LifeLegacy Update 

April 14, 2023

I hope this finds you and your family well.  This past weekend as we celebrated Easter I was reminded that this is a time of renewal and rebirth, marking the arrival of spring after a long and dark winter. As the days grow longer and the weather becomes milder, we welcome the return of new life in nature, from the blooming of flowers to the chirping of birds. This time of year is celebrated by many cultures and religions around the world, with traditions that reflect the themes of renewal and hope. Whether you observe Easter as a religious holiday or simply enjoy the coming of spring, it is a time to celebrate new beginnings and the beauty of nature.

Taxes Are Coming Due:

Along with spring comes the tax filing deadline for the 2022 tax year, we want to help make the process as smooth and efficient as possible. Here are some key tips to keep in mind:

1) File your taxes on time: The deadline for filing your 2022 tax return is April 30, 2023. Filing on time not only helps you avoid penalties and interest charges but also ensures that you receive any refunds or benefits you are entitled to as soon as possible.

2) Be prepared: Gather all relevant documents such as T4 slips, receipts, and statements before starting your tax return. Double-check your entries for accuracy and completeness, and ensure that you have claimed all applicable deductions, credits, and benefits. If you are missing any investment related slips, reach out and we can provie you with duplicate copies.

3) Seek professional advice if necessary: If you have complex tax situations or are unsure about how to file your taxes, consider seeking advice from a qualified tax professional. They can help you navigate the tax laws and regulations, identify opportunities for tax savings, and minimize your tax liabilities.  There are new filings required related to real estate ownership and dispositions.  Don't miss the new requirements.

Market Update: 

As we enter the second quarter of 2023, we wanted to provide you with an update on the performance of the markets. The S&P 500, a benchmark index for the US stock market, has experienced strong gains since the start of the year, but not without volatility. This can be attributed to positive economic data, a supportive monetary policy, and strong corporate earnings reports, alongside weakness in the banking sector and fears of inflation and higher borrowing costs.  There is ongoing concerns about rising inflation and potential interest rate hikes in the future.

In Canada, the TSX has also seen gains, albeit at a more modest pace than the S&P 500, Meanwhile, the Canadian bond market has experienced a more mixed performance, with some segments seeing gains while others have declined. The portfolio mangers at Fiduciary Trust maintain well-diversified portfolios that are aligned with your long-term investment goals, should things change or you want a review please let us know and we will arrange a review to discuss current market conditions and risks.

Estate Planning:

Estate planning is a crucial part of financial planning that can help protect your assets, provide for your loved ones, and minimize the tax liabilities associated with passing on your estate. Here are some reasons why reviewing your estate plan is essential:

Life changes

Tax laws and regulations

Asset changes

Personal preferences

We encourage you to review your estate plan regularly and seek professional advice to ensure that it is up to date and in line with your wishes.  LifeLegacy can play a critical role in helping you develop an estate plan that aligns with your wishes and objectives. As part of this process, we can facilitate a meeting with your family members and legal advisor to discuss your estate plan and ensure that everyone is on the same page. This meeting can be an opportunity to review your current plan, discuss any changes or updates that may be necessary, and ensure that your loved ones understand your intentions. This process can ensure that your estate plan is comprehensive, up-to-date, and reflects your current circumstances and priorities.

Financial Planning for Farms:

As we enter the busy spring season, it's important to remember the importance of financial planning for your farm. Here are some key aspects to consider:

Budgeting: By creating a detailed budget, you can get a clear picture of your income and expenses, and identify areas where you may be able to cut costs or increase revenue. This can help you make informed decisions about investments and capital expenditures.

Risk management: Farmers face a variety of risks, including weather events, fluctuations in commodity prices, and changes in government policies and regulations. By developing a risk management plan that includes insurance coverage, contingency planning, and diversification of income streams, you can help protect your farm from unexpected events.

Retirement and succession planning: As you near retirement age, it's important to have a plan in place for passing on the farm to the next generation or selling it to a new owner. This can help ensure a smooth transition and help preserve your legacy for years to come.

We know that financial planning can be a complex and time-consuming process, but it's an investment in your future that is well worth the effort. If you need assistance with financial planning or have any questions, please don't hesitate to reach out to us.

We are happy to announce our Day at the Ballpark event, which we're hosting at the Sylvan Lake Gulls baseball game 2pm on June 25th! This is an event you won't want to miss, so we wanted to give you an early heads up to mark your calendars and save the date. 

The game promises to be an exciting one, with the Gulls building a great team this year. We'll be enjoying the game from the Provincial Vodka Patio with great views of the field, and new food and drink service to enjoy throughout the game. There will also be a number of giveaways throughout the day.

 This event is our way of showing our appreciation for your continued support and partnership. It's an opportunity for us to come together, enjoy each other's company, and have some fun outside of the office. We hope you'll be able to join us!

 We'll be sending out more details as we get closer to the date. But for now, please mark your calendar for June 25th and plan to spend the day with us at the ballgame.  You can register for the event on our Facebook Page or directly at our ticket request page.

All the Best!!