We are thrilled to highlight our Insurance Team and introduce a new section of our blog to partner with our investment updates. Our inhouse Insurance experts have over 100 years of combined experience in the business. We will be updating periodically with articles and information we believe is important to our clients.
Despite our next scheduled update not being until July, the General Partners (GP) of StoreWest Dufferin LP felt it was important to communicate with everyone considering the current uncertainty surrounding COVID-19. We will cover off both segments of the business in order.
This business is currently open and operational. However, in the wake of the COVID-19 Pandemic, we have made adjustments on an operational basis to ensure we are adhering to current and evolving provincial guidelines. First, effective March 30, we have adjusted our hours of business to 8AM to 8PM in order to provide more flexibility for our employees in these extraordinary times. The safety of our employees and customers is the top priority. This adjusment has allowed employees to more easily arrange transportation and childcare for their families, while allowing us to stay open and maintain a properly staffed work environment. This change was implemented only after considerable review of operational data and analysis of the highest income-generating hours.
At Great White Car and Truck Wash, we have been blessed with a very dedicated staff, many of whom have been with us since we opened. While the car wash is considered a low risk environment with respect to the virus, their loyalty and reliability has been exceptional. To offset the overall reduction of working hours available to our employees, we have implemented a temporary $2.00/hour raise. We want to ensure that the efforts of our staff during this difficult time are being recognized and appreciated, and we anticipate that these changes will help them weather the challenges of the situation.
As we analyze government protocols and newly implemented rules, our partners have taken the firm stance that we are presently classified as an essential service. Car washes have generally fallen into this classification and our truck wash with 90+ fleets under contract only strengthens this point. Great White is currently providing needed cleaning and washing services to a wide variety of essential companies including food transportation companies, towing companies, utility companies and Alberta Health Services. We will continue to monitor the situation, and, should this categorization change, we will inform all stakeholders of the same. Otherwise we will continue to operate the wash and keep our staff employed.
Please find below the most recent update on Alignvest Student Housing. Management wanted to share the latest numbers regarding the lease up for the 2020/2021 school year and the collection of April rents. In summary, we are ahead of where we were last year with respect to leasing for the upcoming school year. Our properties are proving to be highly desirable and some of the feedback received has been that higher quality properties are even more in favour during these times of uncertainty. With respect to April rents, we are tracking to get over 97% of rent cheques. Although lower than usual, it is still far above any amount that would have management concerned about cash flow.
Please see the below update from Adventus’ management team. As you will see, they are taking a prudent and conservative approach throughout these unprecedented times and we commend them for doing so. We will continue to engage with management to better understand the challenges they are facing as the COVID-19 situation continues to unfold. We will keep you informed as additional information is provided.
Please see below:
Please see the attached for the December 31, 2019 Management Report of Alignvest Student Housing Real Estate Investment Trust (“ASH REIT”). As of December 31, 2019, we have acquired seven of Canada’s premier purpose-built student accommodation (“PBSA”) properties and have over 3,300 beds valued at ~$400 million in four university markets.
We are excited about the progress we have made over the past 18 months, raising substantial amounts of equity capital and investing it into attractive tier-1 PBSA assets, which has allowed us to become the largest owner/operator of student housing properties serving Canadian universities. Our focus on integrating the local properties into a single operating platform and driving operational performance has resulted in year-over-year same property NOI growth of ~12% and we are forecasting a further ~9% increase in 2020 relative to 2019.
We are now poised to return to market and acquire additional high-quality assets at attractive prices to further expand our portfolio.
Report
March 17, 2020
We are carefully monitoring the current novel coronavirus (COVID-19) outbreak. We must take appropriate actions to limit the impact of the virus on our community, particularly by focusing on the safety of our clients, employees and their families.
We have instituted our business continuity plan with a view to proactively anticipate and respond to any potential for business interruption, including restricted business travel, work from home protocols where appropriate, and encouraging the use of video and teleconference for interactions. We are also implementing social distancing measures that will also help reduce the spread of infectious diseases, such as reducing face to face meetings and ensuring our employees can work from home as required so we have a healthy workforce able to maintain our high standard of service. The same applies to our operational specialists who maintain the integrity of our systems and processes. Equally important, we maintain strong safeguards on information and identity.
We want to ensure that there are no interruptions or delays in contacting any of our MFG team members. Please find below our mobile #’s:
Trade instructions will not be accepted via email or text, therefore please ensure you contact us by phone to verbally confirm your order.
Should there be further developments with COVID-19 that prevent access to our physical premises or disruptions with mail delivery by Canada Post, courier or messenger services, this may impact our ability to receive physical cheques. As a reminder, you can set up an “electronic bill payments” with your applicable banking institution should you wish to make an online deposit.
While the COVID-19 situation is ongoing, we are increasingly aware of its impact on both the global and local markets in which our clients operate. Our efforts will ensure that we are able to provide the highest level of client service while positioning ourselves to take advantage of the market opportunities that lie ahead.
We wish you all health and safety throughout the coming weeks.
We have been very encouraged by the operating results from the newly opened car/truck wash. The business model is very stable with the majority of revenue coming from car wash monthly memberships (currently over 500 with a goal to get to 1,500-2,000); and fleet contracts for trucks (currently 40 fleet contracts and the demand has been so high that they have to be very selective not to overload the system). The car and truck wash is looking like it is going to be very successful. On this site, we also have a self-storage facility that is under construction. They plan to be open for business in 2020. This site is going to be marketed, along with their Chestermere project, as there has been strong interest in purchasing the property even prior to construction being completed. There is currently a lot of money in Canada being invested in self storage, therefore we could end up selling the storage business in 2020. This would result in large distributions to unitholders while still having a profitable car/truck wash paying healthy dividends to shareholders.
You can claim your RRSP contribution as a deduction on your tax return and even carry forward unused space to a future year where you may have a higher income. All of this combined means that your retirement savings pot can grow even faster.
You won’t pay any tax on investment earnings as long as they stay in your RRSP. This tax-free compounding allows your savings to grow faster.
You are able to convert the money saved in your RRSP into a RRIF or annuity when your time comes to retire. You’ll pay tax on the regular payments you receive each year- but if you’re in a lower tax bracket in retirement, you’ll pay less tax.
Reduce your combined tax burden. If you are married and you earn more money that your spouse, a spousal RRSP may benefit you as you can add to their tax-free savings to build a joint retirement income which is likely to mean that you pay less tax in the long run.
You can borrow money from your RRSP under certain conditions
If you want to buy your first home (Home Buyer’s Plan) or pay for your education (Lifelong Learning Plan), you can take out up to $35,000 (HBP) or $20,000 (LLP) respectively from your RRSP to fund it without paying tax on the withdrawals (providing that the money is paid back within the specified time).
Meckelborg Financial Group Ltd (MFG) is a full-service boutique wealth management firm providing discretionary Portfolio Management, Financial Planning and Insurance to our high net-worth families, corporations, foundations and small institutions. MFG is growing and wanting to add a qualified Financial Planner to compliment our team.
Are you looking for an opportunity to work with a forward-thinking organization that continues to raise the bar and create differences in the industry? We are looking for someone who is driven, has an entrepreneurial spirit and is willing to collaborate as a team with a goal of providing the client with a delightful experience.
As a Financial Planner with MFG, you’ll be part of a team whose goal is to deliver solid financial advice and solutions to clients.
The role
• Provide tailor-made financial planning and solutions using retirement software to existing and new clients.
• Present these plans and assist in managing client relationships with ongoing financial planning expertise and services.
• Conduct regular reviews to provide ongoing advice and identify opportunities.
• Be part of the MFG Client Experience Division with the goal of keeping our clients delighted.
What you can expect in return
• Starting salary of $80,000 per year.
• An attractive bonus structure.
• Profit sharing of the company.
• Group benefits.
• A flexible work schedule based on client preference and your own work/life balance.
Skills needed to be successful in this role
• Post-secondary diploma or degree in a related field.
• Minimum 3 years of related experience.
• Financial Planning Designation (CFP or PFP, or equivalent)
• Completion of the CSC course or the will to complete within 6 months of hire.
• Proficiency in Financial Planning software, preferable FP Solutions.
• Networking Skills
• Ability to work in a team environment.
MFG’s passion is to make our business more Simple and Easy for our team members to do their jobs and for our clients to do business with us.
At MFG, our goal is to improve the lives of our clients, our team members and our families. We aim to continually improve our business, our team and ourselves so that we can serve and preform at higher levels in all facets or our lives, both personally and professionally, creating improved quality of life for everyone we touch.
update: position has been filled
