Dec. 20, 2019

WISHING YOU A VERY HAPPY HOLIDAY SEASON!

10 SECOND HEADLINES WILL RETURN ON JANUARY 3, 2020

TUNE UP YOUR FINANCIAL PLAN

  • Here are 4 ways to give your financial plan a tune up in 2020:
    1. Review Your Plan or start a Plan if you don’t have one
    2. Review beneficiary designations for insurance, RSP’s, RIFs, TFSA’s
    3. Consider what’s changed and what needs changing
    4. Consider winding up or implementing trust planning and planning for corporations

CANADA

  • Canada’s population grew by 208,234 in Q3, with 83% coming from international migration.
  • Family doctors in BC are being urged to annually screen every patient, starting at age 12 to prevent alcohol addiction.
  • There will be no cannabis edibles for Christmas in Alberta, Ontario or Quebec.
  • 2/3 of Canadians currently have a Tax Free Savings Account and contributions increased 10% in 2019 but are still below the 2019 limit of $6,000.
  • 63% of Canadians earned under $50,000 in 2017; 35% over $50,000; 10% over $94,000; 3% over $150,000 and 1% over $233,000.

ENERGY AND THE ENVIRONMENT

  • UN watered down climate change language at the end of their 2 week meeting in Madrid, agreeing only on the “urgent need” for countries to make deeper cuts to greenhouse gases.
  • Sales of electric vehicles in Ontario declined 55% in H12019 vs 2018 largely due to the cancellation of a rebate on purchases.
  • Coal consumption is set to increase in the coming years because of the growing demand in developing countries. (ie: India and China)
  • China’s oil imports for November were a world record 11.18 million barrels/day, surpassing the US high water mark of 10.77 million barrels/day in June 2005 (today, the US is a net-exporter).
  • General Fusion, a BC Company backed by Amazon’s Jeff Bezos, is building a prototype nuclear plant to prove that nuclear fusion can be commercially viable, providing carbon free power with no melt-downs. The plant will fuse heavy hydrogen atoms into helium instead of using fission (splitting uranium or plutonium) to generate power.
    • Hydrogen is separated from water by electrolysis, further separating out ‘heavy’ hydrogen
    • One litre of this fuel could generate as much energy as 50,000 barrels of oil, enough to heat 10,000 homes for 1 year
  • Alberta drilling rights auction raised $3.9 million this week, a record low, bringing the 2019 total to $119 million, the lowest since 1977.

TIDBITS

  • The rewrite of NAFTA is expected to cost automakers nearly $3billion more in tariffs over the next 10 years.
  • Trump administration has moved forward with its plan to import prescription drugs from Canada. Canadian officials say that Canada’s prescription drug market is too small to have any real impact on US prices.
  • Scotland’s First Minister, Nicola Sturgeon, is vowing to hold a Scottish independence referendum in the wake of Brexit.