This year marks a milestone for Fiscal Agents Savings and Investments — we’re celebrating being Oakville’s deposit broker for over 45 years of business. We have come so far over the years, and we know that none of this would have been possible without you, our clients. So, thank you!
Whether you’re a new client or you’ve been with us for nearly a half-century, your journey has been ours as we’ve transformed to meet your ever-evolving needs – from your life stages, personal and professional transformations, to economic upturns and downturns. We’ve tried to provide counsel through events such as high and low interest rate cycles and new product offerings as well as assist with both your pre- and post-retirement investment options. We also had to adapt to new technologies to maintain our service levels through a global pandemic when many of our staff had to work from home. No matter the moment, we’ve always been guided by our clients, who wanted predictable income, guaranteed rates and insured deposits delivered in a high-value way.
Our in-house MoneyGuide Deposit Tracker client statement software provides one of the most comprehensive and informative statement services available. It was designed in-house to display a client’s portfolio information in an array of useful ways. We’ve also developed a T5 Summary which is a seasonal report that details the interest payments received in any given year. This should provide assistance in the reconciliation of interest payments from a specific institution to the T5 received.
So today, we’re celebrating our clients, our communities, and the opportunities we’ve had to help shape the financial well-being of so many Canadians, while not forgetting our professional and caring staff.
Our original Oakville office
Of course, some of our proudest milestones over the years have been significant. For example, we were the first independent deposit broker to provide current interest rate surveys to national and regional media groups such as The Globe and Mail, Financial Post and Toronto Star along with most large provincial newspapers – a process you can find in action on our website.
Another first was our campaign to challenge the federal government to increase the Canada Deposit Insurance Corporation (CDIC) coverage from $60,000.00 to the current level of $100,000.00. The overall effect was for all deposit-taking institutions across Canada to increase their deposit insurance coverage to that level and beyond. As a result, it’s estimated that 300 billion dollars of current day investments have benefited from the increases in deposit insurance.
The birth of Tax Free Savings Accounts (TFSAs) was founded in consultations like ours with the former federal finance minister, The Honorable Jim Flaherty. Our point of discussion with him was that investment securities had preferential tax treatment for dividend and capital gain income, whereas income from GICs was fully taxed.
The great news is that statistics released by the Canada Revenue Agency show that as of Dec. 31, 2018, there were 20,779,510 TFSAs in Canada, held by 14,691,280 unique TFSA holders with a total fair market value of $298 billion. We were honored and delighted to have worked at the forefront of such beneficial changes in the financial landscape of Canada.
20-Year Anniversary newsletter
Over time, we’ve published several general lifestyle money management guides, estate planning and retirement guides and video overviews. One of the most popular documents is the Household Directory of Documents which is a fully functioning record-keeping organizer that can be downloaded for free from our website. This helpful tool is for anyone who understands the importance of keeping clear and concise records that when completed, will be invaluable to you, your family members and loved ones, as well as the executors of your estate. In addition, you can edit your inputs as well as print or share them with your professional advisors. You can find the Household Directory of Documents along with our other publications and video content, in the “our Publications and Media section” of our website.
We’ve dedicated ourselves to providing uniformity, as well as educational and professional standards within our industry as a founding member, president, and board member of the Registered Deposit Brokers Association. Technological advances remain challenging for our industry, however as innovations reshape the way GIC investing develops we’re working towards making investor information more accessible in a real-time format.
Over the years, we’ve become an everyday resource for conservative investors seeking safe, predictable income. Our website provides what we hope are thoughtful investment considerations along with a marketplace of interest rates and institutions that are available through our deposit services to help you make the most of your money.
Our commitment is to continue to listen to your feedback, support your needs, help you prepare for your financial success, and meet your goals now and in the future. Once again, thank you for choosing Fiscal Agents – Oakville’s deposit broker, over the last 45 years of business – your trust means the world to us!
Yours truly,
David Newman
Principal Director
Fiscal Agents Savings and Investments
