Details Regarding Our Transition to Manulife Securities Incorporated

Spring is in the air, and we had hoped to begin our transition to Tara under Manulife Securities Incorporated as the first step in our succession plans.

Since we let you know of our plans, we have gleaned additional information that has delayed (in a good way) our path moving forward. Two Key elements: restriction on the access Kirk would have to your portfolios and an impending conversion of our administration tools through Manulife Securities.

Two good reasons to take a pause and make sure we are positioned properly to continue to be of service as a team and enhanced new tools to allow us better access, enhanced reporting, and ease of document controls to name a few. With any new administrative tools, there will be a need to “repaper” your information to the new system tools, which would be duplicated if we transitioned to Tara now.

Full transparency is our goal and we wanted you to be the first to know we have paused Tara’s transition to Manulife Securities Inc. for now. We look forward to giving you an update later this summer when we have firm dates and a clear path set.

Should you have any questions please do not hesitate to contact Tara or myself, we are happy to answer any of your questions. In the meantime, we will be in touch, as needed.

Enjoy the spring and stay safe!

Kirk

Highlights from the 2023 Federal budget below, with more detailed summary from Dynamic Funds attached:

Registered Education Savings Plans (RESP): Educational Assistance Payment (EAP) withdrawals of up to $8,000 (currently $5,000) in respect of the first 13 consecutive weeks of enrollment for beneficiaries enrolled in full-time programs, and up to $4,000 (currently $2,500) per 13-week period for beneficiaries enrolled in part-time programs.

Registered Disability Savings Plan (RDSP): Broader definitions of “Qualifying Family Members”

Alternative Minimum Tax (AMT): The 2023 Budget proposes to broaden the tax base for the AMT calculation by limiting various tax preferences (i.e., exemptions, deductions, and credits).

Intergenerational Business Transfers: Bill C-208 was previously introduced and was effective on June 29, 2021. The stated purpose of this bill was to facilitate more tax-efficient intergenerational business transfers.

Employee Ownership Trust (EOT): An EOT holds shares of a private corporation for the benefit of the corporation’s employees. EOTs can be used to facilitate the purchase of a business by its employees, without requiring them to pay directly to acquire shares.

A Growing Clean Economy: The 2023 Budget introduces and expands several investment tax credits (ITC) to incentivize investment  in clean energy.

Click here to see a full summary.

Budget 2023