Canadian Anti-Spam Legislation (CASL)

News, Uncategorized

Worried About Spam – 5 Things to Look For:

  1. Asks For Sensitive Information
     (Personal or Financial) Even banks don’t ask for this stuff! Legitimate banks and companies will never ask for personal or financial information in an electronic message.
  2. Impersonation of Companies or People You Know
    Many criminals try to fake the appearance of well-known companies or people that you deal with frequently. Look for the warning signs on this list, even from senders you think you recognize.
  3. Uses Scare Tactics
    (For example: Will delete your account if you do not respond)
  4. Asks For Money in Advance
  5. Seems too Good to Be True
    You have won a trip!
    Beware of unexpected prizes or offer or money – never send money or give personal information to claim a prize.

Any Commercial Electronic Message (CEM) that markets a product or service is considered SPAM, if it is unsolicited. 

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6 Tips to Protect Your Identity on Smartphones

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A recent study found smartphone users are at a 33% increased risk for identity theft. However there are things you can do to stay one step ahead and protect your identity. BMO Harris suggests the following strategies to keep your information from falling into the wrong hands:
Password Protect Your Phone This is the first step you should take toward protecting your identity. In the event your phone is lost of stolen, a password creates a barrier against thieves trying to access your information. Passwords that are long (12 characters) and contain symbols along with upper & lowercase letters are harder to crack.
Be Selective When Downloading Apps – While many programs are safe to use, some are actually tools created by identity thieves to collect and distribute your personal information. Before downloading an app make sure it’s from a secure source and read the decription to find out what personal data is collected. If it seems suspicious, skip it.
Be Careful Using Public Wi-Fi – Although it’s tempting to tap into public Wi-Fi zones, these hotspots are frequently targeted by hackers looking to gain access to your personal information. A better bet is using your network provider connection, even if it dips into your data plan. If you must use a public connection, avoid email, online banking, or buying anything with a credit card number.
Use Basic Computer Smarts – Just as you wouldn’t visit suspicious websites or open questionable links on your personal computer, you shouldn’t do these things when using your phone. Also remember to check that a site is secure before providing personal or financial information for logging in or purchasing items.
Use Social Media with Caution – Basic rule of thumb is to remember that anything you post on a ‘public’ site can be seen by family and friends and other people, including identity thieves, so you make sure you don’t include personal information on these updates.
Find my iPhone – If one of your Apple devices goes missing, don’t panic. iCloud can help you figure out where it is. With the Lost Mode feature you don’t just see where the device is, you can track where it’s been and then decide on your best course off action. You can immediately lock your  device and send it a message with a contact number. Then whoever finds it can call you from the lock screen without accessing the rest of the information on your device.

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Mortgage Insurance, News

As a financial advisor, my role is to look for opportunities to improve your overall personal finances. Right now I can refer you to an all-in-one account from Manulife Bank that combines your mortgage, personal loans, and lines of credit with your income and short-term savings. This cash flow and debt management solution could save you thousands of dollars in interest and help you be debt-free years sooner. Manulife Bank will deposit $750 cash back into all new accounts that open between April 21st and July 31st, 2014 with a minimum balance of $75,000. This is a limited time offer, so if you are interested, please contact me.

What Happens if You Die Without a Will?

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WHAT HAPPENS IF YOU DIE WITHOUT A WILL?               
A friend of mine died suddenly on Easter morning and did not have a Will. Now, there is no Executor in charge of the estate and his three young adult children are not only grieving but panicking…Believe me you don’t want this for your family.
1. No Executor – Without a Will you have no say in who controls your estate. Your last wishes to distribute your ‘things’ to certain people may not be respected. Your ‘intentions’ are not legally final planning, insurance, investmentsbinding and a judge cannot enforce them.
2. Financial Affairs ‘On Hold’ – No one is in charge of your financial affairs and cannot pay bills or distribute your assets. Banks may refuse to release information to relatives when there is no estate executor.
3. Running a Business – Without a Will there is no one legally in charge of operating your business after you’re gone.
Dying without a Will is a not only a huge problem but it is unfair to your loved ones. They will be grieving your loss and then must bear the additional burden of undue financial implications from the lack of pre-planning which only makes things worse.
WHAT CAN YOU DO?  
Contact a Lawyer: If a loved one dies without a Will, you must contact a lawyer. They will assist you in appointing an Estate Administrator and will explain the laws surrounding how to handle an Intestate Estate. [Intestacy means a person dies without a Will]. There are lots of lawyers that specialize in Wills and Estates.
PRE-PLANNING: 
1.  Make A Will: Preparing a Will is not as complicated as it sounds.  There is some help online on how to prepare a Will; but afterwards I recommend that you allow a lawyer to draw up the legal documents. Once the Will is in place it can be updated with a Codicil, as changes occur during your lifetime.
2.  Life Insurance: Make sure you have enough life insurance to cover any debts (mortgage, credit cards etc.), loss of income to a spouse, children’s education, and your final expenses. Review your insurance needs periodically with a Life Insurance Broker.
3.  Investments: Structure your investments so that there is money available to your Estate Trustee for lawyers, taxes, probate fees and other expenses that may incur while your Estate is being settled. Review your portfolio with a Financial Advisor.
4.  Commit to a Plan: Your family will thank you for considering their interests.

Refresher Tips for Investors

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Investment Pic 2

Here are some refresher tips to keep you on track:

1. Get Organized – Take a look at income, investment, insurance, assets and debt.

2. Set and prioritize goals – You may not be able to simultaneously work on all of your financial resolutions, so try working in order of importance.

3. Create a budget – Begin by keeping track of all incoming and outgoing funds. Create spending categories such as food, entertainment, credit card payments and rent. You may want to cut back or eliminate certain purchases if your debts exceed more than 40% of your incomes.

4. Start saving – A pay increase or tax refund are opportunities to contribute to your emergency or retirement funds. You may be able to reduce bills such as cell phone and cable. Attempt to set aside one day each week where you don’t spend any money, and instead put that money into a savings account.

5. Pay down debt – Stop using a credit card unless you know you can pay it off fully before the end of the billing cycle. Also, talk to your banks about reducing interest rates. Do you have items you no longer need? How about having a garage sale, or posting an ad on Kijiji. There are many websites where you can sell what you’re not using. This can help generate some extra money to pay off debt.

Submitted by: Shelley Bertram Fallis: Toll-free: 1.866.657.3882, Local: 705.657.3882 or 705.742.6463

Budget Highlights 2014

News

In broad terms, the 2014 federal budget is a prudent, stay the course, budget. A central part of the Federal government’s economic policy is to have a balanced budget or surplus by 2015-2016.  With uncertainty surrounding global economics, being as fiscally prudent as possible seems to be the right course of action.  

As an investor, there are not a lot of direct effects from this budget; but there are some things that could indirectly make your investment plan better.

The federal government is going to attempt to take down internal trade barriers amongst provinces and tackle cross-border price discrimination. If they succeed, it improves the functionality of the economy. 

With issues surrounding jobs and training, the government made it clear that if they can’t get into agreements with the provinces, it will simply go ahead with the job grants. With an aging population, if they can improve the efficiency of the labour market, it improves the economy which ultimately makes for a better investment plan.

Budget Highlights:

  • New Tax Rules to enhance fairness, integrity, and neutrality of the tax system including:
  • Graduated brackets lost for testamentary trusts; but concessions for disabled beneficiaries
  • Greater flexibility for tax reduction when making donations through Will and estate
  • The end of the exemption to non-residents to shelter income for up to 60 months
  • Changes to Pension Transfer Limits for underfunded pensions
  • Foreign Account Tax Compliance Act (FATCA): An intergovernmental agreement was signed on February 5, 2014 to implement the exchange of tax information between Canada and the U.S.
  • Simplified GST qualification
  • Competitive Financial Services
  • Consumers First: The theme focuses on the need for fair treatment of consumers
  • Search & Rescue Volunteer Tax Credit
  • Amateur Athlete Trusts

I trust you found these highlights useful. If you would like more information on the 2014 budget and how it may affect your investment or retirement plan, please contact me: 1.866.657.3882