VOLUME 11.14
Osteoporosis Month Blair Gripp & Stubbs pg. 7 A New Solution to an OLD Problem OsteoStrength Clinic pg. 10
JERRY MITCHELL Talks about Tony Wins, Cindy Lauper’s KINKY BOOTS and More 1
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SPOTLIGHT MAGAZINE
THIS ISSUES
CONTENTS
Front Page Photo Credit: Steve Zak N’Kenge’s Interview w. Jerry Mitchell
Page 4
Osteoporosis Year Page 7 - BlairGripp&Stubbs A New Solution to an Old Problem - OsteoStrength Clinic
Page 10
Talking to the Police - Scott Stenbeck
Page 14
What Are Key USES of Cash - Edward Jones
Page 19
Byelection Season Page 21 - Drew Barnes Transferring Wealth to Future Generations - Dan Hein of Bank of Montreal
Page 22
EDITOR SCOTT COWAN (403) 504-7092
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Disclaimer: No responsibility can be taken by Spotlight Magazine for any errors or omissions contained herein. Furthermore, responsibility for any losses, damages or distress resulting from adherence to any information made available through this magazine is not the responsibility of Spotlight Magazine. The opinions expressed are those of the authors and do not necessarily reflect the views of Spotlight Magazine. Comments are welcome.
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Spotlight Around the World - New
York
JERRY MITCHELL ON TONY WINS, CYNDI LAUPER’S KINKY BOOTS AND MORE!!!!
NOTES
N’kenge
from
I’m so excited to have Broadway’s very own Jerry Mitchell. Being a choreographer, Director and Dancer with multiple Tony awards, this man A man wears many hats. N’KENGE: I would love to rewind back to your very beginnings. I’m assuming because you started as a Dancer, your parents placed you in dance classes at a very young age? JERRY: Well, they didn’t. I grew up in a sports family, so everybody in my family played sports including myself and I broke my collarbone at 15 on the way home from football practice. I went to my first dance class at 15 and I never left. The dance teacher in my hometown had choreographed all of the community theatre productions and I was in those as a kid. This is very Billy Elliot she’d always say, “Come to dance class, Come to dance class.” I of course wouldn’t go because it was all girls. Once I broke my collarbone and was old enough to make my own decisions, I went to dance class. I realized, oh my God, this is where I belong. N’KENGE: So you didn’t have a story like most dancers where they started from age 3-4 years old? JERRY: I started dancing in shows at 8 years old in community theatre, I didn’t start studying until I was 15, and I didn’t start ballet until I was 18. If I would’ve started ballet when I was younger. I would’ve been at New York City Ballet, theres no question. I have such a love for ballet. Freshman year in St Louis at Webster College, I auditioned for the Muny Opera for their dancing /singing choruses. I got accepted to do summer stock and got my equity card after my freshman year. I went back for my sophomore year and Tony Stevens. God bless him, great choreographer here in NY, was traveling around the country auditioning for a Dr Pepper commercial. They stopped at my campus, I auditioned and got cast which got me my sag card. I was also a principal in the commercials, so I started to get residual checks. I saved up my money by spring break and came to New York. My friends were going to an audition for the Broadway revival of Brigadoon. They said “come with us, you’ve got an equity card”. So I went to my very first Broadway audition and I booked it! N’KENGE: So now moving forward, what pinched you for wanting to Direct?
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Photo Credit: Chiun-Kai Shih
JERRY: People ask me this question all the time about how do you make the transition from dancer to to choreographer to director. The truth is its really only following the footsteps of those who went before you, Jerry Robbins, Michael Bennett, Tommy Tune, Susan Stroman. They all started as dancers who choreographed. Then did their own work as a choreographer and suddenly, you’re working with directors who don’t do musicals. You realize
you’re helping direct the show and you realize, “ok I’m ready now to do the whole enchilada on my own.” I don’t know anyone who comes to NY and is a choreographer only, without having been a dancer first or dance associate, dance captain. You work through the ranks to get to the choreographer position. N’KENGE: Let’s talk about Kinky Boots which you won your most recent Tony Award. Congratulations on your win and on a great show with an amazing cast which is still going strong on Broadway. How were you approached to be a part of that production? JERRY: Well with both Legally Blonde and Kinky Boots, the producers came to me before the team was created to write the show. So I was able to be a part of that and work with the team as the show was being written. Harvey I knew from Hairspray and La Cage. Cyndi I knew from her being in Broadway Bares and way before that. I choreographed her in the “Girls just want to have fun” Sheba video, so we worked together and sort of knew each other. It took about 3 years to write the show with readings and presentations before we went to Chicago to do the first production. N’KENGE: How was it working with the talented cast especially Billy? I know that you and Billy had known each other for many years beforeJERRY: I met billy when he was 19. He auditioned for me for the first show I ever choreographed. He didn’t take the show, but then I met him later and we did Grease. I was the associate choreographer on Grease and we rekindled our friendship. I just knew he was an amazing talent. We were developing the character of Lola, and he was of course at the top of my list. I have a tendency, when I work with someone who’s positive, I go back to those actors. N’KENGE: Absolutely. I think its important for young artists coming to New York to do this for the first time to know that. JERRY: Its very important for young people in the theatre to realize, you’re not going to be a star overnight. Every job you take is a step towards a life in the theatre and if you do your job well, and you don’t offend people and you don’t pull power trips, people are going to want to work with you again. Every single choice you make, is about your career so make positive choices, because you’ll have a much better career, trust me, I knowN’KENGE: Yes Indeed! Broadway Bares is a creation of yours which has been going on for many years now. What inspired the creation of these yearly shows?
JERRY: It was 1992 and I was in the Will Rodgers “Follies” on Broadway and I was dancing on a drum in the opening number, practically naked. I had a headdress on my head and bells on my wrist, palms, and ankles and bells on a jockstrap on my body. My butt was completely exposed to the audience. I was getting a lot of attention. Press, papers, I got flowers and a diamond and sapphire cross sent to me backstage from valentine. I was in my dressing room one day. Broadway cares, equity fights aids were 2 different organizations, they had not emerged yet. We were raising money for the easter bonnet competition which had started, but that was very small. The cast members in the dressing room and I were trying to figure out new ways to raise money. Troy Johnson and some of the other wranglers from the show said “why don’t you go dance on the bar at Splash in that costume and get tips” and a lightbulb went off over my head. I’d been looking for a way to showcase my choreography, so thought this is it, I’ll put on a show. We went down to the bar, I choreographed the opening number and we each did a solo strip and we then go-go-danced. Everybody paid $10, there was a line around the block. We advertised in 5 days and we ended up adding an additional midnight show that night and made $8,000. I said we can do this better. I’ll add girls. 6 months later we did Broadway Bares 2 with ladies and men together. It was a burlesque show. we made $17,000 and I said, I can still do this better I’ll put a theme to it. Broadway Bares 3 was 6 months later and then I realized how much work it was so I only did it twice a year. Fast forward to last year. Broadway Bares 24 raised $1.38 million at Hammerstein ballroom in one night. We’ve raised upwards of $13 million doing this burlesque show in New York. It’s done in Vegas and Fire Island. In London it’s called West End Bares. We have a book, cd and website. I’m hoping to get it in Australia this year along with San Francisco. My idea is to have it everywhere a Broadway show goes.
N’KENGE: What is next for you? JERRY: I’ve got 3 new musicals that I’m working on currently, that are getting very close to stages happening so hopefully 2 will be in the 15-16 season, 1 in London, and I’ve bought the rights to a new musical based on a book that I’m really excited about. Then I’ve got a lot of other possibilities coming up. I want to stay in the theatre. I love doing musicals. It’s what my passion is. I’ve got a company in London Jerry Mitchell productions and so Dirty rotten scoundrels is running in the West End, and that’s my first production, so more of the same. Full Interview Youtube Channel: Divankenge N’Kenge is a Opera/Pop and originated the role of “Mary Wells” in Broadway’s Motown: The Musical. Visit her @ www.nkengemusic.com
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OSTEOP
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POROSIS Are You at Risk? Osteoporosis is a condition in which the bones lose density and become less strong than normal bones thus increasing the risk of fracture even with minor trauma. Osteoporosis and low bone mass affect an estimated 48 million North Americans with 11 million having osteoporosis and the remaining having a low bone mass, called osteopenia. Bone is normally in a constant state of change and is continually being remodeled. Old bone is resorbed by cells called osteoclasts and new bone is formed by cells called osteoblasts. This dynamic process allows bone to be repaired and to adapt to any stresses than may occur. Osteopenia and osteoporosis develop when there is a mismatch between osteoclastic and osteoblastic activity. That is, more bone is resorbed than is formed with the result being the weakening of the bone structure and an increased risk of fracture. There are 2 types of bone – cancellous bone and cortical bone. Cancellous bone forms the inner softer portion of the bone and is more prone to bone loss. The outer harder layer of bone is called the cortical bone. Cancellous bone undergoes turnover faster than cortical bone and is more rapidly affected if there is a mismatch between osteoclastic and osteoblastic activity. Certain areas of the body have a higher ratio of cancellous to cortical bone and are therefore more prone to fracture if bone loss occurs. These areas include the spine, wrist and hip. Most of an individual’s bone mass has been achieved by early adulthood after which it declines throughout the rest of a person’s life. There is a normal rate of decline in bone mass with age for both men and women. However, additional bone loss occurs in women as a result of menopause. Women can lose up to 20% of the total bone mass during this time. Since women generally have a lower bone mass than men to begin with, the result is a higher risk of fracture in postmenopausal women as compared to men of the same age. Nevertheless, men may also suffer from osteoporosis if they have certain risk factors. Besides age, and menopause there are several risk factors that may lead to osteoporosis. These include certain medications, particularly steroids, cancer, an overactive parathyroid gland, vitamin D deficiency, low testosterone level in men, family history of osteoporosis, sedentary life style, alcohol abuse and smoking. There are several ways to measure bone density. A common way is by using an ultrasound screening test to measure the heel bone. This is a crude test and can only identify the possibility of a problem but it is not accurate for follow up and is not used on areas that are most likely to fracture such as the spine or hip.
By Dr. Ken Blair
in the spine and hip. Strong, dense bones allow less of the X-ray beam to pass through them. The amounts of each x-ray beam that are blocked by bone and soft tissue are compared to each other. DEXA can measure as little as 2% of bone loss per year. The test is simple and is easy to perform. The person being tested lays on a table and the technologist positions the scanner over the hip and then the spine and the measurements are taken and sent to a computer for analysis. The test takes only about 20 minutes to perform and is completely painless. Sometimes the forearm is scanned, particularly if accurate results cannot be obtained from the spine or hip because of severe arthritic changes or previous surgery such as hip replacement. The results are reported as your “T score.” Your T score is your Bone Mineral Density (BMD) compared to a healthy 30 year old of the same sex. It is expressed as a standard deviation (SD), a statistical measurement of how close your score is to the average (mean) of the group. The average BMD is determined by measuring the bone density of a large group of 30-year olds. Most 30 year old have a BMD value within 2 SDs of the mean. A normal BMD is less than 1 SD below the young adult reference range. 1 to 2.5 SDs below the normal range indicates a low bone mass or osteopenia. More than 2.5 SDs below the normal range indicates osteoporosis and an increased fracture risk. Prevention and treatment of bone loss can include calcium and vitamin D supplements, weight bearing exercises such as walking and weight training, maintaining a healthy body weight, proper diet, limited alcohol use, smoking cessation and certain medications prescribed by your doctor such as bisphosphonates, calcitonin, or hormone replacement (for women). The current Canadian indications for a BMD test are: men and women 50 years and older, fragility fracture after age 40 years, prolonged steroid use, use of other high-risk medications, parental hip fracture, spine fracture on x-ray, current smoking, high alcohol intake, low body weight, rheumatoid arthritis, premature menopause (below 45 years), malabsorption syndromes, overactive parathyroid gland, or other disorders associated with osteoporosis such as certain treatments for breast or prostate cancer. If you are over 50 years of age or have any risk factors ask your doctor for a BMD test. If your results are low you may have the chance to stop or reverse bone loss and prevent future fractures.
The currently used most accurate test is called Dual-energy X-ray absorptiometry (DEXA) and is the method used at BlairGripp-Stubbs and Associates Radiology. This technique uses 2 different very low dose x-ray beams to estimate the bone density
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“Do you think Osteoporosis is an OLD person’s disease?”
. . . .Think again
• The disease can strike at any age
• 80% of hip fractures are osteoporosis related
• 1 in 4 women over 50
• At least 80% of fractures in people 60+ are osteoporosis related
• At least 1 in 8 men over 50
• The lifetime risk of hip fracture (1 in 6) is greater than the (1 in 9) of developing breast cancer (Osteoporosis Canada)
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‘A NEW solution to an OLD problem’ What is the OsteoStrength Clinic?
Is it safe?
It is a private state of the art clinic that builds and strengthens bone using NEW patented technology (Osteogenic Loading) based on OLD Science (Wolff’s Law of Bone Remodeling). Our process is a safe, proven, non-pharmaceutical alternative to osteoporosis treatment and prevention.
Yes, the development of Osteogenic Loading technology is based on 17 years of research and development, 7 years of testing and training (over 500,000 datasets with over 39,000 unique individuals) with no reported injuries.
Our clients receive personalized attention, immediate feedback and achieve tangible results, allowing them to feel younger, be healthier and improve their quality of life. How does it work? The OsteoStrength revitalization technology uses a technique called osteogenic loading (OL), which is proven to increase bone mass density, which in turn reverses the process of Osteoporosis and Osteoarthritis. This leading edge technology allows a person, regardless of age and physical condition, to safely perform a simple five (5) second movement of self-imposed maximum loading, which causes the body to initiate bone density growth. Why does OL work? This approach is based on years of research in how the body responds to stimulus. It allows a client to load all the major bones and muscle groups with extremely high levels of force. This level of stimulus is not easily obtained in traditional exercises but is critical in stimulating the nervous system to generate bone and muscle fibre.
In addition a FREE initial assessment including comprehensive medical history are completed for each client prior to the first treatment. How will I feel after a treatment? After a treatment you will feel like you’ve completed physical work. You will feel warm (from increased blood circulation and work completed by the muscles) and you will notice an improvement in your posture (from the decompression of the spine and joints from the impact loading). Within 24 hours you will feel muscular fatigue but not soreness. What are the side effects? Weight loss, reduced cellulite, better mood, and reduced pain. Efficacy – Powerful Results BONE MASS DENSITY In Dec 2013, the International Osteoporosis Foundation (IOF) and the National Osteoporosis Foundation (NOF) published an Osteogenic Loading (OL) specific paper, which revealed that Osteogenic Loading outperformed current interventions by 361% in the spine and 679% in the hip in one year. How can I book a FREE assessment? Call (403) 548-0000 or visit us online at OsteoStrength.com
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Scott Stenbeck
Talking to the Police Stenbeck Law Office So I tell the police officer “My boss makes (866)783-6232 me work weekends a lot of times. He makes
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want to say that I respect the police and the work that they do. I don’t want anyone construing this article in any way to justify being difficult or ignorant with a police officer. However, I felt it was time to write on this subject, I find that most of the time when someone needs me to assist them with a criminal charge - they have already put themselves in a disadvantageous position by talking to the police. I will now share for free, what I write on the back of my business card. When someone calls me and is concerned that they have received a call from the police wanting to “talk” to them about “something.” Or they ask you to come down to the station to “clear a couple things up”. My card says, “My lawyer tells me that it’s not in my best interests to talk to you.” There is literally no good that can come from talking to the police, if you are suspected of a crime. Whatever you say can be taken down and used later. When I say “don’t talk to the police”, that is often interpreted as “don’t give a statement”. No, what it means is, “don’t talk to the police.” Because even verbal exchanges that are not reduced to a statement, and signed, are still taken down by an officer in his or her notes. Identify yourself, accept whatever process they are going to serve you with, and leave it at that. Now, even when someone talks to me first, and is later questioned or arrested, even after me giving the above advice, why do most people still talk to the police? Well, I believe it is because most of us in the end are actually moral people. That is what is used to get someone to talk. Most of us want people to understand why we did what we did, and that we had a justification for acting the way we did. Say, for example, I decide that I am going to steal from my boss. (This probably won’t get me ahead much since I’m self-employed!). Then, say eventually my boss gets suspicious and calls the police. They interview me. Being a basically moral person, I don’t want someone to think that I am someone that just goes and steals for no reason. I want to justify myself and my behaviour.
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me come in really early sometimes. On days where there is a lot of work, I have to stay late and he doesn’t pay me overtime! He says that we want to give the best service so he makes me carry a cell phone. I take calls from clients in the evenings, on holidays, and during personal time! (All true, I do make myself do all those things) So of course I took some money! I figure it evens out for all the extra time I give him that he doesn’t pay me for!” So, even though I feel better for justifying why I behaved this way. A natural human tendency, I have now done the police officer’s job for him. He doesn’t care what a jerk my boss is, he only cares that I admitted to what they are investigating. Now he hardly needs any evidence at all, I have given a voluntary confession, case closed. This natural human tendency to want others to think well of us, and to explain ourselves, can also be pushed along by a good police officer. They say things like “Look, I know you’re basically a good guy, and you wouldn’t have done it without a good reason.” Or “hey, I know you have never been in trouble before, I know you must have been having a real tough time, why don’t you tell me about it?” Another reason that people talk to the police is that they think that somehow it will result in a more lenient punishment. A police officer is not allowed to threaten a greater punishment or promise a reward for a confession, but they don’t have to in most cases. Most of us are intimidated by the surroundings in the situation, and we are uncomfortable. We think that things will go better if we just confess. Sometimes officers do urge this misconception along by saying something like, “We already know what happened, you might as well just tell us.” Again, even if they already know everything, the case against an accused is just made that much more airtight with a confession. I do hear from time to time in the courtroom on a guilty plea something like “my client was fully co-operative with the police and confessed immediately”, but I don’t know that such a situation is what helps mitigate the seriousness of the matter as opposed to just the early guilty plea. The Crown prosecutor is certainly not allowed to do the reverse as say “the accused would not confess to the police, so he deserves a more serious punishment”.
Again, I don’t really think the confession buys much, if anything, in terms of an easier punishment, and I have had plenty of clients that have been sentence to jail even after confessing. So, here is the irony in all the above. The explanation to the person reading this who just said “Hey, aren’t you giving criminals the information they need to avoid punishment?” A serious and career criminal already knows what I set out above. Further, a serious criminal sociopath (someone who doesn’t care about the difference between right and wrong) isn’t concerned with what others think and doesn’t feel as much pressure when under investigation. So they are unlikely to confess to justify what they have done to an officer. They don’t care what that officer or anyone else thinks about what they have done. Most of my criminal practices are clients that have never been in trouble with the law. They have just made a mistake, or were in the wrong place at the wrong time. Most are immediately intimidated and afraid when contacted by police. Often clients end up giving full confessions. Most criminal cases are disposed of by way of some kind of plea bargain or joint submission or agreement reached between the defence and the Crown prosecutor. The ins and outs of the deal making, depends in part on the likelihood of the Crown getting a conviction. When a full and voluntary confession has been given, the Crown is in a very strong position. I don’t have as much to negotiate with, so I have more difficulty getting a sentence reduced with a plea bargain. On the other hand, the person who doesn’t talk to the police, everything else being equal, has a greater chance of being acquitted. So the Crown has a greater risk of losing that I can use to bargain with and get a better deal. So, ironically, the good person that makes one mistake, gets charged and immediately spills the beans actually fares worse than the sociopath that just keeps his mouth shut. The sociopath has a greater chance of being acquitted, and it is thus more likely that he will get a favourable deal. This doesn’t mean that there isn’t a chance for a person accused to explain why they did what they did, or to own up to their mistake if they so choose. If that is what they want to do. It just means that they should wait and let me do it on their behalf later, when the discussions I have with the Crown prosecutor can’t be used against them.
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What Are the Key USES of Cash?
As an investor, you may find that the elements of your portfolio that seem to draw most of your attention are stocks and bonds. After all, these investment vehicles, and others derived from them, provide you with potential growth and income opportunities — which is why you invest in the first place. Yet, you also may find significant value in a more humble financial asset: cash. In fact, you might be surprised at the various ways in which the cash, and cash equivalents, in your portfolio can help you complete your financial picture. One way to understand the uses of cash is to look at the “USES” of cash. In other words, consider the acronym U.S.E.S: Unexpected expenses and emergencies You’ll need sufficient cash for situations such as a job loss, a home repair or an unplanned medical expense. During your working years, you should keep three to six months’ worth of living expenses in a cash account specifically designed to meet unexpected expenses. Once you’re retired, you may be able to get by on a smaller emergency fund — up to three months’ worth of living expenses, although you will need more for everyday spending. Specific short-term savings goal Are you anticipating a big expense —a wedding, a big vacation, a down payment on a new home, etc. — sometime within the next few years? If so, you’ll want to set aside sufficient cash, with the exact amount depending on your specific short-term goal. Everyday spending It goes without saying that you’ll need adequate cash for your everyday spending needs — groceries, utilities, entertainment, mortgage/debt payments, and so on. Of course, while you’re working, you will probably
handle most of these costs with your paychecks, but you may still need to set aside one or two months’ worth of living expenses. Once you’re retired, though, it’s a somewhat different story. While your expenses may go down in some areas (such as costs associated with employment), they are likely to go up in others (such as health care). So your overall cost of living may not drop much, if at all. Consequently, it may be a good idea to set aside 12 months’ worth of living expenses, after incorporating other sources of income, such as Old Age Security (OAS) and outside employment. In addition, you’ll have to decide on the most efficient way of drawing on your other sources of income, including any pensions and investment accounts such as an RRSP. It’s especially important to create a sustainable withdrawal strategy for your investment portfolio because you don’t want to run the risk of outliving your money. Source of investment You’ll want to have some cash available in your portfolio — perhaps 2% to 3% of the portfolio’s value — to take advantage of investment opportunities as they arise. Also, having even a small percentage of your portfolio devoted to cash can modestly improve your overall diversification — and a diversified portfolio is your best defense against market volatility. (Keep in mind, though, that diversification can’t guarantee a profit or protect against loss.) So, there you have it: four key USES of cash. Taken together, they provide some good reasons to keep at least a modest “stream” of liquid assets in your portfolio.
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Byelection Season! DREW BARNES MLA Cypress - Medicine Hat Just in case you’ve been in Antarctica, you may have missed the news that Alberta is in the middle of four hotly contested byelections. The Wildrose Official Opposition is putting up four outstanding candidates to run against the unelected Premier, Health Minister, Education Minister and the PC’s candidate for Calgary-West. Three of the four of these byelections will be fought in Calgary. The ridings of Calgary-Elbow, Calgary-West and Calgary-Foothills are all up for grabs and the Wildrose has got off to a fast start. A poll by ThinkHQ Public Affairs Inc. has the Wildrose candidates at 38%, two points higher than the PCs, across the board. This lead comes down to the quality of candidates the Wildrose has running for them in these three ridings. First off, let’s look at Calgary-Elbow. Vacated by the resignation of the former Premier, the constituents of this riding have been left frustrated by the actions and behavior of Ms. Redford. They see the need for change in governance of Alberta and they want it to begin in Elbow. The Wildrose candidate for Calgary-Elbow is Colonel John Fletcher. As the Commander of the reserve army in Alberta, John has vast experience in leadership and service. John has also practiced law in Alberta since 1979, and is intimately familiar with Alberta’s legal framework and issues that make this province tick. His integrity is unquestionable and the response to his personable and friendly nature at the doors attests to this. John is sending the PCs the clear message: the Education Minister will not have an easy run here! Moving across to Calgary-Foothills the Wildrose are determined not to allow Mr. Prentice a free-passage to the post of Premier. Kathy Macdonald, the Wildrose candidate in this riding, brings with her an impressive list of achievements and experience. Her charisma at the doors is infectious and the constituents of Foothills are noticing how passionate Kathy is in representing each and every one of them. Kathy spent 25 years with Calgary Police Service where she was a champion of cyber-crime and identity theft protection. She has consulted NATO and has also been granted the Member of the Order of Merit of the Police Forces. This is testament to her dedication to a cause.
Now, her cause is to make sure Albertans a represented by the best possible people – and her message is being heard. The final riding in Calgary that is ready to see a change is Calgary-West. Our candidate, Sheila Taylor, is determined not to let this fly under the radar because neither the Premier, nor his two political appointees, are running in this seat. Sheila is a fierce voice for improving Alberta’s education system after being a tireless advocate and recently completely a term as Chair of the Calgary Board of Education. With experience in a variety of sectors, Sheila is committed to bringing transparency, accountability, fiscal responsibility and public consultation to the constituents of Calgary-West. The people have responded to Sheila’s campaign: they are tired of seeing more of the same and are ready for a change.
While the heat of the byelections may be most felt in Calgary, there is critical battle brewing in Edmonton-Whitemud. Our candidate, Tim Grover, a successful small business man, husband and father of five, is giving the former mayor and current unelected Health Minister a real run for his money. A recent poll in Edmonton shows Tim holds a narrow one percent lead, but he and the Wildrose will not rest on their laurels. The door knocking, friendly phone calls and lit drops will continue until our team has hit every house in the riding! Tim is up for a battle and he’s determined to see Whitemud represented by a local grassroots advocate, not a PC Party insider.
If you want to know more about any of the four fantastic candidates that are running for the Wildrose in the upcoming byelections, come in for a chat or give me a call. I have been at the doors with all of them and can see how passionate they are about representing the people of Alberta.
You can reach me @ 403-528-2191, cypress.medicinehat@assembly.ab.ca, or in person at my Constituency Office. Keep up to date by finding me on Facebook or following me on Twitter, @DrewBarnesMLA.
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Transferring Your Weath to Future Generations You’ve worked hard, invested wisely and accumulated wealth to last a lifetime and leave a legacy for your loved ones. Wealth transfer can be as simple as making cash gifts to your grandchildren or as complex as setting up sophisticated trusts as part of your estate plan. Transferring and distributing your wealth should be considered throughout your lifetime. Like most people, you’ll want to minimize taxation by structuring your estate so that a greater portion of your wealth is left to your beneficiaries. Following are some strategies to consider for your overall wealth management plan. Gifts or other transfers to adult children Parents often want their children to benefit in the present rather than waiting for an inheritance. However, your own needs, such as a contingency reserve for the unexpected, should come first – for your own protection and for that of your children. Once you gift money you lose control over the funds. It’s important to consider the effect your actions will have on your children’s lifestyle and motivation as well as potential exposure to your child’s creditors or third-party claimants, including those of an estranged spouse (now or future), or your child’s heirs should they die before you do. Appropriately structured loans and trusts are suitable alternatives to a gift of money if you want to retain some degree of control over the funds and avoid many problems. Tax issues (potentially triggering capital gains, or invoking income tax attribution rules, or U.S. gift tax or U.S. estate tax) should also be considered. Help your children purchase a home Parents may want to help their adult children purchase a home during the early stage of their career (when many young families have increased financial needs); however, parents may be reluctant to help if the home can become subject to a claim by the child’s spouse. If a potential family law claim is a concern, a personal mortgage such as a non-interest bearing Demand Promissory Note for some portion or up to the total value of the property at the date of transfer, may be the answer. This may also prevent children from selling or refinancing the home without your consent and preserve capital in the event you need to be repaid in the future. Funding dependents’ care or support If you’re providing for the needs of an adult family member (i.e., an aging parent or a disabled child) consider establishing a trust for that person’s benefit. Income from the trust can be used to pay for the care, support and expenses of the individual, and may be taxed at the beneficiary’s lower tax rate. Consider life insurance for intergenerational wealth transfer You can leave a tax-free legacy to your heirs using life insurance, even if you’re uninsurable. Purchase life insurance for your child and make your child the contingent owner of the policy in the event of your death; designating your grandchildren as
beneficiaries. Your deposits into the life insurance plan will grow on a tax-deferred basis. As the owner, you retain control of the policy which means you can prevent assets from being removed from the policy, and changes to the beneficiary designation will require your consent. Upon your death, your child would assume policy ownership and rights – generally without tax consequences. Furthermore, the insurance policy would not be considered part of your estate, so no probate taxes would be levied on the policy. Upon your child’s death, the insurance proceeds would benefit your grandchild on a tax-free basis. Charitable giving As part of your planning, consider making a final donation to the cause(s) you support and reduce the tax liability payable in the year of death. Canadian tax legislation provides significant incentives for donations of publicly-traded securities instead of cash by eliminating any associated capital gains tax on qualifying donations. There are many options if you have significant charitable intentions, including establishing a charitable foundation, a donor advised fund or an endowment fund. Insurance can also be used to achieve your charitable goals. Consider the appropriate distribution of your estate Your estate plan is your final opportunity to set a wealth transfer plan in motion. Remember, not all property you control passes under the terms of your Will. If appropriately documented, joint property with a right of survivorship(1) will pass to the surviving joint owner(s) and insurance and registered plans(2) may pass to those you designate as beneficiaries. You may want to use your estate to equalize beneficiary distributions by taking into account transfers that have already taken place. Or, you may not want to divide your estate equally among your children as some beneficiaries may have special needs or others may not be financially responsible. Consider all of these factors along with the impact your decisions may have on your family once you’re gone. To avoid surprises and potential conflicts later on, share your thoughts or concerns with family members and request their input. Business owners must be particularly concerned about estate distribution and business succession, and may want to consider the tax and other benefits of implementing an “estate freeze.” If fair distribution is a concern, there are strategies to ensure that your estate is equalized for the benefit of children who are not involved in the family business. Remember, you do not have to distribute all of your estate immediately. Trusts may be appropriate to hold an inheritance for the protection of beneficiaries from themselves or others, to provide time for beneficiaries to mature or to encourage certain behaviour. (1)
In the province of Quebec, joint ownership with a right of survivorship does not exist. (2) In the province of Quebec, only life insurance and annuities can bypass the estate administration.
For more information, contact:
Dan Hein, BRE
Associate Investment Advisor BMO Nesbitt Burns Inc. Medicine Hat, AB Tel.: 403-528-6771 Dan.Hein@nbpcd.com www.bmo.com/nesbittburns The comments included in this article are not intended to be a definitive analysis of tax applicability or trust and estate law. The comments contained herein are general in nature and professional advice regarding an individual’s particular tax position should be obtained in respect of any person’s specific circumstances. . All insurance products and advice are offered through BMO Nesbitt Burns Financial Services Inc. by licensed life insurance agents, and, in Quebec, by financial security advisors. ® “BMO (M-bar roundel symbol)” is a registered trade-mark of Bank of Montreal, used under licence. ® “Nesbitt Burns” is a registered trade-mark of BMO Nesbitt Burns Inc. BMO Nesbitt Burns Inc. is a wholly-owned subsidiary of Bank of Montreal. Opinions are those of the author and may not reflect those of BMO Nesbitt Burns. The information and opinions contained herein have been compiled from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. If you are already a client of BMO Nesbitt Burns, please contact your Investment Advisor for more information.
Member-Canadian Investor Protection Fund and Member of the Investment Industry Regulatory Organization of Canada
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