Around The World In 100 Words-January, 2020: Week 2
The past few blogs have given financial (almost philosophical) advice from a high altitude perspective, but this weeks’ ATW gets right down in the weeds -and it’s good news! A recent CRA ruling now allows management fees on your investment accounts to be paid through OPEN non-registered accounts, making the cost of professional wealth management now fully tax deductible. This effectively lowers your fees by the rate of your marginal tax bracket. Remember, your marginal rate is the rate you pay on the next dollar of income and most of us are in the 30% to 40% bracket. As such this means your fees will now be lower by 30% to 40%. Good news indeed! Click here.
I am in the process of reviewing your year-end investment returns, and on top of a great year in 2019, we now greet the new year with this cost-savings announcement. A double win!
Look for a call from me and my team on this basis and I look forward to speaking with you shortly. For your benefit, I will be able to quantify the savings for you in dollars, and at 30% to 40%, this will be a conversation we both look forward to.
Hope your year is starting off well!