Sveinson Financial Services Inc.
267, 1001 1st St SE T2G 5G3 Calgary, AB, Canada

So ah....those with U.S. bank accounts take note. This era of exorbitant debt has made U.S. banks nervous. They are in the process of or have already amended your agreement pertaining to your access of funds in the event of bank failure. Check your fine print.

As you may have come to learn during the "pandemic", service levels at the CRA have not met the standard they and you prefer (to put it nicely). Additionally, the technology they've deployed with the "my account" and "my business account" may not necessarily be functioning 100% optimally, There are system issues at the CRA which they've been working to resolve. Banks obviously need to work with them in ensuring accounts get posted correctly and timely through online faciliti...es. I can't say if they are doing their best to fix problems. One thing I know for sure with my years of experience.....and that is that cheques written which get cashed provide excellent audit trail as proof of payment when banks furnish customers with copies of front and back of cancelled cleared cheques. When there are system issues.....the old school of making payment (with remittance advice) is wise. Additionally, banks have not done well at describing transfers in their banking detail which makes the accounts payable internal control procedure vital. See more

What are DRIPS? The acronym stands for "dividend reinvestment plans". Performing equities may prefer to pay dividends in the form of new units instead of cash. Accountants care about these because the "adjusted cost base" (ACB) of investments are impacted by DRIPs. You shouldn't necessarily count on your financial institution to get it right. In fact, it's only been recent years that brokerages have started to report ACB's on T5008 tax forms.

In case you haven't noticed, the annualized rate of return of silver (the commodity) is 357 per cent from Jun 6 to Aug 6, 2020. In llieu of world events, massive government debts, and a tenuous monetary system - precious metals have been a logical place to invest during 2020. Who were you listening to when it came to your portfolio? Your conscience would have been a great source.

No escaping the tax man.

Many Sveinson Financial clients have heard of silver mining companies as undervalued potential market plays. Today's action =>Great Panther (up 14.94%), First Majestic (up 10.66%), Endeavour Silver (up 15.10%), Silvercorp Metals (7.44%), Impact Silver (up 18.82%). These gains in spite of only a 3 per cent move in the silver price.

Enhanced CEBA has been released. It looks good. Government listened. Real small business can now benefit. Qualifying terms reasonable. Tardy tax filers have come to learn....there's good reason to have affairs in order and statements polished.

Did you know that you get the best benefit from your RRSP account when you contribute early in the year? The advantage can be material when forming the habit every year thereby putting more time to work on investment returns.