Navigating Tax Changes and Financial Strategies for a Stronger 2024:
As we approach the end of 2023, it's crucial to proactively address the evolving financial landscape and prepare for the opportunities and challenges that lie ahead. At Wealthviser Private Wealth, we are unwavering in our commitment to providing you with the most up-to-date insights and strategies to empower your financial decisions. Here's an in-depth overview of the key considerations and changes that may impact your financial plans:
Wealth Management Strategies for Businesses:
- Strategic Asset Investments: Seize the opportunity to consider targeted investments in capital assets, especially with potential adjustments to tax incentives on the horizon. Evaluate their impact on your overall financial portfolio for optimized returns.
- Diversified Investment Insights: Our expert team encourages you to explore a diverse range of investment opportunities. Thoroughly assess potential risks and returns, ensuring a well-rounded and resilient investment strategy.
Personal Finance Tips:
- Holistic Financial Record-Keeping: Crucial for effectively managing your financial responsibilities and optimizing tax planning. Establish and maintain accurate records of your self-employment expenses and personal deductions.
- Maximized Retirement Planning: Leverage the benefits of your Registered Retirement Savings Plan (RRSP) to significantly reduce your taxable income today. Our advisors can guide you in maximizing your contributions for a more secure financial future.
Changes in 2023:
- Real Estate Transactions Alert: Be mindful of the revised residential property flipping rule, impacting transactions involving residential properties. We will work with your accountant, to provide comprehensive guidance on navigating these changes, ensuring your investment decisions remain strategically aligned.
- Insights on AMT Implications: Anticipate proposed alternative minimum tax (AMT) rules in 2024. Stay informed about potential alterations to tax preferences and credits. Working with your accountant, our advisors are equipped to help you understand the implications and plan accordingly.
At WealthViser Private Wealth, we are dedicated to guiding you through these financial intricacies and empowering you to make informed decisions. Please reach out to us for further insights and personalized assistance tailored to your specific financial goals. Together, let's build a stronger financial future in the upcoming year.
Warm regards,
Franco Caligiuri
Last Week in the Markets: November 6th – 10th, 2023
What happened last Week?
The TSX was the lone North American index to lose ground (less than 1%) as the U.S. majors moved ahead, and the global All-Country World Index (ACWI) almost broke-even. The year-to-date and one year returns for the S&P 500, and particularly the NASDAQ, are impressive. The S&P 500’s results have been more than doubled by the NASDAQ, which has gained nearly 32% this year. Both the TSX and Dow are far behind. The Canadian government’s 10-year bond rose last week to approach 4% again.
Oil fell for the third consecutive week, the price dropping by 12% over this period. Gold had its first week’s-end drop since the war between Hamas and Israel began. Since closing at $1,845 on October 6th, one day before the initial attacks of October 7th, gold has risen more than 12%.
Geopolitical events have influenced markets in the absence of major economic releases in North America and elsewhere. It was a relatively slow week for economic news in North America. Inflation, employment, and Gross Domestic Product reports that will indicate national economic health for Canada and the U.S. will arrive shortly. The coming week will provide greater stimuli from economic data and corporate performance.
“For the third quarter, the S&P 500 is reporting (year-over-year) earnings growth of 4.1%. However, for the fourth quarter, analysts are now projecting (year-over-year) earnings growth of only 3.2%.” Additionally, analysts are predicting earnings growth of 6.7% and 10.5% for the first two quarters of 2024. The earnings reports for the major Canadian banks, that are widely held directly and indirectly by almost all domestic investors, are scheduled for the last days of November. https://insight.
What’s ahead for this week and beyond?
In Canada, following the observances on Saturday and a banking holiday for Remembrance Day on Monday, manufacturing sales, wholesale trade, raw materials prices, producer prices are scheduled to be reported.
In the U.S., imports, exports, and trade balance, real weekly earnings, retail sales, business inventories will be announced. The Consumer Price Index (CPI) and the Producer Price Index (PPI) are scheduled for release.
Globally, retail sales, industrial output, outstanding loans and money supply in China, Gross Domestic Product data, industrial production, and HICP in the Eurozone will be reported, As recession fears in the U.K. rise, an employment report, retail sales, CPI and PPI will be released.
