Search Results

We often receive questions surrounding the savings aspect of a RESP. There are also many considerations when it comes to withdrawing those funds and budgeting for your child to attend school.  Over the past 24 years, tuition at Ontario Universities has risen over 150% or 6.5% annually, far surpassing the Canadian inflation rate during that same period.  This does not include the cost of housing for students which, depending on the city, can be twice as much as tuition. First, you need to manage expectations.  Sit down with your child and go over the plan, the costs, and the funds available for their education.  Discuss with them what they will be contributing and what you will be contributing.  It is important to remember that school, especially in the first year, is a full-time job. Some kids may not be able to commit to working very much during the school year and may not be able to earn any extra income until the summer months. Plan out a budget.  Withdrawn funds from the RESP (Grant and Growth) are taxable to the child while the original contributions in the RESP are non-taxable.  Plan to take the funds out of the RESP over the planned years of education so that taxation is not onerous and to ensure you are not leaving any money left in the RESP at the end of the education period (unless it is a family plan and there are more children who will be attending school). Work with your child to create a suitable need and wants budget.  They should be able to enjoy these years, but they should also have some skin in the game if they want to do a lot of the extras.  Make sure to include items like travel, groceries, cell phone, entertainment, rent, utilities, tuition, laundry, and insurance. If your child has earned any scholarships and is attending school full time, those scholarships will not be taxable. If they are attending school part time or don’t complete their semester/year, those scholarships will be taxable. Be a voice of reason.  Newfound freedom brings adventures and activities to take part in.  As parents, we want our kids to be responsible and have autonomy, but we also need to ensure they are safe and don’t get caught up in something that could deplete their education funds.  Be aware, communicate, and educate them about scams and fraud.  Work together to make sure their bank accounts are monitored. If you have questions about RESPs or budgeting, you can reach out to your Financial Advisor.

The first quarter of 2024 witnessed fixed income investors recalibrating their expectations of about six to seven policy rate cuts in the United States to about three at the end of the quarter. While the adjustment was a disappointment for fixed income investors, who have been waiting for a consistent and positive contribution from the asset class for some time, the equity markets continued to cheer the prospects of finally turning the corner on policy rates and improving economic growth. The North American equity markets saw consecutive gains for the first three months of the year. The month of March was also in green, however, leading the charge were the cyclical Energy sector and Materials sector as against the Information Technology sector and Communications Services sector during the first two months. Commodity prices have increased (See Figure 1), driven by higher demand, indicating an improving global economic outlook. In the latest readings, the US Institute of Supply Management’s Manufacturing Purchasing Managers’ Index (50.3 for March 2024) and China Manufacturing Purchasing Managers’ Index (50.8 for March 2024) have both jumped above 50, corroborating the narrative that manufacturing activity is on the mend (See Figure 2). A reading above 50 indicates expanding activity and a reading below 50 indicates contracting activity. China is the world’s largest consumer of commodities and improving manufacturing in China typically has had a disproportionate impact on commodities prices. However, for the markets fixated on the policy rates trajectory, any data point that reads through as policy rate cuts might get delayed, gets discounted as bad news. Higher commodity prices also read through as return of goods inflation and thus potential delay of policy rate cuts, which has caused some jitters in the markets. The recent jump in the crude oil prices driven by: a) the decision by OPEC+ (Organization of Petroleum Exporting Countries) to extend the production cuts for the first half of 2024; b) escalation of geopolitical tensions in the middle east; and c) improving demand given the global economic acceleration, has increased the risk that headline inflation numbers might disappoint in the near-term. Figure 1: Commodity prices have started to move higher. Commodity Research Bureau BLS/US Spot All Commodities (April 2021 to April 2024) Source: Bloomberg Figure 2: Manufacturing activity is back in expansionary territory. US ISM Manufacturing PMI and China Manufacturing PMI (March 2020 to March 2024) Source: Bloomberg The economic data has been more supportive to the case of policy rate cuts in Canada where inflation declined to +2.8% in February (reported in March) from +2.9% in January (reported in February) and unemployment rate also advanced to +5.8% in February (reported in March) and again to +6.10% in March (reported in April) from +5.70% in January (reported in February). The data in the US has not been as supportive for the case of policy rate cuts. The headline inflation reaccelerated to +3.2% in February (reported in March) from +3.1% in January (reported in February) and unemployment rate advanced to +3.9% in February (reported in March) from +3.7% in January (reported in February) but declined again to +3.8% in March (reported in April). The strength in the US economic data has led the fixed income investors to reduce their expectations of rate cuts as evident from the CME Group’s Fed Funds Futures data. The probability of no rate cuts during the June meeting advanced from 0% as of 31 January 2024 to ~50.8% as of 5 April 2024 (see figure 3). Figure 3: Expectations of no rate cuts during the June meeting have increased. Target rate probabilities for June Fed meeting (31 Jan 2024 vs 5 April 2024) Source: The CME Group Sticky inflation could necessitate higher interest rates and for longer, which in turn will increase the risk of damage to the economy. Layering on the fact that the historical precedents of central banks’ ability to control inflation by hiking interest rates without triggering a recession are rare, seems to suggest that this mission looks impossible. However, we think the jury is still out on this and maintain our constructive outlook towards the global economy and risk assets. Our optimism is underpinned by our belief that central banks in the current era have learnt from the mistakes committed in the past and stand a better chance of reacting and fending off the adverse impact of any missteps. The timely resolution of regional banks crisis last March is a case in point. Furthermore, while the headline data does suggest labor market in the United States is on a strong footing, several datapoints suggest incremental weakening under the hood. This bolsters our belief that the strength in the labor market is just enough to suggest a growing economy but falls short of indicating an economy running hot and therefore inflationary. The ratio of total job openings to people looking for full time employment has been on a decline and the ‘US quits rate’, a measure of voluntary job separations initiated by the employee, has also been on a decline (see figure 4). Overall, we think the balance of economic data is consistent with the view of the Federal Reserve Chair, Jerome Powell, who recently stated that the latest data, despite somewhat stronger than expected, is in line with their expectations and does not derail the case of beginning to lower policy rates at some point during this year. Figure 4: Labor market is moving to better balance. Ratio of US job openings to unemployed looking for full time employment and the US quits rate (February 2018 to February 2024) Source: Bloomberg

In our day and age, mental health has become a prominent issue. The world continues to evolve to combat the rising struggle of mental health. Many individuals face challenges when trying to manage mental health symptoms, like anxiety and depression. A body of research has emerged in which the objective is to better understand the connection between Financial and Mental well-being. In this study, a few key findings have been uncovered: People are generally stressed, and finances are a prominent concern. Financial challenges often lead to mental health challenges. Not everyone responds to these challenges the same. We often look at stress as a way of life, but what happens when that stress rises to the point that we have trouble functioning and going about our daily tasks? The following are some recognizable examples; “How will we make ends meet with rising inflation?” “I didn’t get the wage increase at work that I was expecting.” “I received an unexpected bill, and this is a terrible time.” “My investments are way down, and I’m planning to retire next year.” “My credit card is maxed out.” These are just some of the common issues that we see people facing in their lives. These issues can negatively affect us emotionally. But what if there were recommendations to help combat the effect that our finances can have on our psyche? Here are a few ideas: Have a Plan and Budget. Create a budget and a plan for your household. Regularly review your budget and plan with your spouse or those involved in the household financial decision making. Seek Counseling. People seek counseling in this day and age for all sorts of reasons. Over the last couple of years, we have seen an increase in the services available in our local communities. Counseling can be a productive way to manage our stress and help find solutions to our current situations. Turn Down the Markets. Looking at the markets and one’s investments on a regular basis can trigger stress and cause concern. It is beneficial to schedule regular financial reviews throughout the year with your financial advisor. Worrying over daily market changes can create overall discomfort and unease. Work with a Financial Advisor. Guidance from a professional can have a lasting impact. A Financial Advisor can help you create a budget, manage your finances, and set financial goals. This can allow you to live the life you want today and secure the legacy you want for tomorrow. Self-Care. Exercise, meditation, and indulging in our interests and hobbies can help us reduce our stress levels and help us to manage our finances with greater confidence, which can help us make better financial decisions. It is important to remember that our mental health and financial wellbeing have a significant impact on one another. If we take the time to manage both, this can lead us to a healthier place mentally and a more productive place financially. Source:https://www.forbes.com/sites/forbesfinancecouncil/2023/03/14/the-connection-between-financial-well-being-and-mental-health/?sh=5db2e505a630

Wealth planning for everyone, in all stages of life WEALTH & ESTATE PLANNING Group Benefits & Group RRSPs, for all sizes of business O'FARRELL FINANCIAL SERVICES INC. < Back to Home Page Our Team We are proud of our dedicated O'Farrell Team members who provide top-tier service with professionalism every day. Dermid O'Farrell President & Managing Partner O'Farrell Financial Services Inc. Cynthia Batchelor Financial Advisor Assante Capital Management Ltd. Partner O'Farrell Financial Services Inc. Andrew MacKinnon, CPA Director of Finance & Partner O'Farrell Financial Services Inc. Bonnie Wilson Financial Advisor Assante Financial Management Ltd. Taylor Connell Administrative Associate to Peggy Mathieson Assante Capital Management Ltd. Amanda Pratt Administrative Associate to Matthew Felker Assante Capital Management Ltd. Jennifer Shaddick Finance Associate & Executive Associate to Dermid O'Farrell O'Farrell Financial Services Inc. Donna Lee O'Farrell Operations Consultant & Partner O'Farrell Financial Services Inc. Daren Givoque, CDFA Financial Advisor Assante Capital Management Ltd. Partner O'Farrell Financial Services Inc. Alex Zewuster Director of Operations & Partner O'Farrell Financial Services Inc. Andrew Goetz Financial Advisor Assante Capital Management Ltd. Connie Heffernan Administrative Associate to Keeley Patterson Assante Capital Management Ltd. Scott Prince Investment Funds Associate Assante Capital Management Ltd. Keeley Patterson, CFP® Financial Advisor Assante Capital Management Ltd. Partner O'Farrell Financial Services Inc. Vipul Arora, CFA Portfolio Manager Assante Capital Management Ltd. Partner O'Farrell Financial Services Inc. Geoff Carter, FLMI Employee Benefits Broker O'Farrell Financial Services Inc. Allison Martin Financial Advisor Assante Capital Management Ltd. Haley Hopkins Administrative Associate Assante Capital Management Ltd. Andrew Beek IT Manager O'Farrell Financial Services Inc. Hugh O'Neill Insurance Advisor Assante Estate & Insurance Services Inc. Partner O'Farrell Financial Services Inc. Christine Aubin Branch Practices & Partner O'Farrell Financial Services Inc. Peggy Mathieson Financial Advisor Assante Capital Management Ltd. Erin Campbell Employee Benefits Group Broker O'Farrell Financial Services Inc. Brenda Mayhew Administrative Associate to Cynthia Batchelor Assante Capital Management Ltd. Jayne Lavergne Receptionist & Record Coordinator O'Farrell Financial Services Inc. Matthew Felker, EPC Financial Advisor Assante Capital Management Ltd. Partner O'Farrell Financial Services Inc. Sarah Chisholm Financial Advisor Assante Capital Management Ltd. Partner O'Farrell Financial Services Inc. Cole Seabrook Financial Advisor Assante Capital Management Ltd. Kieran Beavis Investment Funds Associate Assante Capital Management Ltd. Jenna Piche Administrative Associate Assante Capital Management Ltd. Kari Ross Operations Associate & Partner O'Farrell Financial Services Inc. Connect with a Team member today and get focused on your future. The O’Farrell Team looks forward to helping you plan a growth strategy for your wealth that you can preserve and pass on. CONNECT WITH US CONTACT YOUR O'FARRELL TEAM TODAY AT ONE OF OUR FIVE LOCATIONS: Feel free to contact us toll-free: 877.989.1997 BROCKVILLE 613.865.8080 40 Brock Street, Brockville ON CORNWALL 613.935.6254 108 Second Street East Unit 103 Cornwall ON ​ KEMPTVILLE 613.258.1997 292 County Road 44 Kemptville ON ​ RENFREW 343.361.0212 1035 O'Brien Road Unit 14 Renfrew ON ​ WINCHESTER 613.774.2456 510 St. Lawrence Street P.O. Box 518 Winchester ON © 2023 | All Rights Reserved ​ We collaborate with you and each other to deliver unbiased advice that meets your personal and business needs. ​ Investments and wealth planning are provided through Assante Capital Management Ltd. (“ACM”). Mutual fund products are provided through Assante Financial Management Ltd. (“AFM”). Employee benefits and pension consulting services, mortgage lending services, and insurance products and services are provided through O’Farrell Financial Services Inc. (“OFSI”). OFSI is an independent company unrelated to ACM and AFM. AFM, ACM, and/or its affiliates are not responsible for any service or product provided through O’Farrell Financial Services Inc. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. Assante Financial Management Ltd. is a member of the Mutual Fund Dealers Association of Canada (“MFDA”) and MFDA Investor Protection Corporation (excluding Quebec).

HOME SERVICES ADVANTAGE CARRIERS ABOUT US More CONNECT WITH US Our Team We are proud of our dedicated Team members who provide top-tier services with professionalism every day. Our Team Request your quote anchor Dermid O'Farrell President & Managing Partner O'Farrell Financial Services Inc. Alex Zewuster Director of Operations & Partner O'Farrell Financial Services Inc. Andrew Beek IT Manager O'Farrell Financial Services Inc. Donna Lee O'Farrell Operations Consultant & Partner O'Farrell Financial Services Inc. Geoff Carter Employee Benefits Broker O'Farrell Financial Services Inc. Kari Ross Operations Associate & Partner O'Farrell Financial Services Inc. Christine Aubin Branch Practices & Partner O'Farrell Financial Services Inc. Erin Campbell Employee Benefits Group Broker O'Farrell Financial Services Inc. Jennifer Shaddick Finance Associate & Executive Associate to Dermid O'Farrell O'Farrell Financial Services Inc. Andrew MacKinnon Director of Finance & Partner O'Farrell Financial Services Inc. Jayne Lavergne Receptionist & Records Coordinator O'Farrell Financial Services Inc. Jenna Piche Administrative Associate O'Farrell Financial Services Inc. OFSI Team The O'Farrell Story Most businesses have a story behind them, and O’Farrell is no different. In 1997, Dermid and Donna Lee O’Farrell founded the company with a belief that when relationships are strong, people will have the confidence to act on their plans. Recognizing that financial planning would be deeply valuable to the people in their community and surrounding area, they set out to build a company that would provide clients with an experience of quality advice, professional discipline, and compassion; something that their clients could believe in, something they can trust. ​ From the beginning, the company has grown steadily each year and has proven that their belief was one that was shared by their clients. While it was not without its challenges and hardships, Dermid and Donna Lee put in the tough work that is required to build any meaningful business. Now, as the company celebrates its’ 27th year in business, they have attracted a Team that shares their commitment to relationship and their desire to help clients plan for their financial future. Ready to discuss how an employee compensation plan can enhance your business? Our Group Benefits Brokers can provide a no-cost, no-obligation analysis to evaluate your group retirement savings plan and benefits needs. Please contact us using one of the methods below. O’Farrell Financial Services Inc. ​ 613.774.2456 Toll-free: 1.877.989.1997 Fax: 613.774.0371 Monday - Friday 8:30 a.m. - 4:30 p.m. benefits@ofsi.ca We have five locations in Eastern Ontario and the Ottawa Valley to serve you. Name Phone Number City / Town Email Address Prefered Method of Contact Reason for Contacting Us Preferred Office Location Who would you like to connect with? SEND CONTACT REQUEST Thanks for submitting! By providing your email address, you provide O’Farrell Financial Services Inc. with your express consent to receive Commercial Electronic Messages related to finances and/or investments that may be of interest to you. If you no longer want to receive emails of this nature, you can withdraw your consent at any time by contacting marketing@ofsi.ca . Office Locator We are regionally located across Eastern Ontario and the Ottawa Valley to serve you. O’Farrell Financial Services Inc. 40 Brock Street, Brockville, ON 613.865.8080 O’Farrell Financial Services Inc. 108 Second Street East, Unit 103, Cornwall, ON 613.935.6254 O’Farrell Financial Services Inc. 292 County Road 44, Kemptville, ON 613.258.1997 O’Farrell Financial Services Inc. 1035 O’Brien Road, Unit 14, Renfrew, ON 343.361.0212 O’Farrell Financial Services Inc. 510 St. Lawrence Street, P.O. Box 518, Winchester, ON 613.774.2456 Looking for information regarding investments and wealth planning? Visit O’Farrell Wealth & Estate Planning. O'FARRELL WEALTH & ESTATE PLANNING © 2023 | All Rights Reserved ​ We collaborate with you and each other to deliver unbiased advice that meets your personal and business needs. ​ Investments and wealth planning are provided through Assante Capital Management Ltd. (“ACM”). Mutual fund products are provided through Assante Financial Management Ltd. (“AFM”). Employee benefits and pension consulting services, mortgage lending services, and insurance products and services are provided through O’Farrell Financial Services Inc. (“OFSI”). OFSI is an independent company unrelated to ACM and AFM. AFM, ACM, and/or its affiliates are not responsible for any service or product provided through O’Farrell Financial Services Inc. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. Assante Financial Management Ltd. is a member of the Mutual Fund Dealers Association of Canada (“MFDA”) and MFDA Investor Protection Corporation (excluding Quebec).

HOME SERVICES ADVANTAGE COMMUNITY RESOURCES ABOUT US More CONNECT WITH US Invest in your future with a personalized Wealth Plan. Anchor 1 Are you looking for a wealth plan that fits your life now and grows with you? ​ With your goals and dreams in mind, our Financial Advisors work with you to create a plan that grows your wealth and secures your future. ​ Together we find the right solution to grow your investments, and keep you protected. Your Financial Journey You have a vision of where you want to go in life — all you need now is a map! Our Financial Advisors listen to you and apply their knowledge and tools to guide you towards your financial goals. We provide you with a practical, personalized wealth plan to set you on the right path. When life puts up a roadblock, we will be here to steer you in the right direction. ​ We provide a multitude of investment options that we tailor to your specific needs. These include registered, non-registered, fully guaranteed, and non-guaranteed investment vehicles. ​ Experience something different with the O’Farrell Wealth & Estate Planning Team. ​ CONTACT US TODAY Meet the Advisors Matthew Felker Financial Advisor Assante Capital Management Ltd. Daren Givoque Financial Advisor Assante Capital Management Ltd. Keeley Patterson Financial Advisor Assante Capital Management Ltd. Vipul Arora Portfolio Manager Assante Capital Management Ltd. Hugh O'Neill Insurance Advisor Assante Estate & Insurance Services Inc. Sarah Chisholm Financial Advisor Assante Capital Management Ltd. Cynthia Batchelor Financial Advisor Assante Capital Management Ltd. Peggy Mathieson Financial Advisor Assante Capital Management Ltd. Cole Seabrook Financial Advisor Assante Capital Management Ltd. Bonnie Wilson Financial Advisor Assante Financial Management Ltd. Andrew Goetz Financial Advisor Assante Capital Management Ltd. Allison Martin Financial Advisor Assante Capital Management Ltd. MEET OUR TEAM Our Services We offer the following suite of services to meet your personal and business Wealth Planning needs: ​ Insurance Investments Retirement Planning Succession & Estate Planning Business & Tax Planning Wealth Management Discretionary Trading Mortgage Referrals * Charitable Giving ​ Visit our Services page to read more about each of our services. Read more I highly recommend Sarah Chisholm and O’Farrell Wealth for all your investment needs. I've been with them for 3 years and have had a great experience so far! I love that Sarah is always there to help me with my financial questions — knowing she is just a phone call away for any concerns I have regarding my investments is a real comfort to me. I feel very comfortable with Sarah and she is very knowledgeable. I came to O’Farrell looking for a retirement savings plan and a few TFSAs and I left feeling like I made the right decision going with them.​ Jenna Blais Contact Us Today Live the life you want today and secure the legacy you want for tomorrow. Contact the O’Farrell Team to start planning a growth strategy for your wealth that you can preserve and pass on. ​ Name Phone Number Email Address Prefered Method of Contact Reason for Contacting Us Preferred Office Location Who would you like to connect with? SEND CONTACT REQUEST Thanks for submitting! By providing your email address, you provide O’Farrell Wealth & Estate Planning with your express consent to receive Commercial Electronic Messages related to finances and/or investments that may be of interest to you. If you no longer want to receive emails of this nature, you can withdraw your consent at any time by contacting ofarrell@assante.com Meet with an O'Farrell Advisor at one of our five office locations. Feel free to contact us toll-free: 1.877.989.1997 BROCKVILLE 613.865.8080 40 Brock Street, Brockville ON CORNWALL 613.935.6254 108 Second Street East Unit 103 Cornwall ON ​ KEMPTVILLE 613.258.1997 292 County Road 44 Kemptville ON ​ RENFREW 343.361.0212 1035 O'Brien Road Unit 14 Renfrew ON ​ WINCHESTER 613.774.2456 510 St. Lawrence Street P.O. Box 518 Winchester ON Looking for information regarding employee benefits and group pension plans? Visit O’Farrell Financial Services EMPLOYEE BENEFITS & GROUP RRSP *Mortgage products and services are provided by Assante Capital Management Ltd. through its strategic partnership with Bank of Montreal. ​ We collaborate with you and each other to deliver unbiased advice that meets your personal and business needs. Important Disclosures Assante Capital Management Ltd. (“ACM”) is a member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. ​ Know your Advisor: IIROC Advisor Report ​ Assante Financial Management Ltd. (“AFM”) is a member of the Mutual Fund Dealers Association of Canada (“MFDA”) and MFDA Investor Protection Corporation. ​ ​ www.mfda.ca ​ Stocks, bonds and mutual funds are provided through ACM. Mutual fund products are provided through AFM. Only those services offered through ACM are covered by the Canadian Investor Protection Fund, and only those services offered through AFM are covered by the MFDA Investor Protection Corporation. For more information please visit http://www.assante.com/legal or contact our office for clarification. To research the background, qualifications and disciplinary information on advisors at IIROC regulated firms please generate an IIROC Advisor Report. ​ Employee benefits and pension consulting services, Mortgage lending services, and insurance products and services are provided through O’Farrell Financial Services Inc. (“OFSI”). OFSI is an independent company unrelated to ACM and AFM. ​ For further Assante Wealth Management important legal and compliance disclosure, please visit www.assante.com/legal ​ For more information on our privacy policy, please visit http://www.assante.com/privacy-policy www.cipf.ca https://www.iiroc.ca/ © 2023 | All Rights Reserved