ISSUE
INVESTWISE
15
YOUR WINDOW
Communicator
FEB 2009
2008 Tax Reporting Mailed No Later Than
1099DIV/INT/B
January 31, 2009
Canada Revenue Agency
Mailed No Later Than
RRSP Contribution Receipts
March to December will be mailed January. First 60 days mailed weekly
T5
February 28, 2009
T5008
February 28, 2009
T4RSP/T4RIF
OF FINANCIAL PLANNING
In this issue
Mailing Dates Internal Revenue Service
INTO THE WORLD
Year in Review
Year in Review
by Danny W. Leung,
P.1
Federal Budget 09
P.2
Go With the Flow...
P.3
RRSP Contribution Reminder
P.4
Open a Dundee TFSA Account
P.4
CFP, Ch.P., CIM, FMA, FCSI, TEP Article was written on February 17, 2008
2008, particularly the last few months, was one of
Our position going into 2008 was a very defensive
February 28, 2009
the most volatile years on record. The S&P/TSX
one. We had mentioned to our clients during our
T4A
February 28, 2009
Composite Index had strong numbers at the begin-
reviews early on last year that the likelihood of a
NR4
March 31, 2009
ning of the year, sitting at 13,926.76 on January 2.
market downturn was more probable than the con-
T3
March 31, 2009
There was some worry that the credit crunch would
tinuation of the market rallies we had been seeing
T5013/T5013A
March 31, 2009
affect markets in February when the S&P/TSX
in the last few years. Hence, our cash position
Composite was hovering around the 12,000 point
was much greater than usual, which also served us
mark, but the index rebounded, breaking through
well during the meltdown late last year. Relatively
the 15,000-point mark for the first time in its history,
speaking, we have done extremely well managing
on May 20.
the market risk for our clients’ portfolios.
Things began to falter in August, as credit fears
Moving forward to this year, our outlook is such that
mounted and investors started to worry about the
the continuation of the market downturn is unlikely,
We believe strongly in the importance
state of the U.S. economy, but the markets took a
but at the same time, expecting a return to bull
of continuing education. These work-
major turn for the worst between September 26 and
markets is premature. We do feel that this is an
new concepts and ideas that you may
October 8, falling 2716.96 points during that time.
opportunity to accumulate and increase our hold-
have not considered before -- or clear
Since then, the markets have bounced around,
ings in the equity market for the next 8-10 months,
jumping hundreds of points one day and falling
in the eventuality of a market recovery. Thus, our
We encourage you to attend as many
even further the next. As of close on October 27,
strategy includes the continuation of Dollar Cost
workshops as possible. We will notify
the S&P/TSX Composite was at 8,537.34 – num-
Averaging, and writing options to generate addi-
bers we haven’t seen in about four years.
tional income within the portfolio.
Upcoming Events Stay Informed
As part of our ongoing effort to educate our clients with relevant and timely information, we are very pleased to be offering our INVESTWISE Educational Workshop Series.
shops will endeavor to bring to light
up some old misconceptions that you may have had about others.
you personally if we feel that a presentation is of particular interest to you. In the meantime, if you have any questions about future workshops, or would like to register, please call Abu at (905) 470 - 5989 Ext. 212 or e-mail him at abatasi@dundeewealth.com.
www.investwise.com
Continued on next page...
Looking for the Best GIC Rates in Town? Contact us today Long-term GIC Rates 1 Year
2.35
18 Months
2.35
2 Years
3.10
2.5 Years
3.10
3 Years
3.35
4 Years
3.55
5 Years
3.85
FEDERAL BUDGET
09
$ $ $ $ $ $ $ $ $ $ $ $$$ As you know, Finance Minister Jim Flaherty recently
RRIF withdrawal reductions: There will be a one-
delivered his federal budget in Ottawa.
time 25% reduction in the mandatory withdrawals of RRIFs for the 2008 taxation year.
Short-term GIC Deposits 30 Days
1.31
This budget has a few proposed items that could
60 Days
1.50
affect your financial plan and present additional
Senior age credit increase: The government in-
90 Days
1.80
120 Days
1.80
opportunities. In case you haven’t had a chance to
creased the age credit amount by $1,000 for a total
180 Days
1.50
review the media coverage, I thought you would ap-
of $6,408.
270 Days
2.20
preciate a quick overview of the federal budget.
All rates are annualized and subject to change without notice at any time.
Home renovation tax credit: Planning to upgrade For small business owners: The government plans
or retrofit your home? This new credit, effective
GIC rates shown are as of February 12, 2009, based on information received from the issuers. DundeeWealth Management does not guarantee the rates posted will remain in effect for the entire business day. Please contact our office for accurate rates at the time of interest. Minimum investment amounts apply.
to increase the amount of small business income
between January 28, 2009 and February 1, 2010,
eligible for a reduced 11% federal tax rate from the
allows you to claim 15% on the portion of eligible
current $400,000 to $500,000 retroactive to January
expenditures exceeding $1,000, but not more than
1, 2009.
$10,000, for a maximum tax credit of $1,350.
MORTGAGE RATES Prime Rate 3.00%
RRSPs, RRIFs and estate planning: There will be
I hope you find these highlights useful. If you’d like
income tax provisions to recognize a decrease in
to discuss these and other federal budget initiatives
TERM*
RATE
the value of RRSP or RRIF investments that occur
and how they affect your financial plan, please don’t
6 Month
5.00
after the annuitant’s death and before they are dis-
hesitate to call Mike from our office at (905)470-
1 Year
3.50
2 Year
4.65
tributed to beneficiaries.
5989 Ext 210, or e-mail him at
3 Year
4.24
4 Year
4.29
5 Year
4.39
7 Year
5.90
10 Year
6.05
VARIABLE**
RATE
5 Year
3.80
* Rates calculated semi-annually, not in advance. **Rate is Prime Rate plus a factor of 0.80%. Rate changes when Prime Rate changes. Rate is calculated daily.
All interest rates shown above are as of Thursday, February 26, 2009, and may change without notice. They are calculated on a per annum basis, unless indicated otherwise. Mortgages provided by Dundee Mortgage Services powered by Invis.
mike@investwise.com.
Continued from front page... As everyone now knows, the U.S. election proved to be historic, with the nomination of the first African American president in U.S. history. While the economic impact of this event remains to be seen, the announcement of government guarantees and programs totaling over $12 trillion is signaling to some that the U.S. recession may end in late summer ‘09, with the Canadian economy to follow suit. The Beijing Games were seen by many as a success for the host, in terms of world visibility and recognition. Emerging markets (particularly China) will continue to be a strong influence on the global economy for many years to come. There will likely be some opportunities in the resource sector in the year ahead, particularly gold - as most resource sectors can control supply to offset demand.
The key to the new year will be to remain active in the markets. Given the prevailing market conditions, our approach is to be defensive, but remain actively trading in the market. Finally, we’d like to thank you once again for choosing INVESTWISE as your financial advising team. As always, should you have any questions about your financial situation, please don’t hesitate to contact us at investwise@dundeewealth.com or 905-470-5989.
Go With the Flow... Do you pay too much in income tax? Would you like to find out how to pay less? If so, then please take a few minutes to review the enclosed information on the tax advantages associated with investing in flow-through shares. Flow-through shares are something unique to Canadian investors. They are common shares of Canadian resource companies that permit the tax advantages associated with Canadian exploration activity to be passed through from a resource company that incurs exploration expenses to its shareholders who can use the tax credits and deductions to shelter income earned from other sources. A more prudent way to invest in flow-through shares is to do so indirectly by invest-
Essential Health Tips Daily Tips 1. Reduce Stress Easier said than done, stress busters come in many forms. Some techniques recommended by experts are to think positive thoughts. Spend 30 minutes a day doing something you like. (i.e. soak in a hot tub; walk on the beach or in a park;
ing into a limited partnership. Flow-through limited partnerships invest in a diversified
read a good book; visit a friend;
portfolio of flow-through shares, providing investors with the benefits of diversification
play with your dog; listen to
and professional management, while enjoying the generous tax benefits afforded by the
soothing music; watch a funny
flow-through shares it invests with.
movie. Get a massage, a facial or a haircut. Meditate. Count
Flow-through limited partnerships are one of the few remaining tax-assisted investment
to ten before losing your temper
opportunities available to a Canadian investor. They are not a “loophole” found in the
or getting aggravated. Avoid
Canadian tax system and they are not based on any complicated interpretation of the tax
difficult people when possible.
act. They are a program created by the Federal government in the early 1980s to help
Thought for the day: When see-
foster the exploration and development of Canada’s resource sector and are embedded in the Income Tax Act. One constraint which limited partnerships do face is time. Unlike a mutual fund – which is typically open for investment year round – limited partnerships can only be purchased during a specified selling period which can last anywhere from a month to as little as three days. For this reason, we encourage anyone who may be interested in this invest-
ing red, think pink clouds...then float on them.
2. Protect Yourself from Pollution If you can’t live in a smog-free environment, at least avoid smoke-filled rooms, high traf-
ment opportunity to contact us at the coordinates below to learn more before the next
fic areas, breathing in highway
series limited partnership offerings come out.
fumes and exercising near busy thoroughfares. Exercise
Two of the largest and oldest flow-through partnerships available in Canada are the
outside when the smog rating
CMP Resource Limited Partnership (“CMP”) and the Canada Dominion Resources Limited
is low. Exercise indoors in air
Partnership (“Canada Dominion”). Both have established an impressive track record over
conditioning when air quality is
the years and are considered by many to be the leaders for flow-through investing in the
good. Plant lots of shrubbery in
resource sector.
your yard. Thought for the day: ‘Smoke gets in your eyes’...and
There are a variety of tax strategies which can be used in conjunction with an investment into CMP or Canada Dominion. To find out if any of these tax strategies can work for you, contact us at (905)470-5989 Ext. 210, or e-mail Mike at mcornacchia@dundeewealth.com.
your mouth, and your nose and your lungs, as do pollutants... hum the daily tune.
RRSP Contribution Reminder This is just a reminder that if you are not making regular monthly contributions or haven’t already made your contribution for 2008, don’t forget to book an appointment to see us as soon as you are able. Time is running out before the deadline on March 2, 2009. Ideally, we will be able to sit down and make investment decisions before March, but if that’s not possible, we can always deposit your RRSP savings into a short-term savings vehicle until we have a chance to fully discuss your options. The important thing is to get that money inside your plan before March 2!
Tax-Planning 2009 Don’t wait until the last minute to start planning for your 2009 taxes. Tax planning is a year-long strategy, and we would like to identify all the ways you can be saving on your ‘09 taxes as soon as possible. To get the discussion started, call Mike at (905)470-
Once again, thank you for choosing INVESTWISE as your financial advising team. As always, should you have any questions about your financial situation, please don’t hesitate to contact us at investwise@dundeewealth.com or 905470-5989.
Note: The maximum RRSP deduction for 2008 is $20,000. However, if you did not use your entire RRSP deduction limit for the years 1991 to 2006, you can carry forward the amount you did not use to 2008. Therefore, your RRSP deduction limit for 2008 may be more than $20,000.
5989 Ext. 210, or e-mail him at mcornacchia@dundeewealth.com
Contact Information 202 - 80 Tiverton Court, Markham, ON L3R 0G4 Phone: 905-470-5989 Fax: 905-470-5979
INTRODUCING THE TAX-FREE SAVINGS ACCOUNT
Have You Opened Your Dundee TaxFree Savings Account Yet?
REQUEST YOUR FREE REPORTS TODAY
Danny W. Leung CFP, CIM, Ch.P., FMA, FCSI, TEP Director, Private Client Group, Portfolio Manager, Branch Manager Ext: 208 E-mail: investwise@dundeewealth.com
The new Tax-Free Savings Account (TFSA) became available on January 1, 2009. The TFSA represents a unique way for Canadians to save money and pay less tax.
Michael Cornacchia B. Comm. FMA Licensed Assistant Ext: 210 E-mail: mcornacchia@dundeewealth.com
- Investments grow tax-free while inside the account
Abu Batasi, B. Comm. Business Development Ext: 212 E-mail: abatasi@dundeewealth.com
- Unused contribution room can be carried forward indefinitely to future years.
Key features:
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“™Š— ‹‹Š—Š“™‘ž š“‰Š— ™Â?Š †Ž“˜ Ž“›Š˜™’Š“™ Ž“ˆ” †—Š Š–š†‘lj ŠÂ?†’Š˜™ Ž“ˆ”’Š Ž˜ ‹š ‘‘ž ™†Â?†‡‘Š †“†‰Ž†“ †™ ž”š— Â’ Ž“ˆ”’Š ™†Â? ’Š †—Š †‘‘ —†™Š •‘Šƽ Ž‹ ž”š— ˆ”’
‹ ž”š ˆš—— ‡Ž“Š‰ ‹Š‰Š †—ŒŽ“ Š“™‘ž Â?”‘‰ —ŠŒŽ’Šǀ Ž˜ Č&#x;ČĄ †‘ ™†Â? Ę?Ć˝ ™Â?Š“ Č– —†‘ †“‰ •—” •—”›Ž‰Š ž” †˜˜Š™˜ Ž“ —†™Šǀ ”— Č–Č&#x;ČĄČ› ÇŠČ–ČœĆ˝Č› ČœĆ˝Č›Č›Č› ”‹ Ž“ ›Ž“ˆŽ†‘ ’† š œŽ™Â? ÂŽÂ’ † ™†Â?†‡‘Š țț Â? Č&#x;ČĄĘ? ™Š—Š˜™ Ž“ˆ ™Â?Š •”™Š ’Š‰Ž†™Š ™ Â†ÂˆÂˆÂ”ÂšÂ“Â™Ć˝ —ŒŽ“†‘ ™†Â? ™†Â?ÂŠÂ˜Ć˝ œ”š ÇŞ ”‹ ™†Â?Š˜ǀ “™Ž†‘ ™†Â? ”’Š œ”š ™Â?Š †Â? —Š‘ŽŠ‹ǀ ‘‰ ‡Š Č–Č Č&#x; ”š— “Š™ ÂŽ ˜†›Ž“ ‘‰ —Š˜š‘™ ›†—Ž”š˜ ™ž Â”ÂœÂŠÂ›ÂŠÂ—Ć˝ ™Â? ˆ†“ țǀ Ž“ “™Š—Š˜™ Ž“ˆ •Š˜ ”‹ Ž“›Š Œ˜ Ž˜ ‰Š™Š—’Ž“Š Š ŠÂ?™Š“™ ” ”’Šƽ †‹™Š ‰ ‡ž ˜™’Š“™ Ž“ˆ ‹ “›Š˜ — ”’Š †—Š ™† ™Â?Š œ†ž ™Â?†™ ™Â?Š š†— ™’Š“™˜ ™Â?†™ Š†—“ Ž“ Â?Š‰ǀ †“™ŠŠ‰ ™Š—Š˜™ Ž“ˆ‘ š‰Š ‡†“Â? ˜ Ž“ˆ”’Š ’š “›Š˜™’Š“™ Š—™Ž ĘŹ ˆ†™Š˜ ÇŠ
†›Ž“Œ˜ †ˆˆ”š“™ ™š†‘ ‹š“‰˜ Ć˝ †’”“Œ ”™ Â˜Ć˝ Â˜ÇŞĆ˝ ‡”“‰ ˜ †“‰ ĘŹ Â?Š‰ Â?Š—˜ǀ
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- Canadian residents aged 18 and older with a social insurance number can save up to $5,000 every year
- TFSAs can hold many of the same investments as an RRSP - Withdrawals can be made at any time for any purpose and are not subject to tax.
- Withdrawals can be re-contributed in future years. - Withdrawals are not considered income, so they won’t increase taxable income or affect income-based eligibility for income-tested government benefits or tax credits, including Old Age Security and the Guaranteed Income Supplement.
Andrea Trant Administrator Ext: 213 E-mail: atrant@dundeewealth.com
A TFSA can help you achieve your goals
Pauline Lew Executive Assistant Ext: 200 E-mail: plew@dundeewealth.com
abatasi@dundeewealth.com to order your free reports today, or to open your Tax-Free Savings Account.
Whether you’re saving for a car, a house or a comfortable retirement, the additional saving benefit of a TFSA can be significant both in the short- and the long-term. Call us today at (905)470-5989 Ext. 212 or e-mail Abu at
This newsletter is the work of Danny W. Leung for the private information of his clients. Although the author is a registered Investment Advisor with Dundee Securities Corporation, a DundeeWealth Inc. Company, this is not an official publication of Dundee Securities Corporation and the author is not a Dundee Securities analyst. The views (including any recommendations) expressed in this newsletter are those of the author alone, and they have not been approved by, and are not necessarily those of, Dundee Securities Corporation.