What is Stressing Canadians?
Bespoke Quarterly Newsletter – November 2015

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In celebration of Financial Planning Week 2015, we are launching our first newsletter. We hope you enjoy it!


What is Stressing Canadians?

Stress is a natural, physical and mental reaction to both good and bad experiences that can be beneficial to your health and safety. However, chronic stress can have a negative impact on your overall well-being if not controlled. One stressor, in particular, is driving Canadians to lose sleep, reconsider past financial decisions, argue with their partner and lie to family and friends. What is it? A national survey conducted by Leger, on behalf of the Financial Planning Standards Council (FPSC), found that 42% of Canadians rank money as their greatest stressor.

Source: Financial Planning Standards Council

If you worry about money, there is a silver lining! Another study conducted by the FPSC, which included close to 15,000 Canadians, revealed that Canadians who engage in comprehensive financial planning report significantly higher levels of financial and emotional well-being compared to those who do no planning or limited planning.
Those with comprehensive financial plans feel:

  • More on track with their financial goals and retirement plans
  • That they have improved their ability to save in the past five years
  • More confident when dealing with financial challenges in life
  • Better able to indulge in their discretionary spending goals

Planning really does pay off! No matter how stressful life can get, there are steps you can take to alleviate the pressure and regain control. Get started on improving your financial and emotional well-being today. Contact us to discuss your plan!.

Quote of the Day

“It’s not stress that kills us; it is our reaction to it.”

– Hans Selye

Financial Food
for Thought

Of the 10.7 million Tax-Free Savings Account (TFSA) holders in Canada in 2013, 17% had contributed the maximum to their account. The Canada Revenue Agency statistics also show that 267,000 Canadians who make less than $20,000 had contributed the maximum and 1.1 million Canadians making less than $60,000 were also contributing the maximum to their TFSA.

This confirms that TFSAs are being actively used by low and middle-income Canadians, not just high-income earners. Some of the low-income statistics can be attributed to retired seniors who have already accumulated wealth. 856,000 Canadians 65 or older have maximized their contributions. Another 1.3 million Canadians 55 or older have done the same.

Utilizing a TFSA is a great way to put money away, tax-free, over the course of your life. Start taking advantage of the tax benefit like so many other Canadians are already doing. Contact us to get started and find out how much you can contribute.

Resource of the Day

TheCareGuide.com is an online resource for older adults and their families that provides a user-friendly, comprehensive, search directory of older adults’ housing and care services options across Canada including independent living, home care, outreach services, supportive housing, retirement residences, long-term care homes and memory and palliative care providers.

It also provides information on topics related to the decision-making process of finding appropriate older adults’ housing or services such as health and wellness, legal and financial planning issues and others.

We hope you find this resource helpful. Please let us know if you have any questions.