Gift a Student Budget and Monthly Commentary

Submitted by Krishan on July 3, 2024 - 9:56am

We wanted to highlight a few emails that have gone out this past month in case you missed them.

Start of RESP Season: Using Term Certain Annuities For Students

We highlighted last week on using term certain annuities for your client’s children that are entering university.

You can purchase a Term 4 or Term 5 annuity to create a simple, set it and forget it budgeting tool for them.

Not only that, purchasing an annuity now to provide funding throughout university saves money for the parents.

Here are the sample estimated Premiums required to fund this concept:

Start of Admin Season: Admin Updates

We have updated our Product Overview, Application, and other administrative forms.
- We encourage you to use bookmarked links instead of downloading PDFs to ensure you’re using updated forms
- Application (Client Name): https://www.bmo.com/advisor/PDFs/bmo-gif-application-form-592e.pdf
- Application (Nominee): https://www.bmo.com/advisor/PDFs/bmo-gif-application-form-nominee-589e.pdf
- Product Overview: https://www.bmo.com/advisor/PDFs/bmo-gif-product-overview-607e.pdf
We have updated the name of our No-Load Series, there are no changes to the structure
- No-Load 3 (NL3) is now Chargeback 2 (CB2)
- No-Load 5 (NL5) is now Chargeback 5 (CB5)
We have dropped the LIF/LIRA endorsement requirement for most Provinces
- Provinces that require the endorsement by legislation can be found on Page 6 of our Product Overview

Market Snapshot:

Equity markets were mixed this week alongside a quiet and mostly subdued run of economic data.
The S&P 500 rose 0.6%, led by Consumer Discretionary and Energy, while Technology took a back seat for a change. The index is now up a hefty 25% in the past year amid disinflation and sturdy growth.
Meantime, the TSX dipped 0.4%, with Technology, Utilities and banks weighing. While still solid, the 10% one-year gain in Canadian stocks continues to lag their U.S. peers.

Market Commentary: