The Muir Investment Team

On Labour Day, many people start their day with a simple cup of coffee. This everyday act is the result of an extensive and labor-intensive process involving thousands of workers worldwide. From planting seeds to roasting beans to delivering them across oceans and continents, this intricate journey highlights the value and effort of the labourers behind the products we use and consume daily.

Today we honor the contributions of labourers – and the Labour Movement in general – by sharing the process of coffee from seed to bean to you. Happy Labour Day!

How often have you had tough conversations?

They can happen in your career. They can happen at home. They can even happen at school meetings.

Most of us would say that tough conversations are never fun. But the reality is that they can be very productive. Having them can bring calm, openness, and even security. However, they must be done in the right way. Otherwise, anyone can leave those conversations with hurt feelings and raised walls.

We’ll wrap up our series of posts on Family Conversations today with this point: there are three keys to starting the tough conversation of estate planning. Whether you are a parent wanting to broach the subject of estate planning with your children or want to get your parents to let you in on the plan, these things are key to starting those conversations.

First, start with something lighthearted and easy. Something like, “I know everyone is clamoring for who will get the disturbing picture of your great-great uncle after we’re gone, but we figured we’d settle the matter with a game of rock-paper-scissors.” Or you could go with the easy, “Mom, Dad, I’ve been thinking a lot about all you’ve taught me and how I’d pass that on, but I’m curious, what would be the lessons or values you think are most important for the next generations of our family?”

Second, understand that in these conversations, it is far more important to listen than talk. Present your thoughts. Ask your questions. Then listen intently. The key is that none of us want to discuss something difficult or painful with someone who is just trying to get to a point.

Third, ensure that all parties in the conversation understand that this isn’t the last time we will discuss this. Especially when it comes to estate and legacy planning, make sure everyone knows this is a big discussion with many intricacies. Not everything will be discussed or solved in one sitting. Having that understanding will help the next conversation become easier because everyone will be expecting it.

Please remember that having these tough conversations is imperative. We’ve seen families split apart when a loved one passes away without having discussed and planned for their absence.

If you need help starting your family conversations or if you’ve started having them and are not sure how to best execute your ideas and wishes, our team is here to help.

We’ve posted a few times about having family conversations. These conversations allow you to discuss your estate and legacy plans. While these conversations can feel awkward or even unnecessary (yet), they are still important to have now.

Today, we want to share with you a list of other items to share with your family, and these things can’t wait.

First, where will your family find your most important documents? Similarly, where is the contact information for the professionals who are helping you keep all this organized?

Second, what subscriptions, memberships, and clubs do you belong to and how would your family cancel them in your absence?

Third, similar to the two above, where can your family find your passwords? If you have a password manager, can you place the login information in a secure location for your family to retrieve?

Fourth, what are the responsibilities you have that someone will need to take over in your absence? Do you have loved ones you are caring for? Do you have instructions for what needs to be done for that written out? Is the local food pantry expecting you, as they always do, every Tuesday morning, for example?

Ultimately, we all want our loved ones and the things we care about to be cared for in our absence. None of us, however, know when we will no longer be around. Answer these questions for your family as soon as you can. Often we see this information given at a family meeting, but you don’t have to wait for that.

If you need help answering these questions or setting up your family meeting, we’d be happy to help.

This time of year, we see a boost in giving in our communities. We’re fortunate to live in an area where so many people want to help others. But with so many options, we thought we’d share some ideas for ways to spread cheer this year.

• Random Acts of Kindness – It’s always fun to surprise someone with a nice gesture! Give a small gift to a coworker, help a neighbor with a project, or offer to pay it forward for a random person’s coffee while you’re out running errands.

• Volunteer Your Time – Anything helps, especially your time. Even if you spend just an hour volunteering, it makes a difference. Plenty of places are looking for extra hands to help others. Local food banks, dog shelters, and senior community centers, for example, would be happy to have you. You can even volunteer virtually!

• Donate – Many shelters are taking clothes donations for the winter season as well as toys, books, toiletries, etc. Take some time and look through what you have and donate some items you’re no longer using or pick up a few extra items while out shopping. Reach out to your local shelter, food bank, or toy drive for a list of things they need.

These are all ways you can make a difference and brighten someone’s day, including yours! It’s not about the size of the giving but the spirit of helping those less fortunate. This season, let’s spread joy and give!

We are delighted to welcome Eric back to the office after his week-long trip to Guatemala with his wife and a team from their church. During their time abroad, they dedicated themselves to serving at a girls' orphanage on the outskirts of Guatemala City.

This experience reminds us of how fortunate we are to enjoy the comforts and prosperity of our daily lives. It's a powerful reminder that we can use our abundance to help those in need. Eric and his wife were deeply touched by their involvement with the organization and the girls they met. They have many inspiring stories to share.

Feel free to reach out to Eric to hear more about his impactful journey in Guatemala.

For a lot of us, many of our financial choices are based on the relationships we have with our families. We’re betting most of your finances are intertwined with your family. We’re also betting that you probably haven’t had a formal discussion about it with your family members. How do we know this?

Because many of our clients have not either.

Although our clients are open and specific with us, when it comes to their financial plans for their family, we are finding that more and more clients of ours are not having this same frank conversation with their loved ones.

Money can be a sensitive topic. Add in generational differences and emotions and now these discussions are challenging for anyone to have, especially family – but they are necessary.

How many people in your family are aware of the financial decisions that affect them?

We know that family meetings aren’t for everyone, however you do it, find a way to start the conversation.

If it has been a while or you’ve been avoiding the conversation, we’re happy to help any way we can. If you need help answering these questions or setting up your family meeting, please give us a call.

Seconds.

That’s all it really takes to be kind enough to change a situation from bad to good for someone.

We saw a recent story of a young girl, Lena, who, after a very long flight (with a 36-hour delay involved), found she had left her lost tooth on the plane. She had wanted to put it under her pillow when she finally got home.

Unfortunately, it was 2 a.m. and getting back onto the plane to find the tooth was not possible. It proved too much and little Lena broke down crying.

Thankfully a passing pilot, in full uniform, stepped in. He saw what was going on and consoled Lena by writing an “official” note to the tooth fairy as an explanation and receipt of where the tooth was.

We’re sure the pilot was tired and ready to get home or to a hotel. But he took a few seconds to console a little girl who had a very long couple of days flying home.

We should all follow this example and take a few of our seconds each day to uplift and help someone in need. Give them a smile.

From Victoria in the southwest to Fort St. John in the northeast, from Vancouver to Vernon, from Princeton to Prince George — and everything in between — not a day goes by that we are not thankful to live in this beautiful province. There is so much for we British Columbians to enjoy and be proud of.

So, on behalf of everyone on our team, we wish you a Happy British Columbia Day!

Here’s a question you probably never thought you’d get from your financial advisor: As you are preparing for retirement, do you have plants in your home?

I know asking about plants has nothing to do with your financial well-being. But it has everything to do with your general well-being, and isn’t that the point of having your financial life in order?

Here’s the thing, studies have shown that having plants in your home can help you a lot. Here are three benefits, in particular, that I think retirees need:

They can Improve Air Quality. In one study conducted by NASA in 1989, big leafy house plants were found to remove pollutants. Another study found micro-organisms in the soil that have been found to have anti-depressive effects.

Plants can Support Cognitive Health. One study found that students were able to perform tasks 12% faster when plants were added to the windowless classroom.

Plants may help you recover faster. A study of hospitals and caregiving facilities found that patients placed near or with a view of plants and trees had faster recovery times and less need for pain medication.

So, do you have real plants in your home?

July 26 – One Voice Day

One Voice Day is when we all set aside and forget the differences we have pertaining to race, religion, and geographical boundaries. The day was established in 1998 by Paul Luftenegger, a Canadian songwriter, to promote peace, love, and understanding among all people.

We are encouraged to come together, committed to furthering world peace.

We look beyond the color of someone’s skin, the language they speak, and the holidays they celebrate. We all bleed red; we all need the same basic necessities.

Let’s unify and highlight all that we have in common, closing the divide that is fueled by hate, bias, and misinformation in the hopes for a better tomorrow.

We recently met with someone who was really fearful of the future. They were so fearful, in fact, that they didn’t want to make any decisions. They were worried that the future could look very different from what is currently expected, so those decisions could hurt them in the future.

Here is our advice.

Yes, the endless possibilities in the future can be scary. It’s a little like looking down a cliff face before a rappel. So many ‘What Ifs’ can run through your mind as you look down that drop.

But you have tools to help you get the job done safely. You’ve looked at the weather forecast, brought a good rope, tested your carabiners, and worn your helmet, gloves, and knee pads. No matter what the cliff face throws at you, you are prepared.

You should also have tools in your life. When it comes to financial planning, those tools are knowledge about existing conditions. You have time-tested investments and a portfolio that follows an investment philosophy that stands the test of time. Finally, just as you would bring a guide on a new rappel, you’ve surrounded yourself with a team of professionals to guide you. You want guides who have helped many others successfully take that same path.

Yes, the future has infinite possibilities. But those possibilities can become wonderful opportunities with the right tools. And they can often save you taxes that you don't need to send to Revenue Canada!

Some of our fondest family memories involve the outdoors—and, of course, all the vehicles we used to get around while outside. From dirt bikes to golf carts, campers to boats, these vehicles allow us to get to beautiful spots and have a lot of fun. Especially as we get older, these vehicles offer the ability to access locations otherwise out of reach and even allow us to connect with the next generation.

That’s why it’s interesting to us that they are one of the last things families seem to plan for and then discuss as part of their family estate conversations.

It's important to remember that whether it's a camper, boat, motorcycle, ATV, or even your personal vehicle, if it has a title, it requires a signature to pass on to a new owner. This means, if it's still under your name when you pass, it could be subject to probate. The complications that can arise from this are something you wouldn't want your loved ones to deal with during an already difficult time.

A possible solution is to add the person you plan on giving the vehicle to on the vehicle title with rights of survivor. Or changing the ownership outright to that person before your death. Gifting a car or whatever doesn't incur any tax or fees to the adult person you give it to. Otherwise you may need to probate the value of the vehicle before ownership is passed to the beneficiary.

Family conversations about money are very important.

Unfortunately, many families don’t talk through the details because it can be uncomfortable talking about money. There are, however, several conversations that must occur. If they don’t happen before significant events, the conversations that then happen can tear families apart.

For our next several posts, we’d like to point out some of these conversations that are much better to happen now than later.

Today, let’s talk real estate. In particular, your vacation home. What will happen to it when you are gone?

Many parents feel they will leave their vacation home to their children. After all, those kids had great memories there and will want to continue to go with their kids once you are gone. Right? On the other hand, some feel it might be too much of a burden and plan to sell it and leave the proceeds as part of their estate.

Rather than assume, we suggest having a conversation.

Here are some of the questions you need to talk through:

When you leave property to your kids equally, they are labeled as joint tenants in common. Meaning, all of them are equal owners and on the hook for maintenance, taxes, and any other costs. What if one child plans to move and can’t use that property as much as your child still living nearby? Should they pay an equal share of the costs?

What if one child can afford an equal portion of the costs, but the other children can’t? What if one child, while loving the memories at the beach house, would like to now spend more time at a cabin in the mountains with their kids?

Of course, there are other things you can do to help with the ownership of that property, including setting up a separate trust to cover costs. You could even self-finance a loan to have your kids “buy” it from you.

If you would like to talk through the details of your holiday home as part of your estate, please reach out.

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When reviewing your legacy and estate plans, there is a lot to consider. The problem is that one of the biggest things you need to do isn’t really discussed.

You need to have some family conversations.

These conversations can be pretty heavy and emotional, so it is best to break them into specific discussions. One of those discussions needs to be regarding your collectibles, antiques, or prized possessions.

There are three things you need to discuss in that meeting:

What are the specific items you would like to pass on? If there is any documentation for your items (certificates of authenticity, etc.), make sure to have those at the ready. Have a list of the items prepared before the meeting. You may even want to have pictures of the items so you don’t have to go into a long explanation (“The particular painting I am talking about is the one in the study that has the…”).

What are your wishes for each item? This can be the hardest part of the discussion for two very different reasons. First, maybe one of your heirs would prefer to have the item when you were going to leave it to another. It’s important to be ready with the answer to “Why” with every bequest. Second, that item, or collection of items, is essential to you and maybe even has a higher emotional value than market value…but it turns out none of your heirs wants it. Do you have an alternative plan for those items that could help keep their emotional value? Maybe donate it to a local organization or museum?

When will you pass on ownership? Depending on the value of the items you wish to pass on, you may want to consult with an accountant to decide on when to change ownership. If done correctly, the timing of that exchange can benefit both you and your heirs, depending on when and if they would like to sell the items later.

If you would like help in starting these family conversations, please reach out to us. We’d be happy to help.

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When changes happen in your life, it’s a no-brainer to tell your friends and family the news. Promotion at the office, kids leaving for college, the birth of a new grandchild. Time flies! Although your loved ones are always the first to get those important updates from you, there’s someone else who should be on your notification list – YOUR FINANCIAL ADVISORS. Yes, advisors like us may not be in your top 5, but it is important for them to be aware of any major changes in your life. Why? Because they can alter your financial objectives and timeline. For example:

1. Change in job status
2. Pay increase
3. Kids prepping to go to college
4. Change in marital status
5. Death of parent
6. Care of a parent
7. Planning to retire.
8. Having a baby
9. Change in your health
10. Major purchase
11. Supporting adult children
12. Death of spouse
13. Changes in family members’ lives
14. Planning an estate
15. Starting a business
16. Selling your business or Windfall
17. Taking Old Age Security or CPP benefits

Your advisors can help you make any necessary adjustments to keep you on track. If you’ve had any of these types of changes lately or anticipate any in the near future and would like guidance on how to prepare for them, please let us know. We’re always happy to help!

Bucket List.

Did you guess right?

When you think of a bucket list, you probably think of that lengthy list that you plan on getting done, many, MANY years from now. This list often gets associated with retirement since most people plan on doing the bulk of their list then. However, we believe it’s important to start checking off those boxes well before you’re in your Golden Years.

As advisors, we have helped many clients plan and achieve their bucket list with them along their journey to retirement. Here are a few things we would recommend considering when starting your list.

1. Overall Health and Well-Being – No matter what your dreams entail, being physically, emotionally, and mentally able to enjoy those endeavors will maximize your enjoyment. Make sure to plan physical activities while you are in good heath!

2. Identify your Passions. Reflect on the activities that bring you fulfillment and joy. What excites you?

3. Break out your list over stages in your life.

a. 20s-30s: Excellent time to invest in education and skills that will amplify your professional and personal life.

b. 40s-50s: Planning family goals with children and other loved ones can be a big focus during this time. Pursuing hobbies, further education and passion projects adds to this stage where personal growth is important to many.

c. 60s: With more disposable income, and most children being independent, second home purchases and extended travel can happen. Many of my clients find joy in participating in philanthropy and charity organizations.

We’d be happy to start integrating your dreams into your financial plan now. Are you ready to make your bucket list a reality? Let’s talk.

We’ve had the opportunity to reflect on what makes our nation great. There are many things that stood out to us, our lifestyle, the people, our diversity, and many more, but our thoughts have repeatedly been brought back to the land on which we live.

We live in a truly unique country.

Our country has more wild space than almost any place on earth.

We possess over 10% of the world’s forested areas. With most of our population located along our southern border, the vast expanse of our country is untouched, unpolluted, and pristine. This is truly a rare thing.

It’s not just that we possess an abundance of pristine wilderness; it’s the type of wilderness. Our country is home to the second tallest peak on our continent, while overall, half of the twenty tallest peaks in North America are ours to claim. Some of the most celebrated views in the world can be found in our National Parks.

We could go on and on... there are so many more unique and beautiful parts of Canada, but we think you understand our point. We live in one of the truly beautiful parts of the world. Our diversity extends well beyond our people. It extends into nature itself.

We hope that as you celebrate Canada Day you are able to take a few moments and consider our impressive nation for all that it is.

Happy Canada Day!

Recently, we overheard some college kids playing a game of “Never Have I Ever.” That got us thinking – what would that game look like when it comes to investing? The fact is, there are lots of ways to potentially make money in the stock market, but an equal number of ways to lose it. So, here it is: A “Never Have I Ever” version for investors. Count up how many of these things you’ve done before, but don’t worry – you don’t have to take a drink unless you want to 😉

Many people don’t think about their finances much during the summer. And while having fun in the sun should be one of your top priorities, it’s important that you don’t let your financial progress stall completely. So, before you embark on any summer trips, there is something we highly recommend you do first: Check in on your RRSP.

It’s important that, at least once or twice a year, you examine your RRSP to determine:

• Whether there’s a gap between how your RRSP is performing and how you expect it to perform.

• Whether your RRSP needs to be rebalanced. (Over time, the value of certain investments can shift, meaning you may need to buy or sell some in order to return to your needed asset allocation.

• Whether you have any contribution room carried forward that you can use this year. These are the most important years to be sure you are saving all you can.

If everything is in order, you can enjoy your summer with increased confidence that one of your most important retirement tools is still working as it should. But if you have any concerns, you can always come to us for a second opinion!

Most people save for retirement in large part through an employer-sponsored retirement account, like a RRSP. But this isn’t the only way employers play a role in saving for retirement. Here in Canada, many companies offer Employee Stock Ownership Plans (ESOPs).

Sometimes, investing in your employer’s company can be a smart move, especially if the business is growing. Other times, the company may take up far too large a space in your portfolio, leaving you vulnerable if things go south. After all, you already rely on your employers for day-to-day income, so it may not be wise to tie the bulk of your future savings to them as well.

If you are investing in your company’s stock, ask yourself why. Is it out of a sense of loyalty? Or is it because you know it’s a good investment?

If you aren’t sure of the answer, it’s time to get a second opinion.

Happy Father’s Day! This quote by Mark Twain about his dad always makes us laugh – and it reminds us of how, the older we get, the more we rely on all the advice and lessons our dads gave us. Fathers really do know a thing or two, don’t they?

Wishing every dad out there – including grandfathers, stepfathers, fathers-in-law, father figures, and every type of dad in between – a very happy Father’s Day!

We saw this meme and it made us laugh. Because it’s true! Too many investors are always looking for a magic bullet, trying to time the market perfectly like they’re playing a slot machine. In reality, successful investing doesn’t require you to be luckier than everyone else, faster than everyone else, or even smarter than everyone else. It just requires patience, persistence, and discipline.

The Bank of Canada's rate cut opens up new avenues for strategic investments, including in the real estate market. Keep an eye on emerging trends and adjust your strategies to benefit from this pivotal change in monetary policy.

Have you ever seen this photo? It’s of Canadian soldiers preparing to storm Juno Beach on D-Day. When I look at it, I ask myself, “Could I have done that? Would I have shown the same courage?” I hope the answer is yes. But it’s a question I’ll never have to answer, because these incredible men answered it for all of us. Their willingness to go “into the jaws of death” meant that the generations who came afterwards wouldn’t have to.

This month we observe the 80th anniversary of the D-Day landings on Juno Beach. I am so grateful and indebted to the soldiers in this picture, and to all the men and women across our history who fought so we can live in freedom.

Late last year, Voyager 1 stopped transmitting correctly. While scientists were able to get the venerable old probe to start sending usable data again, it’s clear that the end of it’s “life” draws closer every day.

When NASA launched Voyager 1 as a probe in September of 1977, they hoped to get close-up pictures of Jupiter and Saturn. The mission was to last four years. It kept going and gave us so much more.

Voyager 1 has given scientists thousands of detailed pictures of the planets in our solar system, including the now infamous “family photo” of all the planets in our solar system. That included a shot of our “pale blue dot” of a planet. The thousands of pictures it took of Jupiter’s moons alone provided a wealth of data. Scientists continue to search the data received for greater insights into our solar system.

In 1990, Voyager 1 powered off its camera and headed out of our solar system to gather as much data as possible.

Now, nearly 46 years after its initial launch, it appears to be winding down its work.

While there is so much to be learned, a lesson I think we can take from this is we can likely go further ourselves. Some of the smartest people in the world can try to define all we’ll accomplish, but we can likely do more. We may even cap ourselves on what we believe we can accomplish in life.

I truly believe we can all go further.