Harris Douglas Asset Management

"A bear market and a banking crisis: What money manager say could happen next." Read Paul's comments on what could happen next in the Globe and Mail!

"Mr. Harris also believes we’re in the middle of the bear market, pointing to factors like the ongoing volatility, the inverted yield curve and consensus that corporate earnings are expected to fall in the coming months.

Mr. Harris says this market reminds him of the 1980s when factors such as excessive fiscal and monetary stimulus, supply chain shocks and war drove up inflation and interest rates.

“I don’t believe this is like 2008, which was a liquidity crisis that caused capital markets to dry up,” he says.

Mr. Harris says his firm has maintained a higher cash position in its portfolios, waiting for a time to buy more equities at more attractive valuations."

The Globe and Mail: A bear market and banking crisis: What money managers say could happen next Globe Advisor spoke with several Canadian money managers about where they think we’re in the current bear market, how it compares to historical downturns, and how they’re positioning their portfolios in response to the banking crisis.

Tune up your RRSPs with a few helpful tweaks

"When it comes to saving for retirement, don’t wait too long to get it done. It’s never too late, but time is your ally. Let’s look at three RRSP tips to improve the outlook for your financial future."

Tune up your RRSPs with a few helpful tweaks When it comes to saving for retirement, don’t wait too long to get it done. It’s never too late, but time is your ally. Let’s look at three RRSP tips to improve the outlook for your financial future.

Just starting to invest? Follow these steps for long-term success in building your wealth

"The beginning of the new year is an ideal time to update your financial plans and, if you are in a position to do so, contribute to your investments. For young people in particular, maximizing the time that your capital has to compound will make a significant difference to your wealth over time."

Just starting to invest? Follow these steps for long-term success in building your wealth The beginning of the new year is an ideal time to update your financial plans and, if you are in a position to do so, contribute to your investments. For young people in particular, maximizing the time that your capital has to compound will make a significant difference to your wealth over time.

Can you afford a variable-rate mortgage? How to craft your own financial fitness test

Soaring interest rates are bringing to the forefront a thorny personal finance question: How much room do you need in your budget to go variable on a mortgage?

Can you afford a variable-rate mortgage? How to craft your own financial fitness test Soaring interest rates are bringing to the forefront a thorny personal finance question: How much room do you need in your budget to go variable on a mortgage?

Why highly paid executives still need a solid financial plan

"Executives need to carefully plan for retirement, especially as their ongoing expenses may be higher and they will need to save more to support their lifestyle in retirement."

Why highly paid executives still need a solid financial plan Executives need to carefully plan for retirement, especially as their ongoing expenses may be higher and they will need to save more to support their lifestyle in retirement.

Why entrepreneurs need to put retirement planning on their must-do list

"Entrepreneurs should also look at investing in TFSAs and RRSPs or both, experts say."

Why entrepreneurs need to put retirement planning on their must-do list Entrepreneurs should also look at investing in TFSAs and RRSPs or both, experts say.

As more Canadians choose common-law relationships, experts urge estate planning

"With nearly one in four Canadian couples now living in a common-law relationship, estate planning experts are urging the ever-growing number of nonmarried couples to draw up a will to ensure their life partners aren’t forgotten once they’re gone."

As more Canadians choose common-law relationships, experts urge estate planning With nearly one in four Canadian couples now living in a common-law relationship, estate planning experts are urging the ever-growing number of nonmarried couples to draw up a will to ensure their life partners aren’t forgotten once they’re gone.

Three ways to fight inflation within your personal life and portfolio

"How do you beat inflation? This is perhaps the personal finance question of 2022. Though inflation can be frightening, there are ways to fight back within your personal life and your portfolio."

Three ways to fight inflation within your personal life and portfolio How do you beat inflation? This is perhaps the personal finance question of 2022. Though inflation can be frightening, there are ways to fight back within your personal life and your portfolio.

Better late than never, but everyone should have a will to put everyone's mind to rest

"Death. It’s the subject everyone dreads discussing, thinking about and planning for, but it seems few Canadians do. If you own anything, you need a will, expert says."

Visit our website to learn more about our holistic approach to wealth management and the services we provide to our clients - www.harrisdouglas.com.

Better late than never, but everyone should have a will to put everyone's mind to rest Death. It’s the subject everyone dreads discussing, thinking about and planning for, but it seems few Canadians do. If you own anything, you need a will, expert says

Why bear markets are gifts for smart investors

"Every correction, crash and bear market in stocks is a gift in disguise. Give in to the panic by hitting the sell button and you can manifest losses. But treat it as an opportunity and you can set up years’ worth of returns."

Why bear markets are gifts for smart investors Every correction, crash and bear market in stocks is a gift in disguise. Give in to the panic by hitting the sell button and you can manifest losses. But treat it as an opportunity and you can set up years’ worth of returns.

Experts say these simple inflation-busting strategies can help with Canadians' cashflow

"If the cost of living is raising your blood pressure, here's what you can do."

Experts say these simple inflation-busting strategies can help with Canadians' cashflow If the cost of living is raising your blood pressure, here's what you can do.

Stocks, bonds, GICS and more: Here’s what to know about 11 common kinds of investments

"For beginners, it can be a challenge to keep track of the many different options for investing, let alone the benefits and drawbacks of each kind. Here’s a rundown of some of the most common investments."

Stocks, bonds, GICS and more: Here’s what to know about 11 common kinds of investments For beginners, it can be a challenge to keep track of the many different options for investing, let alone the benefits and drawbacks of each kind. Here’s a rundown of some of the most common investments.

How much should I save in an emergency fund? We make it make sense

"While saving up for an emergency fund can be a daunting task in addition to navigating other finances, it is a useful cushion to have set aside for when unexpected expenses arise."

How much should I save in an emergency fund? We make it make sense Money expert Jessica Moorhouse recommends placing emergency funds in a separate savings account.

Read what Stephanie Douglas had to say about common RRSP mistakes!

"The purpose of RRSPs is to save money for retirement. Withdrawing funds before you hit that milestone — unless it’s to buy your first home or to pay for tuition — means it’ll be taxed.
When you make a withdrawal, your financial institution immediately withholds a set amount of tax:

10 per cent (five per cent in Quebec) on sums of $5,000 and less
20 per cent (10 per cent in Quebec) on $5,000 to $15,000
30 per cent (15 per cent in Quebec) on over $15,000

Quebec residents will also face an additional provincial tax on their withdrawals.

But the amount you take out of your RRSP will also be included in your annual income for tax purposes. That means if that money bumps you up into a new tax bracket or the withholding tax isn’t enough to account for what you owe, you could end up with a bill come tax time.

Beyond taxes, once you take that money out of your account, you lose that contribution room. Douglas says that means when you pull out money for a vacation or even an emergency you’re losing out on potentially decades of tax-deferred growth."

She says to avoid relying on your RRSP funds for anything other than retirement, you should contribute only what you can afford to live without during your working years. That means before you dump everything into your account, make sure you have a generous emergency fund to fall back on.

Are you making any of these 5 common mistakes with your RRSP? This investment tool is a great way to save for retirement, but only if you’re using it correctly.

Not all food has gone up in price — here’s how to shop smarter and save while still eating well

"Price increases have not been uniform across all food items. Potatoes, for instance, have actually gone down in price, and cheaper frozen fruits and vegetables can sometimes be more nutritious than fresh."

Not all food has gone up in price — here’s how to shop smarter and save while still eating well Price increases have not been uniform across all food items. Potatoes, for instance, have actually gone down in price, and cheaper frozen fruits and vegetables can sometimes be more nutritious than fresh.

Seven creative tax moves to make when markets are tanking

"At the time of writing, the S&P 500 is down more than 18 per cent year-to-date and the S&P/TSX is down more than 7 per cent. Losing money in the market can actually give rise to some creative planning ideas. Here are seven ideas."

Seven creative tax moves to make when markets are tanking At the time of writing, the S&P 500 is down more than 18 per cent year-to-date and the S&P/TSX is down more than 7 per cent. Losing money in the market can actually give rise to some creative planning ideas. Here are seven ideas.

Portfolio Manager Paul Harris believes the biggest mistake investors can make is to sell stocks when markets swoon. To him, the better move is to sit tight and ride out the volatility or – if you’re brave and have extra cash – start buying.

“This is an opportunity to look at the companies you really love and buy them,” said the partner at Harris Douglas Asset Management in Toronto.

“Sometimes people are fearful of volatility, but I think it’s your friend because it allows you to be opportunistic. … I think the best strategy is to be in the stock market with good companies.”

Why this money manager is buying Walt Disney stock while adding cash to the portfolio Paul Harris: “Sometimes people are fearful of volatility, but I think it’s your friend because it allows you to be opportunistic. … I think the best strategy is to be in the stock market with good companies.” The Globe and Mail recently spoke with Paul about his favourite stocks and his take...

Globe Advisor: How to play the impact of rising interest rates on the markets

“I think the market is assuming a rapid rise in rates, and I don’t think that’s necessarily going to happen,” says Paul Harris, partner and portfolio manager at Harris Douglas Asset Management Inc. in Toronto.

He feels the Fed won’t be able to raise rates as much as it has signalled because of the risk of pushing the U.S. economy into a recession.

Globe Advisor: How to play the impact of rising interest rates on the markets Interest rates are going up – there’s no denying it. The question now is how this change in the interest rate trend will affect financial markets – and how investors should respond.

Worried about retiring in a time of high inflation and rising interest rates? Don’t be

Roaring inflation and rising interest rates aren’t great news for retirees and near-retirees. But there is less to worry about in today’s economy than they might think.

Worried about retiring in a time of high inflation and rising interest rates? Don’t be Roaring inflation and rising interest rates aren’t great news for retirees and near-retirees. But there is less to worry about in today’s economy than they might think.

The RRSP has fallen from grace, but there are still plenty of good reasons to contribute

"Savers who ignore the RRSP's benefits could be making a costly mistake."

The RRSP has fallen from grace, but there are still plenty of good reasons to contribute Savers who ignore the RRSP's benefits could be making a costly mistake.

OAS? CPP? GIS? Breaking down Canada's alphabet soup of retirement benefits

"Knowing which programs you can count on in old age will help you plan for retirement."

OAS? CPP? GIS? Breaking down Canada's alphabet soup of retirement benefits Knowing which programs you can count on in old age will help you plan for retirement.

Should young Canadians plan for retirement? We make it make sense

A question comes from Sophie, 22 who asks, “How can young people start planning for retirement, even if we are far from it?”

Should young Canadians plan for retirement? We make it make sense A question comes from Sophie, 22 who asks, “How can young people start planning for retirement, even if we are far from it?”

Should you pay off your mortgage early?

"There are some serious advantages to paying off your largest debt early. But to make the best choice, first consider your options."

Should you pay off your mortgage early? There are some serious advantages to paying off your largest debt early. But to make the best choice, first consider your options.

The case for deferring your CPP benefits is stronger than ever

"COVID has invaded nearly every aspect of our lives over the past two years so it shouldn’t come as a surprise that it will also affect our pensions."

The case for deferring your CPP benefits is stronger than ever COVID has invaded nearly every aspect of our lives over the past two years so it shouldn’t come as a surprise that it will also affect our pensions.

How to start an emergency fund

"Everybody talks about how important it is to save for emergencies—but where do you start and exactly much money do you need? This guide breaks it down."

How to start an emergency fund Everybody talks about how important it is to save for emergencies—but where do you start and exactly much money do you need? This guide breaks it down.

Set a goal this year of updating your estate plan

"When it comes to your estate plan, your will is probably the most important document that should be prepared. If your will is drafted properly, you’ll minimize tax, and your heirs will receive more."

Set a goal this year of updating your estate plan When it comes to your estate plan, your will is probably the most important document that should be prepared. If your will is drafted properly, you’ll minimize tax, and your heirs will receive more.

Financial resolutions you should endeavour to stay on top of year-round

"Use the beginning of this year to find the motivation you need to set financial goals."

Financial resolutions you should endeavour to stay on top of year-round Use the beginning of this year to find the motivation you need to set financial goals.

The tax figures and changes you need to know for 2022

"A new year brings a new set of tax numbers, and here are the important figures you need to know for 2022."

The tax figures and changes you need to know for 2022 A new year brings a new set of tax numbers, and here are the important figures you need to know for 2022.

How the federal government’s New Year’s resolutions will affect Canadians

"On Dec. 16, the Prime Minister released a mandate letter addressed to Chrystia Freeland, the Finance Minister, detailing the government’s priorities in the coming days – including tax changes to make. Think of these as government New Year’s resolutions."

How the federal government’s New Year’s resolutions will affect Canadians On Dec. 16, the Prime Minister released a mandate letter addressed to Chrystia Freeland, the Finance Minister, detailing the government’s priorities in the coming days – including tax changes to make. Think of these as government New Year’s resolutions.

How should small business owners set up their finances as they start their company?

"Small business owners have a lot of considerations to make when setting up their businesses, ranging from whether to incorporate to how to collect sales tax."

How should small business owners set up their finances as they start their company? Small business owners have a lot of considerations to make when setting up their businesses, ranging from whether to incorporate to how to collect sales tax.