ANNOUNCEMENTS
Light Read – What's new at TMFG?

Introducing Mandi Sekhon

We are happy to introduce you to our newest team member Mandi Sekhon. Mandi has over 5 years of financial industry experience with Assante in various roles with Dealer Operations, Compliance (Registrations) and as an unlicensed assistant to a financial advisor. In addition to her financial industry background, Mandi has operated a successful small business employing approximately 15 people. She is a graduate from the University of Toronto with a Bachelor of Arts in Economics and holds a Certificate of Investment Dealer Compliance. She is currently in the process of completing her CSC and CPH refresher courses in order to obtain her licensing as an investment representative.

Mandi has been recognized for her exemplary customer service skills and loves working with people. Her personal interests include writing, travel, Muay Thai and meditation.

LIFESTYLE
Light Read – Fun and Enjoyable!

Lifestyle

You'd be surprised at which apps are tracking your every movement.

This article details how Tim Hortons app tracks an enormous amount of data from you. It's a real eye opening read about how apps we trust may not truly be what they seem and we should be cautious of apps we allow onto our phones.

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#Digital #Information #Technology #Tracking #Data

Michael Ams B.Com. Strategic Associate The McClelland Financial Group of Assante Capital Management Ltd.

OPINION
Light Read – Editorial

Opinion

"They don't put roof racks on a hearse"

Have you ever thought about why so many people are obsessed with money. You would think life is a race and whomever dies with the most in their bank account wins. To be honest I felt that way when I was graduating from university. Let’s get out there and make some money! Funny how all these years in the financial industry have really changed my view on this. You would think it would make you more obsessed with financial gain. It has actually had the exact opposite effect. I have seen clients that have held onto the obsession of financial gains and watched them live in misery. I can feel the resentment from their family when I am dealing with their estate. Most of the time I see little joy in their lives. I can’t help but think back to my younger self, “Is this what I really wanted when I finished school?”.

Thirty years later and a lifetime of experience behind me, I feel privileged to have spent the majority of my career working with families and their money. I have learned what makes people happy, what makes them healthy, what gives them purpose in life. To be honest, what I now consider a successful retirement is night and day from what I would have said when I started in the industry. Now, don’t kid yourself, money plays an important role in a successful retirement. You never want to worry about running out, or being a burden on your family at some point in the future. That being said, I have seen many people experience a wonderful retirement on a $50,000/year budget. Sometimes, better than clients with a $200,000/year budget.

Many clients buy exotic toys they have dreamed about all their lives. Many have experienced luxurious travel sparing no expenses along the way. They are all great, and if you can afford this, I encourage it. Still, the best feedback I have received from clients over the years is helping their kids. Over their lives, they accumulated a large surplus of money that became available at a time when their kids could really use it. I have seen this from a late inheritance, a cottage sale or a house sale. Now this does not mean you give away everything. The number one priority is to make sure you will never need to ask for any help in the future or make any adjustments to your retirement plans, but if there is a large surplus, it is something to consider. Years ago, I spoke to one client that had a very strong pension plan. They had many grandchildren. We put a plan in place to fund all the grandkids RESPs over the years. One of the grandparents, a beautiful lady (always reminded me of my mother), passed away a little while ago. When speaking with her husband, he let me know how much joy she felt from helping the grandchildren.

In ancient Egypt, the pharaohs and kings would be buried with all of their riches. Times have changed. Life is based on what you do, not what you have left. So, yes, over the years my view on money has really changed. I love the saying, “They don’t put roof racks on a hearse!”. You can’t take it with you, but you can change peoples lives along the way.

Michael Connon B.Sc, CFP Senior Financial Planning Advisor, Co-Branch Manager The McClelland Financial Group of Assante Capital Management Ltd.

DEEP DIVE
In Depth Article – Heavy on the facts and details definitely for the committed reader.

Rob's Read

Miscalculating Risk:
Confusing Scary With Dangerous

RealClear Politics, May 22, 2020:

"The coronavirus kills, everyone knows it. But this isn't the first deadly virus the world has seen, so what happened? Why did we react the way we did? One answer is that this is the first social media pandemic. News and narratives travel in real-time right into our hands.

This spreads fear in a way we have never experienced. Drastic and historically unprecedented lockdowns of the economy happened and seemed to be accepted with little question.

We think the world is confusing "scary" with "dangerous." They are not the same thing. It seems many have accepted as fact that coronavirus is one of the scariest things the human race has ever dealt with. But is it the most dangerous? Or even close?

There are four ways to categorize any given reality. It can be scary but not dangerous, scary and dangerous, dangerous but not scary, or not dangerous and not scary."

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#Pandemic #Covid19 #Risk #Economy

Rob McClelland RFP, CFP, HBA Vice President, Co-Branch Owner, Senior Financial Planning Advisor The McClelland Financial Group of Assante Capital Management Ltd.

FINANCE
Light Read – Useful and Relevant

Finance

Taxes

"At TMFG, we review our clients’ tax situation annually. And that typically starts with a review of the most recent tax return and notice of assessment.

From these reviews, I have seen many different attitudes when it comes to the results. But, more often than not, most are quite happy to receive a refund.

Now, because I am constantly reviewing tax situations, I understand the concept of income earned and taxes payable. For many, preparing tax returns is something that they would prefer to delegate to someone else. Or, just prefer doing literally anything else instead. Heck, I am having a hard time writing about it, but thought a little insight would be helpful to those who don’t have any inclination to learn.

Basically, if you earn income in a calendar year, you will have income tax calculated against it. The more income you earn or receive, the higher the rate of income tax calculated against it. Let’s look at a simple situation of a Canadian whose sole income is earned from an employer. They will have one form of income and there will be a set amount of income tax calculated against it. However, through the year, his/her employer is deducting income tax from each of the pay periods and forwarding it directly to Canada Revenue Agency as a “credit” of taxes paid for the amount owing on the income earned in that year.

Therefore, if you earned $50,000 of employment income in 2020, then your maximum income tax bill is $7,792 (resident of Ontario). If the amount of income tax that your employer deducted with each pay is in excess of $7,792, then you will receive a refund. And, vice versa.

A large refund simply means that the amount of income tax deducted at source and credited throughout the year was far in excess of what was calculated on the eventual income earned. There are strategies to consider in order to reduce income earned in order to generate a refund, however, those are beyond the scope of this simple message.For those of you wanting to discuss your tax return in more detail, please don’t hesitate to contact your advisor."

Carlo Cansino FMA, FCSI, CFP Senior Financial Advisor The McClelland Financial Group of Assante Capital Management Ltd.

LIFESTYLE
Light Read – Fun and Enjoyable!

Lifestyle

5 Lessons Wine Teaches You About Investing

Investing is a difficult topic for most Canadians. As advisors, we look for the best way to make complex concepts into easily digestible information for our clients. The following article does a great job of simplifying important investing concepts to the relatable topic of wine.

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#Investing #Education #Retirement

John Iaconetti B.A.S., Spec. Hons. Administrative Studies (Finance) Financial Advisor The McClelland Financial Group of Assante Capital Management Ltd.

Ask TMFG

Creating Your Savings Plan

Saving for your financial future can seem daunting. It is very overwhelming and most of us do not know where to start. At The McClelland Financial Group, we believe that you should control what you can control. One of the most important things we can control is how much we can save. In this video advisors John Iaconetti and Carlo Cansino breakdown how to begin the process of saving for the future in 3 easy steps. These steps will act as the baseline to get you started on your path to a successful financial future.

Remember to Like us or send us your comments on You Tube and share us with friends, family and colleagues.

LIFESTYLE
Light Read – Fun and Enjoyable!

Lifestyle

Summer Baking Tips

Now that the grocery stores are slowly starting to fill back up with baking ingredients – we can all get back to our love for baking. Okay, maybe not all of us love it but I'm sure there are a few baking-lovers out there like myself.

If you are an avid baker, you will know that the summer months and a hot oven don't go well together. What great timing! There are a few things you can do, however, to give your A/C a little break while making the goods. Plus, some tips to make sure your ingredients don't get too warm in the process.

This website called "Bake or Break" has some great tips on the above as well as some yummy recipes we can all try during these beautiful summer months. Some of you may have a little extra time on your handsif you're still not back to work due to COVID-19 or are working from home – might as well use this extra time to bake!

Chelsey Chartren B.Comm. Financial Advisor The McClelland Financial Group of Assante Capital Management Ltd.

THINK SMART
Podcast – Listen to Mike and Rob and their latest thoughts and industry insights

Think Smart

Success and Strategy
with the Strategic Coach

Application Deadline: August 30th, 11pm

10 Steps to Take The Emotion Out of Financial Decisions

Take Financial Control

Webinar - July 8th
12:00-1:00 pm EST

Register Today

Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. Insurance products and services are provided through Assante Estate and Insurance Services Inc.

Commissions, trailing commissions, management fees and expenses, may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the Fund Facts and consult your Assante Advisor before investing.

Certain employees of (TMFG Tax Service) maintain a relationship with Assante Capital Management Ltd. ("Assante") through which they sell investment products. The relationship that they have with Assante does not include tax preparation services which (TMFG Tax Service) is solely responsible. (TMFG Tax Service) is not associated in any way with Assante, and Assante has no responsibility for the tax preparation services offered by (TMFG Tax Service).

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