In today’s fast-paced, ever-changing world, staying up to date with new information and shifting trends can often be a difficult task. In all aspects of life, from the economy and financial education, to technology and the labour market, to health and well-being, there are countless considerations to factor into your wealth planning and overall visions for the future.
In this issue of Perspectives, we focus on the importance of education to help you and your family be confident and proactive with your financial decision-making. Recognizing the historic population shift currently taking place in Canada, this issue features an article on senior health and healthcare that focuses in on the realities many Baby Boomers may face and the importance of protecting yourself with careful planning. In “The power of choice,” we also discuss the importance of having a valid Power of Attorney and considerations for choosing the right individual to act on one’s behalf.
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This issue also highlights our recently launched RBC Wealth Management Financial Literacy program. This program has been designed to address the gap that currently exists for when and how younger generations are exposed to financial learning, also recognizing that it’s never too early — or too late — to build sound financial management skills. Tying into the RBC Wealth Management Financial Literacy program, this issue also includes an engaging piece for teens and Millennials that explores six financial literacy principles: Budgeting, Taxation, Borrowing, Financial Planning, Investing and Estate Planning.
With the proposed tax changes for private corporations in Canada, we also provide a basic guide that outlines those changes and what impacts they may have for many business owners. In addition, we discuss timing considerations for wealth transfer, as well as incorporating charitable and philanthropic giving into your wealth transfer plans.
Finally, in “Boosting safety in an online-driven world,” we focus on the growth of the digital world and the importance for individuals of every age group to be aware of the associated risks.
As always, I encourage you to speak with your RBC Wealth Management advisor about any of the articles and topics covered in this edition and to learn more about RBC’s wealth management strategies and how they can benefit you and your family, now and into the future.
David Agnew, CEO
RBC Wealth Management Canada
This document has been prepared for use by the RBC Wealth Management member companies, RBC Dominion Securities Inc.*, RBC Phillips, Hager & North Investment Counsel Inc., RBC Global Asset Management Inc., Royal Trust Corporation of Canada and The Royal Trust Company (collectively, the “Companies”) and their affiliate, Royal Mutual Funds Inc. (RMFI). *Member – Canada Investor Protection Fund. Each of the Companies, RMFI and Royal Bank of Canada are separate corporate entities which are affiliates. “RBC advisor” refers to Private Bankers who are employees of Royal Bank of Canada and licenced representatives of RMFI, Investment Counsellors who are employees of RBC Phillips, Hager & North Investment Counsel Inc. and the private client division of RBC Global Asset Management Inc., Senior Trust Advisors and Trust Officers who are employees of The Royal Trust Company or Royal Trust Corporation of Canada, or Investment Advisors who are employees of RBC Dominion Securities Inc. In Quebec, financial planning services are provided by RMFI which is licenced as a financial services firm in that province. In the rest of Canada, financial planning services are available through RMFI, Royal Trust Corporation of Canada, The Royal Trust Company, or RBC Dominion Securities Inc. Estate and trust services are provided by Royal Trust Corporation of Canada and The Royal Trust Company. If specific products or services are not offered by one of the Companies, clients may request a referral to another RBC partner. The strategies, advice and technical content in this publication are provided for the general guidance and benefit of our clients, based on information believed to be accurate and complete, but neither the Companies, RMFI, nor Royal Bank of Canada, nor any of its affiliates nor any other person can guarantee accuracy or completeness. This publication is not intended as nor does it constitute tax or legal advice. Readers should consult a qualified legal, tax or other professional advisor when planning to implement a strategy. This will ensure that their individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax rules, and other investment factors are subject to change. This information is not investment advice and should only be used in conjunction with a discussion with your RBC advisor. None of the Companies, RMFI, Royal Bank of Canada nor any of its affiliates nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. In certain branch locations, one or more of the Companies may carry on business from premises shared with other Royal Bank of Canada affiliates. Notwithstanding this fact, each of the Companies is a separate business and personal information and confidential information relating to client accounts can only be disclosed to other RBC affiliates if required to service your needs, by law or with your consent. Under the RBC Code of Conduct, RBC Privacy Principles and RBC Conflict of Interest Policy confidential information may not be shared between RBC affiliates without a valid reason.
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