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"Money was never a big motivation for me, except as a way to keep score. The real excitement is playing the game.”
- Donald Trump
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WATCH: Dan talks with Prem Binning, Director of Sales for Manulife, who discusses upcoming changes in the market place for Life Insurance.
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Plummeting real estate sales.
 I read a report on Friday about the plummeting real estate sales in the greater Vancouver area. This came from an economist that I follow in the states and I was a little suspicious that his numbers were not accurate stating that sales dropped as much as 86% in the first two weeks of August.
August 2nd is when the B.C. government introduced the 15% foreign tax. Some houses are now selling at 20% less market value than at this same time one year ago.
This morning I had a client in my office who told me that his girlfriend, who is a realtor in the lower mainland, has gone from many sales a month and the phone ringing all day long to no new phone calls at all. “The phone has just stopped ringing” she said.
The reason: the foreign tax and the increasing difficulty of getting money out of China (read: Dan’s Blog Jul-18).
 Deals in the mill are now asking to be extended as money takes longer to get to Canada as more creative ways need to be found to get it here.
Remember “There is trouble in the bubble when prices level off”, now they are actually declining.
Best regards,
Dan
For more information on how Loney Financial can help, contact us at 604.534.6003
or Email: dan@loneyfinancial.com
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GUESS WHO? WIN A $50 STARBUCKS CARD
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Did you owe money on your taxes this year?
Did you borrow in order to contribute to your RRSPs?
 Why not pay yourself instead?
Start a Pre-Authorized Contribution (PAC) into your RRSPs to save money, reduce taxes and avoid the hassle of borrowing at the beginning of the year.
Undeniable fact: Filling up your RRSP contribution room each year is a great way to maximize tax savings and the size of your retirement nest egg. But many Canadians have trouble coming up with a sizable chunk of money before the tax deadline.
There is an easy solution! So easy you just may forget you are contributing! As much or little as you want on a monthly basis.
A PAC delivers some significant financial benefits: The regular contributions have longer to grow, and thanks to the magic of compounding, it significantly adds to your nest egg, and you get to enjoy the benefits of dollar-cost-averaging – meaning that you can buy fewer units of an RRSP when prices are high and more units when prices are low. Over time, this strategy reduces the impact of volatility and usually results in a lower average cost to you and the accumulation of more units.
 Contact us today to set up your monthly PAC and start saving! Just respond to alysha.smith@LoneyFinancial.com with the amount you would like to save monthly and I will send you the paperwork to sign and return to get started as soon as possible.
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Mint.com is a fantastic tool. It is what I use to track my monthly budget for fixed and variable expenses. It will even track your discretionary spending if you want but most of the time my discretionary expenses (coffees, movies, eating out) are paid with cash. Check out this free service and if you use it you will be very impressed.
https://www.mint.com/
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LIFE INSURANCE NEEDS CALCULATOR
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An Investment for your Family
Life insurance is one of the most important investments you can make to protect your family’s financial security. Although the basic purpose of life insurance is to provide your dependents with a lump sum to pay off large financial obligations, it can also be used as a continuing source of income and provides for other financial needs including:
- Maintain your family’s standard of living
- Pay off the mortgage on your home
- Pay off any outstanding debts
- Provide for your children’s education
- Pay off any outstanding taxes
- Keep the family business going
Prudent insurance planning can help your family cope with their financial burdens in a time when they are trying to cope with their emotional loss.
Life Insurance Needs Calculator
As part of an overall financial plan you need to consider protecting your family from the financial impact if you were taken out of the family picture. Use this calculator to estimate the amount of life insurance you need to protect your family.
Click here to use the Life Insurance Needs Calculator |
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THESE TEN MEDICAL EXPENSES COULD GIVE YOU A TAX BREAK
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 We Canadians like to take pride in our publicly funded health-care system, but the truth is many of us pay out of pocket for a wide range of essential health services. This is especially true for those with, or caring for, someone with disabilities or chronic conditions. Studies show Canadians pay as much as 30 per cent of our health needs privately.
Health costs that most Canadians bear privately include prescription glasses, dental care and most medications, because these are not included in the Canada Health Act, which guarantees essential physician and hospital services only.
But those are just the obvious out-of-pocket health costs – there are many “hidden” health costs, too, related to specific therapies, medical devices or social and educational services and supports.
Thankfully, many of these are permitted medical expenses under the Canada Revenue Agency and qualify for the medical tax credit. A few eligible expenses might even surprise you.
 1. Travel.
If you or your dependent travelled more than 40 kilometres from home for medical services, and the equivalent services were not available near you, you may be able to deduct these costs – even for costs incurred outside of Canada.
2. Training and respite. If you need to learn how to care for a dependent with a physical or mental impairment, training costs for you or a relative are eligible.
3. School and tutoring. All personnel, equipment and facility costs associated with a school for those with a physical or mental impairment are deductible.
4. Talking textbooks, reading services, symbol boards. A student with a perceptual disability in secondary school may be eligible to have their talking textbooks included as medical expenses, as are reading services for those who are blind or have a severe learning disability.
 5. Service animals. The cost of a specially trained animal to help someone who is blind, deaf, has severe and prolonged physical impairment, has autism, epilepsy or diabetes may be eligible – but only from recognized providers. This includes the cost of the animal and their care and maintenance, such as food and veterinarian care.
6. Therapy and therapy plan. The costs associated with creating a personal therapy plan and the costs of therapy for someone with a mental or physical impairment are eligible expenses. This includes services provided by a psychologist or occupational therapist, for example.
7. Diapers. Diapers or disposable briefs for someone who is incontinent can be included.
8. Medical marijuana. You have to be authorized to use marijuana for medical purposes, and purchase it from a designated producer, but it’s eligible.
9. Gluten-free products. The difference in cost between non-gluten-free products and gluten-free products is tax deductible – but only if you have celiac disease.
 10. Construction and renovation. Some construction costs to renovate your home are covered for those with severe and prolonged mobility impairment. Examples include costs for building ramps, enlarging halls or lowering cabinets, as well as driveway access.
Other home-related eligible expenses could include the costs associated with an electric or sealed combustion furnace, air filter, cleaner or purifier and air conditioner.
Unfortunately, there’s one major cost that’s not covered: Over-the-counter medications, vitamins or supplements, even if prescribed by a doctor (except vitamin B12 for pernicious anemia).
You can see the full list of eligible medical expenses on the CRA site in a new easy-to-read guide. But beware: Most of the eligible expenses listed above require a prescription and/or certification in writing from a medical practitioner before they can be eligible and some are only deductible for specific conditions. And, keep your receipts, of course.
http://www.theglobeandmail.com/globe-investor/personal-finance/taxes/ten-medical-expenses-you-didnt-know-were-tax-deductible/article29280625/ |
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15 Secrets Successful People Know About Time Management
by Kevin Kruse
 The Productivity Habits of 7 Billionaires, 13 Olympic Athletes, 29 Straight-A Students, and 239 Entrepreneurs.
What if a few new habits could dramatically increase your productivity, and even 5x or 10x it in key areas?
What if you could get an an hour a day to read, exercise, or to spend with your family.
New York Times bestselling author, Kevin Kruse, presents the remarkable findings of his study of ultra-productive people.
Based on survey research and interviews with billionaires, Olympic athletes, straight-A students, and over 200 entrepreneurs—-including Mark Cuban, Kevin Harrington, James Altucher, John Lee Dumas, Pat Flynn, Grant Cardone, and Lewis Howes—-Kruse answers the question: what are the secrets to extreme productivity?
Purchase this book at Amazon.ca online.
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Click here to see the story of a 35 year dream come true and learn about Loney Financial’s support of rescuing homeless children in Guatemala. Thank you to all the clients and associates that have helped to make this a reality.
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Each month we are featuring the best photos from our Clients. Please submit yours to Dan and we will include this in a future Newsletter.
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Steve Nicholson in Russia outside The Cathedral of Vasily the Blessed, commonly known as Saint Basil's Cathedral in Red Square, Moscow located near the Kremlin.
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COOKING WITH DENISE & ALYSHA
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Denise Bailey our Client Services Coordinator brings you a delicious monthly recipe from her renowned portfolio.
EASY CRUNCHY RAMEN COLESLAW
Ingredients:
- 2 tablespoons vegetable oil
- 3 tablespoons white wine vinegar
- 2 tablespoons white sugar
- 1 (3oz) package of chicken flavoured ramen noodles, crushed, seasoning packet reserved
- ½ teaspoon of salt
- ½ teaspoon of ground black pepper
- ½ medium head of cabbage, shredded
- 3 large carrots, shredded (or package of chopped coleslaw pre-mixed)
Whisk together oil, vinegar, sugar, ramen noodle seasoning, salt & pepper to create dressing.
Pour over slaw mixture, mix and refrigerate for approx. 30 minutes before serving.
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FINANCIAL PLANNING HUMOUR :)
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Solutions Magazine
Generations in transition - MILLENNIALS, THEIR PARENTS and the journey towards financial independence.
Read More (PDF) >
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Articles
A Guide to Not Retiring
Some people nearing retirement age simply don’t want to leave their jobs. But defying expectations can be difficult—in the office and at home.
It’s an inescapable reality of getting older: At some point, everybody expects you to retire. There’s your spouse, who perhaps is already retired and is looking forward to enjoying a relaxing life with you —
Read More >
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