September 2014

QUICK TIPS: RESP-WHAT YOU NEED TO KNOW!

Back to school, and a renewed focus on RESP savings.

With so much focus on university costs, I thought I'd share a bit of history on RESP and Education.

* RESPs started years ago, but really took off in 1998 when grant money was introduced.

*$7200 is the maximum RESP grant that can be
received per child, unless you qualify for additional funding.

* RESPs can stay open up to 36 years, so there is lots of time to use the funds for post-secondary education.

*Most programs qualify for RESP withdrawals including apprenticeships, colleges, universities, as long as they last at least 10 weeks, and can provide proof of registration.

*Estimated University education in 2025 is $100,000-$125,000 for a 4 yr degree, living away from home.

For more information, please see the RESP website: RESP INFO

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MARKETS:

Markets are strong, yet is everything fixed? Government debt is still an issue, but the markets have been on an upward trend for some time now. This means that all is getting fixed, right?

NO. The challenge is that the companies are being very effective in how they manage their assets and are getting rewarded for this. Equities are a good long-term investment.

However, the bond market will still be challenged when we start to see an increase in interest rates.

It's important to ensure you have cashflow available for shorter-term spending, and that you can tolerate some volatility as more is expected. But with interest rates still at record lows, even with 5 & 10% corrections on the equity markets, we are still better off to be in a diversified portfolio.

I have been trimming equities to rebalance all client portfolios an dlock in profits to ensure we are managing this risk, and speaking with clients to ensure you can tolerate some volatility.

Interested in reading more about this? Here are some great sources:

Mixed Signals From The Bond Market, by Alfred Lam

The latest summary of Wealth Matters focuses on Global Outlook and implication of a U.S. Citizen Residing in Canada. Please click here to access full webcast .

Insurance Concerns:

I'm over-insured!

This is the comment I frequently here. If you think so, let us do a quick calculation.

It's easy to determine what coverage you should have, and also to identify if there are potential cost savings.

For a quick "insurance calculator", just let us know and we can help, or just check out this link: Insure Right Calculator

WHAT'S NEW? Personal parking for our Clients!

Next time you come by our office, please park in our "Client reserved" parking spots. They are on the North-East corner of the building and are marked "Assante". This is just one more way we want to show how we appreciate our Clients.

A Special Good-Bye: Thanks to all my Richmond Hill Chamber of Commerce colleagues for making my year as Chair of the Board a great experience. My outgoing Chair message is here, and I'm still involved, but deferring the key decisions to Mark Stolte of Embroid-me Richmond Hill.

The Joy of Aging 2014- What Your Mother Never Told You.

Sunday, Nov. 9th: We are so excited to announce our 6th annual event. Featuring Valerie Gibson speaking about "Putting the Spark back in your Relationship" & Christine Bently as our MC. Check out the "The Joy of Aging"

Sponsorships, and ticket sales have started. Spread the word now to help the great cause and ensure all your favourite companies are part of this event raising money for Mackenzie Health Foundation. In fact, a table of 10 is a steal at our early bird prices! Check out the website The Joy of Aging

OUR FAVOURITE WEBSITE:

www.getsmarteraboutmoney.ca

The website has everything to help educate you on finances, including Calculators. I encourage you to check it out. Also, my website has some quick calculators on the Education-Resource page, just scroll down.

I know there are many great websites out there and great books. Please share your favourites so we can continue to help others get the best information on the web!

IPad Mini Winner: Thank you to all of you who signed up for the Monthly Minute. We have drawn the winner and it is Cheryl Klym-Edwards. Congratulations!

CLIENT SURVEY:

For those who have not had a chance to do the client survey, we encourage you to take 3 minute of your time to complete it. This will enable us to review your preferences and to act on them. Click here to access the survey.

UPCOMING MUNICIPAL ELECTIONS: Live in Richmond Hill and want to be informed about your candidate options? Check out the RH Chamber website for all the upcoming Candidate events. Next events are: Sept, 16, & Sept. 23.

REFERRALS: Thank you for your referrals. We really appreciate you passing along our name. If you know somebody who needs a 2nd opinion on their portfolio, or who really needs to focus on planning for the future and setting some objectives, I can help. Ensuring you have the retirement income you need and paying the least amount of tax along the way is how I enable you to meet your personal financial objectives.

Quote of the Month:

"I have never let my schooling interfere with my education."

Mark Twain

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. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd.

Insurance products and services are provided through Assante Estate and Insurance Services Inc. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and is registered with the Investment Industry Regulatory Organization of Canada.

Assante is an indirect, wholly-owned subsidiary of CI Financial Corp. ("CI"). The principal business of CI is the management, marketing, distribution and administration of mutual funds, segregated funds and other fee-earning investment products for Canadian investors through its wholly-owned subsidiary CI Investments Inc. If you invest in CI products, CI will, through its ownership of subsidiaries, earn ongoing asset management fees in accordance with applicable prospectus or other offering documents.

Dates to Remember

September 15:

3rd Personal Tax installment due

October 13: Thanksgiving Day

November 9:

Joy of Aging-2014.

November 17:

Recommended date to submit in-kind charitable donation and ensure they are processed for 2014.

Janine Purves

CFP, CPCA

Senior Financial Advisor

Assante Capital Management Ltd.

Ph (905) 707-5220

Fax (905) 707-1035

9130 Leslie Street

Suite 302,

Richmond Hill,

ON L4B 0B9

Visit our website at www.janinepurves.com