We must admit that one of the things that we believe makes this crisis tougher than others is that we are being asked to manage it through distance from people we normally reach out to for guidance or comfort – or simply that one person who is willing to listen. Social distancing from our families, friends, colleagues and yes, even our advisors, can be tough.
But we are certain we will overcome this crisis, as we have all the others – even if it means keeping a distance of six feet.
The office location is temporarily closed and our newest receptionist, Ang Barth-Reist, is on a leave of absence to care for her daughter. Yet, behind the scenes Brian, Lori and I continue to work from home office locations. It is important that we remain connected, even as we practice social distancing. Our emails and voicemails and text messages are constantly monitored so feel free to reach out.
As we watch the markets go up and down and read the increasingly negative headlines, it’s critical to understand that this is simply short-term noise when it comes to your financial position. Let’s not forget the work we did before getting to where we are now. We have long prepared for this possible event by making smart, responsible asset allocation decisions. We crafted a long-term plan and diversified your holdings for situations just like this.
We also want to highlight that this is a health crisis first and foremost. Given the strength of the economy before the crisis, some experts believe a recovery could be fairly fast and strong. No one knows for sure how long we might be in the current state, but we remain confident of where we will be in the future. Strong recoveries have followed all previous market downturns, and we are extremely confident that this time will be no different.
Some items to note
The income tax filing deadline has been extended to June 1, 2020. Income tax owing has been extended and isn’t due until August 31st, 2020. This extension also includes current year income tax instalments. With that said, the income tax preparation team continue to complete the returns and are able to use electronic methods to obtain your consent to Efile so that there is no need to meet face to face. Lori and I would be happy to make arrangements to pick up your tax information from your home, again, without having to meet face to face. Please reach out if you would like to have this done for you.
The Canada Emergency Response Benefit is a taxable benefit that is being rolled out in early April to provide financial assistance for people who have lost their income due to the Covid-19 virus. The following link takes you to the page and gives you information regarding eligibility and how to apply.
https://www.canada.ca/en/services/benefits/ei/cerb-application.html
If you call the office you will be directed via an automated system (sorry!!) to dial an extension to reach us. Here is the list of our extensions so that you don’t have to listen to the entire message.
Anne Kinzie Ext 3
Brian Maxwell Ext 7
Lori Esteireiro Ext 0
Keep Well and see you soon!!
