2024 Q4 Newsletter
As we approach the end of the year, we’re reminded of all the festive traditions that make this time special. Whether it's the sparkling lights, gatherings, or indulging in delicious treats, we hope you find plenty of joy over the holidays.
Speaking of treats, did you know that hot chocolate dates back to the ancient Mayans and Aztecs, who believed cocoa had divine properties and even used cocoa beans as currency! Over the centuries, it evolved from a bitter, spicy beverage to the sweet, comforting treat we enjoy today. In fact, the first hot chocolate mix was invented by John Cadbury in the 19th century, making it easier for everyone to enjoy.
Our final newsletter for 2024 will include the following topics:
Us Election Results and Potential Market Impact
Winter is Coming
Tax Time and Registered Accounts
Going Paperless
Recipes
US Election Results and Potential Market Impact
Let’s start with the obvious: Donald Trump has won the U.S. presidency, and the Republicans hold majorities in both houses of Congress. Unsurprisingly, the media is in a frenzy—they thrive on controversy! While it’s easy to get caught up in the noise, we recommend tuning out the drama. Much of the coverage will likely add little value and may only heighten anxiety.
So, why did Americans vote this way? Analysts suggest that, despite concerns about Trump’s character, many voters prioritized issues like crime, immigration, and inflation. Additionally, Americans have long leaned toward smaller government, which has ballooned significantly in recent decades—a trend mirrored here in Canada.
Financial markets responded positively to the election results, likely in anticipation of low tax rates and reduced regulations. Indeed, one of Trump’s key accomplishments during his previous term was cutting red tape—a topic we discussed in our June 2018 newsletter. He plans to continue this effort, going so far as to appoint Elon Musk and Vivek Ramaswamy to lead the newly created Department of Government Efficiency (DOGE). Their ambitious goal to cut $2 trillion from the budget may be a stretch, but any improvements in government efficiency would be a step in the right direction.
Of course, not all policies will be as straightforward. Tariffs, for instance, are likely to be a contentious issue. While they could initially drive up prices for Americans (a potential inflationary effect), Trump’s broader agenda of streamlining government processes and lowering costs may have a counterbalancing, deflationary impact. It remains to be seen how these competing forces will play out, but tariffs are expected to make a return.
America’s historical isolationism also deserves a mention. With its resource-rich lands, dynamic economy, and young population, the U.S. has traditionally been self sufficient. The long period of peace since WW II created global supply lines, driving manufacturing to lower cost regions. During Trump’s previous term, he sought to shorten supply chains, the renegotiation of NAFTA increased regional content requirements for North American manufacturing. This shift could benefit Mexico, which stands to gain from the near-shoring movement in the coming years.
For us, these developments reinforce the wisdom of our portfolio’s focus on North American businesses. Well-managed companies excel at adapting to changing conditions, finding new opportunities, and maintaining profitability. As always, we will closely monitor policy changes and market reactions to ensure our strategies remain aligned with these evolving dynamics.
Winter is Coming
For our snowboard and skiing enthusiasts, Whistler Blackcomb opened the season on November 22, 2024. Current snow reports across British Columbia indicate promising early-season snowfall, particularly in alpine areas, thanks to colder temperatures and active storm systems. A welcomed notion from the relatively bleak season in 2023/2024.
It’s a great idea to purchase your tickets in advance to secure your spot or take advantage of a Buddy Pass if you have a family member or friend with a season pass. These options can help you save time and money!!
For the non-skier/snowboarder, the village also has a Fire and Ice Show on Sunday nights featuring pyrotechnics, live music, and freestyle skiing. There is also the Bubly Tube Park where you can slide down the hill on an inflated tube.
For up-to-date information on weather and conditions, check here: https://www.whistlerblackcomb.com/the-mountain/mountain-conditions/snow-and-weather-report.aspx
Tax Time and Registered Accounts
For registered accounts in 2025 here are the maximum contributions that are added to one’s available room:
TFSA: $7,000
RRSP: $32,490
FHSA: $8,000
RRSP contribution deadline for 2024 income tax is March 1st, 2025.
If you own a non-registered account (also known as cash account), please wait to file your taxes closer to the deadline in mid-late April. The deadline for companies to provide tax information about your investments is March 31st.
Going Paperless
As you may have heard, Canada Post has gone on strike, which will delay regular mail delivery. While this may be inconvenient, it presents a perfect opportunity for our clients that haven’t yet gone paperless to consider it.
Why Go Paperless:
Immediate Access: Get your statements instantly, without delays caused by postal disruptions. 24/7 up to date convenient access to your portfolio value.
Convenience: View your statements anytime, anywhere, from your smartphone, tablet, or computer.
Eco-Friendly: Join us in reducing paper waste and helping the environment.
Secure and Reliable: Digital secure delivery reduces the risk of lost or delayed mail.
For individuals interested in learning how they can go paperless, please contact our office and Tracy will be happy to help!
Holiday Recipes
We’re excited to share some of our favorite recipes we’ve recently tried and think you’ll love. This time, we’ve included a festive treat and a tasty alternative to turkey!
Check out our recipe page here: Recipes
During the holidays, we hope you enjoy special moments filled with laughter and good company with your loved ones. As always, feel free to reach out with any questions!
Travis Kidson, B.Sc, CFP®, CIM®
Portfolio Manager | iA Private Wealth
Insurance Advisor | iA Private Wealth Insurance Agency
700-609 Granville St. Vancouver, BC
p: 604 895 3486
travis@beaconwealthpartners.ca
Jack Fournier B.Sc, FMA, CIM®
Portfolio Manager | iA Private Wealth
Insurance Advisor | iA Private Wealth Insurance Agency
700-609 Granville St. Vancouver, BC
p: 604 895 3348
jack@beaconwealthpartners.ca
This information has been prepared by Travis Kidson and Jack Fournier who are Portfolio Managers for iA Private Wealth Inc. and does not necessarily reflect the opinion of iA Private Wealth. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. The Portfolio Managers can open accounts only in the provinces in which they are registered.
iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.
Insurance products are provided through iA Private Wealth Insurance Agency which is a trade name of PPI Management Inc. Only products and services offered through iA Private Wealth Inc. are covered by the Canadian Investors Protection Fund.
Beacon Wealth Partners is a personal trade name of Jack Fournier and Travis Kidson.