The past year was truly one for the books. From politics and world issues to entertainment and everything in between, it’s fair to say that 2017 was a wild ride for many of us. Looking back now, we can only guess what 2018 will have in store!
Through it all, our clients’ investments were actively and expertly cared for. Our wealth management strategies remain reliable and effective, and we continue to work with an exceptional group of business owners, medical professionals and families in the Ottawa area. Our team is grateful to work with so many wonderful clients, and looks forward to welcoming more in the new year.
Now, let’s take a look back at some of the most notable and interesting financial news of 2017.
Proposed changes to business tax law
Back in July, we wrote a blog post detailing our thoughts on Finance Minister Bill Morneau’s proposed changes to corporate tax laws in Canada (you can read that post here). Since then, the proposal has gone through several inceptions, including an update only days ago. Our position remains largely the same, and as the new year approaches, we will continue to use strategic financial planning to help small businesses preserve and grow the income they’ve worked so hard for. If you would like to discuss your financial plan, retirement plan or tax minimization strategies for your business, please contact us.
The up and down ride of the loonie
In the early days of 2017, The Financial Post reported that the loonie was expected to have a strong year and be sitting at around $0.76 by December. Around the same time, another economist was predicting the exact opposite – a rough year with a substantial fall. After some minor ups and downs, the loonie jumped to $0.82 in August – its highest level in about two years. At present (market closing on December 12, 2017), the loonie is valued at just under $0.78 U.S. – remarkably close to that first prediction. If you’d like to discuss the strength of the Canadian dollar and its impact on your investments, please feel free to reach out to my team.
Equifax gets hacked
News was slow to trickle out on this one, but when it did, it got our attention. Over 19,000 Canadians were affected by the Equifax breach. Information that was compromised by the security reach included credit card numbers, birth dates and other personal information. Another great reminder to be vigilant about protecting your personal information online, and yet frustrating for so many.
Rising interest rates
After much speculation, the Bank of Canada raised the key interest rate in both July and September. Currently sitting at 1.0%, the rate remained unchanged throughout early winter. While it is expected to rise again in response to factors such as wage growth and inflation, we’ll have to wait and see exactly when that happens and how far the bank decides to take rates in 2018.
Marijuana stocks, bitcoin and other newsmakers
This was the year that financial papers were saturated with news of Bitcoin and other cyrptocurrencies, Telsa and Space X, political uncertainties and yes – marijuana stocks going mainstream. While our team continues to recommend proven, reliable investment models, we’d be happy to discuss your interest in innovative new technologies. If you’d like to review your individual investment plan, let us know – we’re always pleased to learn more about your evolving interests and goals.
Thanks for reading – we’ll be back next week with one final blog before the holidays!