We are excited to introduce our new company name, iA Private Wealth. The new name is designed to better reflect the essence of what our advisors do – provide holistic wealth management solutions tailored to the unique needs and goals of investors across Canada.
Please take a few moments to browse our newly redesigned and updated website to learn about the many benefits of working with an iA Private Wealth Investment Advisor.
*Refers solely to the Investment Industry Regulatory Organization of Canada licensed advisors within HollisWealth.
We believe comprehensive personal wealth planning, supported by unbiased advice, collaboration and transparency, is the key to meeting your needs and helping you achieve your goals. Our advisors focus on six main priorities to create a plan that’s tailored to you:
A proven wealth management philosophy is one that takes emotion out of the equation and relies on a disciplined, long-term approach. Your objectives, risk tolerance, return expectations and time horizon will be the key factors your Investment Advisor takes into account in designing a plan that can help meet your retirement and other goals.
Your Investment Advisor will help you set and achieve saving goals aligned with your needs and objectives, and develop a borrowing and debt management strategy for your unique circumstances.
Whether you’re looking to fund a child’s education or returning to school to upgrade your credentials, your Investment Advisor can help you understand your options and maximize the value of a Registered Education Savings Plan (RESP).
Your Investment Advisor will conduct a thorough assessment of your circumstances to determine the most tax-efficient way of building your portfolio.
Your Investment Advisor will develop a risk management plan that addresses the full range of factors that could affect your financial well‑being.
To plan for the preservation and transfer of your assets, your Investment Advisor can help you keep an eye on the horizon by understanding your situation and wishes, including tax-efficient legacy planning.
November 22, 2024
Video duration 10:33
By iA Private Wealth, November 22th, 2024
Tune in weekly for insight and perspective on the macro and market landscape with iA Investment Management chief strategist and senior economist Sébastien Mc Mahon.
Watch Sébastien’s previous weekly updates on YouTube.
November 19, 2024
read
By iA Private Wealth, November 15, 2024
Having a child is an exciting time in life. Before the baby arrives, it’s useful to think about your finances, since raising a child can be both incredibly rewarding and very expensive.
While each family is different and costs will vary, the average Canadian family spends almost $300,000 to raise a child from birth to age 171. Accordingly, expect to budget roughly $17,000 a year (while also accounting for the impact of inflation) until your child turns 18 – and then the potential for post-secondary education will add to this cost. Aside from expenses related to food, clothing, personal care, toys, activities, etc., your daycare/babysitting costs largely depend on where you live and how many hours of supervised care your child will require.
Clearly, the more money you can put away, the better your financial situation will be when the baby enters the picture. You don’t have to do it all on your own, however. Family and friends might be able to help with gifts, babysitting and hand-me-downs, plus you may qualify for government support.
Parents who take time off work to look after their newborn or newly adopted child may receive up to 55% of their earnings in standard Employment Insurance (EI) benefits, to a current weekly maximum of $668. As the chart below illustrates, parents can share the benefits. The eligible period for benefits may last from 55 to 69 weeks (although ‘extended’ benefits beyond 55 weeks provide less support).
| Benefit name | Maximum weeks | Benefit rate | Weekly max |
|---|---|---|---|
| Maternity (for the person giving birth) | up to 15 weeks | 55% | up to $668 |
Maternity benefits can be followed by parental benefits. You can apply for both at once.
| Benefit name | Maximum weeks | Benefit rate | Weekly max |
|---|---|---|---|
| Standard parental | up to 40 weeks, but one parent cannot receive more than 35 weeks of standard benefits | 55% | up to $668 |
| Extended parental | up to 69 weeks, but one parent cannot receive more than 61 weeks of extended benefits | 33% | up to $401 |
Source: Government of Canada
In addition to EI benefits, your family may qualify for the CCB. Payments are based on your adjusted family net income (AFNI) for the previous tax year, and are indexed to inflation. As an example, for the 2024 benefit period (July 2024 to June 2025), let’s say your family’s 2023 AFNI is below $36,502. You would qualify for the maximum regular CCB of $7,787 per year for children under six years old, and $6,570 annually for children between six and 17 years old. The maximum benefit gradually decreases for AFNIs above $36,502.2
Certain provinces and territories also offer financial assistance to help with child-rearing costs. For example, the Ontario Child Benefit (OCB) pays lower-income families up to $140 per month for each child under the age of 18, for the period from July 2024 to June 2025. If the AFNI exceeds $25,646, OCB may provide a partial benefit.3
The cost of post-secondary education continues to rise. It’s good to consider an RESP, which is a savings and investing program designed to cover some of these costs. Currently, the lifetime RESP contribution limit is $50,000 per student (beneficiary). You may invest in many types of securities, from mutual funds and stocks to bonds and GICs, and the investment growth compounds – tax deferred – until the RESP beneficiary begins withdrawing assets.
As an incentive to save, the federal government offers the Canadian Education Savings Grant (CESG) that matches up to 20% of your contributions, to an annual maximum of $500 and a lifetime limit of $7,200.
Each province and territory has some form of student grant or loan, so it’s worthwhile to look into programs available in your area. Talk to your Investment Advisor for more details about how RESP contributions and withdrawals work, as well as questions you may have about EI, CCB or CESG.
An iA Private Wealth Investment Advisor can help you optimize your wealth plan for your growing family. Find one near you.
1https://globalnews.ca/news/10001146/canada-family-spending-children-statcan/
November 12, 2024
10 min read
By iA Private Wealth, November 12, 2024
James Gauthier and his research team walk through the highlights of last month’s market and economic data.
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