Lacey Brown - Financial Advisor

📢 It's finally happening!

We've been expecting an increase to taxes owed on capital gains for years, and it's no longer speculation.

The 2024 federal budget release outlined how this change will impact Canadians.

INDIVIDUALS
- increase the inclusion rate from 50% to 66.66%
- increased tax rate applies to capital gain portion above $250,000 annually

CORPORATIONS AND TRUSTS
- increase the inclusion rate from 50% to 66.66%
- applies to ALL capital gains
- effective June 25, 2024 so fiscal years will be prorated

❓️ does this impact you?

❓️ were you expecting this news?

Make sure your financial planner includes tax strategies when working together! This news has been anticipated for a long time.

This!

THANK YOU, Dave! If you can afford the house, buy it. If you want a lower interest rate, you have to wait, right? (And who knows for how long!). You can either wait in your rental and throw $$ away each month or you can wait in your home you own and reap the benefits of building equity and tax deductions. When/If rates drop, refinance! And our annual client real estate market reviews will keep you up to date on when that time to refinance finally comes.

VOTING IS OPEN!

I've been nominated by the community as a top Financial Advisor!

Voting is now open and I'd appreciate any support 😊

CommunityVotes Renfrew County 2023 Official 2023 Community Voting Awards Platform for Renfrew County, ON. Where the community votes for their favourites every year.

Wednesday March 1 is the deadline to contribe to your RRSP and have the ability to include it on your 2022 tax return!

There are zero extensions, so if this is something you are planning on doing, or want to learn more, consider this your final warning ⚠️

Money doesn't magically appear 🪄

A common misconception is that if you work with a financial planner you're going to be pressured into aggressively saving every penny and never have any fun.

That's so not true!

I work with my clients to help them achieve their personal goals whatever they may be.

If you have a travel goal, let's chat and put a plan together to make that a reality! ✈️

Many of us are concerned about a recession 😨

Now is the time to check in with your advisor to maximize the opportunities available to your family.

Being prepared is going to help you feel much more confident you will be overcome anything that happens these next couple years.

If you aren't currently working with an advisor please feel free to message me and we can chat about securing your financial future ✨️

⛽Why are gas prices so high? Is there an end in sight?

From COVID-19 to the war in Ukraine, discover when the prices may decrease and how it can affect your personal finances:

Why are gas prices so high in Canada? The war in Ukraine is just 1 reason Canadian gas prices are going up.

Renters insurance covers more than just your belongings 🛋️

You might be familiar with the most common reason to get renters insurance which is to replace your belongings (furniture, clothes, etc) in the event of water damage, fire, or theft.

It can also cover personal liability if someone gets hurt while visiting your home and sues you.

It can also cover additional living expenses if you're forced from your rental unit because of a mandatory evacuation.

Your landlord will have their own insurance to protect the physical building you are living in, but that insurance will not extend to you or your personal property.

Renters insurance is relatively cheap as far as insurance goes, so it sounds like a pretty good deal to me!

If you're feeling underpaid, don't silently stew.

As much as other perks and benefits are important, if you don't feel like you're being paid your worth, ask for a raise.

Before you bring up the topic, here are some things to consider:

👉 Make sure you are asking the right person. If you've mentioned it to your manager, but they're not the actual decision maker, then it might take forever to get traction. Determine who's in charge of compensation and start building a relationship with that person.

👉 Be prepared. We think our managers notice all of the extra things we do, but very often they don't! Make a list of all your accomplishments and extra tasks you are now responsible for that were not part of your original role.

👉 Understand limitations. Sometimes your employer truly doesn't have the capacity to give you a higher salary, so think of other things you can negotiate. More time off? Education reimbursement? Work from home days? Get creative!

Have you recently negotiated your compensation? Let me know what worked for you! 👇

It sounds nice, but it's actually a way for banks to tempt you to overspend, and then charge a fee for the privilege.

Learn the fine art of delayed gratification 🌞

Although you can effortlessly buy an item on credit the minute you want it, it's better to wait until you've actually saved up the money to purchase it.

Do you really want to pay interest on a pair of shoes or a bag of apples?

Credit cards are convenient, and paying them off helps you build a good credit score. But if you make a habit of putting all your purchases on credit cards despite not being able to pay your bill in full at the end of the month, then you might still be paying for those items in 10 years.