Be Careful with Joint Ownership (Aug 4/21)
Placing non-registered assets into joint ownership with right of survivorship is one of
the most common methods of avoiding probate, and it can be effective in the right
However, there are some significant disadvantages with joint ownership that may outweigh the benefits.
Fortunately, there are other options available that help avoid the risks of joint ownership and provide other benefits as well.
Capital Markets Update (Apr 28/21)
We know information, GOOD information, is critical to your investment decisions.
At Banks Financial, we work closely with top managers and strategists to help you make sense of your portfolios, understand essential indicators and be comfortable with market performance results.
To continue this effort, we held our inaugural exclusive Banks Financial ZOOM session on April 28, 2021, with Philip Petursson, Chief Investment Strategist and Head of Capital Markets Research at Manulife Investment Management.
MORE TO COME!
In case you missed it, or just want to dig into the information again, here are the replay files and slides for your reference.
2021 Federal budget analysis: Our experts have reviewed the newly released proposals to provide you with insightful analysis
This year’s federal budget, titled Recovery Plan for Jobs, Growth, and Resilience, didn’t introduce measures that directly impact life insurance products, living benefits products or wealth products. Personal and corporate tax rates were unaffected as well. This article summarizes the budget highlights and tax-related measures which may be of interest to advisors. (READ full report at Canada Life)
Banks Financial points to consider:
Old Age Security (OAS) recipients will receive a one-time $500 payment in August 2021, plus a 10% increase to their benefit in 2022 and moving forward
Extension of wage subsidies for continued covid relief
A Luxury Tax proposed on high-ticket items
The minimum wage for workers in federally-regulated industries to $15 per hour. Would not affect minimum-wage workers who are employed in provincially-regulated sectors.
No change with capital gains inclusion rates or principal residence exemptions, both of which had been discussed as possible targets
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