March Insights: Tax Season, Fraud Prevention and Celebrating Women

With March well underway, tax season is top of mind for many. At Hayes Vickers Private Wealth we are focused on effectively managing your tax season, to help you stay organized and avoid last minute stress. This month is also a key time to stay vigilant against fraud and scams - we explore why and how we help protect you and your family. Additionally, we celebrate International Women's Day and the financial empowerment of women.

Tax Season: Maximize Your Refund

Tax season can feel like navigating a maze, but we are here to guide you every step of the way. Our expertise in wealth management and tax strategy ensures that every detail is handled with precision, allowing you to focus on what matters most.  With the right tax strategies in place, you can optimize your wealth and strengthen your financial plan.

A few key reminders:

• Missing tax slips? RBC provides a breakdown of mailing dates for specific documents. Please note, the timeline to receive a complete tax slip package is end of March.
• Need filing tips? Our blog Tax Season is Here: Key Reminders and Updates, offers specifics for filing your 2024 tax returns.
• Mark your calendar: April 30th is the deadline to file your 2024 tax return without penalty.

Managing your tax strategy is a priority for us. If you have questions about your tax strategy, we are happy to work alongside your tax professional to develop strategies that protect your wealth.

Fraud Prevention: Safeguarding Your Financial Future

At Hayes Vickers Private Wealth, we prioritize the security of our clients’ financial information. Using advanced security technologies and proactive monitoring, we help protect against fraud and evolving risks. Today 1 in 3 Canadians fall victims to financial fraud, making vigilance more important than ever.

Protecting our clients' personal and financial information is among our highest priorities, that's why we take extra precautions in our day-to-day processes.

• Verifying client requests like cash withdrawals by phone before proceeding
• Sending electronic signature requests with password protection
• Using encrypted email to securely share personal and financial information

RBC employs a diverse range of security measures, which you can explore in this article. Practicing safe online banking is essential - RBC Digital Banking Security outlines best practices to keep your information safe.

Key fraud-prevention measures include:

•  Monitoring your accounts regularly for suspicious activity
• Using strong, unique passwords for all financial accounts
• Staying alert to phishing attempts and unsolicited requests for personal information
• Protecting your PIN and avoiding public Wi-Fi for financial transactions
• Being cautious about what you—and your family—share online
• Keeping your devices and software up to date to prevent security vulnerabilities
• Ignoring calls, texts, and emails asking for sensitive credentials

If you are interested in further safeguarding your identity and credit, here is something that RBC offers - First Report-ID is an online fraud service that protects your personal and financial information against identity theft and online fraud with online monitoring and alerts. As clients of RBC, you can benefit from this service free for 30 days.

If you suspect fraudulent activity, don't hesitate to contact us.

Below is a list of additional contacts numbers if you suspect possible fraud:

• RBC Private Premier Banking:  Contact your dedicated RBC Banking Advisor - or contact our office 
• RBC Bank (Cross Border): 1-800-769-2553
• Further contact details for reporting fraud to RBC, can be found here

Celebrating Women: Empowerment Through Financial Independence

March 8th marked International Women’s Day, a time to recognize the achievements of women who lead, inspire, and drive change. It’s also an opportunity to support the financial independence of the women in our lives. Reviewing retirement plans, investment strategies, and wealth transfer plans can help ensure long-term security and empowerment.

Women play a vital role in managing and passing family wealth. With 84% of women holding full or joint responsibility for overseeing family investment portfolios, their influence in shaping financial legacies is undeniable. Yet, only 22% have a comprehensive wealth transfer plan, which is surprising as 92% recognize the importance of preparing the next generation, intending to equip their children with essential financial knowledge. This Wealth Transfer Report provides valuable insights on women's financial influence and strategies for educating the next generation.  By proactively engaging in wealth transfer planning and financial education, women can build a lasting financial legacy for themselves and future generations.

You can explore more insights on Women and Wealth through these two articles.

• More wealth, more impact: How women at the highest levels of wealth help society
• Women are the predominant benefactor in the great wealth transfer - what comes next?

 If you would like to discuss how these insights apply to your financial plan, please contact us to schedule a meeting.

Hayes Vickers Private Wealth