Private Matters Today - Winter 2019 by Private Matters Today Inc.

ISSUE 11 . WINTER 2019

S G N I SAV I AM BRINGING SEXY BACK!

CANADA’S LEADING SOURCE FOR ALTERNATIVE LENDING AND INVESTING INFORMATION

DEBT TO INCOME RATIO IN CANADA = 177.5%* *STATISTICS CANADA, JAN 2019

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THINK ABOUT TOMORROW, TODAY! PAGE 08

YOU’RE RETIRED, NOW WHAT? PAGE 12

GOOD DEBT VS. BAD DEBT PAGE 16

YES I CAN NURSERY SCHOOL NEEDS YOUR HELP!

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F EATURES 08 12 16

THINK ABOUT TOMORROW, TODAY! Ryan Daniels from Desjardins Insurance discusses the importance of protecting your loved ones with life insurance, as life can unexpectedly take a tragic turn.

YOU’RE RETIRED, NOW WHAT? Henry Shew from Cadesky and Associates LLP sheds some light on what to do when you reach the age of 65.

GOOD DEBT VS BAD DEBT Harry Singh from Indigoblue Group of Companies discusses the struggles millennials face with saving and investing and how smart investors know the difference between good debt and bad debt.

CONTENTS

06 10 20 22 27

EDITOR’S NOTE In our Winter edition, we are bringing focus on innovative saving strategies with a view to help combat record high debt to income ratios.

FINANCIAL SECURITY IS POSSIBLE! Jim McConnery from Welch LLP is a leading tax expert who describes how an Registered Disability Savings Plan (“RDSP”) can offer long term financial security for a person with disability.

RRSP VS TFSA WHICH SAVING STRATEGY IS BEST FOR YOU? Ed Wells from Community Trust defines Registered Retirement Savings Plan (“RRSP”) and Tax-Free Savings Account (“TFSA”), while outlining the fundamental differences between the two savings options.

INDIGOBLUE GLOBAL BALANCED FUND Xavier Humblet from Majestic Asset Management explains the perks and benefits of investing with Indigoblue Global Balanced Fund.

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EDITORIAL

DITOR’S NOTE

The Canadian economy was the envy of the world, as much of the world dealt with a deep recession post 2008 global financial crisis. However, over the last five years, Canada has attracted much scrutiny and criticism regarding the vulnerability of its housing markets, particularly in Toronto and Vancouver. Additionally, an average Canadian’s debt to income ratio has been the subject of widespread media attention. Indeed, an average Canadian is indebted over $170 dollars in relation to $100 of income. The ratio is rather intimidating. Private Matters Today has featured many articles in the past putting this ratio into perspective while sharing differing views on whether it is a prelude to a countrywide economic crisis or temporary phenomenon fueled by record low cost of borrowing. While much attention has been devoted to this ratio and various negative consequences it spells out for Canadians, not much focus has been put on a game plan moving forward. The Government(s) of Canada overtime have applied more pressure on federally regulated financially institutions through regulatory changes, and the stress test to tame the runaway real estate prices in Toronto and Vancouver. The impact of these regulations in conjunction with series of rate increases in 2018 clearly has had an impact. The real estate units are down while the prices in Toronto and Vancouver have seen moderate reduction. As we kick off 2019, we are still surrounded by ambiguity created by convoluted geo-economics. Brexit, global trade wars, and protectionist rhetoric have all but left investors nervous and facing volatile markets. Record high debt to income ratios, GM plant shutdown, US-China trade negotiations, Canada-China political tensions, slow down in real estate activity are all concerns that Bank of Canada must consider as it looks to chart a course for 2019. We, at Private Matters Today, have dedicated this issue to tackling the first and most widely discussed issue: record high debt-to-income ratios. The central theme of this issue is savings. Our objective is to bring focus on innovative saving strategies and hope our readers will find this issue enlightening, as we collectively approach the income tax and thus RRSP season. Happy Reading!

www.pmtoday.ca Issue 11 . Winter 2019 EDITORIAL

CONTRIBUTORS

Harry Singh

Ryan Daniels

Lina Muasher

Jim McConnery

Kendra Lui

Henry Shew Harry Singh

ART DIRECTOR / DESIGNER

Ed Wells

Nina Salehpoor

Xavier Humblet

PRODUCTION MANAGERS Prakash Bector Lina Muasher

FOR EDITORIAL & ADVERTISING INQUIRIES PLEASE CONTACT: Prakash Bector, VP, Sales & Marketing Tel: +1 416-400-3977 x 20 Tf: +1 800 380 4078 x 20 info@pmtoday.ca Private Matters Today Inc. 135 Queens Plate Dr, Suite 410, Toronto ON M9W 6V1

Private Matters Today Inc. is a national event planning and publishing company. We produce a national print and digital publication as well as organize events dedicated to providing educational content surrounding the alternative lending and investments industry. Copyright is reserved throughout. No part of this publication

Harry Singh All opinions expressed are those of the authors and do not necessarily reflect the views of Private Matters Today or its affiliated entities. 6 • PRIVATE MATTERS TODAY • WWW.PMTODAY.CA

can be reproduced in whole or part without the express permission of the editor.

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FEATURE

INK ABOUT H TOMORROW, TODAY! TRAGEDY CAN STRIKE WHEN WE LEAST EXPECT IT. HAVING LIFE INSURANCE CAN MAKE ALL THE DIFFERENCE IN HOW YOUR LOVED ONES ARE TAKEN CARE OF. Article by Ryan Daniels, Regional Sales Director, GTA, Individual Insurance, Desjardins Insurance

An insurance contract is an agreement between two parties to pay out a lump sum of money to a chosen beneficiary when the insured person of that contract passes away. This is a cold way to define what a life insurance policy is. However, when we analyze what a life insurance policy can do, we see its true value. The value of life insurance is not only about giving you money when you need it most, it’s about giving you peace of mind in a time of turmoil, it’s also about knowing that your loved ones will enjoy the same standard of living once you’re gone. Unfortunately, there are so many examples of no life insurance or not enough life insurance, causing further disruption during an already disruptive moment in life. Tracy, a wife and mother of two, kisses her children Lily and Jeremy goodnight before she leaves for her overnight shift at the hospital. With her recent promotion to head nurse, she and her husband Mark and their two children had moved into the quaint rustic home in the suburbs that she had long dreamed of owning. Like most young families, they were on a tight budget and they could barely afford their new place. However, with her new job and Mark’s steady work with a local manufacturer, they were able to just make ends meet. The location of their new home was perfect; down the street from their kids school and a short drive to work for both Mark and Tracy. Life was good. Little did anyone know that Tracy would never make it home in the morning after her shift. She never even made it to work. Tragically, Tracy was in a horrible car accident and was rushed by ambulance to

8 • PRIVATE MATTERS TODAY • WWW.PMTODAY.CA

the very hospital where she worked with life threatening injuries. When the phone rang in the middle of the night and Mark took that terrible call as the voice on the other end explained that his wife of 11 years had been in an accident and things took a turn for the worse. A long night ensued as Mark not only lost his best friend and life partner, but his two kids lost their mother far too early. The next few months were very difficult for Mark as he was grieving and trying to balance work, kids schedules and keeping up with paying all the bills… not to mention the mortgage on their new home. Mark had to make some very tough decisions moving forward. Although Tracy’s employment offered some life insurance proceeds, it was minimal and not enough to sustain the family moving forward; Lily and Jeremy who had just moved into the neighbourhood not that long ago were forced to move again. Mark had to pick up extra shifts at the plant just to keep up. However, it wasn’t really working out since more shifts at work, meant more day care costs and babysitters. More importantly this tragedy had caused him to spend less time with his kids when they needed him the most. Mark had to make more tough decisions. As he could no longer afford the new home on his single income he had to sell the family dream home and decided to move his family across town to be closer to his parents so they could help. Lily and Jeremy had to say goodbye to their school and neighbourhood friends. They had to move into an apartment where they shared a room. Too often we take our lives for granted. Protecting yourself properly

with life insurance can preserve the dignity your family deserves. Life insurance can never bring back a loved one. It can however make the disruption in your own life less impactful. If Tracy had the proper coverage that replaced all her future income and paid off part or all of the mortgage, her husband and kids would have been better off. Mark could have concentrated on his kids by taking some time off work to make sure they were properly looked after. He could have paid off the mortgage and remained in their family dream home. The kids could have stayed at the same school and not have to be torn away from their new friends which can make bad situation even worse. Life insurance is not only about dollars and cents. It’s about peace of mind. When tragedy strikes, insurance can make the immediate future and the long-term future a little brighter knowing that your loved ones can enjoy the same standard of living that you worked so hard to get to. Wouldn’t that give you peace of mind?

Ryan Daniels

Regional Sales Director, GTA, Individual Insurance Desjardins Insurance

Born in Toronto and a University of Guelph graduate, Ryan Daniels has over 22 years experience in the life insurance industry having worked with major insurance carriers for most of his career. As of May 2017, Ryan is the Regional Sales Director for the GTA at Desjardins Insurance. Ryan has a passion for building customized insurance solutions for his clients to ensure that he delivers peace of mind.

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I NANCIAL SECURITY IS POSSIBLE! A REGISTERED DISABILITY SAVINGS PLAN IS A GREAT METHOD OF GAINING FINANCIAL SECURITY FOR A PERSON WITH DISABILITY. Article by Jim McConnery, CPA, CA, TEP, Partner, WELCH LLP

Most Canadians have heard of a Registered Retirement Savings Plan (“RRSP”), but there are other registered plans available depending on family circumstances. One lesser known savings vehicle is the Registered Disability Savings Plan (“RDSP”). Private Matters Today sits down with Jim McConnery, of Welch LLP, to discuss this innovative product that was created in 2008.

1. What is an RDSP? A Registered Disability Savings Plan (“RDSP”) is a savings plan that is intended to help parents and others save for the long term financial security for a person with a disability. A key requirement is that the relevant individual, known as the beneficiary, must be eligible for the Disability Tax Credit (DTC). Contributions to an RDSP are not tax deductible and can be made until the end of the year in which the beneficiary turns 59. There is no annual limit on contributions, however the overall lifetime limit for a particular beneficiary is $200,000. An RDSP is generally open and administered via a financial institution – most groups that offer RRSPs would also offer RDSPs.

2. What are the benefits of opening up an RDSP account? The RDSP framework provides an opportunity receive government funding in the form of a grant and bond. The grant is an amount that the Government of Canada pays into an RDSP. The Government will pay matching grants of 300%, 200%, or 100%, depending on the beneficiary’s adjusted family net income and the amount contributed. An RDSP can get a maximum of $3,500 annually and up to $70,000 over the beneficiary’s lifetime. A beneficiary’s RDSP can

10 • PRIVATE MATTERS TODAY • WWW.PMTODAY.CA

receive a grant on contributions made until December 31 of the year in which the beneficiary turns 49. The bond is an amount paid by the Government of Canada directly into an RDSP; the bond is a maximum of $1,000 / year to low-income Canadians with disabilities. No contributions have to be made to get the bond. The lifetime bond limit is $20,000. A bond can be paid into an RDSP until the year in which the beneficiary becomes 49 years of age. No annual tax is incurred with respect to the accumulating value in an RDSP – such that personal tax only arises when distributions from an RDSP are made. This is similar to the tax-sheltered growth that can arise in an RRSP.

3. What is required to open an RDSP account? If the beneficiary is under the age of majority, a qualifying individual can open an RDSP for the beneficiary and can manage the account if that person is a legal parent or guardian of the beneficiary. If the beneficiary has reached the age of majority and is contractually competent to enter into a plan the beneficiary can open an RDSP for themselves. An RDSP is generally administered via a financial institution with that party coordinating the relevant paperwork, reporting and administration of the RDSP.

4) Where can funds in an RDSP account be invested? Following are the most common types of qualified investments for RDSP purposes:

• GICs • most securities listed on a designated stock exchange, such as

shares of corporations, units of exchange-traded funds and real estate investment trusts

The Canada Revenue Agency website is a good source for RDSP information – in particular see guide RC4460 Registered Disability Savings Plan.

• mutual funds and segregated funds • Canada Savings Bonds and provincial savings bonds

Jim McConnery, CPA, CA, TEP, Partner

• debt obligations of a corporation listed on a designated stock

WELCH LLP

exchange

5) How can funds be removed from an RDSP account and are there any tax implications? A Disability Assistance Payment is any payment from an RDSP to the beneficiary or to his or her estate after death. It is a singular payment that can be requested at any time and may consist of contributions, grant, bond and income earned in the account. The portion of a distribution which reflects contributions made to an RDSP is a nontaxable receipt, whereas the other components of an RDSP payment are taxable distributions to a beneficiary. RDSP issuers deduct income tax from taxable RDSP payments and issue the related tax reporting slips

Jim provides assistance to individuals and private companies with a particular focus on tax, estate and succession planning. He has been involved in educational programs for both the Canadian Institute of Chartered Accountants and the Institute of Chartered Accountants of Ontario. Jim joined Welch LLP in 1994 after graduating from the University of Ottawa, where he received a Bachelor of Commerce degree with honours in Finance. He received his CA designation in 1997. Jim was with a national accounting firm’s tax group for 10 years and returned to Welch LLP in 2007. A key aspect of Jim’s expertise relates to tax minimization strategies via family trusts – this includes income splitting strategies and multiplying access to the lifetime capital gains exemption. Jim also provides support in the context of the purchase or sale of private company groups.

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FEATURE

OU’RE RETIRED, NOW WHAT? WITH SO MUCH VALUABLE INFORMATION ON SAVING LEADING UP TO RETIREMENT, THERE IS A LACK OF INFORMATION AVAILABLE ON WHAT TO DO WHEN RETIREMENT ACTUALLY HAPPENS. Article by Henry Shew, Senior Tax Manager at Cadesky and Associates LLP

What is a RRIF? A Registered Retirement Income Fund, or a RRIF, is a registered investment product that allows investment to earn income tax free. It is defined in the Income Tax Act (the “Act”) under section 146.3. In general, once a taxpayer reaches age of 71, all the assets inside his/her Registered Retirement Savings Plan (“RRSP”) will have to be either realized as income, or transferred to a RRIF to provide additional deferral opportunities. The RRIF allows the assets to continue to be earned tax-free. However, there is a minimum amount of withdrawal from the RRIF starting the first year following the year the RRIF is set up. The amount of withdrawal is fully taxable to the taxpayer.

This minimum amount of withdrawal is based on a formula set by the government. The factors used by the government include interest rates and Canadians’ average life spans. This minimum amount has been reduced in 2015 to reflect low yields in the market and increased longevity of Canadians. For instance, before 2015, if a taxpayer is age 76 the minimum withdrawal rate was 7.99% of the remaining portfolio. However, post 2015, the same taxpayer (with the same age) would only need to withdraw at a rate of 5.98% of the remaining portfolio, meaning more income can be earned tax-free and deferred inside the RRIF. The table below shows the minimum withdrawal rate for RRIFs.

AGE AT START OF YEAR

WITHDRAWAL RATE

AGE AT START OF YEAR

WITHDRAWAL RATE

4.00 %

7.08 %

4.17 %

7.38 %

4.35 %

7.71 %

4.55 %

8.08 %

4.76 %

8.51 %

5.00 %

8.99 %

5.28 %

9.55 %

5.40 %

10.21 %

5.53 %

10.99 %

5.67 %

11.92 %

5.82 %

13.06 %

5.98 %

14.49 %

6.17 %

16.34 %

6.36 %

18.79 %

6.58 %

95 and older

20.00 %

6.82 %

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The purpose of the minimum withdrawal is to ensure taxpayers recognize the deferred income in an orderly fashion. This allows taxpayers to manage their cash flow and provide a stable source of revenue to the government. Without enforcing the minimum withdrawals, taxpayers will have the tendency to keep the income deferred within the RRSP or not pay tax at all (during their lifetime). On the eventual death of the taxpayer, there would be a much bigger tax impact to the estate and to the heirs.

More than the minimum withdrawal Taxpayers may want to withdraw more than just the minimum amount to fund their personal expenses. There is no maximum withdrawal amount for RRIFs. However, source deduction withholding taxes would be applicable for all lump sum amounts. This amount of source deduction would increase as taxpayers withdraw more than the minimum withdrawal. The chart below shows the amount of withholding taxes:

AMOUNT IN EXCESS OF THE MINIMUM AMOUNT

WITHHOLDING TAX RATE (EXCEPT IN QUEBEC)

Up to $5,000

10%

Between $5,000 and $15,000

20%

More than $15,000

30%

Keep in mind that withdrawal of RRIF is fully taxable to the taxpayer. This means that excess income could cause the taxpayer to lose the Guaranteed Income Supplement (“GIS”). Taxpayers may want to manage their level of withdrawal in order to maintain their eligibility with the GIS.

Withdrawal “in-kind” Taxpayers may not want to withdraw the actual cash or liquidate the investment in order to fulfill the RRIF withdrawal requirement. The Canadian government allows the taxpayer to withdraw the amount with an “in-kind” investment. For example, if the investment to be withdrawn is worth $5,000 with an adjusted cost base of $1,000, the inherent gain of $4,000 is not taxable upon the withdrawal. The taxpayer will recognize income of $5,000 because that is the value of the withdrawn investment. He/she can subsequently contribute the asset to a non-registered account or to a Tax-Free Savings Account (“TFSA”) without selling the asset.

What is the Pension Credit? Pension credit is a non-refundable tax credit defined under subsection 118(3) of the Act. It is a credit given to taxpayers who earn pension income. The amount of the credit is the lesser of $2,000 and the eligible pension income. This credit will then be multiplied by the appropriate percentage of the year in order to arrive the actual tax savings for the individual. In 2018, this percentage is 15%. Depending on the province that the taxpayer lives, this pension credit could provide an actual tax savings between $351 - $444 per year. For instance, in Ontario, the maximum savings that can be provided is $370 in 2017. As stated above, the pension credit depends on the amount of eligible pension income that a taxpayer has. Therefore, it is important to understand what counts as “eligible pension income”. Eligible pension income can be divided into two categories depending on the taxpayer’s age. If the taxpayer is age 65 or older in the taxation year, then it would include the following:

13 • PRIVATE MATTERS TODAY • WWW.PMTODAY.CA

1. Payment from a superannuation or pension plan 2. Annuity income from a RRSP or a Deferred Profit Sharing Plan (DPSP) 3. Payment from a RRIF 4. Payment of a registered pension plan and a pooled registered pension plan 5. Payment from a non-registered annuity (including life insurance annuity) For taxpayers before attaining the age of 65, eligible pension income include the following: 1. Payment from a superannuation or pension plan 2. Payment arising from the death of the taxpayer’s spouse under a RRSP, DPSP and RRIF etc. If a taxpayer wishes to withdraw funds from his/her RRSP and have it qualified as eligible pension income, the amount of RRSP withdrawal must first be converted to RRIF. This planning can only be done for taxpayers age 65 or above because that is the earliest that a RRIF may be set up. After the conversion, RRIF payment will be considered eligible pension income, and the amount of pension credit allows withdrawal of $2,000 of RRIF to be sheltered from tax at the lowest marginal tax rate. For taxpayers subject to tax at the lowest marginal tax rate, he/she can prematurely withdraw $2,000 of RRIF tax-free per year beginning at age 65. By the time the taxpayer turns 71, he/she would have already withdrawn $12,000 ($2,000 x 6 years) of RRSP tax-free before beginning the minimum withdrawal schedule. If the taxpayer is at a higher tax bracket, the pension credit is still available but will not be able to completely shelter the tax. One of the strategies that taxpayers adopt is to re-contribute the $2,000 RRIF withdrawal into a RRSP between the age of 65 to 71. By using this strategy, not only is the withdrawal sheltered by the pension credit, but the amount can also be used to reduce taxes through the RRSP contribution provided there is RRSP contribution

room. There is a risk that the Canada Revenue Agency (“CRA”) may apply the general anti-avoidance rule to denounce this strategy but the government has been silence so far. Taxpayers should be cautious when implementing the re-contribution of tax-free RRIF withdrawal into a RRSP.

to consult with a qualified professional in order to determine the right steps to minimize estate taxes and retain the family assets for future generations to come.

Management of RRIF Henry Shew

After understanding the tax impact of a RRIF, it is often a good idea for taxpayers to create a retirement budget in order to maximize cash flow on a post-retirement world. As a reminder, income earned within a RRIF continues to grow tax-free. Even when the taxpayer is retired, money can still be invested within the RRIF. As RRIF can hold a variety of investments, having a diversified portfolio to support retirement needs become more important than ever. A prudent taxpayer may also take into consideration other source of income and government benefits to determine the right level of withdrawal from the RRIF - that is the amount beyond the minimum withdrawal. The taxpayer may also continue to invest in the TFSA and grow the income tax-free. Last but not least, for estate and probate planning purpose, taxpayers may want to designate named beneficiaries for all registered accounts to minimize probate taxes. It is important for the taxpayer

Senior Tax Manager Cadesky and Associates LLP

Henry Shew is a senior tax manager at Cadesky and Associates LLP, based out of Toronto. Henry specializes in domestic and international tax, with a focus on planning for high-net worth individuals, immigration/emigration, and estate planning. Henry has written numerous professional papers for the Canadian Tax Foundation and has spoken at the Ontario Tax Conference. Henry has been involved with STEP Canada (Society of Trusts and Practitioners) and is currently serving as a member of the Student Liaison Committee. Henry is a tutorial leader for the CPA In-depth Tax Course and Henry recently joined the Canadian Tax Foundation – Toronto Young Practitioners Steering Committee. Outside of his professional activities, Henry sits on the Board Community Member of the Sherbourne Health Centre.

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FEATURE

OOD DEBT VS BAD DEBT WITH A SOUND GAME PLAN IN PLACE, YOU CAN BORROW TO INVEST AND HELP BUILD YOUR NET WORTH PRUDENTLY AND EFFICIENTLY. Article by Harry Singh, CEO at Indigoblue Group of Companies

Good vs Bad debt: An Alternative Savings Plan

Here & Now

Canadian household debt has been the subject of much debate and discussion for the last 8 years in Canada. Many have sounded alarm regarding an average Canadian’s ability to withstand the inevitable rate increases, which in turn would result in higher payments for the related debt. Mortgage debt has been the prime focus while less of an emphasis is put on unsecured debt (credit cards, line of credit, etc.). The reason for the heavier emphasis on the mortgage debt has been attributed to its heavier weighting in the composition of the overall household debt, which accounts for almost three-quarters of the household debt. The metric that has broadly been covered in the mainstream media is debt to income ratio which has gone from 66% in the 80’s to over 150% by 2011 to 171.1% in the 3rd quarter of 2017 according to Statistics Canada.

In recent months, Bank of Canada has started increasing its benchmark interest rate. We saw three rate increases in 2018 and all things pointed to further increases to keep inflation close to the target of 2%. However, trade tensions globally stemming from US/ China and Brexit negotiations have provided enough doubt for Bank of Canada to check their “gradual rate increases” in 2019 thesis. GM’s decision to cease operations at the Oshawa plant in conjunction with the engineered slowdown in the housing market in Canada have further justified a wait and hold strategy and perhaps opened the door to potentially a rate decrease.

Background The goal of monetary policy is to keep inflation in check. The idea is quite simple; when the economy is robust and operating near full capacity, the interest rates are hiked to cool down the economy and when the economy slows down, the interest rates are lowered to encourage consumption of goods and services. Ideally, when the rates are dropped, the hope is that business investment is boosted, which in turn results in more jobs, leading to additional disposable income so on and so forth. In an already low interest rate environment, the global financial crisis of 2008/09 necessitated a long period of loose monetary policy where Canadians benefited from record low interest rates. Low interest rates prompted Canadians to borrow at record rates to become home owners. The limited supply of quality real estate, among other factors, in cities like Toronto and Vancouver caused real estate prices to climb sharply which further boosted the debt level of an average homeowner until recently.

16 • PRIVATE MATTERS TODAY • WWW.PMTODAY.CA

Borrower’s Perspective Ever since the global financial crisis, the global financial markets have offered very little to investors. Canadian financial markets are largely driven by commodities, which have been in doldrums for the last 10 years. In fact, overall volatility in the post global financial crisis times, has been unpalatable for most savers. It is natural then that most investors have flocked to real estate given record low cost of borrowing. Real estate has historically fared better in times when the financial markets didn’t reward savings. The fundamental question therefore becomes: is borrowing to buy a property a smart wealthbuilding strategy when the cost of borrowing is low, and the property values have historically risen faster than household incomes?

Good Debt vs. Bad Debt

Indeed, the mortgage delinquency rates over the last 20 years have been around 30 to 40 bps according to the Canadian Bankers Association. Canadian mortgage remedies in conjunction with

overall borrower attitude about repaying mortgages as evidenced over the global financial crisis would further refute the frivolous borrowing theory.

Mortgage Arrears Rates

0.50%

0.40%

0.30%

0.20% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source: https://cba.ca/mortgages-in-arrears

Good VS Bad Debt Smart investors differentiate good vs bad debt. The idea is simple; borrow at a low rate and invest the money at a higher rate to benefit from the net interest margin while expecting reasonable capital appreciation. The idea is not new, in fact, most financial institutions deploy this strategy and raise funds by offering deposit services that pay conservative returns in exchange for an antiquated notion of principal protection to the investors. Meanwhile, the financial institutions in turn lend or deploy the same funds for higher returns themselves. I would argue that smart borrowers and investors took full advantage of record low cost of borrowing to invest funds in real estate and perhaps other investments to net a positive margin while benefiting from the opportunistic appreciation in real estate values.

Saving & Investing Today With more restrictive mortgage lending criteria, an average borrower, particularly if she is new to the country or an entrepreneur, would find it rather difficult to borrow to purchase a home or to finance her children’s education or expand her business. By the same

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token, millennials who are entering the workforce or have joined the workforce, will find it rather difficult to own a home or start saving and investing. While many employers offer benefits that match an employee’s contribution in pensions and registered saving plans, most new employees are burdened with student loan debts and other priorities that prevent them from partaking in such programs.

Future of Saving & Investing Building on the principle of good vs bad debt, let’s assume a $10,000 loan at 6.94% which is 2.99% in addition to the current Canadian bank prime rate of 3.95%. The cost of borrowing over three years, assuming no change to prime rate and no compounding for simplicity, would be $2,082. Let us further assume that the borrowed funds are invested in the borrower’s Tax-Free Savings Account (“TFSA”) at 7.75% to 10% annualized return depending on the product they invest in with guidance from a registered Dealing Representative in Private Capital market. Immediately, the borrower benefits from net interest margin gain from 0.81% to over 3%. Further, the annual interest earned from the TFSA investment, which is tax free, is then invested into a Registered Retirement Savings

Plan (“RRSP”) earning 7.75% to 10% while also providing a tax deduction as a further benefit.

in which the dividends are re-invested, and the loan is paid off by the end of the third year. It also assumes the borrower’s annual income is $60,000 and personal tax rate is 24.00%. The investor would make a remarkable 47.78% total return on the original borrowings over six years or 7.96% average annualized return.

The following example explains the whole process. It assumes the investor borrows $10,000 at an interest rate of 6.94% to invest in a TFSA and RRSP that would provide an annual return of 7.75%

Year 1 01-Jan

TFSA balance

$10,000

Year 2

31-Dec

$10,803

01-Jan

Year 3

31-Dec

01-Jan

Year 4

31-Dec

01-Jan

Year 5

31-Dec

01-Jan

Year 6

31-Dec

01-Jan

Total

31-Dec

$10,000

$10,803

$10,000

$10,803

$10,000

$10,803

$10,000

$10,803

$10,000

$10,803

RRSP balance

$803

$868

$ 1,671

$1,805

$2,608

$2,818

$3,621

$3,911

$4,715

$5,093

Income Tax Savings

$193

$964

Cost of Borrowing

$694

$2,082

Annual Return

$109

$366

$436

$1,205

$1,287

$1,375

$4,778

6 Year Cumulative Return 50.00%

13.75%

45.00% 40.00% 12.87%

35.00% 30.00% 25.00%

12.05%

20.00% 15.00% 4.36%

10.00% 5.00% 0.00%

3.66% 1.09% Year1

Year2

Year3

Year4

Year5

Year6

6 Year Cumulative Growth

$12,000 $10.000

$1,375

$14,778

Year6

Closing Balance

$1,287

$14,000 $10.000

$109

$366

$436

$1,205

$8.000 $6.000 $4.000 $2,000 $Opening Year1 Balance

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Year2

Year3

Year4

Year5

47.78%

The overall investment and saving strategy results in the accomplishment of the following goals:

investors to start saving early, which in turn will allow savers to be able to accumulate enough down payment to purchase a home.

-Investor starts saving and investing immediately by borrowing up to $10,000 at very affordable monthly interest-only (preferably) payments - Investor starts earning tax-free money in the TFSA from the net interest margin - Investor starts a RRSP at the end of first year and deposits the interest earned from the TFSA into the RRSP every year

Harry Singh MBA, CRM Chief Executive Officer Indigoblue Group of Companies

- Investor gets a tax deduction from each year’s RRSP contribution - Investor can eventually use the accumulated funds in the RRSP as a down payment for their first home

As President & CEO of Indigoblue Group of Companies, Harry Singh is responsible for

- Investor can earn up to 47.78% over 6 years if the loan is paid off at the end of third year based on the example above

institutions across Canada. Harry launched successful mortgage products for various

It has already been widely discussed and accepted that millennials are going to be a generation of renters or heavily reliant on financial assistance from parents in pursuit of their first home. However, the savings strategy above is innovative and builds on the foundation of good vs bad debt principle which in fact enables and encourages

Independent Mortgage Brokers Association’s (IMBA) board. Harry completed his final term

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running all facets of the group of companies. Harry has worked in the financial industry for over 20 years. Over that time, he has held several senior level roles with various financial brokerages as Vice President at Paradigm Quest and led a team of over twenty Business Managers at Equitable Bank as a Director. In 2012, Harry was appointed as Director on with IMBA, presently known as Canadian Mortgage Brokers Association (CMBA Ontario), in 2017 as Treasurer. Harry was the recipient of the 2014 and 2016 President’s Award and was inducted into the associations Hall of Fame for his exemplary work on education and professional development. Harry holds a degree in Economics, a graduate degree in Business Administration and the CRM designation.

SP VS TFSA... R WHICH SAVING STRATEGY IS BEST FOR YOU? A DEEPER DIVE IN UNDERSTANDING THE DIFFERENCE BETWEEN THE TWO MOST COMMON SAVINGS OPTIONS. Article by Ed Wells, Marketing Manager, Community Trust

Registered Retirement Savings Plans (“RRSPs”), and Tax-Free Savings Accounts (“TFSAs”) are two of the most commonly sought-after options when it comes to developing a personal savings strategy. But while both are similar in that they offer significant tax advantages, each contains its own set of nuances that are all too easy for investors to miss. Understanding the limitations and mechanics of each is essential to anyone considering incorporating them into their

investment plan or working with clients who are considering their options when it comes to long-term saving. When exploring the differences between the two, it can be useful to start with a few of the most closely-shared attributes of each: income requirements, taxability, age restrictions, and contribution maximums.

Summary of Differences RRSP

TFSA

Income required for contribution Tax-deductible contributions Tax-free withdrawals Age limit Contribution maximums

Differences Explained Income required for contribution An RRSP, which is designed specifically for retirement savings, allows any individual who has earned income (and filed an income tax return) to open and

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contribute to an RRSP. Conversely, the TFSA, which can be used for any type of savings goal, does not require that a person receive an income in order to qualify.

Tax-deductible contributions RRSP contributions are tax

deductible, whereas TFSA contributions are not. If contributing to an RRSP, the RRSP contribution that is made reduces the individual’s taxable income. As always, it is essential to work with a qualified tax professional in order to get the proper advice when it comes to evaluating contribution limits and tax benefits.

Tax-free withdrawals When making an RRSP withdrawal, the

appropriate tax (depending on the amount) is deducted from the amount withdrawn, whereas TFSA withdrawals are tax-free. Detailed information on these transactions is available on the Canada Revenue Agency website.

Age restrictions In the year during which an RRSP account holder

turns 71, the holder may no longer make contributions to his or her RSP. At this time, his or her RRSP must be converted into a Registered Retirement Income Fund (“RRIF”), or annuity. A TFSA, however, holds no age limit for contributions or closing; however, an individual must be 18 years of age in order to open a TFSA.

Contribution Maximums When it comes to investing in an RRSP or TFSA, there are limits to how much an individual can contribute to their account each year. In the case of RRSPs, this amount is determined by (1) one’s earned income, (2) any unused contribution room from prior year(s), and (3) whether the investor is a member of a pension plan. Contribution limits for TFSAs, conversely, are set each year and are static across all investors.

Eligible Investments

The Importance of Financial Advice As with all major financial decisions, investors are encouraged to seek the advice of a qualified financial advisor so that he or she thoroughly understands the risks involved. An advisor will help ensure that the investor’s choice reflects their current income, future income requirements, financial goals, risk tolerance, and personal tax circumstances, and guide applicants through important documentation, such as appointing a beneficiary.

*Community Trust allows account holders to hold any of the above Qualified Investments in an RRSP or TFSA, in addition to offering a full suite of other Registered Account types. A flexible alternative to traditional big banks, Community Trust offers a seamless onboarding process and a dedicated service model, delivered through an expertly trained Client Services Team. Community Trust is an OSFI-regulated financial institution, is not an investment dealer or financial advisor, and does not provide investment or tax advice.

Ed Wells, Business Development Manager Investment Services at Community Trust

There are many investment options available to RRSP and TFSA account holders. These include, but are not limited to the following:

• Mortgage Investment Corporations

Ed Wells is the Business Development Manager for Investment Services at Community

• Mutual Fund Trusts

Burns and has since acquired more than 25 years of experience in both the Investment and

• Exempt Market Products

with him a wealth of highly tailored expertise and a commitment to exceptional partner care.

• Arms-length Mortgages • Guaranteed Investment Certificates (GICs) • Cash

21 • PRIVATE MATTERS TODAY • WWW.PMTODAY.CA

Trust. A graduate of the University of Western Ontario, Ed began his career at BMO Nesbitt Mortgage industries. Ed joined the team at Community Trust nearly four years ago, bringing

DIGOBLUE N GLOBAL BALANCED FUND A NEW YEAR ALLOWS FOR NEW INVESTING OPPORTUNITIES. Article by Xavier Humblet, CIM, Vice-President, Majestic Asset Management

The start of a new year provides another new beginning, with the launch of the Indigoblue Global Balanced Fund (“IBGBF”). With the culmination of months of team work, brainstorming and countless reviews, Indigoblue and Majestic Asset Management have produced an added feature to the already extensive product suite available through the Indigoblue Group of Companies. An added tool and one with a global scope, created with the mindset of providing added portfolio diversification with a personalized touch. The main objective of the IBGBF was to address the continued challenge and frequent oversight from investors in the lack of portfolio diversification, otherwise known as position concentration. The want for greater gains can come at substantial costs when risk is not managed and structure is not applied. Investors should predominantly look for a dual style investment objective with a mix of equity and fixed income asset classes. This blend will of course be influenced by many factors such as risk tolerance and financial situation, but the importance of such an assortment remains imperative. This highlights one of the many benefits of the IBGBF and its malleability given potential headwinds encountered in the market place. Our ideal asset mix is one of 65% equity and 35% fixed income. However, in situations of market duress or geopolitical instability, the fund is open to maintaining a greater portion of fixed income to temper the inherent volatility of such market climates. In extreme cases, we remain receptive to the idea that it could warrant moving completely into cash in order to protect the capital that our investors have entrusted us with.

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Investors who are seeking a well-balanced approach and understand the importance of this diversification should be well served by the IBGBF. In its own right, this is truly the complete package when looking at the breadth of varied markets and fixed income issues accessed. Our equity portion aims to be varied over Canadian stocks, Canadian dividend paying stocks, US stocks (Canadian dollar hedged), in addition to a portion allocated for foreign and emerging markets and preferred shares for added dividend input. A similar belief is applied to the fixed income portion of the portfolio with the interest of handling the potential pitfalls of issuer and maturity concentration within this asset class. Within this portion of the portfolio investors will have access to Canadian government bonds with a 5-10-year maturity, Canadian corporate bonds with maturities of 2-7 years and some exposure to the US high yield market with the intent of seeking additional income for our investors. We also sought to provide investors of the IBGBF access to third party relationships that Majestic Asset Management has fostered for years. In doing so, we have provided the infrastructure necessary for seamless and transparent operations with household names that are renowned for being at the forefront of their respective sectors. IBGBF has partnered with the following companies to provide our investors with this complete product, KPMG as auditor, TMX / TSX Trust as trustee, Interactive Brokers as Custodian, Fasken as legal counsel and SGGG Fund Services as administrator. Lastly, Indigoblue sought out a business partner that had an established track record and one with a display of innovation and like-minded business ethics. In working in conjunction with Majestic Asset Management, they found a portfolio manager with exactly that which is encapsulated

in our business mission statement: Excellence, Performance and Integrity. Most importantly, we wanted to produce a product that gave the investor the opportunity to feel involved. In turn, we saw the importance of providing access to quarterly phone calls with the portfolio manager to discuss the previous quarterly results and our outlook going forward. Providing the opportunity to field any questions that may arise and address concerns that are relevant to those that have put their trust in us. This point is relevant in most business settings, where successful ventures are based on win / win views with both parties benefiting from the interaction. As needed and if the example makes a case for it, we will also make ourselves available in person. In addition, we also take part in many of the events the team at Indigoblue graciously put together in support of relevant charities. We look forward to speaking with you soon.

Xavier Humblet, CIM, Vice-President Asset Management

Beginning his career with ScotiaBank in the early 2000s, Xavier Humblet progressed rapidly through the ranks where in 2016 he was leading the futures trading desk at ScotiaMcLeod managing 6 national sales teams and managing trading for the firm as a whole. Through these 15 years he honed his skills and consistently achieved and exceeded the benchmarks set before him. Mr. Humblet is a Chartered Investment Manager (CIM) and holds a certificate in derivatives market strategies (CDMS) through the Canadian Securities Institute. In addition, he is a candidate for the level II of the Chartered Financial Analyst designation and is fluent in English, French and intermediate Spanish.

23 â&#x20AC;˘ PRIVATE MATTERS TODAY â&#x20AC;˘ WWW.PMTODAY.CA Toronto, ON M3B

T: 416 613 1679 F: 416 352 1830

info@alacerlaw.com alacerlaw.com

CMI MIC IS NOW AVAILABLE ON NEO-CONNECT

CMI Mortgage Investment Corp., including Chief Operating Officer Bryan Jaskolka, joined Joacim Wiklander, Chief Business Officer, NEO, to celebrate the CMI Mortgage Investment Corporation fund becoming available on NEO Connect. This represents the fifth fund manufacturer to distribute products on NEO Connect and the 50th product to become available on the platform.

Toronto – January 7, 2019 – NEO Connect, is pleased to announce that the CMI Mortgage Investment Corp. (CMI MIC) fund is now available on its platform as a Series PTFTM security under the symbol CMIMC. CMI MIC is the fifth company to distribute products on NEO Connect and the CMI MIC fund is both the 50th fund and the first mortgage-based fund to become available on the platform. NEO Connect is now used by 15 dealer networks and has allowed fund manufacturers to raise close to $600 million in assets to date. CMI MIC is an Ontario based corporation funding first and second mortgages in urban centers across Canada. The fund provides investors with access to a pool of well analyzed and diversified mortgages. “CMI MIC focuses on markets that are underpinned by strong economic growth fundamentals, yet provided with little liquidity offered by banks. This creates a gap in the marketplace where CMI MIC can capture a market segment that is not filled by traditional bank lenders while providing its investors with a low-risk investment that provides the return traditional fixed-income products cannot,” said Bryan Jaskolka, Chief Operating Officer, CMI MIC. “We are excited to join the NEO Connect platform and embrace the PTF format so our clients and investors can access our investment product in the most efficient way possible.” NEO Connect is Canada’s newest and most efficient distribution platform for all types of mutual funds: it allows for bulk trading, integrates seamlessly with investment advisors’ front and backoffice systems, requires no minimum investments and distributes its market data to all main market data distribution platforms used by

24 • PRIVATE MATTERS TODAY • WWW.PMTODAY.CA

investment advisors. Using NEO Connect, investment advisors can purchase and redeem PTFs with the same ease and efficiency as they trade ETFs. They look up the symbol using their existing equity trading tools, choose the number of units they want and hit “buy”. The order executes at the end of the day at NAV, without any bid/ ask spreads. The resulting position automatically integrates into their client accounts – it’s that simple. “We are pleased to welcome CMI MIC to the NEO family and the first mortgage-based fund available on NEO Connect,” said Jos Schmitt, President and CEO, NEO. “Like CMI MIC, we are proud to offer flexibility, creativity, and excellent service as we work to meet and exceed our clients’ needs. We are looking forward to further growing our respective businesses as PTFs, available exclusively on NEO Connect, continue to gain momentum and popularity within the advisor community.”

About NEO Connect NEO Connect is available to all investment dealers at no cost and streamlines the fund purchase and redemption process, making it easier and more cost-effective for advisors to transact and asset managers to distribute their products. An initial test trade can be organized and executed within 24 hours. To arrange a test or learn more, contact the NEO investor helpline toll-free at 1-844-567-6424 or visit: https://www.aequitasneo.com/en/ connect/neo-connect Media Contact: Adam Bornstein E: adam@NEOstockexchange.com P: 905.505.2540

25 • PRIVATE MATTERS TODAY • WWW.PMTODAY.CA

LEGAL

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E S

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CONDOMINIUM STATUS CERTIFICATE REVIEW

For more information please contact: M. Alessandra B. Ocampo, Lawyer & VP, Investor Relations www.iblegal.ca Ra

legal@indigoblue.ca

(416) 400 3977 x 2

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is m Aw

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