Blog | The Wellings

01/17/202501/17/2025

Writing Away Worries

Writing can be an effective way for seniors to work through their worries, providing a healthy outlet for expressing thoughts and emotions. When faced with anxiety, fear, or uncertainty, putting pen to paper can help clear the mind, offer perspective, and reduce stress. Here are some practical writing methods that seniors can use to address their concerns and improve their mental well-being.

Journaling for Clarity

Journaling is one of the simplest yet most powerful tools for dealing with worry. Writing down thoughts and concerns allows seniors to organize their feelings and see patterns that might not be obvious otherwise. This process can lead to better self-understanding and a sense of relief, as worries that seem overwhelming in the mind often feel more manageable once they’re on paper.

A good starting point is to spend about 10 minutes each day writing freely. This could be a reflection on the day, a list of worries, or simply how they’re feeling at that moment. The key is to write without any judgment or pressure. Prompts like “Today, I’m feeling worried about…” or “What’s been on my mind lately is…” can help get the words flowing. Over time, this habit can provide clarity and peace of mind.

Gratitude Journals for Positivity

Focusing on gratitude can be a wonderful way to shift attention away from worries and toward the positive aspects of life. Research has shown that regularly acknowledging things we are thankful for can improve mood and overall outlook. Seniors can start a gratitude journal by listing three things they are grateful for at the end of each day. These could be as simple as a sunny afternoon, a good book, or a pleasant conversation with a friend.

The act of noting these moments trains the mind to focus on the positives, even when worries feel overwhelming. Over time, this practice can foster a more optimistic and balanced perspective, making it easier to cope with stress.

Writing Letters for Emotional Release

Sometimes, our worries are tied to specific people or events, and it can be difficult to express those feelings openly. Writing letters can be a therapeutic way to release these emotions. Seniors can write letters to themselves, to others (even if they never plan to send them), or to situations causing them stress. This exercise can help process complex emotions, find closure, or simply articulate feelings that might be hard to share in conversation.

For example, writing a letter to their younger self or to a friend who has passed away can be a way to address unresolved feelings or offer encouragement. Even if these letters are never seen by anyone else, the act of writing can be incredibly freeing.

Creative Writing for Stress Relief

Engaging in creative writing, such as poetry, short stories, or even fictional letters, allows seniors to explore their thoughts and worries from a different angle. It can be a fun and liberating way to process emotions and transform them into something creative.

Starting with simple prompts like “If my worry were a character, it would be…” or “Imagine a place where all your worries disappear. What does it look like?” can help ease into the practice. Viewing their concerns through a creative lens can make them feel less intimidating, offering a sense of control and perspective.

Reflective Writing About Past Experiences

Reflecting on past experiences can be a powerful reminder of resilience. Writing about difficult situations they have faced and how they overcame them can help seniors draw strength from their past. This exercise not only brings a sense of perspective but also reinforces the ability to handle future challenges.

Seniors can write about a time they faced a tough situation and how they managed to navigate through it. What did they learn from that experience? How can those lessons be applied to their current worries? By revisiting these moments, they may find comfort and inspiration in their strength.

Maintaining a Writing Routine

Incorporating writing into a daily routine can serve as a form of mindfulness. Taking a few minutes each day to jot down thoughts, hopes, or small victories encourages seniors to reflect, breathe, and ground themselves. This daily habit can help reduce anxiety and improve mental clarity.

Whether through journaling, letters, or creative writing, putting thoughts on paper allows seniors to process their worries at their own pace. Writing provides a safe, non-judgmental space to explore emotions, find clarity, and achieve a sense of peace.

in Carefreedom Living® Posted by My Wellings

01/10/202501/10/2025

Say Goodbye to Winter Dry Skin: Tips for Seniors

Winter is the season of cozy sweaters, warm drinks, and soft blankets. But it’s also the season when dry, itchy skin becomes a big problem, especially for seniors. Don’t let winter weather steal your skin’s comfort—try these simple tips to keep your skin happy and hydrated all season long.

Why Does Winter Dry Out Your Skin?

Cold winter air doesn’t hold much moisture, which makes your skin feel tight and dry. Indoor heating makes it even worse by blasting warm, dry air. The result? Skin that’s dry, flaky, and sometimes itchy. But don’t worry—there are easy ways to keep your skin smooth and comfortable.

1. Use a Good Moisturizer

Choose a thick, oil-based moisturizer to protect your skin from winter dryness. Look for products that contain ingredients like hyaluronic acid, shea butter, and ceramides for extra hydration. For the best results, apply moisturizer right after you shower or wash your hands, when your skin is still slightly damp. This helps lock in moisture.

2. Take Warm, Not Hot, Showers

Hot showers may feel great on cold days, but they can strip your skin of natural oils and worsen dryness. Opt for warm showers and limit them to 10-15 minutes. When you’re done, gently pat your skin dry with a towel instead of rubbing it.

3. Use a Humidifier

Indoor heating can turn your home into a dry zone, which isn’t good for your skin. A humidifier adds moisture to the air and helps keep your skin from drying out. Place one in your bedroom or main living areas to create a more skin-friendly environment.

4. Stay Hydrated and Eat Healthy Foods

Drinking water helps keep your skin hydrated from the inside out. It’s also important to eat foods that are good for your skin, like avocados, salmon, and nuts. These foods are rich in healthy fats that support your skin’s moisture levels.

5. Choose Gentle Soaps and Protect Your Skin

Switch to fragrance-free, gentle soaps that don’t strip away your skin’s natural oils. When you go outside, wear a scarf, hat, and gloves to protect your skin from the cold wind. This extra layer helps keep your skin safe and comfortable.

Don’t Forget Sunscreen!

Even in winter, the sun’s rays can damage your skin. Make sure to apply a broad-spectrum sunscreen to any exposed skin before heading outside.

Stay Comfortable This Winter

Dry skin doesn’t have to be part of your winter routine. With these simple, senior-friendly tips, you can enjoy the season without the itchiness or discomfort. Keep your skin moisturized, stay warm, and take care of yourself—you deserve it! Stay cozy and enjoy your winter with smooth, happy skin.

in Health and Fitness Posted by My Wellings

01/03/202501/03/2025

Where Good People Are Making Good Things Happen

Grab your coat, because we’re taking a virtual trip across Canada—the land of maple syrup, breathtaking landscapes, and some of the nicest folks you’ll ever meet.

What makes this journey special?

We’re spotlighting towns and cities where people aren’t just kind; they’re rolling up their sleeves to make their communities a better place.

Let’s hit the road!

Victoria, British Columbia: A Green Dream

Our journey begins on Vancouver Island, in the charming, eco-friendly city of Victoria. This coastal gem is known not only for its stunning ocean views and historic architecture but also for its green initiatives. The city has a passion for sustainability, with community gardens, bike-friendly streets, and farmer’s markets that make local food accessible to everyone. Groups like the Victoria Compost Education Centre help residents reduce waste and promote sustainable living, showing that even small efforts can make a big difference.

Calgary, Alberta: Heart of the West

Next, we head east to Calgary, a city that embodies the warmth of the West. Calgary is known for its bustling economy, but it’s also a hub for social enterprise and community support. One shining example is The Alex, a nonprofit organization dedicated to providing healthcare, housing, and food programs to those in need. Their mobile health buses are a familiar sight, bringing services directly to the community and proving that a little ingenuity can lead to a big impact.

Winnipeg, Manitoba: The Heartbeat of Generosity

In the center of the country lies Winnipeg, where folks are serious about community spirit. This city has a reputation for being one of the most generous in Canada, with initiatives like Harvest Manitoba, a food bank that supports thousands of families across the province. The sense of solidarity here is palpable; when the Red River floods, Winnipeggers don’t hesitate to grab sandbags and help their neighbours. It’s a place where lending a hand isn’t just an act of kindness—it’s a way of life.

St. John’s, Newfoundland: A Warm Welcome Awaits

Our final stop is on the rugged shores of Newfoundland, where St. John’s greets visitors with open arms and a smile. This city is a mix of bright houses, lively music, and some of the friendliest folks you’ll ever meet. But the real heart of St. John’s lies in its community organizations, like The Gathering Place, which offers food, support, and a sense of belonging to those experiencing homelessness. It’s a place where everyone is welcome, and the spirit of giving is alive and well.

Wrapping Up Our Trip

From the Pacific shores to the rocky coasts of the Atlantic, Canada is home to more than just stunning landscapes. It’s a country where good people are doing great things, driven by compassion and a sense of community. Whether they’re growing gardens, providing healthcare, or simply lending a helping hand, Canadians are showing the world how to build a kinder, more connected society.

So, if you’re ever planning a trip, consider visiting one of these kinds of corners. Not only will you see beautiful sights, but you’ll also witness the power of community in action.

in Carefreedom Living® Posted by My Wellings

12/27/202412/27/2024

Growing Through Life: Lessons for a Fulfilling Journey

There’s no question that life is an unpredictable ride. I’m sure there isn’t anybody you can think of who hasn’t had to navigate through something challenging. Hindsight is where we can take lessons from the tough stuff we experience. It’s important that we learn from what we undergo in life because these events can transform into teachings to guide as we move forward. Whether it’s learning or unlearning a few things, let’s explore some ideas that will hopefully be helpful when it comes to living our best life in 2025.

You are important and you matter.

This is lesson number one for me because I think it’s something we can easily forget. Especially as we age, we can mistakenly believe that we’re not important, that we’re irrelevant and we don’t matter. But it couldn’t be farther from the truth. If we have breath, we are important and we matter, regardless of our age. Sure, our priorities change as we get older and that’s a good thing. It’s a time in our life when we’re investing in what’s important to us and no longer focused solely on other people’s needs and their feedback to feel good. While prioritizing ourselves might feel like we’re being selfish, there’s a companion lesson here: when we take good care of ourselves, we’re better able to take care of others.

“The biggest lesson is to keep going and almost never look back.”
– hockey goaltender, Maxime Lagacé

Don’t Live in the Past.

The only thing we know for sure is the present. How many times have we heard that? It is true that the past no longer exists and what we’re thinking about are our memories of the past or rather our version of the past. Sometimes we embellish our memories and either feel bad about the way we remember events or glorify the past and long for what was. All we can do is learn from whatever happened and apply those lessons to our life today. If you have a regret about something from your past, know that it’s just a reminder that you’re human. It’s better to let it go than to resist feelings of regret because what we resist persists and we’re all capable of learning and growing. Sometimes talking through regrets with a friend or trusted advisor can put things in proper perspective. Let’s not let memories of the past impede our enjoyment of the life we have in front of us and our future possibilities.

“The biggest lesson I’ve learned is that hurt people hurt people, and kindness is just as contagious. So, if you can focus your efforts on engineering kindness, it will prevail.”
– founder of Bumble, Whitney Wolfe Herd

Be Kind.

Sometimes the simplest life lessons are the toughest to apply. Because we’re human, we’re wired for safety, and fear plays a major role when it comes to us feeling protected from danger. We’re not always sure of others’ intentions and because fear is so powerful, we can mistake kindness for weakness. It’s even true of ourselves. We’ve been conditioned, I say, conned into believing that strength is being tough when the truth is that our real strength is in our ability to be vulnerable. Learning to be kind toward ourselves takes us back to lesson number one: it’s the recognition that we are important, and we matter. Keep in mind that how you speak to yourself about yourself and how you speak to others about yourself is important because what you put out there is what will be returned to you. Keep kindness top of mind when you’re doing business with others too; it’ll make a difference for everyone and trust me, kindness is a gift that keeps on giving. When we’re kind to others, we feel good thanks to kindness hormones like oxytocin, it helps with blood pressure and ultimately our kindness influences others to be kind as well.

“When you share your story and become vulnerable, the ripple effect and the people that you can help along the way is a life lesson.”
– Sophie Gregoire Trudeau

Don’t Worry, Be Happy.

This is another way of saying that we should focus our resources and attention on what’s important in life today. There will always be situations that don’t go to plan, people who don’t measure up to our expectations, or having our words and actions disappoint others. The key here is to remember that what other people do and say reflects something in them and has nothing to do with us. We give power to the wrong thing, when we’re focused on how other people disappoint us. While we can’t control life events and other people’s actions, we can control our response to life events and other people’s actions. Worrying about what other people might do or what might happen is like praying for what we don’t want. It’s far more productive to focus on what we do want and take small steps in that direction. This way we take power away from worry and create more space for peace.

“He has not learned the first lesson of life who does not every day surmount a fear.”
– Poet and writer, John Dryden

Make Play Part of your Day.

Nobody teaches children how to play. Every day they wake up ready to engage in as much fun as possible, using their beautiful imaginations to create magical experiences. We know that play is beneficial for their cognitive function as well as their physical, emotional and social well-being. We encourage kids to play for those reasons and we overlook the fact that maintaining a playful mindset is helpful in the same way for adults. Whether it’s sports, board and card games, puzzles, acting, dancing or singing, we’re reducing stress, nurturing connection, emotional well-being and keeping our beautiful brain challenged and alert. You can double the fun by pairing up older people with younger people. Intergenerational play is fun for everyone.

“The biggest lesson I learned this year is not to force anything, conversations, friendships, relationships, attention, love. Anything forced is just not worth fighting for, whatever flows flows, what crashes crashes.”
-entrepreneur, Amanda Rose

Don’t Force Anything

This may be one of the hardest won lessons of the bunch. We humans love our control. We like it when life goes the way we want it to. We like it when people like us and when they do what we think they should do. We’re frustrated when people don’t do what we expect them to or heed the advice we offer. This human experience has its joys, and control does not fuel that feeling. All it does is produce anxiety. It’s good to keep in mind that every person has their journey in life and lessons to go along with it. We’re not in charge of anybody else’s experience and simply accepting this important truth will give us more energy and peace as we navigate our own life adventure. Another aspect of this to keep in mind is that not everyone will like us regardless of our talents or our generosity. As challenging as it is, it’s more important to be true to ourselves than to seek approval from others.

“Life changes for the better when we realize that we don’t have to know everything, and we don’t have to pretend that we do.”
– author and business leader, Simon Sinek

These life lessons are a reminder that we’re not alone; we’re all in this together and with some encouragement, we can shift our perspective to improve our circumstances. Our open mind and our willingness to learn give us the power to enrich our lives and shape our experience for the better. Here’s to our best year in 2025

in Healthy Aging Posted by Kathie Donovan

12/20/202412/12/2024

Are you a Canadian resident with U.S. property?

Thinking of purchasing property in the U.S.?

Here’s a topic that often comes up in estate planning and financial services. Owning property in the U.S. is something we discuss at a high level with our clients, particularly when planning their estate. We always refer them to a U.S. accountant for further guidance and detailed advice.

There are many intricacies involved in owning property in the U.S., so it’s a best practice to consult a U.S. accountant—whether you’re considering the purchase or reviewing the details after acquiring property.

Are you a Canadian resident with U.S. property?
Author: Valerie Markidis
Wealth Planning Consultant with Cl Assante Private Client’s Wealth Planning Group

With the weather cooling and winter on the horizon, snowbirds are poised to fly south-but if you’re looking to purchase a property in the U.S. or returning to one you already own, you may face estate planning complexities.

On death, Canadian residents’ estates may owe income taxes in Canada, since there’s a deemed disposition of all assets owned personally. The resulting capital gains on property, including U.S. property, will be taxed at the appropriate inclusion rate based on the Canadian value of those capital gains.

The estate may also owe income taxes to the U.S. Internal Revenue Service, though a tax credit may reduce the impact of double taxation.

In addition to U.S. and Canadian income tax, there is also U.S. estate tax to consider. U.S.
estate tax is calculated differently based on whether or not the deceased is a U.S. citizen; for this discussion, we will assume the person who died was not a U.S. citizen.

U.S. estate tax may apply if, at death, the deceased:

Owned U.S. situs assets (including U.S. real estate) with a value greater than US$60,000, and
Had a total value of worldwide assets greater than the U.S. exemption for the year of death

The current per-individual U.S. exemption rate is quite high, at US$13,610,000 in 2024 and rising to US$13,990,000 in 2025. However, it is scheduled to reduce to approximately
US$7,000,000 in 2026 unless there are legislative changes.

Professional advice is essential
If you’re planning to purchase a property in the U.S., consult with legal and tax professionals specializing in cross-border estate planning to ensure the proper ownership structure. For instance, you may decide to own the property jointly with your spouse or other individuals, with rights of survivorship, or you may choose to own the property indirectly, such as through a trust or partnership. Each type of ownership has its own implications, and the right one for you depends on your specific situation.

In addition, if you expect to own a U.S. property on your death and will be exposed to U.S.
estate tax, proper estate planning is important. Strategies that may be beneficial include:

Using life insurance
Gifting assets during your lifetime
Using a non-recourse mortgage to reduce the value of the U.S property
Donating the property to charity on death

To simplify handling your estate after your death, it may be wise to have a separate will for your U.S. property. While your Canadian will can cover your U.S. assets, this often creates administrative challenges, leading to delays and additional costs in settling your estate.

Summary
If you own or plan to own a U.S. property, seek legal and tax advice from an advisor specializing in cross-border estate planning to ensure your wishes on death are realized in the most tax-effective manner.

in Financial Freedom Posted by Marci Perreault

12/13/202412/16/2024

Chef Robert’s Holiday Pavlova

Welcome to the kitchen with Chef Robert at the Wellings. Today, we’re making a holiday classic that’s as stunning as it is delicious – New Zealand Pavlova. It’s a holiday tradition worth sharing.

In this video, you’ll learn how to make a light, airy, and crispy Pavlova topped with fresh kiwi, strawberries, and plenty of whipped cream. Chef Robert walks you through every step — from whipping up the perfect meringue to the crucial technique of propping the oven door open for that perfectly crispy crust.

Ingredients You’ll Need:

Egg whites
Sugar (about 2 cups)
Cornstarch
Lemon juice (a couple of teaspoons)
Toppings: fresh kiwi, strawberries, whipped cream, and a little more sugar for sweetness.

This Pavlova is a show-stopping centrepiece for your holiday table, and it’s easier than you think! So grab your apron, get ready to impress your family and friends, and taste the magic for yourself.

Happy Holidays from Chef Robert and the Wellings Community.

Watch the video here.

in Food and Recipes, Video Blogs Posted by Chef Robert Mills

12/06/202412/06/2024

The Story of Saint Nicholas and his Gifts to the World

Who hasn’t wanted to meet the real Santa Claus? It turns out that you don’t have to travel to the North Pole to make his acquaintance; in fact, you’ve probably encountered him many times without recognizing him. The persona we know as Santa Claus is the spirit of goodness, kindness and generosity. We’ll get back to Santa soon but first let’s get to know where the man in the red suit got started.

“They err who thinks Santa Claus comes down through the chimney; he really enters through the heart.” – Paul M. Ell

The origin story of what we know as Santa Claus goes back thousands of years to a monk by the name of Saint Nicholas. Born in 280 AD in what is now Turkey, he was revered for his extraordinary faith and compassion. The legend goes that he gave away his inherited wealth and made it his mission to help others.

One of the most famous stories is about a father with three daughters. The man couldn’t afford a dowry for them and without it his daughters couldn’t be married. In the dark of night Saint Nicholas tossed coins in through an open window in the man’s house (some say it was down a chimney) and ran away before he was discovered, ensuring that the man had the resources for his oldest daughter’s dowry. He did this for each of the daughters and was caught by the father the third time. Nicholas begged the man not to reveal his secret, which led to the folklore that whenever anyone received a mysterious gift, it was said to be from Saint Nicholas.

As his popularity increased, Saint Nicholas became known as the protector of sailors and children. His feast day is celebrated on the anniversary of his death, December 6th, which is said to be an auspicious day to make large purchases or to get married. Over time, Saint Nicholas became the most popular saint in Europe and across the continent, his legacy of kindness inspired all kinds of traditions.

In France, children would leave their shoes out at night for Saint Nicholas, hoping to find them filled with chocolate and gifts in the morning. This tradition was accompanied by parades and celebrations, featuring plenty of sweets for the little ones. The practice of gift-giving began to take root in Germany and the Netherlands in the 17th century in the name of Saint Nicholas. The Dutch called him Sinterklaas, which over time evolved into the English Santa Claus. In England, Saint Nicholas was celebrated with a midwinter festival, where he was associated with adult pleasures: eating, drinking and making merry. Today, in England, Father Christmas is mainly synonymous with Santa Claus.

“‘Twas the night before Christmas, when all through the house, not a creature was stirring, not even a mouse.

The stockings were hung by the chimney with care, in hopes that St. Nicholas soon would be there.” – Clement Clarke Moore

Over the centuries, as our world has changed, the core values of Saint Nicholas: joy, generosity and compassion have been embodied by the figure of Santa Claus, evolving from a revered Christian saint to a beloved worldly icon. The familiar red Santa suit evolved from the red and white robes Saint Nicholas wore as Bishop of Myra in the 4th Century. It was the American cartoonist Thomas Nast who created the jolly elf in the red suit we know today as Santa Claus.

“Santa Claus is anyone who loves another and seeks to make them happy.”
–American Publisher Edwin Osgoode Grover

The Santa Claus North Americans are familiar with reflects an interplay of religious tradition and folklore. Santa has a workshop at the North Pole and delivers gifts to children all over the world in one night, via reindeer and sleigh. While it’s a long way from the roots of his story, the spirit of Saint Nicholas is alive and well in the hearts of those who give without expectation of receiving. Thanks to global marketing and smart business the spirit of Santa Claus transcends cultural and religious borders today. Santa Claus enriches our experience of Christmas and reminds us that kindness, compassion and generosity are the greatest gifts of all. Whatever you celebrate this December, I invite you to emulate the spirit of Saint Nicholas. Let’s have more compassion for one another, be generous with one another and help one another whenever and however we can. It’s up to us to keep the spark of Saint Nick burning brightly in the world. Happy Holidays friends.

in Carefreedom Living® Posted by Kathie Donovan

11/29/202411/18/2024

5 Simple Tips to Make Life Better for Seniors (And Have Fun While Doing It!)

Life doesn’t come with a manual, but it sure does come with a lot of opportunities to make every day brighter, healthier, and more enjoyable—especially for our incredible seniors! Whether you’re a senior yourself or someone looking to help a loved one, these five tips are perfect for making life a bit easier and a lot more joyful. Ready to get started? Let’s dive in!

1. Keep Moving (and Make It Fun!)

Forget the high-intensity stuff. For seniors, staying active can be as simple as a morning walk to greet the sunrise, gentle chair yoga, or even water aerobics (splish, splash, anyone?). Not only does moving help keep the body in tip-top shape, but it’s also a great excuse to hang out with friends or join a fun community class. And remember: a little goes a long way!

Quick tip: Put on your favorite tunes and dance around the living room for 10 minutes. It’s a guaranteed smile booster!

2. Stay Curious and Keep Learning

They say you can’t teach an old dog new tricks, but whoever said that hasn’t met today’s seniors! Whether it’s picking up a new hobby, joining a workshop, or taking an online course (yes, you can learn to use Zoom), keeping the mind engaged is essential. Maybe it’s time to revisit that childhood dream of painting or finally learn the basics of Spanish.

Fun idea: Join a local library’s book club or try your hand at puzzles and crosswords to keep those neurons firing!

3. Sprinkle Your Day with Mindfulness and Gratitude

Life’s little moments can be pretty wonderful when you stop to notice them. Mindfulness doesn’t have to mean hours of meditation—it can be as simple as sitting by the window, taking a deep breath, and watching the birds flutter around. Want to go one step further? Keep a gratitude journal. Jot down three things that made you smile today. It could be as simple as a warm cup of coffee or a call from a grandchild.

Pro tip: Need some mental relaxation? Try deep breathing exercises. Inhale for four counts, hold for four and exhale for four. Easy peasy and oh-so-refreshing!

4. Create a Routine That Works (and Add a Splash of Fun!)

Ever heard that saying, “Routine is the secret to success”? Turns out, it’s also the secret to making life a whole lot smoother! Having a daily schedule helps keep things organized and reduces stress. But don’t forget to add something fun to look forward to—a mid-morning tea break, a daily call with a friend, or a puzzle session after lunch. And don’t worry, keeping a planner or using reminder apps can help if dates and times start to blur.

Handy tip: Break tasks down into smaller steps and tackle them one at a time. That way, everything feels more manageable and way less overwhelming.

5. Connect, Connect, Connect!

Life is just better with good company. Staying socially active is key to a happy and healthy life. Make it a point to connect with family and friends, whether it’s through a good old-fashioned phone call or a virtual hangout. And don’t forget about local senior centers and community groups—they’re packed with friendly folks who are always up for a chat or a new adventure.

Fun challenge: Try volunteering for a local cause or participating in community events. It’s an instant mood lifter and a great way to meet new friends!

Ready to Embrace Each Day?

Making life better doesn’t have to be complicated or boring. It’s all about those small, enjoyable steps that keep the body healthy, the mind sharp, and the heart full. So, what’s your favorite way to add a little extra happiness to your day? Share it with a friend or family member and start spreading the joy. After all, life is for living, so let’s make the most of it—one smile at a time!

in Carefreedom Living® Posted by My Wellings

11/22/202411/18/2024

Einstein has to speak at an important science conference.

On the way there, Einstein tells his driver, who looks a bit like him

“I’m sick of all these conferences. It is always said the same things over and over! e=MC blah blah blah, I need a break.”

The driver agrees:

“You’re right. As your driver, I attended all of your lectures. In theory, I can give your speech in your place.

“That’s a great idea!” says Einstein.

“Let’s switch places then!”

So they switched clothes, and as soon as they arrived, the driver dressed as Einstein went on stage and started giving the usual speech, while the real Einstein, dressed as the car driver, relaxed in the back of the auditorium.

But in the crowd, one scientist wants to impress everyone and thinks of a tricky question to stump Einstein.

So the scientist stands up and interrupts the conference.

“Excuse me! Professor Einstein – Given the success of quantum mechanics in describing subatomic particles, how would you reconcile the apparent incompatibility between general relativity, which describes gravity on a large scale, and quantum field theory?”

The whole room goes silent, holding their breath, waiting for the response

The driver looks at him, dead in the eye, and says: “Sir, your question is so easy to answer that I will let my driver reply.”

in Carefreedom Living® Posted by My Wellings

11/15/202411/15/2024

Popular Canadian Tax Credits and Deductions (2024)

While tax season isn’t until the end of the year, there are some benefits to planning ahead so you have a clearer idea if you will receive a bill or a refund. One of the best ways to plan ahead is to be aware of the tax deductions and credits you may qualify for.

We’ve rounded up some popular options for 2024 to help investors try to maximize their tax savings.

Tax deductions vs. tax credits

So what’s the difference between a tax deduction and a tax credit, anyway? Both can help lower the amount of tax you might have to pay, but they go about it differently.

Deductions work to lower your taxable income, so less of your earnings are subject to tax in the first place, potentially dropping you into a lower tax bracket.

Tax credits, by comparison, reduce the amount of tax you pay, potentially lowering your tax bill. There are two types of tax credits: refundable and non-refundable. Refundable credits are paid out even if you don’t owe any income tax. Non refundable tax credits, however, can only be used to offset income tax you owe. While non-refundable tax credits can reduce your tax bill to zero, they won’t qualify you for a tax refund.

Popular tax deductions in Canada

Registered Retirement Savings Plan (RRSP) contributions

RRSP contributions are arguably the best-known tax deduction. They are so popular that a whole event has been built around the filing deadline. But it’s important to remember there’s a limit on how much you can contribute each year. For 2024, the contribution limit is $31,560, or 18% of your income earned the previous year, whichever is less. That said, unused contribution room carries over, so you may be able to contribute more if you haven’t maxed out your available contribution room from the previous year. Although you can make contributions at any time, the deadline to be able to apply those tax credits to your previous year’s earnings is typically 60 days after the end of the calendar year.

First Home Savings Account (FHSA)

Launched in 2023, the FHSA is a registered account that allows first-time homebuyers to save money that can be put toward building or buying a house. The contribution room grows by $8,000 per year, with a lifetime contribution limit of $40,000. Remember, you don’t start earning contribution room until a FHSA account is opened. These contributions work a little like RRSPs, by lowering your taxable income, and unused contribution room also carries over to the next year. Still, there is one notable difference: unlike the RRSP contribution deadline, the filing deadline for FHSA contributions is the end of the calendar
year.

Investment expenses

Did you borrow money to buy investments inside a taxable account (meaning outside an RRSP or TFSA)? If so, the interest you paid on those loans can be deducted from your taxable income – as long as it’s used to try to earn investment income such as dividends or interest. There’s a caveat: if the only earnings your investment can produce are capital gains, you cannot claim the interest you paid. Also keep in mind that there are special rules in Quebec.

Home office expenses

If you work from home, there are certain expenses you can deduct, such as your home internet and a portion of your utilities. In 2023, Ottawa eliminated the simplified method of calculating expenses in favour of the detailed method, which requires you to list specific expenses and amounts. Your employer will have to fill out a form, too.

Notable tax credits

There are dozens of potential tax credits that can help you reduce your taxes, like those related to moving expenses or child care. Here are just a few of the more common ones to highlight their potential.

First-Time Home Buyers’ Tax Credit (HBTC)

If you bought your first home in 2024, you could receive up to $1,500 through this non-refundable credit.

Multigenerational Home Renovation Tax Credit (MHRTC)

If you renovated your home to build a secondary unit to house someone over the age of 65 or an individual between 18 and 64 with a disability who is eligible for the disability tax credit, you could receive this refundable tax credit. Those who qualify can claim up to 15% on certain costs of up to $50,000.

Digital News Subscription Tax Credit

If you’re a big consumer of news, this one’s for you. Anyone who pays for a subscription to a qualifying news organization after 2019 and before 2025 can claim this non-refundable tax credit of up to $500.

Canada Training Credit

If you’re between 26 and 65 and spent money on training fees this year, you may qualify for this refundable tax credit. To claim this credit, your working income must be more than $10,100, and your individual net income can’t exceed $150,473. The credit accumulates at a rate of $250 per year, up to a lifetime limit of $5,000.

Federal Political Contribution Tax Credit

Did you or your spouse contribute to a registered federal political party or association this year? You could claim up to $650 through this non-refundable credit (except in Ontario).

Medical Expense Tax Credit (METC)

If you paid for any medical expenses this year, you may want to hold onto your receipts. You can claim some of them (there are more than 100 that qualify) on your tax return with this non-refundable tax credit. Examples include ambulance service, prescription drugs, cancer treatment and hearing aids.

in Financial Freedom Posted by Marci Perreault