Abdullah Masood, Wealth Advisor

03/05/2024

Ruth Gottseman, former professor at Albert Einstein College of Medicine, has pledged to donate $1 BILLION to the school.

Often medical students graduate with debt north of $200,000, and then face interest rates, life goals, etc. Ruth has enabled students at this school to pursue their education tuition free.

Albert Eistein College is located in the Bronx, an area not known for it's medical institution, but by their significantly economically disadvantaged population. This is a huge win for philanthropy by Ruth and David (late) Gottesman.

www.business-standard.com

02/26/2024

Longevity is a topic we review during my Total Wealth Planning process. The numbers show Canadians are living longer, at a rapidly increasing rate. This creates additional factors to consider when monitoring your financial health, as such I invite you to join us on March 5 (Tuesday) as we explore healthy aging strategies for retirement.

Hear from our panel experts, Dr. Franco Rizzuti, Public Health and Preventive Medicine Specialist, and Dr. Amy D'Aprix, Life Transitions Coach, as they discuss the connection between increased longevity and wealth and how it can impact your health, wellbeing, and financial goals.

Register today.
http://ms.spr.ly/6044cOeFa

02/12/2024

What is a "good retirement?"

Traditionally my profession is focused on the numerical side of your retirement picture.

We do an excellent job at this, along with having immense pride in helping you find meaning and fulfilment in this new chapter of life. It is too difficult to have a standard definition of a "good retirement," however with some intentionality you can create the ideal definition for yourself.

For myself, I imagine my later years to include lots of cooking for loved ones and philanthropy for causes near and dear to my heart.

abdullahmasood.ca

02/06/2024

This year, thanks to the leap year, the deadline for RRSP (Registered Retirement Savings Plan) contributions that will be attributed to your 2023 taxes is February 29th.

As tempting as it is to leave your contribution to last minute, let me be your friendly financial reminder: Don't wait until the day of the deadline!

Instead, be proactive and strategically plan your optimal contributions. Take advantage and make the most of your RRSP.

01/29/2024

We're well into 2024 and hopefully continuing our journey towards better health.

Research has shown that physical and financial health are closely correlated, so here I give you 10 tips for financial wellness to compliment your overall health.

1. Have a Financial Plan
2. Understand your cashflow
3. Establish a "reserve" fund
4. Invest for the future
5. Manage your tax liability
6. Understand your debt situation
7. Understand your insurance
8. Consider making donations
9. Review that your estate plan is solid
10. Update your financial inventory

Clients of mine will recognize steps 2-10 as a natural part of going through my Total Wealth Planning process. Here to help if you're looking to bolster your financial health.

abdullahmasood.ca

01/08/2024

Happy New Year! If you're one of the many that decided proactive tax planning was a resolution of yours for 2024, then you'll really get some value out of this calendar!

Important dates to be aware of for Q1:
Jan 1 - $7,000 additional TFSA room and increased RRSP contribution room
Jan 30 - Deadline to pay interest for income splitting loans to avoid income attribution
Feb 29* - 2023 RRSP contribution deadline, and balance of income tax due for your corporation if you had a Dec 31 year-end
March 15 - Personal income tax instalment due
March 30 - Deadline for must trust income tax returns
March 31 - Deadline to file most partnership income tax returns

Take a look at the full calendar to see deadlines for the remainder of the year and more in depth information

abdullahmasood.ca

12/20/2023

Whether you're crunching snow under your feet, or crunching numbers for year-end, remember to take some time to unwind and enjoy this holiday season with your loved ones.

Happy Holidays and Happy New Year!

12/08/2023

Jingle bells, market swells, & economic updates to tell!
This article provides valuable insights into why sticking to core investing principles is more crucial than ever, offering actionable strategies to navigate through economic uncertainties.

Key Takeaways:
Debt vs. Interest Rates: The global economy's high debt levels make the current interest rate scenario unsustainable, hinting at potential economic slowdowns ahead.
The Risks of Market Timing: Predicting short-term market movements is notoriously tough. With the possibility of a mild recession, this becomes even riskier.
Investing in Quality: Focus on businesses with strong pricing power and low debt. These are the ones likely to weather economic storms.
The Bond Market Dynamics: Higher yields on long-duration sovereign bonds are now more attractive, offering potential growth opportunities. Inline with our preference for high-quality assets, we find Investment Grade corporate credit to be relatively attractive.

Amid these uncertain times, the strategy is clear: avoid market timing and focus on quality, long-term investments. High-quality businesses with solid fundamentals are key to navigating through potential economic slowdowns and market volatility.

Read the full article to gain a deeper understanding of my key takeaways and implement strategies to protect your portfolio.

abdullahmasood.ca

11/29/2023

"It's waiting that helps you as an investor and a lot of people just can't stand to wait. If you didn't get the deferred-gratification gene, you've got to work very hard to overcome that." - Charlie Munger

ndtv.com

11/14/2023

Will planning: not exactly the topic of choice at dinner parties, but hey, it's what keeps us all sleeping soundly at night! We've crafted a checklist that's as close to fun as estate planning can get.

Key Highlights:

1. Choosing the right executor: Ensuring they are prepared and capable of managing your estate.
Asset and liability considerations: Effectively managing your estate's components for smooth succession.
2. Trusts and guardianship: Setting up safeguards for dependents and managing their inheritance.
3. Tax implications and planning: Navigating the financial aspects of estate planning to optimize outcomes.

Estate planning can feel as exciting as watching paint dry. But with the right approach (and an entertaining Wealth Advisor like me), it can be both meaningful and straightforward.
This checklist is a great first step to ensuring your legacy is crafted exactly as you picture it.

For personalized advice and assistance in this CRITICAL area of managing your wealth, feel free to reach out.
Let's ensure your estate planning aligns perfectly with your goals and circumstances.

abdullahmasood.ca

11/07/2023

As the haunted houses of Halloween disappear, the jingle bells start to ring but let's not forget the jingle of coins saved through savvy tax planning. Though we're excited about the festive season, let's also make sure we're set for a smart financial finish to 2023. Here's a snapshot of key dates and actions for your tax diary. For an in-depth dive, don't hesitate to read the attached article!

With the end of 2023 quickly approaching, it's critical to engage in tax planning discussions, ensuring you're well-positioned to take advantage of potential savings and meet crucial deadlines. Here's a checklist to help you navigate the end-of-year tax planning process:

Key Deadlines for Your Tax Diary:

December 15, 2023: Make your quarterly income tax installment to the Canada Revenue Agency to avoid interest charges.
December 27, 2023: Finalize any trades to ensure settlement within the 2023 calendar year, crucial for capital gains or losses to be recorded this fiscal year.
December 31, 2023: Donate to your chosen charities to claim a tax credit on your 2023 return. Your generosity could be more rewarding than you think!

RESP & RDSP Contributions: Don't leave money on the table. Contribute to your Registered Education Savings Plan and Registered Disability Savings Plan to secure government matching for 2023.

Looking Ahead to Early 2024:

January 30, 2024: Pay interest on any income-splitting loans to comply with the prescribed rate loan strategy, ensuring the attribution rules do not apply.
February 29, 2024: Make your 2023 Registered Retirement Savings Plan contributions. It's your chance to reduce taxable income and bolster your retirement savings.
April 30, 2024: File your 2023 T1 personal income tax return. Early preparation means less stress as the deadline approaches.

Tax planning is an art that pays dividends all year round. Aligning your strategy with professional insights can make all the difference. If you have questions or need a guiding hand as you navigate these fiscal waters, reach out. Let's close 2023 on a high note and set the stage for an even brighter new year!

abdullahmasood.ca

10/31/2023

Happy Halloween,
The last couple weeks I've had many (spooky) conversations with young professionals and their concerns with protecting their income. A very scary thought that I think is appropriate given today is Halloween!

Our income is a foundational pillar, supporting our families and maintaining our lifestyle. Now, imagine the pillar cracking due to an unexpected health setback - how would you handle your monthly bills?

Here's a spooky scary fact: 1 in 3 Canadians may experience a disability before turning 65, with an average disability lasting over 5 years.

Disability Insurance steps in here. If a health event prevents you from working, this insurance ensures you continue to receive cashflow. It's not just about covering current expenses, but preserving your savings, assets, and future milestones.

Key Points:
Not all coverage is equal. From varying definitions of "disability" to different pricing structures, it's crucial to pick a plan tailored to your needs.
Employer-based coverage might seem adequate, but it often has limitations. Do you know the specifics of yours?

In a world of uncertainties, disability insurance offers a stable safety net. Don't leave it to chance.

abdullahmasood.ca