KCM Financial Services Inc.

If you, or anyone you know, are selling insurance books of business, please contact me. I can be MFDA and IROC licensed.

Is the era of rock-bottom interest rates over forever? Or are rates coming back down over the next year or two? I'm reading smart people arguing BOTH of these positions. The reality is: no one knows for sure. Rather than arguing and digging in heels on one prediction or the other, we're better of preparing for EITHER outcome. Anything really could happen. Stop predicting. Start PREPARING. For speaking information: toddhirsch.com #economy #forecast #preparation

Important Tax Changes for Canadians in 2024 📊💰 Ensure you know these changes when filing your 2023 taxes this spring! 1️⃣ CPP & EI Changes: Starting Jan 1, Canada Pension Plan (CPP) has a new earnings ceiling. Your contribution rates remain the same if you earn $68,500 or less. But for those earning more, there's an additional contribution level up to $73,200, resulting in extra taxes for both employees and employers. Keep this in mind if you're planning to hire! 2️⃣ Trust Reporting: Canadians must now disclose beneficial ownership information for trusts, including "bare trusts." These trusts can be used for various purposes, and you might not even be aware you're in one. Ensure you understand the rules, and note that penalties for late filings related to bare trusts will be waived this year. 3️⃣ Short-Term Rentals: If you operate short-term rental properties where they are banned or non-compliant with local rules, you won't be able to claim expenses anymore. This change aims to encourage long-term rentals but may push some short-term rental operations underground. 4️⃣ Important Dates: Remember these dates - Feb 29 for RRSP contributions, Feb 29 for employers to submit T4, T4A, and T5 slips electronically (if more than five), April 2 for T3 trust returns, and April 30 for personal income tax returns (June 17 for self-employed individuals). The key advice for 2024: File and pay your taxes on time to avoid penalties. Stay informed and manage your finances wisely! 💡💸 Stay tuned for more updates, and let's navigate these changes together! 💪💼 #TWG #thewealthbuildinggroup #yourmoney #taxes #investing #RRSP #CanadaTaxChanges #PersonalFinance #TaxTips #FinancialPlanning

Today's bone to pick: The marketing of Structured notes. See below. Advertising the yield cap as a means of getting attention almost as if they are GIC rates. Yes, it could be 11.04%, but it could also be 0%, and the outcomes are typically binary. Worse yet, depending on the structure, you could also eat all of the tail risk if it drops below a set threshold. You could also be WAY WORSE off, given it a cap on return, and you could lose most of the upside. And as icing on the cake, it increases the taxation of the return by converting it to interest. But sure, positing yield caps as if they are GIC yields isn't deceitful in any way 🙄