back

September 2024

Although the summer temperatures continued late into September, Autumn is officially here! As the vibrant colours of Autumn start to paint the landscape and the air turns crisp, we are reminded of the beauty and transformation that Autumn brings as we welcome the season of reflection, planning, and new beginnings after a busy summer.

Around the Office:

We continue to be focused on making your Annual Reviews and interactions with our office more personalized and meaningful. Kristin is diligently coordinating schedules to ensure that enough time is dedicated to review and discuss client files before and after client meetings. When going over client files, Kristin is updating them with any changes and insights that reflect your unique goals and priorities from discussions had with Roman & Anna. When scheduling Annual Reviews and formulating your meeting agenda, Roman & Kristin are looking deeper to ensure your discussions are tailored to your needs. We are here to make this process as valuable and engaging as possible for our clients. As we all know, things are always changing, and we work hard to keep client information and needs/priorities up-to-date and accurate. Please contact our office of any changes or updates that may have affected you directly or if your information needs to be updated.

With school back in session, Kristin is busy with school involvement and helping her children with their schoolwork. She is also looking forward to the Autumn temperatures as this is her favourite season!

Now Available! On your Client Portal, you can now choose which documents you would like e-delivered and which ones you would like to receive via paper mail (statements, tax documents, transaction confirmations). Log into your Client Portal today!

We are excited to share that Declan has recently graduated University with a B. Comm (Bachelor of Commerce) degree and is now in the process of transitioning into the role of Junior Advisor for Keith McConkey. While he will continue to handle all the essential administrative tasks that Keith and his clients have come to rely on – such as preparing and reviewing client files, preparing reports, updating information and spreadsheets, and more – he’s looking forward to expanding on how he can assist Keith’s clients. This new role will allow him to provide even greater support as we all work together to achieve your financial goals.

Declan remains available to help clients with any administrative needs such as Client Portal issues, clarification on communications, scheduling meetings and phone calls with Keith, year-end tax inquiries and general inquiries.

Outside the office, Declan is looking forward to once again tying his laces after many years, and refereeing the game he grew up playing for the Pelham Minor Hockey Association.

The Importance of Being Active by Anna

With the eventual arrival of cold weather, there is a natural tendency to start spending more time indoors and become more sedentary. Just like the car that seizes up if it has not run for a long period of time, our joints will do the same which then brings on a whole host of other health complications. Our bodies were designed to move and to not be sedentary. Movement promotes better circulation, better bone health, and stronger ligament, tendon, and muscle strength. So, we should be reminded to not forget that being physically active at any time of the year is important and that it comes with many benefits. Being “physically active” is defined differently for each of us, so the key to remaining active is to do what we enjoy on a regular basis.

We sometimes tend to equate fitness or physical activity to “working out” (at a gym, for example). We forget that the outdoors offers a natural outdoor “gym” for us to enjoy. We can be active by going on walks, gardening, kayaking, jogging, swimming, cycling, cross country skiing, and snow shoveling, just to name a few. Any physical activity we do, whether indoor or outdoor, will benefit our minds and bodies.

Fitness is a key part of healthy aging. We all know that we are not getting any younger as time goes by, but it has been reported that regular exercise can help slow the aging process, promote brain fitness and sustain healthy habits, be it a brisk walk, jogging, or lifting weights – basically any activity that increases the heart rate and stimulates blood circulation. Water exercises are a great option for those who have joint issues such as arthritis or difficulty walking on land. Going for a walk over a lunch hour is a great way to get some physical exercise while giving the brain a rest and enjoying some fresh air. Take the stairs instead of the elevator. Park your car a little further from the door to the store.

Find simple ways to make your physical activities fun and enjoyable. And, don’t forget to treat yourself to something special for achieving your fitness goals!

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.

Technology Update, IT and Cyber Security by Roman

For those that remember the series Hill Street Blues here are words to live by… Sergeant Phil Esterhaus: [at end of roll call] All right, that's it, let's roll. And Hey!... let's be careful out there.

Financial Planning Insights by Keith

Year-End Tax Planning for Families: Strategies to Maximize Your Savings

As we approach the final months of the year, it’s time to consider how year-end tax planning can help you and your family reduce your tax burden and set yourselves up for financial success. Here are a few key strategies to consider before December 31st:

1. Maximize RRSP Contributions

If you’re in a higher tax bracket, one of the most effective ways to reduce your taxable income is by contributing to your Registered Retirement Savings Plan (RRSP). While you have until the 60th day of 2024 to make RRSP contributions for this tax year, getting a head start before the new year can spread out the financial impact and ensure you maximize the tax deduction for this year.

2. Review Your Taxable Investment Accounts

If you have non-registered investment accounts, consider selling underperforming investments to realize capital losses. These losses can be used to offset capital gains and reduce your overall tax bill. Be sure to review your portfolio and consult with your tax advisor before taking action.

3. Charitable Donations

Making charitable donations before year-end is not only a great way to give back, but it can also provide you with a tax credit. Remember that donations must be made by December 31st to qualify for this year's tax return.

4. Tax-Free Savings Account (TFSA) Withdrawals

If you’re planning to withdraw from your TFSA, consider doing so before December 31st. Withdrawals made this year will free up contribution room for next year, allowing you to re-invest the funds without losing any contribution space.

5. Family Income Splitting

If you’re part of a family where one spouse is in a higher tax bracket, income splitting strategies can help reduce your overall tax burden. Gifting money to a spouse to contribute to a spousal RRSP or transferring eligible pension income can help spread the tax liability more evenly.

6. RESP Contributions

If you have children or grandchildren, contributing to their Registered Education Savings Plan (RESP) before year-end can take advantage of the Canada Education Savings Grant (CESG). The federal government matches 20% of contributions up to $2,500 annually, which can add up to significant savings for post-secondary education.

As always, tax planning is unique to every individual and family. By reviewing your options before year-end, you can maximize savings and reduce your tax burden. We’re here to help you navigate these opportunities and ensure your financial plan is working efficiently.

Celebrate World Alzheimer’s Day

No Longer Here – But Never Forgotten

On September 21, we recognize World Alzheimer’s Day, a global initiative dedicated to raising awareness about Alzheimer’s Disease and other forms of dementia.

There are more than 25 different conditions that can cause dementia, and the most common form of dementia is Alzheimer’s Disease. Furthermore, it is estimated that the percentage of those living with dementia in Canada will increase by 187% from 2020 to 2050. (Alzheimer Society of Canada)

It’s likely that each of us knows a friend, family member, or neighbour living with dementia. We all have an important part in addressing this reality with compassion, dignity, and respect.

While all Canadians are covered by the Canadian Charter of Rights and Freedom, the stigma and discrimination experienced by those living with dementia can pose obstacles to their ability to exercise these rights. To address this potential inequity, the Alzheimer’s Society of Canada created the Canadian Charter of Rights for People with Dementia. (https://alzheimer.ca/en/take-action/change-minds/canadian-charter-rights-people-dementia)

This article presents the Canadian Charter of Rights for People with Dementia and encourages everyone, especially our service, professional and business communities, to consider integrating these principles into their daily operations. This not only contributes toward a dignified and respectful experience for their clients and customers but also enhances the overall quality of services for all persons within our communities.

A Blueprint for Respect and Dignity

The Canadian Charter of Rights for People with Dementia is a cornerstone document that outlines seven specific rights designed to protect and empower those living with dementia. Here’s a brief look at each right:

1. Freedom from Discrimination
   Individuals with dementia have the right to be free from all forms of discrimination, making certain they are treated with the same respect as any other person.
2. Full Access to Civic and Legal Rights
   This right ensures that people with dementia can benefit fully from Canada’s civic and legal protections, reinforcing their status as equal citizens.
3. Participation in Policy Development
   People with dementia have the right to participate actively in the creation and implementation of policies that affect their lives, giving them a voice in important decisions.
4. Access to Support for Independence
   Individuals have the right to the support they need to live as independently and actively as possible, promoting their physical, cognitive, social, and spiritual well-being.
5. Informed Decision-Making
   This right guarantees that people with dementia receive the necessary information and support to make informed decisions about their care throughout all stages of the condition.
6. Accountability of Professionals
   Professionals involved in the care of individuals with dementia must be trained appropriately, be respectful and accountable for upholding these rights, ensuring equal access to treatment, service, and care.
7. Effective Complaint and Appeal Processes
   If these rights are violated, individuals must have access to efficient mechanisms for lodging complaints and seeking redress.

Practical Implementation for Businesses

Here are some specific ways businesses can incorporate these rights into their practices:

Training Programs: Educate staff on the Charter’s principles, emphasizing empathy, respect, and patience. For instance, hospitality or retail workers can learn how to interact effectively with clients with memory issues, ensuring they feel respected and understood.

Designing Accessible Spaces: Physical environments should be dementia friendly. This includes clear signage, simplified navigation, and comfortable, quiet areas that reduce sensory overload, making your business more welcoming.

Policy Development: Involve clients and their families in policy discussions. For example, a financial services company could create focus groups with clients who have dementia to ensure their policies effectively support their needs.

Customer Service Excellence: Tailor service approaches to recognize the unique needs of individuals with dementia. For example, a healthcare provider might offer extended appointment times, allowing for more thorough consultations and a less rushed experience.

Why It Matters

We do not live in silos. I have often remarked that we may interact and engage with commercial and business members in our community more frequently than those within our inner circles. We can all contribute toward making our communities safe, welcoming, and engaging.

Businesses and services that implement these practices build a valued reputation of trust and care within our communities. As we honour this day, let’s commit to making all interactions age-friendly and inclusive, ensuring that every engagement, especially with those living with dementia, is guided by respect and dignity.

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.

Physical Activity
Body: Physical activity

Physical activity (even in small doses) is fundamental in maintaining overall health for individuals with dementia. Regular exercise can help enhance mobility, improve mood, and potentially slow cognitive decline. Encouraging gentle movement, such as walking or stretching, supports the body and uplifts the spirit.

Compassionate Service
Spirit: Compassionate Service

“Compassionate service begins with seeing others not as they are, but as they can be.”
Nelson Mandela

---

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This newsletter was written, designed, and produced by Roman A. Groch and Keith McConkey, for the benefit of Roman A. Groch and Keith McConkey, Mutual Fund Representatives with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Fund Fact sheet or prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.