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| | | | Happy Summer!
With the longer days and vibes of summer upon us, we're embracing a season of growth and celebration. Earlier this month, we celebrated Canada Day and hope everyone enjoyed time with their family and friends! We also welcome the start of summer and focus on empowering the young adults in our lives with smart financial habits.
Good news, MWFS is introducing our new digital Newsletter! This monthly newsletter will serve as notification that your portfolio reports are available for access online via our web portal ThinkPort. We are excited to offer you this improved, and “greener” correspondence. In addition, it will feature "Your Questions Answered". Our first discussion focuses on a topic that came to the forefront earlier this year, Bare Trusts and Income Tax Reporting. For those already utilizing online access, we trust you appreciate being able to view your account balances, track your investments, share and receive documents securely, and get your latest investment performance reports at your convenience!
Click on the blue links throughout the newsletter, they will replace print brochures and flyers on insurance and financial products, services and solutions (some published by partner companies) to guide you to relevant content for your interest located on mwfs.ca with our supplier partner’s materials included. The links are safe to open with a click, they remain within the MWFS site or link direct to our approved partner's sites (ie. Manulife's Travel Insurance). Anytime you need more information, please let us know. We’d love for you to join the conversation this month - share your experiences, celebrate your family’s milestones, or ask those burning financial questions. Your insights help us tailor our resources and make our community stronger.
Cheer's to a July filled with sunshine, celebrations, and smart financial moves. Thanks for being such a valued part of the MWFS community. Let's enjoy this beautiful summer together!
MWFS Team
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| Portfolio Reports Fixed Income Holdings &/or Investment Portfolio Reports may be viewed securely on your online Client Account Access. For your security, reports will no longer be forwarded via non secure email. If you need help retrieving your report, please call the office and we will gladly assist. Semi-Annual investment performance reports can be found under your "Documents" folder labeled with the applicable reporting period dates - once your login is activated.
If you are not yet accessing your account information online (available 24/7), please take this opportunity to simply send us an email at: service@mwfs.ca and we will coordinate your access. It is so easy to do! Alternatively, you can call to speak to Lorena and she will help get you started. Notes: - Semi-Annual investment statements issued by the insurance companies will be available after July 15th on the respective manufacturer’s platforms, for their login particulars click here;
- All efforts are made to provide consolidated fixed income holdings reports within the first five business days of the month, reports can be found in the folder/app labeled Documents; and
- Insurance policy reporting including Anniversary Statements are not available on ThinkPort at this time.
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Find Out More |
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| First Home Savings Account (FHSA) You may have children, grandchildren or perhaps even great-grandchildren that are challenged by the high cost of housing. Today there is a new and unique option to help people enter the housing market. It’s called the First Home Savings Account (FHSA) and provides tax incentives to help. Read More 
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| Empowering your Children with Smart Financial Habits this Summer Summer is in full swing, and if your kids are gearing up for summer jobs, it's the perfect time to introduce them to a powerful financial tool: the Registered Retirement Savings Plan (RRSP/RSP) and Tax Free Savings Account (TFSA) Why Consider a RSP for Your Kids? Read More 
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| | | Navigating Banking, Estate and Tax Planning
Q: I've added my (adult) child to my bank accounts, why do I need to file another tax return? What should I do?
A: Joint bank accounts between a parent and child are considered a bare trust. Canada Revenue Agency (CRA) legislative changes enacted in 2022 mean trusts are subject to enhanced reporting requirements. Trusts must use a calendar taxation year, with returns due 90 days later.
Some exemptions apply for bare trusts reporting: - A trust that has been in existence for less than three months at the end of the year;
- A trust that holds assets with a total fair market value of less than $50,000 throughout the year, if the only assets are a combination of money and common financial instruments such as publicly listed shares and bonds, mutual funds and segregated funds;
Here are your immediate next steps, and how we can support you:
- Review your Savings & Investment Accounts: Where you are joint owner on an account with your parent or adult child you need to review the account(s) with your accountant or tax preparer. We can assist you in revisiting your banking and/or investment accounts - refer to the information shared in February on 2023 Trust Reporting.
- Review and Update Estate Plans: Changes in your life mean changes in how you might want to manage your affairs and your estate. We can assist you in revisiting your investment accounts, ensuring they reflect your current wishes and provide for your loved ones as you intend.
- Stabilize Your Income: We'll help you take a comprehensive look at all potential income sources—from pensions and investments to any survivor benefits you might be eligible for. Our goal is to structure these to provide a reliable income stream that supports your current lifestyle and alleviates financial concerns.
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| | connect with us on social media for regular news & updates! |
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| Copyright (C) 2024 Macnaughton and Ward Financial Ltd. . All rights reserved.
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