LifeLegacy Update 

November 1, 2023

We hope that this finds you and your family well, yesterday was Halloween and it was great to see the joy on the faces of little creatures out on the prowl for sweet treats.  As the calendar flips its page to November, we all know that winter will soon be here in full force.  The past couple of weeks has given us all a reminder of the necessity preparing for winter.   Today's message will be about a few other things to prepare for this winter. 

Calendar year deadlines:  We have all become accustomed to the end of February contribution deadline for RRSPs, and the April 30 deadline for filing and paying our income tax, but there are a few deadlines that occur at year-end. 

New taxes and reporting requirements:  I spend a good portion of my time in professional development workshops and studying changes to taxes and regulations that may affect our clients.  In the past few weeks, I have heard a number of presenters comment that they were looking forward to retiring soon as the tax changes and reporting requirements are becoming so complex.   While tax advice is outside my area of expertise and the scope of our financial planning engagements, the following are a few items that would be worth discussing with your tax advisors this winter:

Contingency Planning:  It's human nature to be focused on the now, this seems more prevalent today than ever.  We are living with increased costs of living, uncertainty in the economy, social media and mainstream media bombarding us with the seemingly ever worsening news.  It is easy to go through day to day just keeping our heads above water.   Financial planning is about balancing today's lifestyle with the lifestyle and legacy we want to create and preserve.  A plan cannot be successful if it only considers optimistic outcomes.   Developing a contingency plan in the event of undesired outcomes is just as important as planning for our goals.   Consider the following:

What other outcomes come at a financial risk?  

An important step in contingency planning is assessing the risks, and costs of various outcomes, and seeing what options are available to offset the financial impact.  LifeLegacy is contracted with many insurers and has the resources to find ideal coverage for your family's specific needs. 

As we progress through to year-end we will be scheduling meetings for portfolio reviews, optimizing tax situations and updating financial plans, please reach out if you have any questions or want to prioritize your review meeting. 

All the Best!!


The new First Home Savings Account is available.  I asked Christie Hayes to provide some commentary on the new plan.  For more details see this link: FHSA and please share with anyone in your circle that is saving for a home.