December Newsletter
Megan Lisowski - Dec 01, 2023
As we approach the holiday season and give thanks, what better time to tell you how grateful we are for your confidence in our team. Working with you year-round is an honor and a privilege, and we look forward to continuing our partnership next year.
Wishing you and your loved ones a very joyous holiday season!
Market and Portfolio Update
As we wind down the year to the holiday season, investors are breathing a sigh of relief. Markets finally appear to have bottomed at the end of October and we began to see the appearance of the seasonally typical fall rally. Pretty much all markets, including the Canadian market which has been a laggard this year, finally turned positive. There is still a ways to go before we return to the old highs, but without being too optimistic, should this rally hold, we could possibly be reaching new highs before the year is out.
Monthly Features
Retirement Planning: CPP/QPP, RRIF and OAS Considerations
As the “baby boomers” reach retirement in droves, one of the biggest concerns is the impact on the Canada Pension Plan (“CPP”) for the next generation. To address the risk of potential shortfalls, CPP contributions and benefits have been going through gradual enhancements. Up until 2019, CPP retirement benefits were designed to replace, on average, 25% of a contributor’s work earnings. The enhancements aim to increase the income replacement in retirement from 25% to 33%, with full effects applicable to those who will contribute to the plan for roughly 40 years or more. The first phase was implemented through gradual percentage increases in contributions from 2019 to 2023. The second phase, which will take effect in 2024 and 2025, aims to further increase contributions, especially for higher income earners. To learn more about these enhancements (and their associated costs) and other retirement considerations, please Read more
2023 Year-End Tax Planning Tips
As the end of the year approaches there are still opportunities to reduce your 2023 tax bill. Consider these seven year-end tax-savings strategies: Read more
We hope you enjoyed this month's newsletter.
If at anytime you would like to meet with us, please contact us by phone at 905-727-5040 or Ridd.Associates@nbpcd.com. We would be happy to setup an in-person meeting, phone meeting or virtual meeting at a time that is convenient for you. We look forward to reviewing your portfolio and wealth plan as well as answering any questions you may have.
If you know someone who can benefit from what you have learned today, please feel free to forward this newsletter to them.
Warm regards,
