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MONEY MATTERS I I Ml )A Y . I.V N l . \ l <Y I I . _*< K >_* · I M - - c |_> Financial tune-up: ensure finances are performing smoothly (N C )-T h e m ainstay o f an effective m aintenance pro gram , be it your car, your physical health, or your finances, is an annual check up. Just like their car, C anadians should check their financial situation on a regular basis to ensure it is in proper balance and per form ing sm oothly. To do this, they need to "look under the hood" to take stock o f their current situation and m ake the necessary plans for the future. Tracking m onthly expenditures against incom e is one o f the first steps tow ards an accurate assessm ent. This includes balancing incom e such as salary, bonuses, tax returns and m onetary gifts against expenditures such as m ortgage paym ents, car paym ents, insurance, property taxes, m onthly bills, entertainm ent, credit card paym ents and day-to-day spending. C onsum ers should make a com prehensive list to ensure they have a com plete pic ture. Secondly, consum ers should look at their debt load. W hile it is com m on to carry som e debt, if more than 30 to 40 percent o f the total household incom e goes toward debt paym ent, it may be time to re-exam ine personal finances and look for ways to lessen the debt load and establish a more m anageable balance. "For people with a high debt ratio, it can be challeng ing to m eet their m onthly obligations," says Terry Fitzpatrick, Vice-President, Bank o f M ontreal Consum er Lending. "One im m ediate solution is to lessen the load by sw itching high cost borrow ings to less expensive and more flexible alternatives such as a low er rate credit card or a line o f credit which allow s for a single monthly pay ment that can be as low as the interest only. Lines o f credit are becom ing more popular because they typically carry a low rate o f interest, can provide ongoing access to credit w ithout the need to reapply, and interest costs are applied only to the am ount o f credit being used. "People with a high debt ratio may want to consider transferring their debt onto one paym ent p la n ," said Fitzpatrick. "A line o f credit offers flexible pay ments and access to credit w henever it is needed." Having a true sense o f a financial situation allows consum ers to plan for future purchases, low er their debt ratio and m ove forw ard to plan their financial situation on an ongoing basis. Fitzpatrick advises consum ers that there are num erous options to choose from but cautions everyone to "shop around and look for a financial institution that can pro vide the best value and most flexible options." He added, "Com pare offers, and do n 't be afraid to ask how your financial institution can help you take advantage of today's low interest rate environm ent." Bank o f M ontreal for exam ple, has launched a pro gram that it calls `Help Provided' that is designed to help its custom ers get through the current econom ic dow nturn by lowering the cost o f borrow ing in three key areas; hom e ow nership, credit cards and personal loans. Inform ation provided by Bank o f M ontreal. For more inform ation visit w w w .bm o.com . A s s a n te C a p ita l M a n a g e m e n t L td . PERSON A L W EALTH M A N A G EM EN T Personal wealth management with Assante Advertising Feature You've definitely worked hard and you've probably worked long. Your family and your career are each well established and both are thriving at a rate which continues to delight you. Your financial security is either fully established or is firmly within your grasp and you have reached a point in your life where you understand that time is one of the few things that you want more of- time with your family and tim e to enjoy the pleasures you've worked hard to afford and are now in a position to enjoy. You've also realized that you need to spend more tim e on your personal financial affairs. To secure the financial future o f your family and your business, however, you need guid ance and assistance; guid ance so you can know the direction to take with your tax, investment and estate planning, and assistance so you don't have to do it all yourself. With guidance and assistance you then have more time. Merritt Goddard and his personal w ealth planning team at A ssante Capital M anagem ent Lim ited in Oakville, make it their per sonal mission to provide that direction, guidance, and-most importantly- time for their clients. By acting as stewards for their clients' financial affairs, they estab lish a structured series of critical mileposts, thereby ensuring that their clients' financial planning goals are met on target and on time. The office's mission is to add significant and endur ing value to their clients' lives by providing a premi um level o f inter-generational wealth management services, personally tailored to simplify their lives and enhance their financial well-being. If you are seeking this level o f service and want to find out more about Assante, Oakville's person al wealth management serv ices call Merritt Goddard for a non-obligatory meet ing. Call 905-845-2477. Pat M arsh m en t W endy M cAdam M erritt G o ddard Ed Yun IS YOUR NET WORTH OVER $1,000,000? If it is and you haven' t been happy with the drastic swings in the current market, you should consider investing in a hedge fund. You'll be in good company because many Endowments, Pension Funds and wealthy families are ensuring a portion of their portfolios are invested in hedge funds. They want the same as you: O u r Team ' s M issio n is to a d d significant a n d endu rin g value to each o f our clien t' s lives by p roviding a p re m iu m level o f personalized fin a n c ia l p la n n in g services fo r inter-generational wealth m anagem ent. O u r u ltim a te goal is to sim plify o ur clients' lives a n d enhance their fin a n c ia l well being. >» A more consistent rate of return Downside risk management in volatile markets Mackenzie Alternative Strategies Fund targets absolute returns that are more dependent on manager skill than market direction. It is an option we have used for a number of our clients. If you want to learn more about this opportunity or about our inter-generational personal wealth management services please call us. Assante Assante M erritt G oddard BA (Hons) CFP Vice President Senior Financial Advisor 101-1540 Cornwall Road Oakville, O ntario L6J 7W 5 905-845-2477 Units o f Mackenzie Alternative Strategics Fund are ottered by offering memorandum only to those investors in all jurisdictions o f ( who meet certain e ligibility requirements. Please read the offering memorandum and subscription instructions before investing. Tax Tips: Can I deduct travel expenses incurred for medical reasons? (N C )-If you travel more than 4 0 km to get medical treatment not available locally, you can claim travel costs. If you travel more than 8 0 km, you can claim accommo dation too. Eligible expenditures include meals and vehi cle operating expenses. You have options for determining those expenditures. The detailed method requires copies of receipts. The simplified method allows you to use flat rates for meals and kilometres traveled. To find out about tax preparation software with moneysaving tax tips, visit www.quicktax.ca - News Canada M a c k e n z ie Has p a id a p o rtio n o f th e cost o f this advertisem ent. __________ rhc Assante symbol is areggtoed trademark ot Assante Corporation, used under liccnsc. ©2000 Assante Financial Management Ltd. All rights reserved._________