Received this article on farm online resources, looks like some good and interesting links.
planning (21)
"Of the myriad duties executors must perform, disposing of the deceased’s remains is one of the first and most fundamental obligations.
“[Executors] have a right of possession of the remains and a positive duty to dispose of the remains in a dignified and appropriate manner,” said Monique Charlebois, an estate lawyer in private practice in Oakville, Ont. and a former senior estates counsel with the Office of the Public Guardian and Trustee in Ontario."
Please click on this link and start preparing your first budget, don't worry that you do not know all the info, or have time to finish it all.
You can get started, save it, revist it, share it with your partner, our planners and you can update it as you get more information or more accurate information.
It is a very handy, accurate and intuitive tool.
The reports are easy to read and can give you insight into how you are doing compared to other Canadian's.
Let's get started now, click below ~ TLR
https://itools-ioutils.fcac-acfc.gc.ca/BP-PB/budget-planner
For other budgeting items, do a search budgeting budget
https://improvingfutures.ning.com/main/search/search?q=budgeting
https://improvingfutures.ning.com/main/search/search?q=budget
Always check out the comment secton for additional resources
https://improvingfutures.ning.com/blog/list/tag/budgeting
https://improvingfutures.ning.com/blog/list/tag/budget
Came across this article in a few email newsletters that I receive from our mortgage associates. It's a good primer for the topic. Be sure and check out the comment section for future resource additions. ~ Tim
2023 Financial Resolutions
After the whirlwind economic year we have had, making your finances work for you is already top of mind for most Canadians as we head into 2023. Here are some ideas to make your finances work for YOU in the New Year:
Purge Expenses
One of the best goals you can have for the New Year is cutting out all those things that didn’t work the previous year. While we are not referring to your water or electricity bills, there are still many ways you can cut down on costs. For instance, have you recently looked at your phone plan? Consider decreasing services or comparing costs to get a cheaper plan with the same functionality. Are you someone that buys coffee each morning or goes out for lunch once a week? Are you actually regularly watching all those streaming services? Consider where and how you spend your money to determine areas to reduce costs!
Make a List of Goals
Once you have made your budget and reviewed your existing expenses for any opportunities to reduce costs, the next step is to make a list of goals! For some people this will include paying off that credit card or loan, but for others it could be saving up for a family holiday you want to take in the next 5 years. Whatever your goals are, be clear about them and make a resolution to achieve them!
Consolidate Your Debt
Are you dealing with multiple debt sources? From a car loan to a credit card bill, having multiple payments each month can add up and quickly become more than you can manage. If you are struggling with lofty bills and hefty interest rates on your credit cards or other bills, consider consolidating your debt into your mortgage for a single, monthly payment - typically at a lower interest rate!
Pay Fast, Buy Slow
Some great advice when it comes to managing your finances is to pay fast and buy slow! If you pay your bills as soon as they come in, versus waiting, you will have a better idea of where you stand financially at any given moment. You will also avoid any late fees or compounding charges. In coordination with this, you will also want to start buying slower and working to reduce any impulse spending.
Increase Your Income
While it may not seem possible, it can't hurt to look for ways to increase your income in the New Year. Look for promotion opportunities at work, discuss a potential raise or even consider a new job to ensure that you are financially covered!
KYS - Know Your Self
KYC - Know Your Client
KYP - Know Your Product
http://www.canadian-accountant.com/content/practice/more-bite-than-bark
Update important changes Dec 15,2022
News release
December 15, 2022 - Ottawa, Ontario - Department of Finance Canada
Today, Bill C-32, the Fall Economic Statement Implementation Act, 2022, received Royal Assent. With the passage of this legislation, the government is delivering on key measures from the 2022 Fall Economic Statement to help families cope with increasing costs, make housing more affordable, and strengthen and build a thriving net-zero economy with opportunities and good jobs for Canadians.
Key measures adopted in Bill C-32 to make life more affordable include:
Permanently eliminating interest on Canada Student Loans and Canada Apprentice Loans to reduce the burden of student loans on young Canadians.
Cutting taxes for Canada’s growing small businesses from 15 per cent to 9 per cent by more gradually phasing out their access to the small business tax rate.
Requiring Canada’s largest financial institutions to pay their fair share by implementing the Canada Recovery Dividend, a one-time, 15 per cent tax on taxable income above $1 billion of banking and life insurer groups.
Bill C-32 also delivers key components of the government’s plan to make housing more affordable by:
Helping young Canadians afford a down payment faster with the new Tax-Free First Home Savings Account, which will allow prospective first-time home buyers to save up to $40,000 tax-free toward their first home starting in mid-2023
Helping Canadians save on closing costs by doubling the First-Time Home Buyers’ Tax Credit to provide up to $1,500 in direct support to home buyers, starting in 2022, to offset increasing closing costs involved in buying a first home.
Helping families afford to have a grandparent or a family member with a disability move back in if they want to with a new, refundable Multigenerational Home Renovation Tax Credit of up to $7,500, starting January 1, 2023.
Cracking down on house flipping by ensuring that profits from flipping properties held for less than 12 months are fully taxed, starting in 2023, with certain exceptions for unexpected life events (e.g. death, divorce).
And, Bill C-32 invests in jobs, growth, and an economy that works for everyone by:
Supporting the launch of the new Canada Growth Fund, which will help bring to Canada the billions of dollars in new private investment required to reduce our emissions, grow our economy, and create good jobs at the same time.
Securing Canada’s competitiveness by introducing a new 30 per cent Critical Mineral Exploration Tax Credit for specified mineral exploration expenses incurred in Canada.
Eliminating flow-through shares for fossil fuel sector activities by no longer allowing oil, gas, and coal exploration and development expenditures to be renounced to a flow-through share investor.
Let's not forget bare trust reporting, and the huge penalty burden that will be to all that have a intrust account.
The Myths and Realities of Retirement and Succession Planning (ipcc.ca)
https://www.fool.com/the-ascent/small-business/articles/jeff-bezos-4-best-tips-for-entrepreneurs/
Great map of life expectancy's around the world
https://www.visualcapitalist.com/cp/charted-breaking-down-global-life-expectancy-trends/
Some excellent resources from Dynamic, click on the links below for some great information ~ Tim
Re-envision your retirement.
It’s no secret that the road to building a comfortable retirement has become much more difficult over the last few decades. In today’s economic environment, retirees will have to adjust their retirement planning to meet a number of evolving challenges.
Dynamic's Retirement Income Centre is designed to provide a road map to retirement insights, investing strategies and new perspectives on helping retirees, and those on the cusp, create sustainable cash flow to meet today's retirement realities head on.
Learn more
https://dynamic.ca/en/insights/planning-and-strategies/retirement-centre.html
It says 1 min read, it’s more like an afternoon. Very interesting, some good perspective. If you are interested in amassing wealth and paying less taxes , you might find some ideas that will work and some that will not . Enjoy
https://www.country-guide.ca/guide-life/move-out-move-on/
Great article written by one of my highschool friends.
Some great tips on how to handle some of the emotions or moving and best practices to make that move go smoothly.
"Moving homes can be a very emotional experience for anyone, but for farm families, it’s doubly so. “When the family home is also the place of business, there is an interconnectedness in the heart of the family and the heart of the business,” says Boissevain, Man. farm family coach Elaine Froese. Whether the next generation is taking over or if the farm is being sold to someone outside the family, stress levels can be high for all involved. Good communication is essential, notes Froese. “Love does not read minds.”
In case your compliance cruising, full stop, see, read, digest disclosure
https://improvingfutures.ning.com/blog/peak-dealership-representative-disclosure
READ THE FINE PRINT
https://improvingfutures.ning.com/blog/peak-dealership-representative-disclosure
https://www.advisor.ca/tax/tax-news/proactive-tax-planning-for-2021
PEAK Disclosure - Click to Study
Great article I recieved from an advisor in the states that I follow, Kevin is a premier wealth advisor in Northborough, MA and provides soem wonderful insight on concerns that come up with our neighbours in the USA
I have broken the age bracks down in the comment section for quick check list, build on each year
Peak Disclosure For Your Review
https://improvingfutures.ning.com/blog/peak-dealership-representative-disclosure?context=featured
Articles on wills, poa's , estate, death topics
Our Personlized Link to Money Gaps
Click Below and get started with your complementary Financial Snapshot
Check here to get started on Money Gaps - Brock Shores Financial
PEAK Disclosure- check for inspiration and education
well, made some progress this morning mapping out some administration for the The Door ... Dare 2 Dream location in Prescott where we are starting a Financial Ministry.
1st , need a calendar to map out the big stuff that goes on in the outreach centre.
2nd, colour coding to identify the focus on the schedule , when you go to a meeting it’s nice to get a feel what you need to bring, besides your phone and perhaps what your attitude tune should be dialling into
3rd, main contacts and some direction to expect to help one navigating the deep so we land softly and effectively, recognizing some of the waters are muddy and knowing that is ok.
4th, sharing some stuff done and ready to share, so we have some progress to review and how to get more on the plan
5th, some useful resources for our Finances that we can start working on today and develop perhaps for the rest of our lives, building some legacy’s
there is usually a half dozen things , so let’s leave some room for God to have His way
Always check out the comments below, I add there, this will be a resource area for a season. You can search for key words and tags of major items. Blog stuff :)
Tim
https://www.ted.com/about/programs-initiatives/tedx-program
This would be a very cool opportunity should it be pursued.
Lots of great content if you ever wanted to consider everything that should be thought about while organizing an event.
If if we had a TEDxBrockShores whatb would we have covered?
What great innovative speakers would we want to present ?
Perhaps my son Alex Ross and his work on Radon Detection systems.
Perhaps , Greg Houldcroft and how he reaches the youth in the community
Newterra and how they have made the words water cleaner
Rotary and what it means to be a Rotarian, locally and globally
Burnbrae Farms , innovation and family farm
Small business hero’s of our region
Immigration and refugee
Canada’s flag and the birthplace connection
Bruce Wylie , a community champion of philanthropy and air waves
Bringing Ayo Home, the journey and the adoption heart
Dream Mountains Foundation, Shawn Dawson and his goal to climb the seven summits with purpose
John Barclay, video art of the story
Mental Health, Shelley McCaffrey
Shelli Warren and the Leadercast local leadership dream and impact
Mike Whitford, making the body work the way it was intended to
David Marshall, fastest snowmobile rider in the world, doing business around the world
This discussion has been going on since I started serving customers and clients in this field of service. I like the proposals that my professional organization Advocis has recommended. They are common sense proposals and I know that they have put a lot of thought and work into the recommendations. They represent the advisor who wants the best for his or her customers and clients.
Advocis was the result of two groups that I belonged to merged a number of years ago. I belong to a few organizations and Advocis really focuses on lobbying the government to listen to the folks actually doing the job. The way many decisions are made and many proposals are made by past governments and regulators often excludes the advisors , kinda weird if you think about it. The way it is, we are starting to see some changes to this with the current government in my province. I don’t want to write a big long option on that, but a Saturday morning reflection , reminiscing of my own journey as it relates to this matter at hand.
I shared a post from a pastor who knows the heart aches of having a family member with Alzheimer’s and it had some recommendations for language choices . Remember vs Reminiscing, Reminiscing is the better approach . Thank goodness my phone has spelling recommendations, Reminiscing is a word I struggle to spell correctly. Yet here I did it and I learned to adapt and move on with the aid of the tools provided. I did not have this tool when I first started. It was called a dictionary and I still have mine from public school Euphemia Township. I remember my grade one teachers name. Mrs Johnson or was it Johnston ? I do not remember what she looks like, I just remember her name and that feeling, I must of liked her. I wonder if they still let you bring a mat to school and have a nap on the floor a couple times during the day ?
Now The years keep marching on, I remember when I first started with Professional Investments , my dealer , my intermediary that held my license and gave guidance in what where good choices to invest in, and who made sure the paperwork was done properly. I believe my business stock card from the dealer said Sales Representative . It was not long that with my background in tax and accounting and under the guidance of my quasi branch manager / mentor Elaine Gray ( poor lady passed away much too young) and
My new zeal for the industry I looked at the card as a way of distinguishing myself in the financial services industry and Independent Financial Advisor became card number two. This is going back to 1993 , over 25 years now.since I studied and qualified for my Mutual Fund licence and subsequent Life & Accident Sickness License being sponsored by Great West Life at that time for the Life License.
After quite a few years, think about 5 years If memory services me, there was a decisions made, promoted by the regulators, OSC or perhaps it was when the MFDA got rolling, in the firm to change every one back to Sales Representatives, and discontinue the use of Independent , I think Financial Advisor was still ok. But the talk was not for long, only way to say you where a financial advisor was if you studied and achieved the CFP designation. However the writing was on the wall sort of speaking.
I always was ( and still do) giving a lot of thought to branding and trying to figure my Why. Why am I doing this business? for Whom ( that was a given in that it could be for everyone, yet specializing, niche markets are the buzz words of the day and still are, and not just my industry. The What and the How .
“Where Client Goals Become Our Goals”
That was my first official Vision and Mission statement. I would often call that my tag line, yet it represented the vision, mission and core values of what I was doing and want to do for my customers and clients. We write it on everything, letters, cards, magnets, spoke about , seriously got those words out there. It made more sense to me to share with prospective customers and clients and advocates what we did and how it could benefit them than engage in the discussions about what my title was.
I see that the title about what I am is still being debated like it will make you a better choice in a crowded marketplace with more choice than ever before, the choice is literally insane.
Now what on earth are you trying to share about Timothy ? Here is the link ,
Survey results underscore the need for title protection for financial advisors | Investment Executive
https://www.investmentexecutive.com/news/industry-news/survey-results-underscore-the-need-for-title-protection-for-financial-advisors/
As the famous and legendary fellow, would always say “Now for the rest of the story “. What was his name, do you remember ? I will post my favourites once done writing.
Now for the rest of the story.
I decided that I did not want to get in this title game and the challenges of regulations, so I made my own . Simple and practical, and actually better describes my who and what I do with two words.
Family Advisor ®
And the rest is history, and another story.
Thank you
Tim Ross, Family Advisor ®
Family Office providing Omega Stewardship ®
Www.BrockShoresFinancial.ca
613-345-0016 Office
613-213-4625 Cell/Text advisor@timothyross.com
Helping Families Achieve ...Life’s Major Goals ®
OMEGA STEWARDSHIP ®
* One Stop Process Driven Approach for Retirement & Income Planning
* Personalized Tax Management Solutions for Individuals & Business Owners
* Confidential Wealth Management Solutions
Mutual Funds through Professional Investments
Brock Shores Financial
#ImprovingFutures
If you want to get reminded of your Why, I encourage you to connect with Gary , his Kick Ass presentations are inspirational
