Happy Canada Day!

New Guaranteed products to come and other news

Time for a break to recharge
Terry and I will be going on vacation to Newfoundland and Labrador from July 29 to Aug 20. The office is fully open and functional while we are away, thanks to our competent staff! Please let us know right away if you need to see or speak with us before we leave.

Did you get your $100 Climate Action Dividend cheque yet? Is it Taxable or not?
BC Residents received $100 cheque this week. This is a one-time dividend given by the BC Government to help offset up-front costs for making changes to reduce greenhouse gas emissions. To make it even better, the Climate Action Dividend is a deemed overpayment of tax and is not included in income for income tax purposes. “Make sure to spend it on something green”: Gordon Campbell said.

Markets drop further: very bad few weeks for the markets
The Canadian economy, as a whole, is in better shape than most people believe, according to Avery Shenfeld, senior economist for CIBC World Markets. However, the economy has still not recovered from slow-growth and the threat of inflation has arisen, François Dupuis, Desjardins Group's chief economist adds.

After four straight months of pullbacks, the Canadian economy is at risk. With a high dollar, stagnant American economy and stronger international competition, Canada's foreign trade is vulnerable. Inflation is also taking a huge bite out of growth. The impact of oil prices, especially in the United States, where the rise in gas prices has been so substantial that a large portion of the tax rebates issued under the economic stimulus plan could be spent at the pumps. Desjardins expects oil to fall back below $100 U.S. a barrel though, and predicts a gradual return toward crude prices that are founded on the theory of supply and demand.

Having said that, investment professionals say that there is a risk of being out of the market. “We went through a similar period in 1990-91 and the markets recovered in 1992 very fast.” Award winning Alan Radlo, CI Cambridge funds manager.

If this type of market makes you nervous
I am currently reviewing Investments, which offer strong guarantees of principal and annual income to help alleviate market volatility on all or a portion of your portfolio. I will have a full review later this summer. In the meantime, sit tight and make sure to come for your annual review to further discuss these new risk free options.

Is your Mortgage up for renewal yet?
Before locking in, make sure to give us a call. There are new products out there worth considering like the new Manulife One or National Bank HELOC account. These new types of accounts are essentially a Home Equity Line of Credit attached to your chequing account. Every dollar deposited in your chequing account reduces the interest on the mortgage on a daily basis. If you have high cash flow, this works really well and could save you thousands of interest. Terry and I just switched and our amortization went from 13 years to 5 years. It does not work for everyone however. We can put you in touch with the mortgage specialist to evaluate your situation.

New receptionist / admin assistant desperately needed
If you know a dedicated, friendly, professional individual to join our team, please be sure to let us know. The successful candidate must speak and write French and English, love people and paper work! If you know someone looking for a rewarding, fun and long-term position, please send her/him to us!

Wishing you again Happy Canada Day! Enjoy the birthday of our beautiful country, in which we are so fortunate to live!

Odette