{"id":992,"date":"2024-06-30T18:24:23","date_gmt":"2024-06-30T18:24:23","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/?p=992"},"modified":"2026-08-28T15:17:56","modified_gmt":"2026-08-28T15:17:56","slug":"q2-2024-newsletter-insights","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q2-2024-newsletter-insights\/","title":{"rendered":"Q2 2024 – Newsletter Insights"},"content":{"rendered":"

The Power of Economic Sentiment <\/span><\/p>\n

\u201c<\/span>Have we all just become economic snowflakes?<\/em><\/span>\u201d<\/span>1<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

This question emerged from a recent study analyzing the text of 200 million newspapers spanning almost two centuries. It concluded that both economic and non-economic sentiment have substantially declined over the past 50 years, despite far fewer economic setbacks.<\/span>2<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

In the not-so-distant past, recessions were seen as natural business cycle occurrences. Some market observers suggest this view shifted after the Global Financial Crisis, with policymakers now striving for the aversion of economic pain as a top priority.<\/span><\/p>\n

 <\/p>\n

Indeed, it appears that the long-feared recession in the U.S. may be far from arriving. While Canada\u2019s economic output has been lacklustre, our economy has remained relatively resilient. Labour markets have been one reason for this resilience, with unemployment continuing at relative lows. This has largely supported GDP growth south of the border, where Americans have lower debt obligations and continue to spend; consumer spending comprises over two-thirds of U.S. GDP. We\u2019ve needed a boost in Canada with our higher indebtedness and declining labour productivity rates. Yet, consider that wealth, wages and employment are higher today than they were before the pandemic began.<\/span><\/p>\n

 <\/p>\n

Still, for many, optimism continues to be in short supply. However, there are benefits to being more positive about the economy. One interesting observation from the same study that questioned our collective resilience suggested that positive economic sentiment can drive economic growth.<\/span>2<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

It\u2019s a view that merits perspective. <\/span>Perhaps we\u2019d be better off focusing on positive sentiment. We are living through a pivotal time, where advances in the availability of big data, high-powered computing and artificial intelligence (AI) are expected to lift productivity. While recent U.S. equity market gains have been driven by the handsomely-rewarded tech stocks, AI is in its early innings and its productivity and growth potential is far reaching \u2014 well beyond the tech sector.<\/span><\/span><\/p>\n

 <\/p>\n

Canada\u2019s stock market has trailed due to its more cyclical nature, but is poised to benefit from interest rate stability and declining long-term rates. Corporate earnings may be driven by higher margins through efficiency gains and lower input costs, particularly as inflation moderates. While Canadian economic output has been sluggish, the strength of our largest trading partner should help provide near-term momentum. And, the potential for interest rate cuts may provide further tailwinds to equity markets.<\/span><\/p>\n

 <\/p>\n

This is not to suggest that short-term setbacks won\u2019t occur. There are continuing signs of slowing economic growth closer to home and abroad; the latest GDP data for the UK, Japan and Germany has been negative or close to zero. Yet, slower growth is part of the cycle and sometimes necessary for economies to cleanse excesses or reset \u2014 or even spark innovation and new growth.<\/span><\/p>\n

 <\/p>\n

Seasoned investors accept that both financial markets and economies will ebb and flow. This feature comes with progress of any sort. It is also one reason to support diversification in portfolio management and a good reminder of why we continue to invest with a view to the longer term. Looking forward, continue to focus on the many positives. Here\u2019s to the warmer and longer spring days ahead. Please let<\/span> us<\/span> know how<\/span> we<\/span> can be of assistance with any investing matters. <\/span><\/span><\/p>\n

1. https:\/\/www.ft.com\/content\/af78f86d-13d2-429d-ad55-a11947989c8f; 2. https:\/\/www.nber.org\/system\/files\/working_papers\/w32026\/w32026.pdf<\/span><\/p>\n

<\/p>\n

factors impacting the CPP timing decision <\/span><\/span><\/p>\n

More Perspectives on When To Start CPP Benefits<\/span><\/p>\n

When it comes to the decision of when to start Canada Pension Plan (CPP) benefits, actuarial studies show that many are better off delaying benefits since the break-even age* commonly falls below our average life expectancy. Living beyond the break-even age means that waiting will yield a larger total lifetime payment. Recall that starting CPP before age 65 (as early as age 60) decreases payments by 0.6 percent per month; yet, delaying CPP beyond 65 (up to age 70) increases payments by 0.7 percent per month, to as much as 42 percent.<\/span><\/p>\n

 <\/p>\n

Of course, it\u2019s not just expected longevity that should influence the decision. Factors such as the need for income, the impact on income-tested benefits and others may be considerations. And now, as more Canadians continue to work past age 65, another factor that should be accounted for is how retiring early \u2014 or late \u2014 can affect CPP benefits.<\/span><\/p>\n

 <\/p>\n

Consider the situation in which an individual works past age 65 and also delays CPP benefits. This can lead to a potentially greater benefit. CPP benefits are generally calculated using the best 40 years of income, usually between ages 18 and 65. Since lower-earning years tend to be at younger ages when first starting a career, if you extend your working years past age 65, you may be adding higher-earning years to the calculation and increasing the benefit. The good news? It doesn\u2019t work the other way: Any low-earnings years due to employment past the age of 65 will have no effect on the benefit calculation.<\/span>1<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

Conversely, if you retire before 65 but wait to take benefits, the zero-earnings years have the potential to negatively affect your CPP benefit. For example, retiring at age 60 and waiting to collect CPP at age 65 can potentially add five zero-earning years to the calculation of the benefit.<\/span><\/p>\n

 <\/p>\n

Regrets, We\u2019ve Had a Few\u2026<\/span><\/strong><\/span><\/p>\n

Indeed, Frank Sinatra\u2019s words may be a fitting reminder to carefully consider the decision. Since most Canadians opt for early benefits, there has been a recent increase in media coverage discussing reasons to consider a delay. Here are some perspectives from those who wished they had waited:<\/span>2<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

A potential reduction of survivor benefits<\/span><\/strong> \u2014 A widow receiving CPP survivor benefits from her deceased spouse was unaware that the decision to begin her CPP might jeopardize the maximum entitlement. She didn\u2019t consider that survivor benefits would change at age 65, or the impact of deferring her own CPP benefits until after the age of 65.<\/span><\/span><\/p>\n

 <\/p>\n

Leaving more for beneficiaries<\/span><\/strong> \u2014 Since he wasn\u2019t in need of funds, one man wishes he waited after realizing how much more he could have left for his beneficiaries. One study suggests that taking CPP at age 60 instead of 70 could forgo $100,000 worth of lifetime benefits.<\/span>3<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

Inflation indexing<\/span><\/strong> \u2014 Living on a fixed income in retirement is difficult, especially as inflation has increased the cost of living. One retiree recognizes that had she waited, she would have had a larger benefit that, after indexing for inflation, would have been even greater.<\/span><\/span><\/p>\n

 <\/p>\n

A return to the workforce<\/span><\/strong> \u2014 One man started CPP at age 60 and retired at age 63, but then decided to go back to work. He regrets starting early due to the taxes paid on the CPP after returning to work.<\/span><\/span><\/p>\n

*The age at which the total benefits received by delaying CPP payments exceed the total benefits received by starting CPP payments earlier. 1. https:\/\/www.theglobeandmail.com\/investing\/personal-finance\/article-retiring-early-or-late-heres-how-your-cpp-benefits-could-be-affected\/; 2. https:\/\/www.theglobeandmail.com\/investing\/globe-advisor\/advisor-news\/article-these-canadians-wish-they-had-waited-to-take-their-cpp-benefits-heres\/; 3. https:\/\/www.theglobeandmail.com\/investing\/personal-finance\/article-taking-cpp-early-can-cost-you-100000-and-limit-your-long-term\/<\/span><\/p>\n

.<\/span><\/span><\/p>\n

CPP Timing <\/span>Tool<\/span>:<\/span> This tool may help to calculate and decide whether you should start collecting CPP earlier or consider deferring payments until later: <\/span>https:\/\/www.theglobeandmail.com\/investing\/personal-finance\/tools\/cpp-benefits\/<\/span><\/strong><\/p>\n

<\/p>\n

Be aware of New Reporting Rules<\/span><\/span><\/p>\n

Are You Associated With a \u201cBare Trust\u201d Arrangement?<\/span><\/p>\n

.<\/span><\/span><\/p>\n

Are you a legal owner of an asset where someone else is a beneficial owner and has a beneficial interest and oversight of the asset? If so, you may be holding a \u201cbare trust\u201d and have a filing requirement where you previously did not.<\/span><\/p>\n

 <\/p>\n

Here are some examples where a bare trust arrangement may exist:<\/span><\/p>\n

 <\/p>\n

You have been added to the title of an adult child\u2019s home in order to help your child qualify for a mortgage.<\/span><\/p>\n

You have been added to the title of an elderly parent\u2019s home for the sole purpose of facilitating estate planning.<\/span><\/p>\n

 <\/p>\n

In Brief: What Is a Bare Trust?<\/span><\/strong><\/span><\/p>\n

According to the CRA, a bare trust \u201cexists where a person, the trustee, is merely vested with the legal title to property and has no other duty to perform or responsibilities to carry out as trustee, in relation to the property vested in the trust.\u201d<\/span>1<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

New Reporting Requirements<\/span><\/strong><\/span><\/p>\n

Why is this important? Starting in 2023, even if there is no income or activity to report, all trusts and trust-like relationships must file a T3 Trust Income Tax and Information Return within 90 days of the trust\u2019s tax year end. <\/span>The reporting requirements have been expanded to include bare trusts.<\/span><\/span><\/p>\n

 <\/p>\n

However, there is good news. Given that bare trust arrangements are new to these rules, the CRA will provide relief for penalties if the T3 return has not been filed by the deadline. This relief is only applicable to bare trusts for the 2023 tax year. Certain trusts are excluded from the reporting requirements, including those less than three months old at year end, and trusts holding certain assets with a fair market value of $50,000, as examples.<\/span><\/p>\n

 <\/p>\n

Seek Assistance <\/span><\/strong><\/span><\/p>\n

Since the intent of the arrangement can impact whether or not it is considered a bare trust, if you hold an arrangement that has a separate legal and beneficial owner, it is best to consult tax and legal experts. For more information: <\/span>https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/trust-administrators\/t3-return\/new-trust-reporting-requirements-t3-filed-tax-years-ending-december-2023.html<\/span><\/span><\/p>\n

1. https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/publications\/p-015\/treatment-bare-trusts-under-excise-tax-act.html<\/span><\/p>\n

This is not intended to be a legal discussion of bare trusts. Please seek professional advice.<\/span><\/p>\n

<\/p>\n

Estate planning for digital assets<\/span><\/span><\/p>\n

Your Digital Footprint: Don\u2019t Overlook Its Value<\/span><\/p>\n

In estate planning, many of us tend to focus on assets with tangible value, such as investments and real estate. Yet, frequently disregarded are many digital assets due to their perceived lack of monetary value. However, a <\/span>Wall Street Journal <\/em><\/span><\/strong>article<\/span> reminds us that these assets may possess substantial sentimental value, and overlooking their transfer can have distressing outcomes. For instance, one widow was unable to retrieve thousands of photos stored on her partner\u2019s cloud account. Another wasn\u2019t able to access her late husband\u2019s Facebook profile.<\/span>1<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

It is becoming increasingly important for loved ones to know how to access digital accounts to safeguard important information. Canada doesn\u2019t have consistent legislation giving the executor\/attorney automatic authority to deal with digital assets. Rules vary by province, if they exist at all.<\/span>2<\/sup><\/span> Yet, even if laws do allow for authority, the reality is that access can be difficult if no provisions have been made by the deceased. Customer support for online accounts is often limited, creating challenges and undue stress during an already emotional time. <\/span><\/span><\/p>\n

As such, here are a few steps we can all take today to help safeguard our digital assets and provide future access:<\/span><\/p>\n

 <\/p>\n

Update your inventory<\/span><\/strong> \u2014 Just as we should keep an inventory of physical assets for estate planning, it is equally important for digital assets with no perceived monetary value. This includes records for digital assets (computers, phones, tablets, etc.) and online accounts (usernames and passwords for each). The list should be updated regularly and securely stored. This not only helps loved ones with access, but also with security to manage, protect or close accounts and destroy sensitive material or information.<\/span><\/span><\/p>\n

 <\/p>\n

Safeguard data <\/span><\/strong>\u2014 Protect your data by regularly backing up important files, contacts, photographs and other information stored on your devices. Consider encrypting sensitive data for added security.<\/span><\/span><\/p>\n

 <\/p>\n

Consider the use of a password manager<\/span><\/strong> \u2014 If keeping an updated list of accounts\/passwords is difficult, consider a password manager. These software programs maintain access information for digital accounts, including account numbers, passwords and other important data you might need to leave behind.<\/span><\/span><\/p>\n

 <\/p>\n

Establish a legacy contact or plan <\/span><\/strong>\u2014 <\/span><\/span><\/p>\n

Many platforms offer options to designate a legacy contact or create a legacy plan for your accounts. For Apple devices, go to \u201c<\/span>Settings<\/em><\/span>\u201d and then tap your name. Under \u201c<\/span>Password & Security<\/em><\/span>\u201d go to the \u201c<\/span>Legacy Contact<\/em><\/span>\u201d option. The system will generate an access key for your contact, which will need to be presented alongside a death certificate to access data. Google users can access this feature by visiting \u201c<\/span>myaccount.google.com<\/em><\/span>\u201d and selecting \u201c<\/span>Data & Privacy<\/em><\/span>,\u201d then \u201c<\/span>More Options<\/em><\/span>\u201d and \u201c<\/span>Make a plan for your digital legacy<\/em><\/span>.\u201d You can then decide when Google should consider your account inactive and what will be done with your data.<\/span><\/span><\/p>\n

 <\/p>\n

Revisit your estate plan<\/span><\/strong> \u2014 Ensure your will, power of attorney or any other relevant directives include language addressing digital assets. Grant representatives the authority to access, manage, distribute and dispose of these assets accordingly.<\/span><\/span><\/p>\n

1. https:\/\/www.wsj.com\/articles\/a-plan-for-your-digital-life-after-death-177b065e; 2. <\/span>https:\/\/dig.watch\/updates\/saskatchewan-ca-introduces-fiduciaries-access-digital-information-act<\/span><\/p>\n

<\/p>\n

Tax season is here again<\/span><\/span><\/p>\n

A Reminder of How Interest Income Is Taxed<\/span><\/p>\n

With rising rates, there has been increasing interest in guaranteed investment certificates (GICs). Now that tax season has arrived, here is a reminder of their tax treatment, as well as the taxation of bonds.<\/span><\/p>\n

 <\/p>\n

The taxation of GICs <\/span><\/strong>\u2014<\/span> GICs are often \u201clocked in\u201d and cannot be cashed in until their maturity date. As an example, for a five-year GIC purchased on July 1, 2023, the invested capital must remain in place until July 1, 2028, in order to receive the interest earned. However, this doesn\u2019t mean that there isn\u2019t a tax liability. For non-registered accounts, any accrued interest must be reported on an annual basis, even if it has yet to be received.<\/span><\/span><\/p>\n

 <\/p>\n

Accrued interest is reported based on the anniversary date of the GIC\u2019s issue. So, for the five-year GIC noted above, the interest accrued during 2023 would be the equivalent of six months: July 1 to Dec. 31, 2023. For 2024, a full year of accrued interest would be reported. The exact amount would depend on when interest is calculated and compounded; in most cases, interest is calculated every six months, though some products may compound interest daily or monthly. A T5 information slip will be issued for interest amounts of $50 or more. This interest income is fully taxed at your marginal rate in the year it is earned.<\/span><\/p>\n

 <\/p>\n

The taxation of bonds <\/span><\/strong>\u2014<\/span> Interest income is also generated from bonds. Interest earned in non-registered accounts, often paid semi-annually, must be reported each year on a tax return. <\/span><\/span>The rapid rise in bond yields has resulted in many \u201cdiscounted bonds\u201d that may offer greater tax efficiency when compared to a GIC. When purchased on the open market, a bond\u2019s price can fluctuate based on changes to its stated interest rate. If the bond is purchased at a lower price and sold at maturity, a portion of the return will be a capital gain, taxed at a lower rate than interest income. Also notable, when accrued interest is paid at the time of purchase, it is deductible as an investment expense on a tax return for the year in which you bought the bond.<\/span><\/p>\n

<\/p>\n

Thinking Beyond Retirement:<\/span><\/p>\n

Finding a Higher Purpose<\/span><\/p>\n

It has been said that \u201c<\/span>if you are what you do, when you don\u2019t \u2026 you aren\u2019t<\/em><\/span>.\u201d As you think ahead, have you contemplated a plan for what you will do in retirement?<\/span><\/span><\/p>\n

 <\/p>\n

Many of us plan by working hard, saving consistently and investing for the future to ensure a financially secure retirement. As<\/span> stewards of your wealth, we<\/span> take this role seriously by helping to support clients in this regard. However, there is often less focus given to planning for what we will do with our new-found time once we achieve retirement. And, with increasing longevity, consider that this may end up being a lengthy portion of life \u2014 for some of us, one that could last for decades.<\/span><\/span><\/p>\n

 <\/p>\n

A surprisingly high number of retirees struggle with the transition.<\/span>1<\/sup><\/span> Some fail to recognize the extent to which their careers provided a sense of identity or self-worth. Upon retirement, the oft-overlooked benefits of the workplace are no longer there: daily routine, work interactions, social events, leadership status or a professional identity built up over time. As well, many find it difficult to adapt to new circumstances, such as changes in relationships with spouses or family members. After all, spending more time at home, and in a non-work capacity, can sometimes reshape the dynamics.<\/span><\/span><\/p>\n

 <\/p>\n

Planning for the \u201cWhat\u201d in Retirement<\/span><\/strong><\/span><\/p>\n

Without a doubt, growing older comes with a host of new challenges \u2014 changes to our health, confronting loss and letting things go, to name a few. Yet, it may also not be that bad \u2014 many of us are given the newly found freedom of time. And, studies continue to suggest that one of the keys to living well as we age may be found by finding purpose.<\/span>2<\/sup><\/span> Those who focus on retirement coaching often point to the Japanese concept of \u201c<\/span>ikigai<\/em><\/span>\u201d \u2014 loosely translated as a reason to live \u2014 suggesting that this focus can help to make retirement more fulfilling or meaningful.<\/span>3<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

Does finding purpose lead to better outcomes? Studies in Japan have shown that ikigai can positively impact health, happiness and productivity, helping individuals cope with stress and even promoting greater longevity.<\/span>4<\/sup><\/span> Those who considered themselves as having purpose were shown to have lower mortality rates and greater lifespans.<\/span>5<\/sup><\/span> Researchers who study longevity often point to the \u201c<\/span>Blue Zones<\/em><\/span>\u201d \u2014 five areas in the world where people live some of the longest lives. One of these zones is Okinawa, Japan, where it has been suggested that some of the keys to greater longevity are a strong dedication to community and a collective sense of purpose.<\/span>6<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

Closer to home, a 2021 study of around 13,000 participants over age 50 associated a stronger life purpose with healthier lifestyle behaviours, slower rates of progression to chronic illness and greater longevity.<\/span>7<\/sup><\/span> Other studies suggest a similar outcome: purposeful living may have positive health benefits and is, indeed, associated with decreased mortality.<\/span>8<\/sup><\/span><\/span><\/p>\n

 <\/p>\n

Of course, the notion of finding \u201cpurpose\u201d can mean different things to different people. However, with the luxury of time, retirement offers a unique opportunity for personal growth and exploration. This may include discovering new hobbies, pursuing higher education, continuing to work in a different capacity, volunteering for a worthy cause, becoming a mentor, building new relationships or engaging in more altruistic acts.<\/span><\/p>\n

 <\/p>\n

What Is It That You Will Do Once You Leave Work Behind?<\/span><\/strong><\/span><\/p>\n

As<\/span> advisors, we are here to<\/span> help you plan for your financial future to allow you to pursue whatever you choose. However, giving forethought to how you will spend this time is equally important. As one retirement coach reminds us: \u201c<\/span>You can retire from your career, but you can\u2019t ever retire from life<\/em><\/span>.\u201d<\/span>9<\/sup><\/span><\/span><\/p>\n

1. https:\/\/www.theglobeandmail.com\/investing\/personal-finance\/household-finances\/article-one-seniors-take-on-how-to-avoid-spinning-out-in-retirement\/; 2. https:\/\/fortune.com\/well\/2023\/07\/28\/living-well-after-retirement-finding-purpose\/; 3. https:\/\/www.marketwatch.com\/story\/why-this-japanese-idea-can-lead-to-a-more-fulfilling-retirement-11672779167; https:\/\/www.weforum.org\/agenda\/2017\/08\/is-this-japanese-concept-the-secret-to-a-long-life\/; 4. https:\/\/www.ncbi.nlm.nih.gov\/pmc\/articles\/PMC8814687\/; 5. https:\/\/pubmed.ncbi.nlm.nih.gov\/19539820\/; 6. https:\/\/www.bbc.com\/travel\/article\/20201126-why-so-many-japanese-live-to-100; 7. https:\/\/journals.sagepub.com\/doi\/abs\/10.1177\/07334648211027691; 8.https:\/\/jamanetwork.com\/journals\/jamanetworkopen\/fullarticle\/2734064; 9. https:\/\/www.cnbc.com\/2022\/06\/15\/67-year-old-who-unretired-at-62-shares-the-biggest-retirement-challenge-that-no-one-talks-about.html<\/span><\/p>\n

.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Power of Economic Sentiment \u201cHave we all just become economic snowflakes?\u201d1   This question emerged from a recent study analyzing the text of 200 million newspapers spanning almost two centuries. 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