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Supporting you remains Essential

Expect the same exceptional customized wealth management and advice as we work remotely

We want to assure you that Richardson Wealth is deemed to provide an essential service. Wealth planning, retirement planning and all other financial-planning and investment advice provided by our Advisors are recognized as an essential service and will continue without disruption.

Like many of you, our firm is following the same social isolation and distancing measures to help keep all of us safe and healthy. We are fully operational as a virtual office remaining in full work mode from our home spaces. That means your Advisory team has the same access to files, accounts and all the necessary information to answer your questions, service your requests and address any issues you may have.

As you deal with the daily challenges of looking after yourself and your family, we want you to know that your financial well-being remains in our capable, reliable and trustworthy hands.

We’re confident that, together, we can continue to navigate the path ahead as we help to build, solidify and protect your financial future.

Quarantine Activities for you, your friends and family

Making the most of May Long weekend

May 15, 2020

May Long weekend is here! However, since social distancing restrictions are still in place this may be putting a damper on your usual May Long traditions. So, to keep you and your family entertained this long weekend, here are some interesting articles, fun activities and live streams complied by our team. We hope you enjoy them!

As always, we are here to help. Please reach out to me or my team members should you have any questions or just want to talk.

Also, please share this content with anyone who you think may find interest in the content.

Take care and be safe.

Harry Potter themed Digital Escape Room!
Quarantine kid activities
Science experience for kids sciencefun.org
35 trivia facts that will impress your friends and family
Weird dreams lately? Pandemic dreams are explained here
It's BBQ season! Try some of these summer-inspired side dishes
Read about the History of Mac and Cheese
Play old arcade games from the 70's to 90's at Internet Arcade
Play classic board games online at Tabletopia
Airbnb Experiences gives you the opportunity to participate in fun activities from around the world with real Airbnb hosts
Top 40 Netflix Canada shows you probably have not seen yet
Learn to make some DIY self care products
GoodHousekeeping - Virtual Tours to live stream pandas, otters and sharks, explore Disney World and Lego Land and visit NASA, The Met, and The Vatican Museum
Explore National Parks Travel & Leisure - National Parks

Tax Filing Reminders

A reminder of key dates for personal tax filing

May 15, 2020

As we approach some key personal tax-filing deadlines, we’re available to discuss any questions you may have. Here is a summary of key dates:

Canadians have until June 1, 2020 to submit their 2019 income tax return (extended from the April 30 filing deadline).
Self-employed individuals have until June 15, 2020 to submit their 2019 income tax returns.
For tax payments and instalments that are due from March 18, 2020 and before September 1, 2020, taxpayers will be able to defer payments until September 1, 2020. No interest or penalties will accumulate on these amounts during this period.
The Canada Revenue Agency (CRA) will now accept electronic signatures (rather than actual signatures) as having met the signature requirements of the tax law, as a temporary administrative measure.

Do you expect a refund from the Canada Revenue Agency (CRA) or do you expect to owe money to the CRA? Visit our team's website to read our article for some quick tips.

In the meanwhile, please reach out to us if you have questions.

IRS offers snowbirds tax residency relief in light of Covid-19

April 30, 2020

The U.S. Internal Revenue Service (IRS) is allowing snowbirds stranded south of the border to exclude up to 60 days in 2020 from the substantial presence test (SPT) that determines their U.S. tax residency. This will also determine whether they have a U.S. tax-filing obligation for the year.

The IRS states that the “Covid-19 emergency period” is available to people who are neither U.S. citizens nor holders of U.S. green cards and who cannot leave the U.S. because of pandemic-related travel disruptions.

The emergency period is “a single period of up to 60 consecutive calendar days selected by an individual starting on or after February 1, 2020 and on or before April 1, 2020 during which the individual is physically present in the U.S. on each day,” the IRS guidance indicates.

While snowbirds are already allowed to exclude days from the SPT if a medical condition arises while they are in the U.S., that rule does not extend to events such as stay-in-place orders, border closures or other travel restrictions.

A non-U.S. citizen or non-holder of a U.S. green card will nevertheless be deemed a U.S. tax resident if they otherwise meet the SPT. The U.S. considers a “substantial presence” to be a cumulative 183 days or more in the U.S. in a year, or if the total number of days spent in the U.S. in the current year, plus one-third of the number of days spent in the previous year, plus one-sixth the number of days spent in the year before that is 183 or more.

Click here to read full article with external resource links.

A time of difficult choices for family businesses

Public measures available for staff who may be financially at risk

March 19, 2020

The term “family business” has never been more meaningful than at the present time as the COVID-19 pandemic disrupts all aspects of life. We recognize that many of you as business owners regard your employees as part of your work family. For those of you in the unenviable position of having to close your business for the time being and send staff home, we have prepared a reference guide to the financial aid measures announced by the Government of Canada.

Click here to learn more about various programmes including: the emergency support allowance; employment insurance relief; Goods and Services Tax Credit; Canada Child Benefit; and mortgage default management tools, among others.

Helping businesses keep their workers

As you may be aware, the government is also proposing to provide eligible small employers a temporary wage subsidy for a period of three months to support businesses that are facing revenue losses and to help prevent lay-offs. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration. Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities.

Tax Update

In the wake of COVID-19

March 18, 2020

As we juggle many shifting priorities during this stressful time, I would like to share some important updates announced today by the Federal Government, including measures impacting the 2020 tax-filing season. These latest measures have been introduced to assist many Canadians through the COVID-19 pandemic. A breakdown of key details follows below. In the meantime, I want to reiterate that my team and I are available to address any questions you have regarding your specific situation.

Income tax filings and payments for individuals and trusts

Canadians now have until June 1, 2020 to submit their 2019 income tax return, instead of an April 30 filing deadline.
Trusts that operate on a December 31, 2019 taxation year, such as family trusts, will have until May 1, 2020 to submit the 2019 trust income tax return, instead of a March 30 filing deadline.
For tax payments and instalments that are due from today and before September 1, 2020, taxpayers will be able to defer payments until after August 31, 2020. No interest or penalties will accumulate on these amounts during this period.
Effective immediately, the Canada Revenue Agency (CRA) will now accept electronic signatures (rather than actual signatures) as having met the signature requirements of the tax law, as a temporary administrative measure

Emergency support allowance: Self-employed individuals

Among others, individuals who are self-employed may be eligible for an allowance of up to $900 every two weeks, for up to 15 weeks. This includes the following:
- Self-employed individuals who are sick, quarantined or who have been instructed to isolate themselves, but who are not eligible for Employment Insurance (EI) sickness benefits;
- Self-employed individuals who care for a family member with COVID-19, such as an elderly parent or other sick dependent, but who are not eligible for EI sickness benefits;
Applications for this benefit will be available in April 2020.

RRIF minimum withdrawals

The government is reducing required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020, in recognition of volatile market conditions and their impact on many seniors’ retirement savings. This will provide flexibility to seniors who are concerned that they may be required to liquidate their RRIF assets to meet minimum withdrawal requirements. Similar rules would apply to individuals receiving variable benefit payments under a defined contribution Registered Pension Plan.

Measures for small & medium businesses

The government has announced the first phase of its response intended to support businesses in Canada in the wake of the COVID-19 outbreak. This includes the following key proposals:

A three-month temporary wage subsidy for certain small employers. The subsidy is equal to 10% of remuneration paid during that period, up to a maximum of $1,375 per employee and $25,000 per employer. Eligible employers include corporations eligible for the “small business deduction,” as well as non-profit organizations and charities. Eligible employers can benefit immediately by reducing their remittances of income tax withheld on their employees’ remuneration.
All businesses can defer until after August 31, 2020 the payment of income tax payments (instalments and balances due under Part I of the Income Tax Act) that become owing between now and before September 1, 2020. No interest or penalties will accumulate on these amounts during this period. Note that the filing deadline for corporate tax returns will not change—it remains no later than six months after the end of the taxation year.

Market Voltality

The importance of a long term perspective

March 11, 2020

In the past few weeks, we’ve seen market volatility ramp up dramatically, prompted initially by uncertainty over the coronavirus epidemic and its far-reaching impact. Other developments have since entered the picture, including oil prices tumbling.

This confluence of events has continued to stoke fears among many investors worldwide, and the common thread here is unknowability: we simply don’t know where, when or how these phenomena will play out. And in my experience, the thing in this world that markets hate and fear the most is uncertainty. We have no control over the uncertainty; we can and should have perfect control over how we respond to it.

Or, ideally, how we don’t respond. The last thing in the world that long-term, goal-focused investors like myself do when the whole world is selling is – you guessed it – sell.

I expect you have some important questions of your own:

Will my investments be impacted and to what extent?
Will this diminish my retirement savings?

Rest assured that we continuously monitor market activity to effectively manage risk to your portfolio. The short answer to these key questions is that your investments will likely be negatively impacted in the short term; but we recommend you keep sight of your longer-term objectives and stay the course.

I want to highlight two critical strategies that are essential to riding out any market dips, however daunting:

A diversified portfolio. Incorporating different asset classes, industry sectors and regions is critically important to ensure your exposure to market losses is limited.

A long-term perspective. Remaining invested over a longer time frame is the best approach to achieving your financial goals. It will also help you understand that any market dip (termed a correction when the drop is over 10%) is short term and that markets always bounce back.

Keep in mind that the most recent bull market has been in effect for the past 11 years. The S&P 500 bottomed at 676 (close) on March 9, 2009. From then until February 19, it rose 400% not including dividends – that’s a 528% total return. Arguably, it pays to stay invested over the long term.

We understand that market gyrations can trigger anxiety. Our team is always here to talk to address any concerns you may have.

Supporting you remains Essential

Expect the same exceptional customized wealth management and advice as we work remotely

Financial aid and key dates for seniors during Covid-19

Government Help During Covid-19: a summary

Business owners

Breaking down federal support for business owners