Author: kiara

Eligible Canadians can contribute up to $8,000 each year to an FHSA up to a lifetime contribution limit of $40,000 to help them buy their first home.

Purchasing a home is an important decision that requires careful financial planning. Fortunately, there is a specialized tool designed to help Canadians save tax-free towards their goal of buying a first home – the new Tax-Free First Home Savings Account (FHSA).

The FHSA is a game-changer for aspiring homeowners. This unique type of savings account allows eligible Canadians to contribute up to $8,000 a year with a lifetime maximum contribution limit of $40,000 towards the purchase of their first home. This can help you break down the cost of buying your first home into tangible yearly savings goals.

Once funds are deposited in an FHSA, you can watch them grow tax-free. This means that any interest earned, or investment gains made within the account are also free from taxes, allowing for potential compounding and greater returns. Most importantly, any qualifying withdrawals are tax-free. You also have the option to transfer existing RRSP amounts into the FHSA.

Adding to its appeal, contributions made to the FHSA are tax deductible, meaning you can claim them on your personal income tax return filing to lower your taxable income and potentially save more money in taxes. In this way, an FHSA is similar to an RRSP.

To be eligible to open an FHSA, you must meet certain criteria set by the government. These eligibility requirements are designed to ensure that the FHSA is accessible to those who genuinely need it and are committed to buying their first home.

Once you’re ready to purchase your first home and have a written agreement to buy or build your home, you can use the money in the FHSA towards a qualified home purchase, which can include a down payment, closing costs, and other related qualifying first home expenses.

You can even use an FHSA in conjunction with the Home Buyer’s Plan (HBP) to have an even greater amount to use for the purchase of your first home. It’s important to note, however, that the money in an FHSA can only be withdrawn for the purpose of buying your first home but you won’t need to pay it back like you do with the HBP.

If you already own a home, unfortunately, you cannot use the funds for a second home or investment property. You may also incur penalties and tax consequences if you withdraw funds from an FHSA for a non-qualified purpose.

But should you decide to forego your first home purchase and use your funds for something else, you can always transfer the money to your RRSP or RRIF on non-taxable basis until December 31 of the year following the year of your first qualifying withdrawal, without affecting your RRSP contribution room.

For complete details, please review the FHSA resources available on the CRA website. You can also find all applicable definitions for FHSAs here.

Starting on November 20, 2023, Rothenberg Wealth Management is offering clients the option to open their FHSA.

Contact a Rothenberg Wealth Management Advisor to discuss your goals and get advice on how to customize your investment portfolio in your FHSA to maximize your future savings potential. If you are not eligible (or are unsure you are eligible) for the FHSA, a Rothenberg Advisor can assess your situation and help you explore other savings options to meet your financial goals.

Travel personality and bestselling author Robin Esrock has reported from over 100 countries on 7 continents.  We’ve invited him to share his summer travel inspiration.     

Global Dream of the Summer:  Slovenia

Of all the countries that once made up the former Yugoslavia, Slovenia has emerged as the undiscovered gem of Central Europe.  The country boasts lush countryside, medieval fortresses, the sweeping Julian Alps, crystal lakes, and the culture-rich capital of Ljubljana.  Straight out of a central European fairytale, mountains overlook green valleys so smooth you’d think they grow vegetables on manicured fairways.  Romantics will love the old church sitting in the middle of Lake Bled, a vista you may have seen in popular screensavers. Horse-lovers will relish a bucket list visit to Lipica, the ancestral home of the classic white Lipizzaner.  Ljubljana is quintessentially European: think cobblestones, churches, old town squares, canals, parks, bicycle lanes and busy outdoor cafes.  Easy to get to via air or if visiting from neighboring Italy, Austria, Croatia and Hungary, Slovenia offers great European value with abundant options for nature, culture, food and history.

Canadian Dream of the Summer: Prince Edward Island

What do you do with an abandoned province-wide railway line? You turn it into a 400km-long recreational trail running tip-to-tip across Prince Edward Island, resulting in an unforgettable bucket list East Coast adventure. With your bags shuttled ahead to homely inns and B&B’s, the trail takes you through gorgeous forest, beaches, rivers, farmland, restored railway stations and small towns bursting with Maritime charm. Kick off at the Confederation Bridge, load up on local lobster, pop into bays with the world’s best oysters, and work it off with some healthy daily exercise.  An optional e-bike upgrade can make it especially easy and fun for the whole family.

Leaving the Pandemic Behind

In May 2023, the WHO officially declared that the COVID-19 pandemic no longer constitutes a global health emergency.  Instead of wild celebrations that the pandemic is finally behind us, we’ve quickly moved onto new fears and uncertainty, heavily promoted by media that thrives on bad news (remember: if it bleeds it leads).  Tourism continues to boom, with heavy demand for airfare, accommodation and activities.  Prices are skyrocketing, as operators and airlines eagerly recoup lost profits.  It’s been a year since The Great Chaos of 2022, and the tourism industry has prepared for the rush.  Industry employment is almost back to pre-pandemic levels, and efficient new technologies have been implemented.  It’s going to be busy out there, but summer 2023 will see a significant improvement over 2022.

Pro Tips: Staying Safe

A surge in tourism brings a surge in opportunistic crime.  You’ll often hear “Use Your Common Sense” but little about what common sense actually means.    Very simply:  Avoid flashing your wealth or drawing unnecessary attention to yourself.  If a local or guide advises you not to go somewhere, take their advice seriously.   If something looks or sounds too good to be true, it usually isn’t.  Keep secure online back-ups of your passport, banking and insurance details (you can just email it yourself or leave a copy with someone at home).  Credit cards are accepted just about everywhere, so don’t carry too much cash.  Avoid unnecessary confrontation, and when in doubt, ask for help.  With a little common sense, it’s highly unlikely anything terrible will happen. Scams and crime grabs attention, but both are statistically rare for travellers worldwide.

Don’t Quote Me:

“Travel is fatal to prejudice, bigotry, and narrow-mindedness.”

Mark Twain

If you have any travel-related questions or inquiries, feel free to email me at robin@robinesrock.com

Which area of wealth management would you like to learn more about? We’d love to hear from you and invite you to join the conversation on our Facebook page – with a chance to win a $100 Amazon gift card!

Wealth management is more than just growing your investments or managing your money. It’s a holistic and comprehensive approach that considers various aspects of your financial journey and overall well-being, including investment management, tax planning, retirement planning, estate planning, risk management, and more.

While many wealth management firms focus on offering core services, we understand that every individual has unique needs and goals. To help us better understand your interests and preferences, we invite you to participate in our Facebook giveaway. Share your opinion about the wealth management service you’d like to learn more about and get a chance to win a $100 Amazon gift card.

To enter our giveaway, simply visit our Facebook page and find the post about the Amazon Gift Card Giveaway. Leave a comment sharing your thoughts and let us know which area of wealth management you’d like to explore further. Don’t forget to follow the other giveaway rules for an eligible entry.

We value your insights, and your participation will help us tailor our future content to meet your needs. Click the following link to access the Facebook post about the giveaway and join the conversation: [LINK TO FB POST]

Please note that you must have a Facebook account to enter this giveaway. For complete contest rules, click here.

Bestselling author and travel personality Robin Esrock has reported from over 100 countries on 7 continents.  We’ve invited him to share some travel inspiration.

International Dream of the Season:

Sail a Tall Ship in the Caribbean

Unless you personally know someone with a luxury 16-sail, 62m-high, 15m-wide and 110m-long tall ship, chances are you’d never get to sail one.  Fortunately, Swedish-owned Star Clippers has a fleet of them, pampering guests with spectacular sailings around the world. Spring is an ideal time to board their Star Flyer for a week-long sail around the British Virgin Islands. Among sailing enthusiasts and first-timers, you’ll get to explore stunning coves, beaches and island communities where big cruise ships simply cannot go.  Star Flyer accommodates up to 160 passengers and 74 crew, combining luxury (think polished mahogany and brass interiors) with adventure (climb the mast and feel that wind!) Best spot on the yacht is the bowsprit, a thick, hammock like netting at the front of the ship where I felt the spray of the ocean, and spotted curious dolphins beneath the waves.  On board were seasoned cruise veterans who told me the Star Flyer had been their favourite cruise ship of all.  Sailing is just a different way to do it, and burning just 15% of the fuel of a similar sized ship, it’s an eco-friendly way to cruise as well.

Canadian Dream of the Season:

Blossoms, sugar shacks, wildflowers and whale watching are just some of the attractions that come alive each spring. It’s also a great time to hit the ski slopes as the crowds thin, the snow softens, and the days stretch longer.  An estimated 40,000 cherry blossom trees brighten up Vancouver (my favourite spot is Queen Elizabeth Park) for the annual Cherry Blossom Festival, while over a million tulips bloom in Ottawa at the Canadian Tulip Festival in May.  Returning after the pandemic hiatus, Elmira, Ontario once again hosts the world’s largest maple syrup festival, kicking off April 1^st, and sugar shacks kick into high gear across Quebec too. On April 2^nd, Stratford, Ontario releases swans onto the Avon River with a lively parade, and on the Manitoban prairies, the world’s largest concentration of snakes (all totally harmless!) slither from the Narcisse Snakes Dens creating a rather unique wildlife spectacle.  Less snakes, more chocolate?  Check out my inspiring story about a family of Syrian refugees in Nova Scotia producing the best chocolates in the country, and how a community rallied to support them.

Leaving the Pandemic Behind:

In December I attended a World Travel and Tourism Council conference in Saudi Arabia. Fifty-two Ministers of Tourism were attendance along with thousands of attendees to debate the future of sustainable tourism, ironically gathered in the world’s largest oil producer. Saudi Arabia is investing a staggering US$1 trillion into tourism as a strategy to wean GDP off fossil fuels.  Check out this jaw-dropping video for The Line, one of several Saudi ‘giga-projects’ that feel like they belong in a sci-fi movie.  You can read my full report on the kingdom’s wild and problematic transformation.

Pro Tips:

I used to always drink tomato juice on flights.  It must help in some way, I figured, otherwise why would they serve it?  A friendly flight attendant set me straight.  “Do your feet swell up on planes?” she asked me.  They do!  “Then stay off the salty tomato juice!”  Incredibly high in sodium, tomato juice is the worst liquid to put into your body in a pressurized cabin, and coffee, pop or alcohol are not much better.  Stay hydrated with water. A pro trip for long-haul flights is to wear a pair of compression socks (nowadays marketed as fashionable energy socks).   You’ll notice an immediate difference on arrival, with your legs and feet feeling fresh and ready to take on any new adventure.

Don’t Quote Me:

“Travel. Because money returns, and time doesn’t.” – Anonymous

If you have any travel-related questions or inquiries, we invite you to reach out directly to Robin at robin@robinesrock.com

This year, we asked the amazing women at Rothenberg to reflect on the women who inspire them as a way to celebrate International Women’s Day, March 8th.

The result is a list of incredible female role models from different backgrounds, professions, and life experiences who have dismantled stereotypes, broken through the glass ceiling and paved the way for future generations of women to enjoy a brighter future.

At the end of the list, we have a special tribute to a woman who has been involved, and to some degree, responsible for the growth and incredible success of our firm over the past few decades. Keep reading to discover who she is!

Without further ado, here are our picks:

Oprah Winfrey

I often watched her shows when she had people on that she helped achieve their dreams when these women thought they had no life. Oprah came from a very poor background. She was mistreated as a child, yet this courageous soul never gave up on her dreams of someday helping others. She gave others the courage to never give up and not let others put you down. With all that this lady went through in her life, it made her stronger to push forward and survive and do good for others!

– Susan Pilon, Westmount Office Administrator

Jacinda Ardern – Former Prime Minister of New Zealand (2017-2023)

She has shown that a leader can be strong, decisive, and compassionate at the same time. Her approach to governance has been people-centered, putting the needs of citizens at the forefront of her policies. Her leadership style has shown me that empathy and kindness can be powerful tools in any profession, including finance, and that we can make a positive impact on people’s lives while still being successful in our careers.

– Mylene Jeremie, Wealth Management Advisor

Jodie Comer – Actress

She is an incredibly talented actress who allows her talent to speak for itself. She is witty and authentic and is thriving in a male-dominated industry whilst being true to herself. She exuberates kindness and self-assuredness that inspires me whenever I see her pop up!

– Claire Churchill-Smith, Wealth Management Associate

Lee Jieun – IU – South Korean Idol and Actress

She persisted through poverty and setbacks to pursue a career in entertainment, attending numerous auditions and facing scams before debuting at just 15 years old. Despite facing insults, she became a successful artist who paid off her parents’ debts and donated $4.3 billion to charity. She is now known as “The Nation’s Little Sister.”

I am inspired by Lee as even though she has faced a lot of difficulties in her life, she did not give up. After being successful, she remained humble and kind. Working hard, no giving up attitude and being down to earth is the key to success.

– Tanuja Neenooth, Client Services Representative

Ruth Bader Ginsberg – Former U.S. Supreme Court Justice (1993-2020)

She faced multiple levels of discrimination because of her Jewish heritage, her gender, and her obligations as a mother but she broke the glass ceiling for women in so many ways despite enormous odds. I vividly remember watching the RGB documentary on Netflix and feeling so inspired by her courage, perseverance, and passion for championing gender equality, advancing equity and making the world a better and more equal place for all.

– Kiara Bernard, Marketing Manager

Malala Yousafzai – Pakistani Education Activist

Malala is amazing! She is strong and brave; she stands for what she believes in even when she faced life-threatening opposition from the Taliban and was attacked. Her focus is not only on Pakistan; she is fighting for gender equality and education rights worldwide.

– Christine Yu, Marketing Associate & Banking Administrator

Mel Robbins – American Podcast host, best-selling author, motivational speaker, and former lawyer

She is a great example of how to turn your struggles into success and become your best self every day. Her own struggle with overcoming self-doubt and anxiety shows that anyone can achieve success with the right mindset and habits. She is sincere, unfiltered, and direct. Her podcast is among my top 3 favorites to listen to!

– Antonella Perrotta, Senior Human Resources Manager

Michelle Obama

She uses her powerful platform and voice to empower and express her values as a leader, through her messages of strength, support, and empathy. Her leadership and grace continue to inspire me to lead with purpose in all areas of life.

– Silvana Rizzo, Wealth Management Advisor

Mother Teresa

I am inspired by Mother Teresa’s deep empathy for others, she expressed love and compassion through her actions and words. She fosters equality for all human beings and she continued to push forward with her mission to help others no matter what obstacle she faced. Her deep sense of purpose and responsibility to create a positive change. Her simplicity, emotionally healthy & healed personality.

– Tina Patel, GIC Department Coordinator at Rothenberg & Rothenberg Annuities Ltd.

Who: Helen Corrigan, Former President of The Rothenberg Group of Companies (1988-2020)

Why she inspires me: The woman who has inspired me is our previous President here at the Rothenberg Group of Companies: Helen Corrigan. Helen was President from early in the 1990s, when women were not presidents of independent firms. She paved the way for women like me to be able to hold executive positions and be great leaders. By watching her over the last 20 years before her retirement, I learned how to be strong, resilient, and compassionate; all qualities of a great leader.

– Maria Ioannou, President & CFO of The Rothenberg Group of Companies