Market volatility the only certainty during these uncertain economic times amidst COVID-19

The COVID-19 pandemic has given the world a jolt and woke us up to the fact that we are indeed, in this together. No country is an island no matter how tightly we want to secure our borders. It only takes one infection to sneak through and before you know it, can spread to many by leaps and bounds.

At time of this writing, there are now over 40 million infections impacting 215 countries around the globe.

Many countries are experiencing a second wave of infection and there’s no sign of the spread slowing any time soon. Until we have a proven vaccine, the world is a scary place for all of us, physically, emotionally and financially.

This uncertainty continues to create chaos in the stock market. Investors’ fears have caused it to take a nosedive. Then optimism in a vaccine and a hopeful turn around in the economy roar it back to new heights not seen in 80 years.

All in all, we must brace ourselves for more stock market volatility in the days to come. More than likely, at least until early 2021 when (and if) a COVID-19 vaccine will be available (if all goes as planned on some promising research).

If your financial plan is in for the long haul, you must accept short term volatility from time to time. Re-examine your risk tolerance and see if it’s still at your acceptable comfort level. Review your life plan and see if any major changes (ie: marital status, retirement, etc.) have been taken into consideration when re-balancing your investment portfolio.

History shows us that the market is like a pendulum. It swings up and it swings down. As the saying goes, what goes up must come down and what goes down must come up … well, we shall see.

In the meantime, stay safe and stay sane.

COVID-19 and your 2019 tax year filings

Canada Revenue Agency (CRA) has officially extended this year’s filing deadline for personal income tax to June 1, 2020.
Taxpayer will have until September 1, 2020 to pay their 2019 tax owing.

For more CRA information and updates, please go to https://www.canada.ca/en/revenue-agency.html

For tax measures to help support Canadians during the COVID-19 pandemic, please go to https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update.html

In this unprecedented times, please stay safe and well by:
– practising social distancing by keeping at least 2 meters apart from each other;
– correctly washing your hands with soap and water for at least 20 seconds;
– don’t touch your face, nose and eyes;
– supporting your loved ones, friends and community by staying connected virtually;
– self isolate if you don’t feel well. Contact your health care provider by phone. Do not just show up at your doctor’s office, clinic or local hospital.

Lastly, a shout out and kudos to all the front line workers (including health, paramedics, police, fire fighters, supply chain workers, politicians of all stripes at all levels of government) who are working hard to keep us safe, fed and healthy.

Please take care of yourselves and do what you can in your community. We’re all in this together.