Tax savings for Summer 2022 travel in Ontario

With our ‘vacation’ season upon us, we thought we would remind you of the Ontario government’s incentive to travel and stay within Ontario this year.  Explore our beautiful province AND receive an Ontario Staycation Tax Credit for 2022 when you file your income tax.  As we all know the hospitality and tourism industries have been hit hard during the Covid pandemic.  As these industries are slowly recovering, the provincial government is encouraging residents to go out and enjoy our beautiful province and you will be given a tax credit for doing so.

When you file your income tax you will be able to claim up to $1,000 for an individual and $2,000 for a couple – actually reducing your income tax payable by $200 and $400 respectively.

Obviously, there are rules that need to be followed in order to be eligible to receive this credit.  Essentially you must be an Ontario resident as of December 31st of 2022 to qualify.  To claim your Ontario Staycation Tax Credit, you must be staying for leisure not business purposes in a hotel, motel, resort, campground, cottage, B&B for a stay of less than a month. 

Keep in mind, you must keep detailed receipts to prove your eligibility at tax time.  This would include having the following information available: date, location, amount and who paid for the ‘staycation’.

In addition, some cities tourism boards are offering additional free nights or discounts to boost the travel and tourism industry.  Take advantage of this if you can.  Check out Ottawa Tourism for example as they are offering to pay for a third night stay (if you are staying at a participating hotel – no strings attached).

Enjoy the summer………………get out and explore our beautiful province!!  Safe travelling!!

Deb, Gary and Kelly

Perspectives of a new Canadian

With everything that is going on in the world today, we sometimes forget that our country, Canada is one of the best places to live in the world.

Fiona joined our Lifeview Financial team in March.  After much research, work and patience and despite Covid delays, she and her husband chose to leave their home in Albania and make Canada their new home. 

Although it is officially Spring here ….. the other day was minus 17.   We all felt the cold, but especially Fiona as it doesn’t get that cold in Albania!

We thought we would share some initial comments from Fiona (in her words) below:

“Moving to Canada, the journey that exchanged dreams into reality.  This was one of the toughest decisions we have had to make in our life so far and has turned out to be the best.  First days were not what we expected it to be, feeling like a stranger in a whole different continent, however, what we came to know in the upcoming days and weeks is that every single person in Canada (well almost everyone), is eager to help newcomers and embrace them in this warm and welcoming society.

We went through a culture shock (and are still going through it) on our first week as we kept comparing everything with Albania, our home country. Eventually, we learned how to see things through a Canadian perspective and try to adapt to this new culture.

Another big change we had to adapt to was the fact that Spring here comes with a few snowfalls and freezing rain - totally different of what I am used to. I still have not put away my jacket and I probably won’t for another couple of weeks.

Finally, (and the most important of all) I happened to encounter a great team like Lifeview Financial, who helped me feel at home and gave me a great opportunity to express myself and start my first steps towards a long and beautiful career path.”

We felt like sharing Fiona’s comments with you …… we live in a great country and it is nice to hear a new Canadian’s perpective on our home country!!

 “I believe the world needs more Canada.”

                                            Bono - Musician

Celebrating International Women’s Day

On this International Women’s Day – 111 years after the first celebration - I felt compelled to sit down and write as part of the Lifeview team.   

It is extremely hard to believe that in 2022 there are still so many issues in the world that affect men and women alike.

At Lifeview we feel strongly about empowering our clients (male and female).  We work with many strong, motivated women.  However, many times, it is still the women who are not aware of their financial circumstances whether it is through a separation/divorce or the loss of a loved one.  We are here to be supportive, educate and assist women in all of their critical financial life events.  You will find that we are a passionate and compassionate team of advisors.  We fully believe that education is the utmost tool for us all to learn new skills.  We strive to be inspirational in many ways to encourage our clients to become more independent.

Recently I watched an item on the news of an elderly woman from Ukraine, who was a World War II survivor, speaking out against the atrocities of Putin and Russia.  Think about this --- she survived the war only to go through another war in her homeland at her age today.  It is an atrocity that in this day and age we have a war going on in Ukraine and horrific situations happening in Afghanistan as well.  These people are facing the utmost of challenges head on with the strength of their convictions and beliefs.  With improvements to education worldwide and an emphasis on empowerment we can all face our daily challenges head on with determination and perspective.

We kindly request that you take a few minutes today to remember that as Canadians – women and men – we are blessed to live in this country.  We are protected and we should be thankful for where we live and the people who support us on a daily basis.   Every day we should celebrate the wonderful, special women in our lives (mothers, sisters, daughters, aunts, nieces, friends, role models) – today is just an extra special day to celebrate and reflect on their impact on our lives. 

Confidence, self-esteem and a positive vision for their own future are characteristics that we should inspire and instill in young women.  Encourage them to become the best they can be.  On this International Women’s Day ………we need to bring back respect and integrity and live like we have all been taught with a full appreciation for life.

“Here’s to strong women.  May we know them.

May we be them.  May we raise them.”

                                                   Source:  Unknown

Happy International Women’s Day!

Lifeview commentary on Russia/Ukraine crisis

Across the Globe, the entire world is watching closely the humanitarian impact unfolding in Ukraine.  We stand with all the individuals and families impacted and our hearts and thoughts are with them.  While the humanitarian crisis occurring in the Ukraine is deeply unsettling and is contributing to market volatility, we have been in a prolonged period of increased volatility for the last few years.  Most recently with the pandemic and its effects on the job market and the economy… then government spending concerns leading to inflationary fears and now geopolitical fears related to the Russian activities in the Ukraine.

Often in periods of uncertainty we hear “This time it is different” or “ It’s the same as before”.  Both statements cause us to look closer and make sure our research is sound and our trusted portfolio managers are on top of events and acting appropriately to safegard and grow your investments.  Sometimes this involves removing an idea that is no longer going to work due to recent changes, sometimes it is staying the course while the rest of the market panics.  Sometimes it is taking avantage of others’ panic in the market to add an idea to a portfolio that may now be on sale.

After reading many articles and reviewing lots of material this past week, it would appear that the consenus seems to be….the North American economy is relatively insulated from this specific event.  That said the individual investors and consumers will most likely feel some effects in the form of additional inflationary pressure.  The biggest impact will be to Russian stocks, bonds and currencies,  which our portfolios hold none of directly.  The upward pressure on oil and gas prices may actually help North American energy companies who have already been performing well in last 12 months.

This chart below shows market volatility during other periods of unrest and their subsequent recovery.The managers are opportunistically taking advantage of indiscriminate selling of certain stocks by the markets.

Source: 1832 Asset Mgmt – February 23, 2022

We are sending this commentary out to you to assure you that a lot of extra time has been spent this week researching this most recent event and how our partners view and are dealing with it.  While we don’t know how Russia’s plan for the Ukraine will turn out… we are confident that the managers are fully abreast of things and your investments are in good shape.

As always if you have any questions please call us directly.

Health, Happiness & Success!

Deb, Gary, Kelly & James