RRIF Minimum Payments

New Legislation Passed to Reduce RRIF Minimum Payment for 2020

As part of the COVID-19 Emergency Economic Response Plan, the government has passed legislation that allows you to lower your Registered Retirement Income Fund (RRIF) minimum payment for 2020 by 25%.
If you currently have a RRIF, you can reduce your income to the RRIF minimum amount by 25%.
How Are RRIF Minimums Calculated?
Every year your RRIF minimum payment changes based on two factors: 1) Market Value of your RRIF on January 1st; and 2) the Government’s RRIF Minimum percentage for […]

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Self Isolation Day 18

Finding Activities during Social Distancing

A message from Christopher Briggs, Wealth Advisor and Managing Director on behalf of the Precision Wealth Management Team.
One thing is for certain, the novel COVID-19 has redrafted the way we live for the foreseeable future. There is no more of the hustle and bustle we’ve all become so used to.
 
No more early morning commute to work, or late nights at the office. No more driving kids to school. No more picking them up and going to the social centre or dance hall for after-school activities. No more […]

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We Will Be Ready — For Now Let’s Tame this Viral Beast

Good day to all of our great clients. We do miss the regular face to face meetings. Having you in our office is truly something we miss right now. Social distancing is critical during this surreal period with the COVID-19 pandemic, and I have no doubt we will get through this. I absolutely and unequivocally believe in human ingenuity. We have what it takes to get past this so let’s all do our part, and then some.I have a considerable […]

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“Time” Will Tell

I hope this finds you all well and safe.
We are going through an unprecedented health scare. That remains the only thing we think you should be totally focused on. Defence.
We are NOT going through an unprecedented time in capital markets. For me, writing on behalf of the Precision Wealth Management team, this is my third major pullback while being in an Advisory role. And like the images below demonstrate, we’ve seen how this movie ends in the investment environment. […]

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Stay Calm during this global crisis

Focus on Health and Stay Calm

A message from Cliff Broetz, Leader of Strategic Development, on behalf of the Precision Wealth Management Team.
Dear Clients,
Here we are again urging you to stay calm. To focus on health and not on financial markets. That message is now being shouted rather than whispered. I’ve attached a few articles from early (very early) reading this morning. I sincerely hope these articles help:

The U.S. Is In A Bear Market. There Could Be A Recession. But This Is Not 2008
A Frontline […]

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Commentary on the Markets & Coronavirus

Market Commentary: ‘Stay Patient’

A message from Cliff Broetz, Leader of Strategic Development, on behalf of the Precision Wealth Management Team.
Dear Clients,I was recently reminded of an article I wrote in 2008, when there was a financial crisis and every day was challenging. I wrote about remaining steadfast at my desk for long hours to calm frayed nerves. If clients needed me, I was there. And the next article I wrote changed just slightly to say, ‘you will now find me working hard […]

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TedTalks about Coronavirus

Coronavirus, Markets, Lunacy and Truth

One of the serious difficulties seemingly every day is finding truth in reporting. News can be old news, unbalanced news, fake news, exaggerated news and outright lies. What can we believe? The Coronavirus headlines is the latest such example. Oh, and don’t even try looking for political leadership on the subject, not on this continent at least.
I had my haircut the other day and my ‘stylist’ said he was at Costco recently and the cashier line-ups were all the […]

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Coronavirus (COVID-19)

Coronavirus, the Markets, and Your Portfolio

At Precision Wealth Management, we see what’s happening in the markets. To us it is an emotional reaction to world events. Every single market selloff in history has given way to new market highs later. This will be no different. If you have cash on the side-lines it makes far more sense to buy at these sale prices. Stay cool and protect your health instead of worrying about short term financial gyrations. 
The World Health Organization has warned of a […]

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Stimulus Efforts in 2020

The Year Ahead: More Stimulus Efforts?

As we start a new decade, with the prevailing theme of slower global economic growth, many investors are asking: what lies ahead? Hong Kong has fallen into recession, while various European countries have been struggling with declining growth. Even China, the hub of global growth over recent decades, is experiencing slower growth.
Canada continues its longest economic expansion on record. Largely due to a strong labour market, the Canadian economy has recently been supported by consumer spending as well as […]

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2020 Budget Summary

Summary Highlights of B.C.’s 2020-21 Budget

Finance Minister Carole James announced the 2020-21 Budget this week as a balanced budget, projecting a surplus of $203 million for the 2019-21 fiscal year. The Budget aims to keep B.C. “moving forward” with increased funding for post-secondary students, climate action, and housing supply for B.C.’s most vulnerable residents. 
I’ve summarized key points from the budget with an emphasis on changes that will affect our client’s day to day lives, as well as from a financial management perspective.
New Tax Bracket […]

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