GTA Stakeholders' Report - July 2023

A huge thank you to everyone who joined our 8th Annual Thornhill Community Yard Sale! With over 70 participating homes, it was our biggest event yet, showcasing the true spirit of Thornhill. This celebration was not just about uncovering treasures and scoring bargains, but also about nurturing connections and creating shared memories.

Like last year, vendors were invited to make a donation to our charity partner DANI, and have Kirby Chan & Co. match their donation. Together with your contributions, we raised over $500 for our charity partner DANI, making a difference in the lives of those they support!

Thank you for contributing to the vibrancy of our community and the success of this memorable event. Here’s to next year’s treasure hunting!

Financial Planning: A Guide to Protecting Generational Wealth

by John Baynham, CIM ® , QAFP ® Financial Planner & President of Retirement Income Group

Generational wealth is passed down from one generation to the next. It can provide financial security, stability and opportunities for your children and grandchildren. Here are some tips to help you preserve what you have built.

1.Manage your investments in retirement prudently. You want to balance your income needs with your growth potential and avoid withdrawing too much from your portfolio. You also want to diversify your assets across different types of investments. This can help you reduce your risk and optimize your returns over time. Some people have concentrated their time and investments in a small business, real estate, or a couple of stocks. While this may have worked to build wealth, it leaves you exposed to significant risks if those assets start to underperform. It is much easier to lose everything you have built if it is concentrated in one or two assets.

2.Save taxes on your investments. One of the things that investors often miss is the impact of annual taxation on an investment portfolio. Saving tax much more important now that interest rates have increased substantially, meaning your portfolio is going to

generate a lot more taxable income from investments which will increase taxes and potentially higher OAS claw back for seniors. It is important to look at whether your investments are allocated in account types and vehicles that will provide the most tax efficiency for your overall portfolio.

3.Save tax on your estate. In Canada, there is no inheritance tax or estate tax, but there is a deemed disposition tax. This means that when you die, you are considered to have sold all your assets at their fair market value, and any capital gains or losses are taxed accordingly. There are strategies to minimize this that you can implement by talking to a professional.

4.Educate your heirs on financial literacy. Finally, one of the most important ways to build generational wealth is to educate your heirs on financial literacy. You want to teach them the value of money, the importance of saving and investing, and the principles of budgeting and debt management. You also want to involve them in your estate planning and share your goals and values with them.

ETFS mutual funds and liquid alternatives provided by Carte Wealth Management Inc. Insurance and segregated funds provided through Carte Risk Management Inc.

Kirby Chan | Broker & C.E.O

Kirby Chan has been consistently ranked in the top 25 realtors in KW Canada. He is part of the leadership team in multiple offices and epitomizes being a leader that creates and empowers leaders at any level. He has worked in all aspects of the business, from appraisals, new developments to representing buyers, sellers, and investors in both the residential and commercial markets.

Co-Founder, REALTOR® & Lead Listing Specialist

Born and raised in Hong Kong and moved to Canada with her family at the age of 12. She is fluent in Cantonese and Mandarin. She graduated from the University of Toronto with a Bachelor of Commerce Degree and began her career at Proctor and Gamble. In 2013, she started her Real Estate career alongside her husband (Kirby) and his family. Her corporate background and passion for real estate have allowed her to support many families to fulfill their dreams of homeownership and increase their real estate portfolio in creating generational wealth.

Carrie Szeto