Wealth Insights—Spring 2023
Scotia Wealth Management
Wealth Insights is designed to highlight Scotia Wealth Management’s integrated approach to wealth management by emphasizing the range of services we provide. All of which, of course, places your interests at the core of everything we do.
With much of the focus last year centred around macroeconomic factors, particularly monetary tightening, our outlook this issue examines why we believe the conversation this year will turn toward earnings. For many Canadians, rising shelter costs come at a hefty opportunity cost; our economics section examines how a doubling of social housing stock could help those in greatest need. Talking to your parents about their money isn’t easy. Our podcast features a discussion with Amy D’Aprix, (Dr. Amy), author, speaker and consultant for the Scotiabank Women Initiative™. She provides practical tips on how to have such a conversation.
In our Wealth Matters section, we discuss how your money can be protected but still grow, ideally in a tax-efficient way, through the use of permanent life insurance, an often-overlooked tool with several unexpected advantages. Do you have a legacy plan? Our second article explains what legacy planning is and how it differs from estate planning so that you can transfer your wealth to loved ones and create a legacy that endures across generations.
Market Outlook
Policy tightening cycle may be nearing end, earnings under pressure
While economic outcomes may vary, we see the most probable being a mild recession, characterized by a gross domestic product contraction and a modest pickup in unemployment. As consumption wanes, inflation should decline, prompting policymakers to take action to reinvigorate the economy.
Economics
Canadian housing affordability hurts
Home prices are cooling in an elevated interest rate environment, but housing affordability remains elusive. Imbalances persist across the housing continuum as a result of pervasive policy coordination failures.
Listen
How to talk to your parents about money
Having a conversation about finances before it’s a crisis can save a lot of trouble. With an entire generation of parents entering old age and life expectancies on the rise, it’s a situation that’s becoming increasingly common. Amy D’Aprix, (Dr. Amy), author, speaker and consultant for the Scotiabank Women Initiative, provides practical tips on how to have that dreaded money conversation with our parents regardless of our age.
Wealth matters
Six ways life insurance can grow your wealth
You’ve worked hard and invested wisely to accumulate wealth. You’ve maxed out your RRSP and TFSA contributions and are looking for another place to put your savings. How can your money be protected but still grow, ideally in a tax-efficient way? Enter permanent life insurance.
After years of building your wealth, you may be thinking about how to protect your assets, transfer your wealth to loved ones and create a legacy that endures across generations. You need a detailed and thoughtful plan to help ensure that your wishes and vision for your legacy are fulfilled.