Sixth Sense.Summer 2009

$IXTH $EN$E SUMMER, 2009

Welcome to our premiere issue of the $ixth $en$e newsletter, keeping you in touch and updated on the
Dollars and Sense Wake Up Seminar Series! Many thanks to our contributors! Please share this with your
friends and colleagues, and have a great summer! Susannah Roth and Susan Zelikovitz, editors

It’s what’s inside that counts: Fall focus

Fall focus...........................................................1 Don’t miss these upcoming seminars -
Details of our upcoming seminars Time: 7:30 a.m. to 8:45 a.m.
Location: 1 First Canadian Place, 49th Floor
You bring your food for the body, and we will
Recent revelations...........................................2
give you food for the mind. Water is provided.
Summary of the June 17, 2009 seminar
RSVP - Nellie Chowbay, BMO Nesbitt Burns,
presentations by Nellie Chowbay, BMO Nesbitt
416-359-5365, nellie.chowbay@nbpcd.com
Burns and Carolyn McEwan, Re/Max Condos Plus

September 23, 2009
Motivation matters.........................................3
-Get Organized - Create and Maintain a
Thoughts on Relaxation, by Susan Zelikovitz,
Personalized System of Organization, Susan
Motivational Coach for Business and Life
Zelikovitz, Motivational Coach for Business and
Life
Wellness wisdom..............................................3 -You versus debt - how to survive and then
Tips for a Healthy Workday: Breathe, Hydrate, thrive, Helen Loukatos, Williams & Partners,
Move, by MJ Macdonald, Wellness Consultant C.A.s
and Yoga Instructor October 21, 2009
-Fall Trends and Different Looks for Different
Image insights.................................................4 Body Types, Kelly Millar, KM Image Consulting
Five Tips for Dressing Well This Summer On a -Get Fit and Stay Focused, Mary Jane (MJ)
Budget, by Kelly Millar, KM Image Consulting Macdonald, Corporate Wellness Consultant and
Yoga Instructor
Legal lessons....................................................5 November 18, 2009
Five Reasons Why You Should Have an Estates -Estate Planning for You and Your (Smallish)
Lawyer Draft Your Will, by Susannah Roth, Business - the Legal Aspects and the Tax Aspects,
O’Donohue & O’Donohue, Barristers & Solicitors Susannah Roth, O’Donohue & O’Donohue,
Barristers and Solicitors and Helen Loukatos,
Accounting advantage....................................6 Williams & Partners, C.A.s
Medical Expenses - Maximizing Your Claim, by December 16, 2009
Helen Loukatos, Williams & Partners, Chartered -Planning for Success - an Education Program
Accountants created for Women Investors, Nellie Chowbay,
BMO Nesbitt Burns
Investment intelligence.................................8 -Presenting Ourselves: How to make short but
Critical Illness Insurance, by Nellie Chowbay, interesting presentations about ourselves/our
FMA, FCSI, Investment Advisor, BMO Nesbitt businesses, Janet Candido, Candido Consulting
Burns Group Inc.

Note: This newsletter is not intended to be legal, accounting or other professional advice, but rather to assist the reader in
understanding the matters discussed herein. Readers should consult with the author of each article regarding their own situation.

- Page 2 -

Recent revelations
Highlights from the presentations at our last
seminar that was held on June 17, 2009

Create your Own Pension Plan Buying Up to Build Equity

Savings Real Estate Trends
• It is important to save an adequate % of • May/09 the market increased for the first
your Income to fund your Lifestyle time after the economic downturn
Goals/Desires. • Average price of home sold was $395,000
• It is even more important to look at ways • Most people move every 3-5 years
of how you can increase your Income. • Lenders are anxious and want to lend
• But appraisal procedures are now tougher
Investments - total debt ratio (“TDR”) of applicants is
• It is paramount that you Invest regularly - the most important factor
Dollar Cost Averaging. • In recession, there are 8 times more of real
• Use all Tax-Sheltered Investment Vehicles estate millionaires that are made vs. when
to your advantage Maximize your RRSPs. in a bull market, so buying real estate
• Educate yourself on the Investment during a recession can be very wise
Vehicles you choose. • Gen-Xers purchase more recreational real
• Leverage Investing - e.g. equity in your estate than others. They are more
home could be leveraged wisely to build conservative in their buying but prefer a
more wealth (consult your Advisor). balanced lifestyle so more likely to buy a
• Leverage your Portfolio to create more cottage before buying a home
Pension Income and more wealth. • Increased demand for seniors’ market
• Work your existing assets to create the
Income to fund the Lifestyle you want and How to Build Equity in Your Home
desire. • Increase your down payment
• Renovations – but be careful as different
Reduce Excesses expenses add different values to your
• Simplify your Lifestyle. home depending on varying market
desires; try to not over-improve since you
Nellie has over 12 years of experience in the may only realize a 40% return on your
Investment Business as an Investment Advisor. She changes, keep it neutral if selling soon
holds a B.A. from U of T. Her specialities are • Staging, including colouring and de-
Investment Management, Financial Planning, cluttering, can increase the fair market
Retirement Planning and Analysis. Nellie is also value of your home by up to $50,000
licensed for Life Insurance as well as Critical Illness
and Disability Insurance. She has completed the
Financial Management Advisor Program, and is both Carolyn McEwan, Re/Max Condos Plus
a FMA and a FCSI.

Contact Nellie at 416-359-5365 or Contact Carolyn at 416-720-2929 (cell) or visit
nellie.chowbay@nbpcd.com www.carolynmcewan.com


- Page 3 -

Motivation matters Wellness wisdom

Thoughts on Relaxation Tips for a Healthy Workday:
Breathe, Hydrate, Move
Let’s talk about relaxation and its relationship to
organization. I think that the pressure to have Breathe
every item, activity and area in our lives and Our breaths during the day are shallow and rapid
spaces completely organized means we spend and do not allow for proper oxygenation of our
considerable amounts of time and energy trying muscles and organs (particularly the brain). The
to stay ahead of the organizing curve yet we find result is irritability, lack of focus and attention.
ourselves falling behind as we drown in more and Become more conscious of your breathing. Focus
more stuff that clutters our minds, offices, homes, on long slow breaths when you catch yourself in
cars and bags. Relaxation comes from choosing “rapid breath mode”. Breathe in and out through
what we can control and what is important to us the nose. Long and slow. 10 breaths. Feel your
and letting go of the rest. We are most relaxed body relax and your mind refocus. Take breathing
when we can accept the fact that the pursuit of breaks throughout the day.
perfection is both unrealistic and stressful. Before
you organize anything, take an inventory of what Hydrate
you have right now and only purchase every day The old “8 glasses of water a day” holds true.
necessities until you know what is in your When we lessen our hydration level by 2%...we
possession. Relaxation comes from the clarity, reduce our energy by 20%. Hydrate with non-
certainty and connection of completing an caffeinated beverages: herbal tea, water, low-
inventory. When you are relaxed, you can decide sugar juices. For every cup of coffee you drink,
without emotion, passion or attachment, what to enjoy a glass of H2 O too.
keep and what to give away; what to sell or throw
away. The comfort, relaxation and spaciousness Move your body
are definitely worth the time and effort. Take breaks to increase circulation, concentration
Relaxation comes from having the space to be and motivation! When the body is still, we stiffen
comfortable and being comfortable in the space. not only the muscles but also the mind. Even if
It’s wanting what you have not having what you you are stuck at your desk, get up and move
want. It’s feeling like you have it all. around. Use your office equipment to facilitate
gentle stretches and careful, appropriate stretches.

Mary Jane (MJ) Macdonald is a Corporate Trainer and
Susan Zelikovitz is a Motivational Coach for Business Wellness Consultant specializing in leadership and
and Life who works with individuals to make positive personal performance. She is a certified yoga
and lasting changes in their personal and professional instructor, specializing in Vinyasa and restorative
lives. She will be speaking on Getting Organized - yoga. With a background in Recreation and
Creating and Maintaining a Personalized System of Kinesiology, MJ works closely with her clients to
Organization at the first of our Fall Seminars, on improve physical and mental health for personal and
September 23, 2009. professional excellence.

Contact Susan at susanzelikovitz@yahoo.ca or 416- Contact MJ at macdonaldmj@hotmail.com or 416-816-
703-1110 7016


- Page 4 -

Image insights KM Image Consulting provides personalized image
consulting services for individuals seeking wardrobe
5 Tips for Dressing Well This Summer revival and overall image enhancement. Clients are
On a Budget provided with uniquely tailored wardrobe and image
management practices that are convenient, discrete and
1. Spend your money on the main can easily be incorporated into everyday life. Kelly
fundamentals in your wardrobe such as a suit, Millar, founder of KM Image Consulting, brings years
trousers, jackets or skirts. You can always be of international styling, photography and design
creative and find more colourful, fun budget experience to her work.
pieces such as underpinnings and tops to finish
your outfit that you won't feel guilty about just Contact Kelly at info@km-ic.com or 647-283-3712
enjoying for a season.
Hidden Honey - Our newsletter contest!
2. Take the time and look for simple
summer print dresses that are feminine yet
Cut and paste the above questions into an email,
inexpensive, they are out there, you just need to
fill in your answers, and email the questions and
look! Then complete your sassy inexpensive look
answers to susanzelikovitz@yahoo.ca and you
with a more quality blazer to give you the sleek
could win a prize! The first three emails received
professional finish.
with all the correct answers win! Good luck!
3. Accessorise, accessorise, accessorise! The
most inexpensive way to complete any look is Questions:
with fun, colourful, fashionable accessories. Opt 1. What is the amount up to which staging
for a funky bangle, cuff or colourful earring to can increase the fair market value of your
add a splash of style to your outfit. If you want to home?
try a more conservative, versatile piece look for a
stylish gold or silver chain with gemstones, it will 2. Name three illnesses covered by critical
give your look that subtle sophistication. illness insurance.
4. Shoes are the simplest way to finish an 1.
outfit on a budget. Choose basic 2" pumps in 2.
black or brown that will work with any 3.
professional look you put together. If you want
more of an edge, opt for a faux croc or python 3. When your hydration level is reduced by
skin which will give you that polished, 2%, what percentage is your energy level
fashionable finish and no one will be the wiser! reduced by?

5. Invest in a makeup session or colour
4. Do life insurance/RSP designation forms
analysis with a professional. It is the best way to
allow you to insert trust provisions?
stay up-to-date, fashionable and ensure that you
Yes/No -
are investing in your image smartly. Makeup and
colours are often overlooked but it is the details
5. Name three lesser known medical
that often make the difference between polished
expenses that may qualify for a tax credit.
and stylish and not quite pulled together!
1.
2.
3.


- Page 5 -

Legal lessons 3. You are not too sure who you should
appoint as your executor, trustee and/or the
Five Reasons Why You Should Have guardian of minor children (but you really do
an Estates Lawyer Draft Your Will not want that worthless insert relative here) -
Many people have difficulty in deciding who to
Do yourself and your loved ones a favour and get appoint as their executor and/or trustee, and even
the right professional help - you would not try to more people have difficulty deciding who to
fix your own pipes or hire a handyman to put a appoint as the guardian of their children. An
new roof on your house, so why would you not experienced estates lawyer can help by giving
get the right expert help when making your Will you advice about what is involved in being an
or planning your estate? Here are five reasons executor, trustee or guardian and discussing with
why you should have an estates lawyer draft your you who your best choice would be. A Will kit
will. can’t do this for you, and a general practitioner
may not have the necessary estate administration
1. You are no tax expert - An experienced experience to provide you with help in making
estates lawyer will be familiar with the tax issues these choices or knowledge about how to
you know about and others that you may not bulletproof your choice.
have known existed, all of which could have a big
impact on your estate’s value and your estate 4. You are pretty sure that your Will and
plan. You might want to consider this: when was your RSP/life insurance designations will work
the last time you thought about a tax issue and together - Those designation forms your
knew exactly what the solution was? Do you RSP/insurance company gives you do not allow
have a grip on what the tax implications are for you to insert trust provisions, so it is important to
your RSP/RIF when you die? Have you consider such things as whether you want your
considered the different taxes on different assets minor children to inherit all that life insurance
when setting up your estate plan? money with no strings attached at the age of 18,
or if paying probate fees on undesignated assets
2. You have no idea what “per stirpes” and is the best use of your estate. First level RSP or
“per capita” really mean, and you don’t want to life insurance designations are usually pretty
learn - You need to have the implications of straightforward - but what happens if your first
various language and clauses adequately beneficiary dies before you or you and your
explained to you in order to avoid unintended spouse die in an accident together? If you do not
consequences, not to mention expensive litigation. have appropriate secondary beneficiary
A Will kit definitely will not, and a general designations in place, unexpected and
practitioner usually will not, be able to advise you inconvenient (or worse) things could happen to
on these implications and provide you with your loved ones when you die.
proper advice when making your Will. Many,
many Wills are inexpertly drafted to include 5. You think that your separation
inappropriate clauses, ineffective or confusing agreement/partnership agreement/small
language and out of date precedents. business arrangements will work with your Will
- You may think that you have not done any
estate planning yet, but chances are if you have
been separated or divorced, are in a partnership
or own a small business that is incorporated, you


- Page 6 -

have - you just do not remember doing it (or did Accounting advantage
not realize that it was estate planning). Your
separation agreement or partnership agreement Medical Expenses - Maximizing Your Claim
may contain provisions that are important to
consider when you are doing your estate Your immediate family
planning, especially if you have obligations that When calculating your total medical expenses,
your executor and loved ones will have to deal you can include medical expenses paid for you,
with after you die. Small business owners should your spouse or common-law partner, and your
consider various tax-saving and succession issues, children or your spouse/common-law partner’s
and may have shareholder agreements and other children under 19 years of age who depend upon
restrictions which need to be reviewed by an you or your spouse for support. A non-
expert when planning your estate. refundable medical expense tax credit may be
claimed when your total medical expenses paid in
Susannah Roth is an associate at O’Donohue & a 12-month period that ends in the year exceeds
O’Donohue. Her practice focuses on estate planning, the lesser of $1,962 and 3% of your net income for
estate administration and estate litigation, and helps the year. A refundable medical expense tax credit
clients with simple and complex estate planning, is available for working individuals with low
including planning for incapacity, tax planning, income and high medical expenses. Because of
estate freezes, incorporation, and simple wills, as the 3% threshold, it is often more advantageous
well as all aspects of administering an estate, from for the lower income spouse to claim the family’s
medical expenses.
simple legal advice to the executor on what they
should and should not be doing, to probate
Other dependents
applications and passings of accounts, to more in-
You may also be able to claim a non-refundable
depth involvement in the day-to-day aspects of credit for medical expenses you (or your
administering and winding-up an estate, and spouse/common-law partner) paid for you or
conducts estate litigation on behalf of executors your spouse/common-law partner’s children over
and beneficiaries. 18 years of age, grandchildren, parent,
grandparent, brother, sister, uncle, aunt, niece, or
Contact Sus a nn a h at 416-361-3231 or nephew. To qualify, the dependent must have
susannah.roth@odonohue.ca depended upon you for support and must have
been resident in Canada during the year (i.e. your
20 year old who is going to University and does
not earn enough money to support his/herself).
When calculating the total medical expenses
eligible for the credit, the medical expenses paid
for each dependent must be reduced by the lesser
of $1,962 and 3% of the dependent’s net income
for the year. You can claim up to $10,000 of
medical expenses for each dependent.


- Page 7 -

Lesser known expenses eligible for the medical 16. Travel expenses – if medical treatment is not
expense tax credit available locally (i.e., within 40 kilometres), you
The following is a list of some of the medical may be able to claim the cost of travelling to get
expenses that may qualify for the tax credit. treatment (e.g., vehicle expenses, accommodations
Please note that many require a prescription or and meals)
specific medical certificate to qualify. 17. Tutoring services – used by, and which are
1. Air conditioner – can claim 50% of the amount supplementary to the primary education of, a
paid (up to $1,000) for a patient with a severe person with a learning disability or an
chronic ailment, disease or disorder impairment in mental functions, and paid to
2. Air filter, cleaner or purifier – paid for a person someone in the business of providing such
to cope with or overcome a severe chronic services who is not related to the person being
respiratory ailment or severe chronic immune tutored
system disorder
3. Ambulance service – to or from a public or Contact a chartered accountant for more
licensed private hospital information and to get assistance in determining
4. Bathroom aids – to help a person get in or out whether your expenses qualify.
of a bathtub or shower or to get on or off a toilet
5. Cancer treatment – provided by a medical Helen Loukatos is a Chartered Accountant specializing
practitioner, including treatment received outside in accounting and tax compliance, research, and
Canada for drugs not approved in Canada consulting work for individuals, small and medium
6. Certificates – the amount paid to a medical sized enterprises, as well as tax reporting. She has
practitioner for completing and providing worked at Williams & Partners Chartered Accountants
additional information in regards to Form T2201 LLP since 2001. She routinely meets with clients to
(disability form) and other certificates assist them with the accounting and financial aspects
7. Contact lenses/eyeglasses (prescription of their daily operations as well as strategizing how to
required) and/or laser eye surgery structure future financial activities.
8. Cosmetic surgery
9. Crutches Helen’s firm distributes tax tips on a regular basis and
10. Detoxification clinic – for a person addicted to a quarterly newsletter, both of which include recent
drugs or alcohol changes to the tax rules and other related tips. If you
11. Diapers or disposable briefs – for a person would like to be added to the email mailing list, please
who is incontinent due to an illness, injury or contact Helen.
affliction
12. Hearing aids – including repairs and batteries Contact Helen at 416-969-8166 x273 or
13. Moving expenses – reasonable moving helen.loukatos@williamsandpartners.com
expenses (up to $2,000 ($2,366 in Ontario) and not
otherwise claimed elsewhere) to move a person
with mobility impairment to a house that is more
accessible
14. Premiums paid to private health services plans
(including emergency travel medical insurance)
15. School for people with an impairment in
mental or physical function


- Page 8 -

Investment intelligence Some of the illnesses covered include:
• Cancer • Multiple Sclerosis
Critical Illness Insurance • Kidney Failure • Coma
• Heart Attack • Coronary Artery Disease
Life insurance can provide you and your family requiring surgery
with financial security in the event of your • Paralysis • Major Organ Transplant
premature death. Disability insurance replaces • Severe Burns • Alzheimer’s Disease
your income in the event that you become • Blindness • Deafness
disabled due to accident or sickness. • Loss of Speech • Parkinson’s Disease

It’s difficult to ignore the statistics. Based on • Loss of Limbs • Occupational HIV Injury
current trends, it’s estimated that 44% of men and • Motor Neuron Disease (ALS or Lou Gehrig’s
38% of women will develop cancer in their Disease)
lifetime.*
You probably know someone who has suffered a
Today, with advances in medical science and critical illness. It’s worth exploring how this
improvements in our lifestyles, we are surviving essential type of insurance could benefit you and
illnesses which would probably have resulted in your family, and protect your financial future.
death in the past. However, there can be
* Source: "Cancer Statistics 2005", Canadian Cancer Society
significant financial consequences to surviving a
critical illness such as cancer. You may not be able
to work any longer and medical bills not covered Nellie has over 12 years of experience in the Investment
by insurance can mount. Also, you may have to Business as an Investment Advisor. She holds a B.A.
incur unexpected expenses throughout your from U of T. Her specialities are Investment
illness and recovery. Management, Financial Planning, Retirement
Planning and Analysis. Nellie is also licensed for Life
The question to ask yourself is this: How can I Insurance as well as Critical Illness and Disability
maintain my current lifestyle should I be Insurance. She has completed the Financial
diagnosed with a critical illness? Critical Illness Management Advisor Program, and is both a FMA
Insurance is designed to provide you with a tax- and a FCSI.
free lump sum payment of the benefit amount
you have purchased. This money is typically paid Contact Nellie at 416-359-5365 or
out upon the diagnosis of a critical illness. nellie.chowbay@nbpcd.com

We hope you have enjoyed this issue. If you would like to contribute to our next issue, please contact
us at susannah.roth@odonohue.ca or susanzelikovitz@yahoo.ca. Thank you! The Editors


Sixth Sense.Summer 2009

Recommended

Recommended

More Related Content

Viewers also liked

Viewers also liked (19)

Recently uploaded

Recently uploaded (20)

Sixth Sense.Summer 2009