"We remember those who volunteered, sacrificed, served, fought, and died, for our freedom. We thank you, and we salute you as we salute those who made the ultimate sacrifice for our freedom. We will never forget. We will remember you."
Source: http://www.stpeterbrantford.ca/news/moving-speech-citys-remembrance-day-service


November is also Financial Literacy month, so I'd like to share some money tips that perhaps not many know yet.
1. Did you know that you can catch up on past 10 tax returns? This means for 2023, you can file taxes for the year 2013 to 2022, or submit adjustments if you find old receipts or other items you have not claimed. By the way, Canada Revenue Agency (CRA) will stop accepting individual tax transmissions on January 26, 2024 to prepare its system for 2024 Tax System. It will reopen around the third week of February. So, if you need to catch up on your tax filing, act now! If you need assistance, contact me.

2. Not too long ago, I read a question on a Facebook group: "Should I open an RESP for my child? I don't have much money."
For those in BC who have a child/ren: Did you know that you can open an RESP (Registered Education Savings Plans) with $0 money deposited and your child can get $1200 in BCTESP (British Columbia Training & Education Savings Grant Information)? Please utilize this government benefit. See here: 
https://www2.gov.bc.ca/gov/content/education-training/k-12/support/scholarships/bc-training-and-education-savings-grant

3. If you get charged a bank fee, a credit card fee, or similarly, you could request for the fee to be waived if it is your first offence, or one after a period of time (perhaps 2 years or more). Call up the bank, credit card, or the financial institution and request it. 

4. Yes, you can pay off your credit card balance before its due date. It may reduce your credit utilization and therefore increase your credit score, from Oct 12, 2023 Faith & Finance episode (https://www.faithfi.com/faithfi/churches-need-to-teach-about-money-6032).

5. And finally, here are some other resources that may be useful for you:
a. A 5-week personal finance newsletter course for newcomers, from Globe & mail:
https://www.theglobeandmail.com/investing/article-newcomers-guide-to-finances-in-canada-newsletter-course/

b. 2023 Year-End Tax Tips from Jamie Golombek (CIBC):
https://www.cibc.com/content/dam/personal_banking/advice_centre/tax-savings/year-end-tax-tips-en.pdf

There is so much information out there about finance. I appreciate your time in reading my monthly newsletter. Feel free to share it with others. If you are on social media, follow me on YouTube   Instagram   Facebook   LinkedIn   Twitter 

Hi everyone,

It has been a few months since I last wrote a newsletter. In this current season of life, I have been prioritizing other things besides work. I will try to publish my monthly newsletter again.

2023 Tax Season was busy. It seems like things are going back to pre-Covid - lots of people travel, public transportation is back to full ridership, and some people did not see the urgency to get their taxes done, yikes .... Canada Revenue Agency (CRA) is also getting more active in requesting receipts from individual taxpayers, to confirm items as claimed in tax returns. If you are my client and you need assistance with responding to CRA, your fee generally includes 20 minutes of my time to respond to CRA assessment.

Let's get to this month's money tips. 
1. If you would like to start investing but don't know where to start, may I recommend that you start by tracking your expenses? You need to ensure that you're spending less than your income and that you have an emergency fund. Money that you use for long-term investment should be money that you can afford to lose or money that you don't need until your goal time. There are lots of spreadsheets out there to help you keep track of your expenses. Or you can use an old-fashioned notebook and pencil. :) Contact me if you'd like my version of spreadsheet.

2. A (previous) co-worker lamented that she lost her money because the market was down. She instructed her financial advisor to sell all of her investments and convert it into GIC's. Oh no! When you see the market down and you have a loss on paper, it is a loss on paper only. You don't experience the loss unless you sell your investment and realize it. The same applies to gains. If you would like to invest for the long-term and you can't bear to see the ups and downs, don't check your investment often. Check it periodically. If you have an advisor, consult him/her. Oh, and don't invest using money that you will need for your day-to-day expenses.

3. Here's a trick I use myself to make an extra investment without earning more income. Sometimes I don't feel like cooking and I want to buy a take-out. When I know I have food at home and I can eat at home, I try to resist the urge to dine out or buy a take-out. Let's say I wanted to eat a combo meal from McDonald's, but I managed to save $15 by eating at home, then I'd take the $15 and buy $15 worth of McDonald's share. So I invest in the company (becoming an owner) instead of spending $15 (becoming a customer). :)

Those are my 3 tips for October. Follow me on social media such as YouTube   Instagram   Facebook   LinkedIn   Twitter if you would like to see more tips.

Happy (Canadian) Thanksgiving everyone! May we be grateful with what we have.