Taking Stock with Steele
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Taking Stock with Steele is our newsletter where we share our insights and expertise. Our goal is to ensure our clients are well informed. We shift through the noise and only bring important topics of discussion and planning points that are relevant and useful. We believe Knowledge Pays and we want our knowledge to pay for you.
This past year, the Government of Canada announced the launch of the tax-free First Home Savings Account (FHSA). This is a new registered account that is intended to help Canadians save towards the purchase of their first home. An easy way to think about it is if an RRSP and a TFSA had a baby, and that baby was adamant on buying a house, this baby's name would be FHSA. Raymond James has moved forward to ensure we can offer this new savings vehicle this summer.
Many older workers in their 50s and 60s truly enjoy their work and get a lot of satisfaction from it. Some of the enjoyment may come from a sense of accomplishment in doing/completing the work, some may come from the workday’s structure keeping them out of trouble, while some may come from maintaining work relationships with both colleagues and clients. Whatever it is that you take from your work, we know one thing for sure, working longer is good for our health and longevity, as it keeps us moving and engaged in our communities.
While the effects of interest rate hikes are starting to show, the equity markets and the global economy have weathered the storm very well. So far, the "pain" that US Federal Reserve chair Powell promised in his August 2022 Jackson Hole speech, seems quite tolerable. Equity markets are actually up since the first of these three banks (SVB) started to encounter problems, partly driven by the rapid response by policymakers to shore up liquidity at troubled banks and prevent the spread to healthy banks.