Timothy Ross's Posts (521)

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Trump Taxes

Wow, there is a lot there ! Click on the PDF below and you can download the 1+Gigabite of data for your own review. This husband  and wife are well diversified. If you think your taxes are complicated, there not. Compared to his, they ar probably very simple. However, reveiwing his returns can give you many perspectives on the challanges of being in business, the role of diversification and many others valuable insights. 

 

“I predict that Donald Trump’s tax returns are going to show that he made a lot of money, but didn’t pay a lot of taxes because he took advantage of all of the loopholes in the tax laws passed by the very people who are releasing his tax returns,” Stone wrote. “This makes him smart, not dumb.”

The tax returns do, indeed, support that view.

Trump Tax Return Details

The documents (pdf) indicate that Trump’s businesses at times reported significant losses on tax returns, which can be used to offset tax liabilities.

 

Trump’s Tax Returns Contain a Major Revelation (theepochtimes.com)

https://www.theepochtimes.com/trump-tax-returns-released-show-he-and-wife-melania-had-negative-income-in-4-of-6-years_4953311.html?utm_content=buffere7f5c&utm_medium=Social&utm_source=linkedin&utm_campaign=etlinkedin

 

 

 

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Health Care Sand Box

this is good reflecting , one could stay up all night and not say this as well as Tony , enjoy .... ( a always cheeck out the comment section for future related insight ! ~ TLR

(8) Tony Chapman | LinkedIn

Tony Chapman• 1stHost of Chatter that Matters - Radio Show and Podcast, Conference Speaker and Host.
16m • Edited • 16 minutes ago
 
Is our healthcare a matter of life or death? Canada spends more than $300 billion annually on health care or about 13% of our GDP – the second highest among OECD countries.

With an aging and retiring population, healthcare expenses in Canada are estimated to increase far faster than revenues.

Provinces are demanding more financial support from the Federal Government to increase its share of provincial-territorial healthcare costs from 22% to 35% to $28 billion annually. They also demand increased Canada Health Transfer (CHT) payments without stipulations, arguing they’re best placed to determine how to allocate any new funding.

Here is a sober thought. Imagine that Canada and the Provinces couldn't continue borrowing more each year. What would we do? Would we let health care collapse under increased demands, or would we make bold moves?

I would look at the following:

1)Do we have too many handlers handling healthcare?

The chart I have attached is an eye-soar. It also indicates how much we spend on our Federal and Provincial bureaucracy and whether 13 Provinces and Territories, each managing their own healthcare, makes sense.

2)Is Healthcare becoming the panacea for winning votes?

Healthcare is a growing tension point with voters. Governments promise more - pharmacare, dental care, mental health care, long-term care and primary care to ease the friction.

3)Are we focusing on accountability and efficiencies?

Are we obsessed with getting more health care for less or accepting less healthcare with more? Are our major infrastructure projects being delivered on time and to budget?

4)Should we consider a hybrid model where the wealthy can access private healthcare but, in doing so, benefit all others?

5)Should we reallocate our budgets? If universal healthcare is priority one and continues to cost more, and we can't borrow more, what will we give up?

6)Should we pay more taxes?

7)Should we have a quota system? Units of healthcare to be valued and invested wisely?

8)What role can technology and AI play in the home and virtual diagnostics to streamline only those patients who genuinely need access to healthcare?

9)What role can the pharmacy play as the neighbourhood hub for diagnostics and administration of primary healthcare?

My belief: Proactive versus reactive. We must assume that we will run out of borrowing capacity. In doing so, we free our minds to solve the growing demand for healthcare by putting the patient at the centre and driving efficiencies and bold thinking from the stethoscope back.

I have a podcast where I chat with inspirational people. If you want to hear a fantastic interview and ideas on how to save our healthcare system, my chat with Alika Lafontaine, President of the Canadian Medical Association, is worth a listen:

https://lnkd.in/grWp4q8S


#chatterthatmatters #canada #healthcare #newyear2023 #health
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4 Day Work Week

A noble goal to only be working 4 days a week. 

We have set our office hours to be open Monday through Thursday when we are not in the heart of tax season.  We have been doing this for several years now. It works for our team. When ever I start finding I can't get everything done we start looking for a new team member. It's not a perfect solution, I would love a 3 day a week work week, however this has helped us grow and take better care of our clients. Team member can book personal stuff on their days off so that helps everyone focus when they are in. 

Personally I monitor usually everyday, as the owner, I rely on my team at Brock Shores Financial to serve our clients, to show up , to look for opportunities to bring value to our clients and to our company. 

My plan for this post is to accumulate info on the 4 day model, hopefully this resource will inspire, encourage and help reach this noble goal for others and ourselves.

 

https://www.youneedabudget.com/careers/

 

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Farm Management & Succession Sand Box

Thanks for landing here, please check out the comment sections as I will be posting resurces there as they come at me. This sandbox will focus on farm management and farm succession resources. 

 

To kick this off, there is a course offered by University of Guelph that requires an investment of your time, there is a lot of good resources there, gets you thinking and hopefuly has soe good ideas to help make your farm more profitable, more enjoyable and get you inspired a bit. I completed the course this fall and found it useful and reminded me of my New Liskerad College of Agricuture Days. I graduated from there in 1984. The Dean , what is his name, it escapes me at the moment, thats not like me to forget a name, it will come to me. Anyway, Earl Pollock was on of my teachers , Allen Francis , he came from Renfrew and he retired there. 

 

Here is my  Christmas email

********

Merry Christmas ! wishing you and your family all the best this holiday season.

I meant to send this info earlier, and since I am doing some browsing, I thought you might benefit from this course that I took earlier this year. It's a free course that is packed with a lot of good info that is easy to get through and has some good business lessons in it.

https://www.guelphagriculturalmanagement.com/#whyjoin

The course opens up Jan 9th and one can get on the wait list by registering now.

This is a good course that you and your successors could benefit from.

I am thinking it might spark the succession conversations that should be happening.

I am going to retake the course, the price is right and sometimes we need to hear the message over and over again to glean all the benefits.

Thanks
Tim







Timothy Ross, Family Advisor , CEO & Founder, Brock Shores Financial

Mutual Fund Representative through PEAK Investment Services Inc.




This transmission is intended solely for the individual or entity to whom it is addressed and is confidential in nature. Please be advised that any distribution, reproduction or other use of this document by anyone other than the addressee is strictly prohibited. If you have received this communication in error, please notify us immediately. Thank you for your assistance
Brock Shores Financial / Timothy Ross & Associates, Family Office Providing Omega Stewardship

4502 Airport Road – Tincap, GTA Professional Center , Elizabethtown, Ontario K6T 1A2


613-345-0016 Office
613-213-4625 Cell/Text 613-345-5231 Fax
advisor@timothyross.com

Executive Assistant: Heather Kiley heather@timothyross.com


Office Assistant: Tammy Abrams assistant@timothyross.com

Office Manager: Megan Ross megan@timothyross.com

Bookkeeping Associate: Becky Eamon becky@timothyross.com
Tax Associate: Kelly Potvin kelly@timothyross.com

Mission - Vision – Core Values

“Serving our clients and community since 1988”

OMEGA STEWARDSHIP

* One Stop Process Driven Approach for Retirement & Income Planning

* Personalized Tax Management Solutions for Individuals & Business Owners

* Confidential Wealth Management Solutions

www.BrockShoresFinancial.ca www.TimothyRoss.com #ImprovingFutures
www.ImprovingFutures.ca

Helping Families Achieve ... Life's Major Goals

1. Tax Smart Planning & Investing

2. Worry Free Retirement

3. Education of Our Children & Grandchildren

4. Quality Care for Our Parents

5. Meaningful Financial Help for Our Loved Ones

6. Meaningful Legacy

Member of Advocis, The Financial Advisors Association of Canada
Member of IFB,
Independent Financial Brokers of Canada

Member of RIA

 

*****

 

 

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Freedom Collections

Here is a link to the book for the 12 Days of Christmas, POEC edition, enjoy

Download your free electronic copy here: https://theccf.ca/12daysofPOEC/

 

https://www.youtube.com/watch?v=NwUUlxVsUjo&list=PLhhVyaUmOQuoQrYvi_Tdg8CPbiDAj03AL&index=82

 

Merry Christmas CCF Friends!

This holiday season I wanted to give you something special... a free book!

I've written a book about the craziest things we learned at the Public Order Emergency Commission #POEC, the inquiry looking into the Freedom Convoy and government's use of the Emergencies Act.

Download your free electronic copy here: https://theccf.ca/12daysofPOEC/

The book is called “The 12 Days of Christmas: Public Order Emergency Commission Edition”. I hope you enjoy it as much as we enjoyed putting it together.

If you want to see our playlist of videos from the Inquiry, check it out here: https://www.youtube.com/playlist?list...

Merry Christmas!
- Christine and your friends at the CCF

PS: if you want to support our work, you can make a tax deductible charitable donation at theCCF.ca/donate

 

 

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The Last Act

Kicking  off the New Year with some professional Updates 

With the Estate Planning Council of Canada

bringing together unique and engaging educational sessions showcasing the benefits of infusing best practices from the many domains of Estate Planning.


Information / Registration: https://lnkd.in/ev2UVxG9


1. The Last Act - Closing the Book on Your Finances


Kimberley Short, CIM, CFP, FCSI, MFA-P, TEP and Larry Short, CPA, CGA, CIM, CFP® Short, CPA, CGA, CIM, CFP will present their new book “The Last Act” (commissioned by CPA Canada Financial Literacy Committee) and how it can help you help your clients overcome their procrastination. Many prospective clients are intimidated by industry jargon and view estate planning as an enormous project that is never urgent. The book is an easy read to educate them to understand and appreciate your specific expertise, the need for immediate action, and empower them with just enough knowledge so that they are not intimidated. The book is that soft intro you can use to help clients overcome their hesitation and make 2023 the year they get their act together. And it’s a great way for you to launch 2023 to make it your best year ever.


2 •  Power of Attorney Review (Personal~Health~Property) 
Raphael T., LL.B, MBA, Partner and head of Gowling WLG Private Client Services group in Vancouver and Toronto.


3 • Eight Steps To Succession Success for a Family Business 
Chris Delaney LL.B TEP FEA Delaney, LL.B, TEP, FEA - Keynote Speaker, Family Business Consultant, Business Succession Advisor, Intergenerational Family Wealth Consultant, Author, Podcaster


4 • Near Death Decisions & Deathbed Wills 
Justin de Vries, Principal at de VRIES LITIGATION LLP
Justin has chaired and lectured at various continuing legal education programs regarding estate, trust and capacity matters.  Justin has both mediated and arbitrated disputes and appeared before all levels of the Ontario Court, the Federal Court, and litigated Supreme Court of Canada leave applications.  


5 • Adding Value to Your Estate Planning Practice 
Li Zhang, Join CPA Canada as they talk about their award-winning financial literacy program, how to get involved with their Community Connect program, and utilizing their library of resources that can enrich your practice and add value to your clients. 
Who Should Attend?
Lawyers, Accountants, Financial Planners and Insurance Advisors, Trust Officers, Philanthropy Advisors and other professionals who want to help clients create more meaningful, more positive, and more effective plans. 
3.0 continuing professional education credits for the five sessions accredited by the BC Law Society and CFP and MFDA. Credit with other governing bodies is yet to be determined.
---
Registration $99
No Charge for Estate Planning Council of Canada Members
Guests are welcome - this event is for professional Advisors only.
Membership Information: https://lnkd.in/g4fQcbE

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Titles

https://www.advisor.ca/news/industry-news/will-the-new-sro-shake-up-title-protection-in-ontario/

 

https://www.fsrao.ca/industry/financial-planners-and-financial-advisors/approved-credentialing-bodies-and-credentials

 

My official title I belive is  "Mutual Fund Sales Person"

There is so much more in that title than a catchy distinguished name. Experience, On Going Education, Licencing, Regulation, Awareness, Multiple Displines, People Skills,  Core Value, Mission and Vision to name a few.  Bottom line i the investent world, we are mutual fund sales people. In the life business we are life insurance sales people and segregated fund sales people, etc.

 

I have my own brand description, it covers what we envision is best for us and our clients ~TLR

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Walkaways

 

“If an enemy were insulting me, I could endure it; if a foe were rising against me, I could hide.
But it is you, a man like myself, my companion, my close friend, with whom I once enjoyed sweet fellowship at the house of God, as we walked about among the worshipers.”
Psalms 55:12-14

“Cast your cares on the LORD
and he will sustain you;
he will never let
the righteous be shaken.”
Psalms 55:22
From the same chapter .. David acknowledges His goodness despite all.
So grateful for His faithfulness 💗 for His word 🙌

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Year End Giving 2022

The year 2022 is coming to a close , and with it the opportunity to bless a charity, support a political cause financially. There is more to giving than money, financial gifts will get you a tax credit that you can use on your taxes , however they have to be made by midnight Dec 31, 2022. I am going to list a few of my favorites, and I welcome you to become a member and share yours in the comment section below. I will also be adding links as resources in the comment section of this postig, so as always check those out. 

If you search this platform for Donations & Giving , here is a list of the highlights from the past 

https://improvingfutures.ning.com/main/search/search?q=donations

https://improvingfutures.ning.com/main/search/search?q=giving

 

Some Local, National  &  International Charities & Foundations

https://crosstownimpact.com/

https://www.rotary.org/en/about-rotary/rotary-foundation

 

https://sgfoodbank.ca/

https://www.brockvilleandareafoodbank.ca/donate/#Cash

 

https://www.canadahelps.org/en/charities/the-salvation-army-brockville-community-church/

https://salvationarmy.ca/ontario/2020/04/food-and-faith-the-salvation-army-in-brockville-is-bringing-hope-to-those-in-need/

 

https://www.yourcommunityfoundation.ca/

https://4-hontario.ca/about-4-h/the-ontario-4-h-foundation/

 

 

https://www.easterseals.org/

https://www.eastersealscamps.org/about/camp-merrywood

https://www.eastersealscamps.org/about/wish-list

 

You may make a year end donation to your home church to support their ministry. You may want to do some extra, so should consider that many of our local church's have beneovant funds, you could donate to one of them with a comment for beneovalant fund, and they will seek out needs in the community with those funds. Search online or attand a service at Christmas or New Years Eve. Note donations New Years Day will not apply for deduction in 2022, but 2023

 

 

 

Political Donations

https://www.newblueontario.com/donate

https://www.peoplespartyofcanada.ca/donate-cc

 

Other Options

It is getting late in the year for donation of stock, shares, etc. There is some significant tax benefots to do so. These should be planned out with our tax team. You an also setup your own donor advised fund. There are typically donations that one would be considering in the 10,000 plus range. Please contact our office advisor@timothyross.com to discuss how this can be arranged. 

https://www.mackenzieinvestments.com/en/services/mackenzie-charitable-giving-program

In the meantime, here is great article to read up on it. 

There is so many other worthy causes. Find one that means something to you and bless them this holiday season. 

The Lord loves a cheerful giver. 

Be Blessed this holiday season.

TLR

“I have found that among its other benefits, giving liberates the soul of the giver. ...
“Always give without remembering and always receive without forgetting. ...
“Giving does not only precede receiving; it is the reason for it. ...
“It's easier to take than to give. ...
“No one has ever become poor from giving.

“Don't Just"

Don't just learn, experience.
Don't just read, absorb.
Don't just change, transform.
Don't just relate, advocate.
Don't just promise, prove.
Don't just criticize, encourage.
Don't just think, ponder.
Don't just take, give.
Don't just see, feel.
Don’t just dream, do.
Don't just hear, listen.
Don't just talk, act.
Don't just tell, show.
Don't just exist, live.”
― Roy T. Bennett, The Light in the Heart

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Cranberry #Herbal Moments

https://ruffedgrousesociety.org/what-is-highbush-cranberry/

 

 Edible Qualities: The fruits/drupes can be eaten raw (though not very tasty that way) or cooked, and like cranberries, they are rich in vitamin C and so have a tart, acid taste (the taste is best after a frost and when picked slightly under-ripe). They are an excellent substitute for cranberries and are likewise used in preserves, jams/jellies, sauces, etc., which make delicious condiments for meat and game. The jam reportedly has a very pleasant flavor. ‘Wentworth’, ‘Andrews’, and ‘Hahs’ are three varieties that are examples of the better-tasting, American form (americanum) versus the European form (see note below). And, how does a glass of juice made with highbush cranberries sound to you? Check out this delicious-sounding recipe courtesy of EdibleWildFood.com.

 

https://www.ediblewildfood.com/highbush-cranberry-juice.aspx

 

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Setting Goals for 2023

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

 

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CRA Representation Process

It is important that your representative has authorization with CRA. Currently the only way to get a business account authroized is to do it through the online portal at CRA called "My Busines Account"

Here is a video you should watch to setup your account. Once that is done, you can add us as your represenative. 

 

https://www.canada.ca/en/revenue-agency/services/e-services/cra-login-services.html

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Clean Infrastructure KYP

What Does The Name Nei Mean? - name Nei is of Japanese origin and means "new". A user from Spain says the name Nei means "A Happy person, brave".

NEI , the investment company, stands for North West Ethical Investments

NEI Investments is a registered trademark of Northwest & Ethical Investments L.P. ("NEI LP").

https://www.neiinvestments.com/pages/about-nei/#:~:text=NEI%20Investments%20is%20a%20registered,(%22NEI%20LP%22).

https://www.wealthprofessional.ca/best-in-wealth/c/359939

https://blog.coastcapitalsavings.com/managing-your-money/ask-expert-responsible-investing-rod-castellanos-vp-nei-investments/

https://twitter.com/neiinvestments?lang=en

https://www.neiinvestments.com/pages/responsible-investing/resources/faqs/

https://www.youtube.com/watch?v=rNz0VGOA9T0

 

https://www.neiinvestments.com/documents/FundFacts/ff-123-en.pdf

 

Companies in the NEI Clean Infrasture Fund, as per the June 29,2022 Fund Fact Sheet

 

https://www.drax.com/

https://www.eurasianresources.lu/en/home

https://transaltarenewables.com/

https://en.wikipedia.org/wiki/Longyuan_Power

https://www.acciona.com/?_adin=02021864894

https://renewpower.in/

https://www.nexteraenergyresources.com/

https://www.greencoat-ukwind.com/about-us/company-strategy

 

 

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Tax 2023

http://www.canadian-accountant.com/content/practice/more-bite-than-bark

 

Update important changes Dec 15,2022

https://www.canada.ca/en/department-finance/news/2022/12/legislation-to-make-life-more-affordable-and-build-an-economy-that-works-for-everyone-receives-royal-assent.html

 

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. 

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