Our Monthly 3-2-1 Newsletter
Wrap-up 2024: A Simple Financial Checklist
As we approach the end of 2024, now is the perfect time to take stock of your finances and make sure everything is in place for a successful 2025. We’ve organized this checklist to cover the most important areas for your year-end review:
FHSA Eligibility
Exploring the New FHSA: A Savings Plan for Your First Home
To open an FHSA, there are a few eligibility criteria to keep in mind:
- You must be a resident of Canada.
- You should be at least 18 years old but not older than 72.
- This plan is specifically designed for those purchasing their first home.
- The plan must be used within 15 years of opening it.
Retiree’s Initial Tax Decision
The Retiree’s Initial Tax Decision
In the recently released 2023 Fidelity Retirement Report, retirees’ top concerns were identified as follows:
- Minimizing taxes.
- Strategies for managing investments.
- Creating a withdrawal plan for savings/investments.
- Estate planning.
- Planning for unexpected costs/events.
Unsurprisingly, many retirees aim to reduce their tax burden while striving for a tax-efficient estate transfer to the next generation.
Office Hours
If you would like to set a time to discuss any of the above or have any other questions, please use the link below to set a time for a virtual meeting or telephone call.
Two curated articles!
How to stop wanting more stuff
Expert tips to tame your shopping habit and be happier with less
Before phrases like “one-click shopping” and “everyday essentials” became buzzwords, shopping was often a chore — the thing we had to do to cover our bodies and feed our families. These days, particularly in North America, people treat it as a pastime or even a hobby.
Control the inheritance you leave to your heirs
If you were to imagine someone establishing a trust, you may picture an individual leaving their hilltop mansion and being driven by their chauffeur to stately law offices visited only by the rich and famous.
In reality, a trust can be used by just about anyone to meet a variety of estate planning needs. One of the most common uses is controlling how an heir or heirs will receive their inheritance.
One of Something Else!
The Tale of the Canadian Beaver in Ushuaia Argentina
On a recent trip to Ushuaia, Argentina, we heard an intriguing story about the unintended consequences of human plans.
In 1946, ten pairs of Canadian beavers were flown to Tierra del Fuego in hopes of establishing a fur trade. The idea seemed promising—until nature had other plans. The warmer climate and lack of predators meant the beaver population exploded. Today, their numbers are estimated at 70,000 to 110,000 plus, with some reaching up to 55 kilograms. Sadly, these beavers have caused widespread deforestation in the region.
It’s a powerful reminder of how well-intentioned plans can lead to unexpected outcomes—a theme we see often in life and finance.
Best Regards, Jack
PS If you have enjoyed this 3-2-1, feel free to pass it along!
What To Do Next
Are You on Track with Your Retirement Strategy? FIND OUT TODAY!
For more information, refer to Preserving Wealth: The Next Generation – The definitive guide to protecting, investing, and transferring Wealth by Jack Lumsden, MBA, CFP® or schedule a call with Jack at 905-332-4403
Jack Lumsden is a Financial Advisor with Assante Financial Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Financial Management Ltd. Please contact him at 905.332.5503 or visit www.jacklumsden.com to discuss your circumstances before acting on the information above.
Insurance products and services are provided through Assante Estate and Insurance Services Inc.
