March Newsletter

Hi everyone,

Another month has passed, and we are two months into 2024. Where does the time go? For our readers not in Southwestern Ontario, we had very little snow and mild temperatures. It felt similar to late March on several days this month!

Marc’s Thoughts

February was kind to the markets, which was not a surprise. We continue to see evidence of the economy slowing and inflation drifting lower. This is giving the stock and bond market optimism about interest rate reductions later in 2024. The question is when? I continue to believe this is a summer decision, perhaps later.

It is difficult to get a true gauge on how much inflation has gone down in Canada, as we have welcomed nearly 500,000 new immigrants to the country, and they all instantly become consumers. For this reason, I believe rates won’t go down as soon as we would otherwise have seen.

Inflation and interest rates are the biggest drivers in the direction of the stock and bond markets which is why I bring them up regularly.

If you have comments on what you would like to see in future columns, please hit reply and let us know!

Upcoming Virtual Events

1. Scotia Wealth Management market update event with Andy Nasr

The global economy has proven more resilient than most had anticipated going into 2023. However, risks have yet to fully abate amid monetary policy and inflation uncertainty, geopolitical tensions, and the lagged effects of high interest rates on excessively indebted households and businesses. Join us for a market update with Scotia Wealth Management’s Chief Investment Officer, Andy Nasr, in discussion with Stephen Meurice, Scotiabank’s Editor-in-Chief, on these topics and their implications for the global economy and major asset classes.

Click here to listen to the replay

2. Enriched Living spotlight: Healthy aging strategies for retirement

People are living longer, and that’s amazing. But our newfound longevity isn’t worth much if we don’t have a plan in place to help us make the most of those extra years. Planning ahead to address the implications of health and wellbeing on your financial goals has become increasingly important. This event will feature medical and aging specialists who will provide insights on how to age well. Together, they will explore the connection between health and wealth in light of increasing longevity, including tips on extending years in good health, insights for sustaining fulfillment in later years, and the importance of proactive financial planning to live an ideal retirement.

Date: Tuesday, March 5, 2024
Time: 2:00 pm – 3:00 pm ET
Click here to register

3. Fraud Prevention

Please join us for an informative webinar on fraud prevention. We will cover all the trending topics surrounding cybersecurity and answer your questions when it comes to staying safe online. Topics of discussion will include: cybercrime landscape, common types of fraud, best practices and what you can do to protect yourself.

Date: Thursday, March 7, 2024
Time: 6:00 PM – 7:00 PM ET
Location: Virtual event details will be sent upon receipt of RSVP

Enriched Thinking

Do you have Scotia Online access? Are you looking for all of your electronic tax documents? Click here for a handy guide on where to find your tax slips.

With 2024 in full swing, now is an excellent time to start planning for the year ahead. We’re sharing this handy reference guide highlighting common financial planning facts and figures to help you prepare.

Planning – strategic and operational – is foundational in building sustainably successful businesses. Formulating a vision and goals and understanding the necessary actions required to attain those goals provides the call to action for any business. However, as plans are implemented, and results are monitored, events can throw a wrench in the cogs of the best-laid plans. While some of these events may be predicted, and responses are designed to accept, avoid or mitigate the impact, there are events that you may not see coming. For more on business continuity planning for your family business, click here.

For many of us, retirement is a finish line. After you cross it, you can relinquish your responsibilities and relax. But too much relaxation and not enough responsibility can soon translate into feelings of boredom and a lack of purpose. To combat this, more and more new retirees are taking stock and re-prioritizing what they find meaningful in life. One of the best ways to do this is through introspection. Here are some ways to prepare for a purpose-driven retirement.

Canadian businessman and Dragon’s Den star Wes Hall says inclusive and empathetic leadership has never been more crucial in a world where the push for diversity, equity and inclusion is facing new challenges. Here are 4 insights from Hall, who received the title of ‘Canadian business leader of the year’ award in 2022. Hall was speaking at an event for ScotiaRISE, Scotiabank’s 10-year, $500-million initiative to support economic resilience in disadvantaged groups.

Spring has sprung

March announces the arrival of Spring. Our resident gardener expert, Kathy, is happy to share her knowledge with you!

1. Make a Plan. Map out your garden space and keep companion planting in mind (this will determine if crops like being planted near each other). It could be an issue of nutrients (ex. avoid planting tomatoes near broccoli and cauliflower as they are both heavy feeders). Sometimes, planting crops together improves flavor (ex. basil and tomatoes). The smell of certain crops will deter some garden pests. Plant pollinator plants such as borage, cosmos, calendula, poppies, lavender, and marigolds to attract honeybees, parasitic wasps, ladybugs, praying mantis, and lacewing flies. Buying beneficial insects will help control aphids, leaf miners, scale, whiteflies, etc.

2. Get the timing right. In early February and March, starting seeds indoors for crops like tomatoes, peppers, celery, cabbage, onions and leeks. Follow seed package recommendations. Some seeds are to be sown directly outdoors, like beets, carrots, beans, and peas.

3. Plant, Water and Monitor. After hardening off your seedlings and planting your seeds, ensure consistent watering and monitor for pests. Checking your plants regularly is key for pest prevention. Consider a watering system set on a timer for efficiency. Water in the early morning to prevent powdery mildew or burning the foliage. Prune and maintain your plants and direct their growth as needed.

4. Harvest and prepare for next year. Some crops can be harvested early and re-sown for a second harvest (like beets and lettuce). Once you harvest your vegetables, prepare your garden for next year by giving it lots of organic matter, like compost and/or manure. If you are planting garlic, September and October are the best months to do it!

The Almanac allows you to input your postal code for a planting calendar specific to your location. It will provide you with a detailed chart, so that you will know the best times to plant specific crops.

Happy planting!

Wishing you health and wealth,

Marc, Arlette, Agnes, Kathy, Jonathan and Stephane