represents a desire to satisfy our clients.

After all, the less time we spend asking questions and trying to organize your information, the less it will cost you, and the more likely you’ll benefit from our below market tax preparation rates.

In addition, those clients who complete the checklists as required benefit from a 20% discount on their total. Those who don’t will have to pay full price.

So, while Burger King might hold the lettuce, we’re holding onto our outstanding value.

When you complete the checklists as instructed, we’re able to enter the data into our tax software and in the order which the system requires. It’s efficient and cost-effective.

However, even the slightest discrepancy can result in extra time for us.

We’ve had clients deliver organized, colour-coded and exceptionally detailed information. Yet, because it differed from our software’s system, the time we invested increased, as did our cost.

The fact is, we want to spend all of our time saving you money and making you money. Nevertheless, if you want us to spend time on you unnecessarily, then have it your way (but it will cost you!)

You can find all the checklists here.

Thank you for preparing our Tax checklists :)

Odette and the You First Team

Burger

 

 

Our client Simon Montgomery is having an Art Show

Terry and I went to our client Simon Montgomery’s Art Show last night and really like his art.  It is very thought provoking and outside the box!  Very much worth a look at.

Here is the link to his website.  You can also see his work for the next couple of weeks at the No remorse Studio, 55 Water street. Please note that it is by appointment only.

Click on the link to see his work.  Enjoy!

http://www.simonmontgomery.ca/

Simon