December 2024
As we close the door on 2024, we reflect on what the last year has meant to us all – all of the memories made, challenges faced, and things accomplished. As we enter January, a time for new goals and new perspectives, we look to the year ahead in anticipation of what is to come. Make this year a great one - do something that makes you happy, try something new, have an adventure!
We would like to thank our clients for their support and votes of confidence in the Reader’s Choice Awards!
Around the Office:
In addition, Kristin is always looking at ways to make our processes more efficient as an office to ensure that our clients are receiving attentive and efficient service to make their lives easier. Our clients are always our top priority!
After a busy, but enjoyable, Holiday Season, Kristin is looking forward to winter activities with her children and her family.
As RRSP season nears its end, we remind clients that any contributions to count towards the 2024 tax year must be received by our office no later than February 28, 2025.
Please remember that your Tax Slips will be available on your Client Portal, whether you have selected paper delivery or e-delivered documents, in case the Canada Post strike continues.
To stay up-to-date with industry trends and best practices, he has been participating in various webinars focused on administration, products, and regulatory changes. These webinars have allowed him to expand his knowledge and enhance his skills.
Outside of work, Declan has been keeping active by refereeing hockey games for the Pelham Minor Hockey League. It has been rewarding to contribute to the development of young hockey players and to be part of the local sports community. He is also excited to be brushing up on his French through Duolingo and hopes to put his language skills to use in the future.
Exercise and Mental Health by Anna
As winter is now upon us, the motivation to spend time outdoors decreases for many people. With temperatures dropping, the thought of being outdoors to go for a walk or engage in any form of exercise goes by the wayside. Therefore, the tendency is to stay indoors.
However, research has shown that exercise is a powerful “drug” against the development of mental health issues. They note that exercise can decrease anxiety, stress and depression. It can decrease inflammation in the body and improve psychological function. It is therefore especially important for people with mental health issues to participate in some form of physical activity which is meaningful to them, be it indoor or outdoor.
So why else does exercising make us feel better mentally? Our mood, concentration and alertness are boosted resulting in looking at life with a more positive outlook. Sleep is a very important part of our lives – with regular exercise you can sleep and manage your mood better throughout the day. You may also notice that you can enjoy your activities of daily life even more. You may be distracted from negative thoughts and your energy levels may increase. Coping and self esteem may improve and muscle tension may decrease. Vitality and enthusiasm may return.
Therefore, make time to be outdoors. Take a friend with you and go for a walk. Go and explore areas in your neighbourhood you have never been to. Take a walk to a scenic area; you never know what hidden gems you may find that you never knew were there. And when exploring is done, have a good rest in the comforts of your home.
Reminder - Daily Office Staff Meetings - 9:30am to 10:30am
Should you call during this period, please leave us a message on our voicemail. We conduct our daily office meeting during this time and phones will not be answered. This time allows us to organize our day’s tasks, review the previous day’s work, discuss, and complete client reviews and enquiries, as well as review current rates, markets and updates on the latest news.
Annual Reviews
As a reminder, every year we prepare an Annual Review for each of our clients. This is an important process to ensure we are up-to-date with the most current information, as well as ensuring your information is accurate and meeting your Financial Lifestyle needs. Preparing your review involves a detailed process that not only has us look back on the past year but also look at the upcoming year for potential needs that might arise and ensuring client files are up to date and accurate. Spending the time to go over your entire portfolio is even more important given the current situation in the world. A lot has changed for many people, and many things that may have not been thought about before have come to the forefront. To help ease some of your scheduling stress, we are currently booking Annual Reviews via virtual meeting, telephone, or in person, depending on your preference and comfort level. For those doing their Annual Reviews by Zoom/Microsoft Teams or by telephone, the reviews will be uploaded to your Client Portal and/or mailed before the scheduled meeting date.
Our office remains closed to walk-ins. We are available by telephone and in-person meetings by appointment only. For clients requiring an evening appointment, some evenings have been set aside to accommodate. Please be advised that due to the high demand for evening appointments, availability may be limited.
2024 Proposed Tax Changes – What is really going on?
In June of 2024, the government first proposed changes to the capital gains inclusion rate, which would increase from 50% to 66.67% for gains over $250,000. We mentioned it in our June 2024 newsletter and how it might affect some families. While this proposal has been discussed extensively, it’s important to note that it has not yet received Royal Assent (legislated). Royal Assent is the approval by the Sovereign of a bill that has been adopted by both houses of Parliament in identical form. It is the process by which a bill becomes an act of Parliament and part of the law of Canada.
The deadline for making charitable donations for the 2024 tax year will be extended to Feb. 28, 2025, the Department of Finance said in a release on Monday December 30, 2024. “This extension recognizes the impact that the Canada Post service disruption had on [charities’] fundraising campaigns, and will give charities additional time to receive and process donations so that they can continue their vital work,” Dominic LeBlanc, minister of finance and intergovernmental affairs, said in the release.
Before Monday’s announcement, charitable donations had to be made by December 31 2024 in order to receive a tax receipt for 2024 tax reporting year.
Please consult with your Tax Advisor and/or Local Canadian Charity for further clarification.
Estate Planning – Importance of WILLs and Powers of Attorney Documents by Roman
During Annual Reviews with clients, I have reminded clients to re-read their WILLs and Power of Attorney forms to ensure that they still meet their wishes. Most importantly to ensure that the location of the Original Documents, not copies, are where they are supposed to be. We have had several Legal Advisors (Lawyers) retire and files have been moved to different locations.
The most important decision when drafting a WILL is choosing an Executor(s). Some people choose their spouse, a family member or friend, while others choose a professional, such as a trust company. Whoever you choose just remember it is a very responsible appointment. Empower your Executor(s) to be able to seek other professional services such as a lawyer, accountant, trust services to name a few, but even more importantly a good idea to discuss the matter with them first before appointing them in your WILL.
A WILL is a document that leaves instructions about what you would like done with your personal possessions and property after you die. A Power of Attorney is a legal document that allows someone else (the Attorney) to act on your behalf while you are alive.
Are there different kinds of Power of Attorney?
Yes. In Ontario there are three kinds of Power of Attorney:
- A Continuing Power of Attorney for Property (CPOA) covers your financial affairs and allows the person you name to make decisions for you even if you become mentally incapable. This power of attorney lets your attorney act for you if you are mentally capable. And they continue to act if you become mentally incapable of managing your property. If you want your attorney to act for you only when you are mentally incapable, you can say this in your power of attorney.
- A Non-Continuing Power of Attorney for Property covers your financial affairs but can’t be used if you become mentally incapable. You might give this Power of Attorney, for example, if you need someone to look after your financial transactions while you’re away from home for an extended period of time.
- A Power of Attorney for Personal Care (POAPC) covers your personal decisions, such as housing and health care.
What does the term “attorney” mean?
The term “attorney” refers to the person or persons you have chosen to act on your behalf. The person does not have to be a lawyer.
Is a Power of Attorney effective outside of Ontario?
It depends on the law of the particular place where you want to use the Power of Attorney. If you are going to move, or be out of the province for some time, you may want to check with a local lawyer to see if you need to make new documents.
Can a financial institution refuse a Power of Attorney?
Yes, they can! If you are you going to manage your parents’ finances in the future, do not be seduced by a false sense of power the ironically named Power of Attorney gives you. It does not matter if your POA was drawn up by the best lawyer in town—the financial institution may not trust you and you need to plan for that. If suspicious, the financial institution can ask for a capacity assessment to be completed or a letter from the family doctor confirming that your parent is incapable. While inconvenient and sometimes costly, this is not always possible, as sons and daughters are involved only when their parent becomes incapable of managing their finances themselves.
That said, one other area that has been overlooked has been our children over the age of 17. Ensure to encourage your children age 18 and up to get their WILLs and Power of Attorney documentation in place, for they are adults now at the age of 18 which means they now legally decide for themselves and not the parents/guardians.
Please consult with a Legal Advisor when putting together your WILL and Power of Attorney documents to ensure they are properly written, for it can be a complicated process with many things to take under consideration. An example why I suggest using a Legal Advisor even a small omission can change the message greatly. Take for example the following: Eat Grandma versus Eat, Grandma….
The Art of Cooking and Financial Planning: Why Expertise Matters by Keith
In my house, I do most of the cooking and Kerri does most of the baking. So far, it's worked well this way. (I haven't made anyone sick, except for myself that one time.) 😂 As someone who enjoys cooking but avoids baking, I often think about how the two activities reflect different approaches to life—and, unsurprisingly, to financial planning. For me, baking is too rigid; it requires you to follow a recipe to the letter, leaving no room for experimentation or creativity. Cooking, on the other hand, is an art that allows for flexibility. It's about understanding how ingredients and spices interact to create an exceptional dish. The more you know, the better your results.
This mindset also applies to how we approach financial planning.
Most people who choose to manage their own investments, approach it like following a recipe. They stick to general advice they find online or from friends, which can result in something decent—much like an average meal from a cookbook. But this approach rarely leads to an extraordinary outcome. Why? Because just like cooking, successful financial planning requires more than following a set formula.
When you cook an amazing dish, you’re not just tossing in ingredients. You understand how each element—whether it’s a spice, a vegetable, or a cut of meat—works together to create the perfect balance of flavors. Similarly, in financial planning, it’s crucial to know how different financial products and strategies blend together. Stocks, bonds, tax-efficient savings accounts, insurance, and estate planning tools all play a part. Getting the right balance is key, but it requires deep knowledge of how they interact.
Trying to "DIY" your investments is like sticking to a basic recipe—sure, you might save a bit of money and the result could be fine, but it likely won’t be extraordinary. There are so many subtleties in tax rules, investment strategies, and the ever-changing market that only someone with deep experience can fully understand. Just like a skilled chef knows exactly when to adjust the heat or add the perfect seasoning, a certified financial planner knows when it’s time to adjust your strategy, balance risk, or find opportunities to save on taxes.
A chef doesn’t simply follow a recipe—they adapt, innovate, and can foresee challenges before they happen. In much the same way, a financial planner brings a deeper level of expertise, anticipating financial changes and navigating the complexities for you. What I hear most from clients is how much they value having someone to guide them through those important decisions, to help them feel more secure and confident about their financial path.
It’s not just about making numbers work—it’s about understanding each person’s unique goals and challenges and tailoring a plan to fit. When I work with clients, it’s always about creating something that feels just right for them, not a one-size-fits-all solution.
The next time you think about your financial future, ask yourself: Would you rather go it alone and hope for decent results, or would you prefer to have an expert in your corner, helping you craft something that truly supports your long-term goals?
Community Support - Pathstone Mental Health
The Very Hungry Worry Monster is an adorable, blue plush toy designed to help kids facing anxiety. These comforting companions “eat” worries, allowing children to write down their concerns, place them in the Worry Monster’s mouth, and zip it shut. When kids bring their Worry Monster to therapy sessions at Pathstone, they have a tangible way to share what is on their minds, providing a gentle start to their healing journey. For more information about the campaign, please visit PathstoneMentalHealth.ca.
Pathstone Mental Health is the leading agency for child and youth mental health in Niagara, offering a wide range of free services that is tailored to each child’s unique needs.
We are honoured to support this incredible organization and the life-changing work they do for our community’s young people.
The Emotional Matrix of Caregiving
Complex emotions go hand in hand with caregiving. We are either first introduced to caregiving through an urgent and unexpected call (often in the middle of the night) or from witnessing a progressive and gradual loss of health and mobility. Either way, few have open windows in their daily schedule, just waiting to be filled with the tasks and activities of caregiving. On the contrary, this role is often adopted amid an already full and demanding life schedule.
It is not unusual for caregivers to experience feelings ranging from burnout, emotional exhaustion, resentment, and even anger, along the continuum to thankfulness, connection, and sacred engagement. All can be true, and all can be true at the same time. The breadth and scope of the multifaceted experience, with these often competing feelings and emotions, can make it confusing while operating in this unfamiliar territory. Yet, so many are grateful for the opportunity and, with effective support and relevant resources, recall a journey characterized by intimacy, authenticity, and connection.
Let’s now shift from personal observations to some practical tips.
Supporting Caregivers
If you know a caregiver, consider reaching out to them this month in a way that genuinely acknowledges their situation. Small acts can make a big difference. Here are a few suggestions:
- Be Present and Listen: Caregivers often feel like they’re carrying an invisible burden. Being there to listen, without necessarily offering advice, can be more comforting than you realize.
- Provide Respite When Possible: Even a short break can mean everything to a caregiver. Offer to step in for an hour, an afternoon, or whatever you can manage to give them time to restore their battery.
- Point Them to Resources: There are excellent support organizations in most communities. Do a little research about what is available, make a list, and include some telephone numbers and contact information.
Practical Tips for Caregivers: A Reminder to Care for Yourself Too
If you’re a caregiver, you’ve probably been told a hundred times to “look after yourself.” But self-care isn’t always straightforward, especially when you’re in the thick of caregiving. Here are a few practical strategies that might resonate:
- Find Your Tribe
Find others who understand what you’re going through. Whether it’s an online forum or a local support group, connecting with fellow caregivers who “get it” can be incredibly validating. - Cherish Small Moments
Enjoying a warm cup of coffee before everyone wakes up or taking a quiet five minutes to breathe deeply can work wonders for your mental state. Little pleasures matter, even when big stressors loom. - Don’t Hesitate to Ask for Help
It’s tough to admit we need help, but people around you often want to support you—they just don’t know how. Be specific about what you need, like picking up a prescription, researching some local resources, or watching your loved one for a short time. - Bring in Professional Help When You Can
Don’t feel guilty about using respite care services or hiring part-time assistance. It doesn’t mean you’re giving up; it means you’re sustaining your own strength to continue being there. - Prioritize Your Own Health
It’s easy to skip medical appointments or ignore symptoms when you’re busy caring for someone else. Remember that taking care of yourself isn’t selfish—it’s vital for the well-being of both you and your loved one.
Closing Thoughts: A Heartfelt Thank You
If you’re a caregiver reading this, please know that your work and sacrifice do not go unnoticed. You’re the reason why loved ones can stay at home and feel safe, comforted, and cared for. While it might not always feel like it, what you’re doing is extraordinary, and your strength and compassion make the world a better place. And for those who are not caregivers, acknowledge the caregivers in our lives. A text, a call, a little offer of help—these small gestures of recognition and appreciation can speak volumes.
Rhonda Latreille, MBA, CPCA
Founder & CEO
Age-Friendly Business®
p.s. Since 2003, Age-Friendly Business® has trained thousands of professionals and businesses committed to learning how to elevate the quality of the client, customer, and community experience. They are called Certified Professional Consultants on Aging (CPCAs) and Age-Friendly Businesses. They have earned the right to ask for your business.
Body: Caregiving, Purpose, and Longevity
Research published in the American Journal of Epidemiology found that caregivers who reported a strong sense of purpose experienced lower levels of stress hormones, better mental health, and even longevity benefits compared to non-caregivers.
Spirit: 4 Kinds of People
“There are only four kinds of people in the world: those who have been caregivers, those who are currently caregivers, those who will be caregivers, and those who will need caregivers.”
Rosalynn Carter
This article is reproduced with permission from Age-Friendly Business, no reproduction in part or in whole is permitted without consent.