Back to the Future


January 2019

From our families to yours, Happy New Year and best wishes for a happy, healthy and prosperous 2019!

2018 in Review

Looking back on 2018, one thing is clear: it was a big year. Olympic games, a World Cup and a Royal wedding were just the tip of the iceberg. Complicated politics and a turbulent news cycle kept conflicts in the forefront of most media broadcasts. It can be easy to get lost in the noise of today's news so here is an uplifting list of 99 things that happened in the last 12 months that we should try not to forget.

Back to the Future

With 2018 behind us we can now look forward to the new year and all the changes 2019 will bring. There are a few highly anticipated events, notably some major elections taking place on a few continents. Europe will not only vote in a new European Parliament but they will also have to deal with an increasingly messy Brexit process. Closer to home, 2019 will be a big year for Canada too. According to one writer in MacLean's magazine, 2019 will be the year that Canada begins to rule the world.

Importantly, there are a number of changes to our tax situation that will come into effect in 2019. These range from a few more pennies for a postage stamp to a Carbon Tax at the fuel pump. With the federal budget yet to be finalized, who knows what further adjustments we will need to make before the year is through. When we sit down with our tax advisors and accountants in the coming months we should keep some of these changes in mind.

Tax-Free Savings Accounts & RRSPs

With the new year comes a refresh to our TFSA contribution limits, which has increased in 2019 to $6,000 each. Any eligible amounts withdrawn in the previous calendar years can be recontributed as well. If you have any questions about your TFSA contribution limit, please let us know and we would be happy to assist you.

January also starts our countdown to the RSP contribution deadline. Be sure to check your notice of assessment to see what your limits are from last year. Below you will see the key dates as they relate to RSP and tax filing deadlines.

March 1st, 2019

Last day for RRSP contributions to apply to the 2018 tax year


April 30th, 2019

Last day to file income taxes (unless self-employed), and make payment for taxes owing

June 17th, 2019

Last day to file income taxes if self-employed

CPP and Me

Rob Carrick from The Globe and Mail recently posted a summary of a conversation he had had with Geoffrey Rubin, senior managing director and chief investment strategist at the Canada Pension Plan Investment Board. His notes provide interesting insight into one of the most significant pension funds in Canada. It is very interesting to note how much of the fund is invested in alternative investments and emerging markets as many investors often overlook these areas in preference for Canadian exposure. Looking beyond our own borders is a key strategy of one of our Country's most important financial vehicles.

The year ahead will bring a major 'enhancement' to how CPP is funded and what those benefits provide in the distant future. CPP represents one of the cornerstones of many retirement plans. As contributors we should know how our funds are being managed and where those funds are being directed, it's our retirement too after all.

Fly me to the moon...

The dark side of the moon has been a place of legend and wonder since hallowed antiquity. This past week saw the Chinese space agency land a lunar craft and start transmitting photos. This marks an escalation of the international space race and once again brings the distant wonders of the cosmos into hearts and minds around the world. The countdown is on, not only for commercial spaceflight, but for continued (and piloted) missions to the moon and beyond.

Chernick & Associates Wealth Management Group

Richardson GMP Limited
500 – 550 Burrard Street
Vancouver, BC V6C 2B5

Tel.: 604.640.0400
Toll Free: 1.866.640.0400