Around the Office Q1 - 2023

Welcome to the first edition of our 2023 newsletters.  Our goal for our newsletter is to give you a picture of what we've been talking about as a team in the office, bring you some up to date financial information and ideas, and to provide some information about planning your non-financial lifestyle in retirement.

This time of year finds us reflecting on the past year and deciding what will be important for us in the coming year.  The focus of our planning is always to do things that will have a positive impact on our clients' lives.

The Year Ahead

         Key Planning Figures for 2023

• Maximum RRSP Contribution - $30,780
• Maximum TFSA Contribution - $6,500
• Lifetime Cumulative TFSA Limit - $88,000
• Lifetime Capital Gains Exemption - $971,190
• Basic Personal Exemption - $15,000
• Years Maximum Pensionable Earnings (YMPE) $66,600
• Maximum Monthly CPP Benefit at Age 65 - $1,306.57
• Maximum Monthly OAS Benefit at Age 65 - $685.50
• OAS Clawback Begins at $86,912
• OAS Clawback Rate - 15%
• OAS 100% Clawback Income - $134,626

Although the latter half of the year was kinder to the markets, 2022 brought the challenge of helping our clients through volatile market conditions and rising cost of living expenses brought about by persistent inflation and higher interest rates.  Rising rates caused both volatility in equity markets and falling bond prices, making it one of the most challenging years for moderate and conservative portfolios in history.  Through out those challenges, we welcomed many new clients who were also looking for the types of conversations that we have learned to provide in order to guide people through uncertainty.   Our planning oriented processes are designed to help show clients that they remain on-track to meet their goals despite volatility.  We like to bring focus to longer term results, making the short term downturns seem more temporary and less worrisome in nature.  We understand that it can be shocking to see large decreases in value on statements but remain strongly confident that our high quality portfolios will weather the storm and participate strongly in an eventual recovery.  Click here for a more detailed look at what we think as we look ahead for opportunities.

  Feature Photo

Taken in late 2022, this three-for-one sunset holds the promise of a brighter year to come.

Sun Dogs

Sun dogs are halos caused by the refraction of sunlight by ice crystals in the atmosphere. Sun dogs typically appear as a pair of subtly colored patches of light on either side of the Sun, and at the same altitude above the horizon as the Sun. They can be seen anywhere in the world during any season, but are not always obvious or bright. Sun dogs are best seen and most conspicuous when the Sun is near the horizon.

Feature Recipe

Summer/Not Summer BBQ Pulled Pork

Wow your friends and family with a delicious hot meal that will taste like it was done on the grill even though it's too cold to cook outside. 

Ingredients

• Large Pork Shoulder Roast
• Hy's Seasoned Salt
• 1 Bottle of Smoke Flavored BBQ Sauce
• Prep Time - 30 Minutes
• Cook Time - 6 Hours Wrapped in Foil in a Slow-Cooker/Crockpot on High

This has a long cook time so start before lunch if you want it ready for dinner.  Generously sprinkle the roast with seasoned salt on all sides.  Brown the outside of the roast in a frying pan with a little oil until it's nicely browned on all sides. Roll out about a metre of foil and pour some of the BBQ sauce onto the centre of the foil.  Place the roast on top of the BBQ sauce.  Pour the remaining BBQ sauce all over the top of the roast.  Fold the foil up around the roast, making sure that you create a bowl that the sauce can't escape.  Fold the edges over the top of the roast to cover it. Roll out another meter of foil and roll the roast in a second layer, making sure you end up with the bowl still facing up.  Be careful not to pierce the foil at any time.  Add a cup of water to the bottom of the slow-cooker. Put the roast in.  It's okay to be right in the water because your roast is well sealed. Cover and cook for a full 6 hours on high heat.  There is no need to check the temperature of the meat as you're waiting.  The meat will not be tender enough to pull if you take it out early. Rest the roast for at least half an hour after removing it from the slow-cooker. Cut open the foil along the top of the roast, leaving a bowl at the bottom so the BBQ sauce and juices can't escape. Transfer the roast into a large bowl for pulling.  Pull or shred the meat until you have your preferred sized pieces.  Pour the BBQ sauce and juices onto the shredded meat until it has moistness and flavor.  Can be served on a plate or on buns.  Coleslaw or a garden salad with chunks of apple are great complements.  Enjoy!