LifeLegacy Update - May 4, 2021

May the Fourth be with you! It seems that since Disney’s purchase of the Star Wars franchise, and the marketing machine that entails, today should be an international holiday. We will take it as an opportunity to welcome you to spring and as a reason to reach out with an update.

With an ever-changing weather pattern from snow to sunshine, it seems that now Spring is finally here. You may have noticed the corresponding increase in gasoline prices, and I just looked the forecast, it is to be warm all week with a cooling trend and rain on the weekend. Not so unusual here in Central Alberta. We will not complain as the moisture is much needed and will be appreciated by the farmers.

This week is mental health awareness week, and as we await further announcements of restrictions due to the “third wave” of COVID-19, it is important to maintain a sense of our own wellbeing. In our recent memory there may not be a more important time than now to be aware of our mental health and of those we care about. No one anticipated that this pandemic would have taken toll that it has. I know in my own household and extended family that we want nothing more than for everyone to be healthy and to be able move beyond this pandemic and reconnect. A return to some normalcy and connection with loved ones cannot come soon enough.

We at LifeLegacy truly hope that you and your family are coping well through these trying times. We appreciate the challenges that you each face in our own way, whether that be the viability of your business, the future of your employment, connecting with family or being able to travel in your retirement. If you are feeling worries about your or your family's financial well-being please reach out to connect. We are here to help you navigate these financial concerns and are simply a call away, 403-341-5899.

It seems the one thing we have lost amid the pandemic that few discuss is our ability to connect and to decompress. Family is paramount in each of our lives and being with them throughout this is important, but close friends, hobbies, sports, and activities, are often the release we need that allows us to be there fully for our families. Without these healthy outlets many are experiencing stress and even depression and anxiety. Please take the time to reach out to family, friends, or your health provider if you are feeling “off”. There are resources available, and your mental health is worth it!

We have gone through another tax-filing season and we hope that it was not too much of a burden to you and your tax preparers. Each year we try to be on top of the information you require to file your taxes and hope that we can somewhat simplify the process for you. If you had any challenges getting your tax slips or information, please let us know. There is always room for improvement, and we would like to know if we can make enhancements going forward.

On the topic of taxes, the Federal Budget was recently tabled, without many major tax initiatives. There was a focus on providing support through the pandemic and no major personal or corporate tax increases. A full commentary on the Budget can be found here. We would be happy to discuss how any of the budget proposals may affect you personally.

You would have recently received your Quarter 1 2021 statements from Fiduciary Trust, we encourage you to watch the current Quarterly Market Update. The quarterly Fiduciary Trust Canada Perspective magazine can be viewed here. As always the portfolio management team is only a call away and we welcome you to contact us directly if you would like a personal review of your portfolio and how it is currently structured to meet your financial planning goals.

A few areas that LifeLegacy will be focusing on in the coming months are:

  • Christie is writing the CFP Certification exam later in May and is looking forward to a little less studying and little more working with clients. We are extremely proud of the work and studying she has been doing and wish her the best in her upcoming exam.

  • A review of our privacy, anti-money laundering and compliance procedures. Changes are coming to the anti-money laundering legislation and we will be updating our documentation to ensure you are protected.

  • We are piloting a new software that consolidates your insurance and investment products and provides compliance functions including secure password protected email communications. We are hopeful this will allow us to better service your inquiries and to add to the functionality of our planning processes.

  • Estate and Contingency planning: as the pandemic has taught us we all need to be prepared for the unforeseen. We are completing a review of our clients estate plans and looking to provide them tools to better prepare their families for the "what if" scenarios.

We will be connecting with your for annual reviews and updates. If you have questions that are pressing or simply looking to connect, please reach out at anytime.

The Turgeons are looking forward to some nice summer weather, and hopefully a few rounds of golf and some ballgames to watch. Richard and Betty are closing in on their new home being completed and are looking forward to some acreage living later this summer. We hope that we can get out to see a lot of you once restrictions lift and reconnecting. All the best to you and your family.