Now that your investments have transferred to Q Wealth, we are required to schedule a telephone call with Josh Brown. Josh is the registered portfolio manager and will review your risk tolerance questionnaire and discuss your risk tolerance.
In addition, it is an opportunity for you to meet Josh. The process is not long and Joe, Brad, or Courtney will be on the call with you.
Click here to book your Call
This is a Mandatory requirement.
Upon Completion of the call, you will receive an IPS – Investment Policy Statement. This document simply confirms your risk tolerance and goals of the portfolio as discussed with Josh.
It is a requirement that this document is signed.
Thanks again for all your patience during our transition.
Finances as a Couple
Life gets busy. When you’re joining your life with someone else, be it a common law or a married relationship, there are a few items that every couple needs to find time to do to set themselves up for success.
Here is a list of items every couple should discuss when considering changing their relationship status:
Identify Your Joint Goals
Figure out what goals you want to achieve as a couple. Is it buying a house, having kids, and going on vacations? The sooner you identify your joint goals; the sooner you can plan for them.
Bank Accounts and Expenses
Decide whether you are going to have a joint account, separate accounts, or combination. Whichever option you choose, make sure it is straightforward and easy to manage and track. Communication is key and tracking your spending is important. Things can get out of control quickly if you don't know where your money is coming and going.
Wills and Powers of Attorney
Once you have a spouse/partner you need a Will and Power of Attorney (POA) that includes them. Not having an up-to-date Will and POA creates an expensive situation for your family. Lawyers and court fees are not cheap. Make sure you get these in place to protect both your wishes and your partners.
Update Your Beneficiary
TFSAs, RRSPs, and pensions allow you to name a beneficiary. If no beneficiary is named, these accounts will go to your estate - which triggers tax and probate fees. However, if you name your spouse/partner as beneficiary, the assets transfer into their name without triggering either taxes or probate.
If you have a mortgage, other debts and/or you want to ensure that your spouse doesn’t have to worry about money once you're gone, you need insurance. The cheapest time to buy insurance is yesterday - as time passes, it gets more expense.
Additionally, make sure you add your spouse/partner to any insurance policies or benefits you currently have - including ones that you hold through your employer.
File your Income Taxes Together
When you are officially common-law or a married couple, you can file joint income tax returns. This allows you to transfer certain tax credits and deductions - lowering your household's overall income tax bill.
A New Home
If each you individually own a home before coming together, consult a tax professional regarding the principal residence tax exemption. If you report two house sales on your joint tax return, it could result in a large capital gains tax bill.
Once you’re married or common-law, spousal accounts become an optional strategy. These are a great tax strategy, if one of you earns significantly more then the other. The higher earner uses their RRSP room to add money to a spousal RRSP in their spouse's name.
This will give the higher earner a tax slip and can create a more balanced income between spouses in retirement, lowering your marginal tax rates and therefore, saving on taxes.
With every life change, your financial plan needs to be reviewed. Joining your lives and finances can be complex. Make time to sit down with an Advisor you both trust to discuss which options work best for your unique circumstances.
To learn more about these strategies and more contact us at
KLT Wealth Management.
Courtney Beach, QAFP
A Good Wedding Cake
Put the love, good looks and a sweet temper into a well-furnished house.
4 Lb of love
1/2 Lb of sweet temper
1 Lb of butter of youth
1 Lb of blindness of faults
1 Lb of pounded wit
1 Lb of good humour
2 Lbs of sweet argument
1 Pint of rippling laughter
1 Wine glass of common sense
A dash of modesty
Beat the butter of youth into a cream and mix well together with the blindness of faults.
Stir the pounded wit and good humour into the sweet argument, then add the rippling laughter and common sense.
Work the whole together until everything is well mixed and bake gently for ever.
Congratulations Brad and Sophia Wilson
Happy Father's Day
To all the fathers, grandfathers, foster dads, stepdads, father figures, dads-tobe, and to all the women out there that are doing the father and mother jobs too. I hope everyone has a wonderful day!