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Odette Morin

Odette Morin

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New “family tax cut” announced

The Harper government has announced new family tax cut measures to fulfill his promise for income splitting and other tax relief for families during the last federal election. Here is a brief outline of the changes:

  • The Universal child care benefit will be raised from $100 per month per child to $160 per month per child up to age 6.
  • A new credit of 60 per month for children aged six to seventeen years is also being introduced.
  • The new tax measures will take effect on January 1st, 2015 but will only start being paid in July 2015 with a retroactive cheque of $420 per child under age 18.
  • A new “Family Tax Cut” will allow an eligible taxpayer to transfer up to $50,000 of income to his or her lower income spouse in order to collect the new non-refundable federal tax credit.  The new tax break will be capped at $2000 per year.
  • The government will allow families to take advantage of this tax break in the current 2014 tax year.

More details later when we find out exactly how the new “Family Tax Cut” and credit will work for typical taxpayers.

Stephen Harper;  Laureen Harper

Lottery winner spends all $10.5million in less than 9 years

loserI felt sick to my stomach when I read this story.  How can someone possibly spend this kind of money so fast?  $10million dollars is a lot of money. “The Lotto Super 7 payout didn’t come with a financial adviser and before she knew it — big house, fancy cars, designer clothes, lavish parties, exotic trips, handouts to family, loans to friends — the money was gone.”

This woman is penniless and back at work.

I often tell my clients, it does not matter how much assets you have or how much money you earn, it is what you do with it that matters.  This woman is living proof of it.   I have clients who have big income but have little assets and are in debt. Other clients have modest income, a nice nest egg and a sound plan.

Read the article, it is worth looking at this reckless financial behavior.

 

 

Markets rebound last week

Signs that major pillars of the global economy may be in better shape than thought along with strong earnings reports, sent North American stock markets sharply higher last week.

But analysts have warned there is no assurance that markets have reached bottom in the course of this correction and volatility will be a factor for a while yet.

“The market now is trying to settle at the new normal,” said Kash Pashootan, portfolio manager at First Avenue Advisory in Ottawa, a Raymond James company. And the new normal is one where valuations are not deeply discounted, they’re fairly valued and the new normal is one where there will be month-to-month volatility.”

A major reason for the decline on stock markets in September and October was worry about the state of the global economy and, more particularly, fears that the euro zone was about to slip back into recession.

As far as we are concerned, as long as we have a Balanced portfolio and own Quality, we can all weather this correction.

Our apologies for the email error

Earlier today an email was sent from my office about our phone extension changes.  The email was sent with your names in the “To” column instead of “Bcc”.
We are terribly embarrassed and want to apologize for this human error. We are sorry if this compromised your privacy in any way, and promise not to let this happen in the future.
Odette, Terry & Anthony

Our phone extension options have changed

Next time you call us, please listen carefully as our telephone extensions have changed.  The greeting will guide you through the new extensions which are:

If you are calling to book an appointment please press 1 to speak with our new receptionist, Sandrine.

For Mona Press 2 (Mona no longer book the appointments, she now does investment processing)

For Anthony Press 3

For Odette press 4

For Terry Press 5

For Janet Press 6

Pour le service en Français, appuyer sur le zéro pour Sandrine.

Thank you.  Looking forward to hearing from you!