Carl and Cathy are well aware of the substantial tax advantages of making charitable contributions as well as the good feeling they get by helping their favorite charity. In addition to their annual contributions, they would like to bequeath more substantial amounts to their chosen charity in their wills. Some of their more affluent friends do this. However, Carl and Cathy do not feel that they are able to.
While this likely won't be a summer where people will travel to remote destinations or take in events like Rodeos or Concerts, it's still worth celebrating. For those of you who have had the kids home, all… the… time… you may be exhausted. Learning from home was a new venture for many of us and the lack of activities available was frustrating for everyone. With the sun out regularly now and school out for the summer, it's been good to get outside and enjoy the weather. We've been able to go on some bike rides and even made our way out to the lake at the end of June.
The fastest market correction in history, that started in the last week of February and bottomed in late March, led to the fastest bounce back over a five-week period, since about 1987 1. However, at the time of this writing, most of the major market indexes are still below their February 2020 peaks levels.
The last three Newsletters that I've written have not been easy. In all honesty, they have been some of the toughest of my almost 16-year career in Financial Services. While we are trying to stay positive and report good news, it has been challenging. COVID-19 has just hit the world so hard and caused so much grief. I'm talking to clients who have family members who have suffered with the virus. We have in-laws who have lost friends and a Care Home right here in McKenzie Towne experienced 21 COVID-19 related deaths since the virus hit Alberta earlier in the year.
If any good can come from an economic downturn it is that people are forced to think more seriously about their financial success strategy. Many people affected by the economic damage wrought by the recent COVID-19 pandemic will change their financial habits by cutting back on spending, reducing debt and increasing their savings. But, for many other Canadians, life will likely continue as usual where the pursuit of an optimal life style now overshadow concerns about future financial security.