2017 Year End Wrap Up

Happy New Year

December 28, 2017

As December flies by and the year comes to an end, we can’t help but reflect on the wild ride it’s been. 2017 was full of highlights, surprises, challenges and news to remember. Today, let’s take a look at some of the biggest events to hit the markets, entertainment and The Wooding Group – plus, a round-up of our favourite and most popular blog posts!

Top 5 things to happen in financial news

#1: Morneau’s tax proposal

Over the summer, Finance Minister Bill Morneau announced plans to change corporate tax regulations in a big way, specifically discussing the practice of ‘income sprinkling’ among family members and limiting its use. There was immediate uproar (and some shows of support) from business owners, farmers, doctors and sole proprietors across Canada, and the story played out into the fall as Morneau took criticism regarding his own family business, income taxes and financial arrangements. A revised plan was revealed in the fall, but this story continues to unfold as we head into 2018.

#2: A rollercoaster ride for the loonie

In January, The Financial Post reported that the loonie was expected to have a strong year and be sitting at around $0.76 by year end. Around the same time, Global News reported on another economist who predicted quite the opposite. After some minor up and down, the loonie jumped to $0.82 in August – its highest level in about two years. As of this writing, the loonie is sitting at around $0.79 but predictions are that it could do down (and up?) again before New Year’s Eve.

#3: Equifax breach

It was discovered in late July that a massive breach of security had affected Equifax, comprising the information of over 8000 Canadians. Later, that number was increased to more than 19,000. Compromised data included full names and birth dates, credit and debit card numbers as well as Social Insurance Numbers. Investigations are still ongoing, so we’ll have to wait and see how this affects Canadians in the long run.

#4: Marijuana as an investment option

“Pot stocks” got a lot of attention this year, with both highs and lows in the very new industry. Valuations have been astronomical – with some talk of it being a bubble and others more in line with growth predictions – but investors are proceeding with caution as legislation continues to develop. Like so many big stories of 2017, we continue to watch this one!

#5: Changes to mortgage rules and the housing market

Canada’s housing market had a record-breaking year in 2017, with prices shooting up all over the country this spring and holding strong throughout the summer. While the market has cooled somewhat in most regions since the fall, we’re now talking about new mortgage regulations affecting homeowners. Here’s a good breakdown of how Canadians will be affected. The biggest impact will be to those buying their first homes, but in theory, anyone signing a mortgage with a new lender could be affected.

Top 5 things to happen in entertainment

#1: Oscars Mix-Up

Remember when La La Land won Best Picture at the Academy Awards…but then, didn’t? In reality, Moonlight had won and the original announcement had been a production error. The good news is that the Moonlight team got the acclaim they deserved, and Ryan Gosling took it all in stride.

#2: BBC Dad Goes Viral

This was a great one. Professor Robert Kelly was speaking on a serious topic (the impeachment of the South Korean president) when his two young children burst into the room, followed by his frantic wife. He may have been embarrassed at the time, but it certainly raised his profile and made the rest of us chuckle. Watch the video here.

#3: Wonder Woman shatters movie records

When it was released in May, we knew Wonder Woman would be big, but it became a huge film that broke records and empowered women everywhere. It received fantastic reviews and has become the highest grossest film by a female director (Patty Jenkins). It’s now the highest grossest superhero origin movie of all time, beating out Spiderman. A sequel is in the works.

#4: Beyonce (and some other stars) had twins

George Clooney and his wife, human rights lawyer Amal Clooney, welcomed twins on June 6, 2017…but that news was soon forgotten because Beyonce had twins a week later, on June 13th. She confirmed the news in true Beyonce fashion, with an elaborate photoshoot introducing daughter Rumi and son Sir to the world.

#5: A long list of celebrity farewells

In 2017, we said goodbye to stars like Mary Tyler Moore, Tom Petty, Don Rickles, Hugh Hefner, singer Chris Cornell, pitcher Roy Halladay, Fats Domino, Jerry Lewis, and many others. May they rest in peace.

Top 5 blog posts we shared this year

Our best blogs, as decided by readers:

#1: Debra Wooding’s CIBC Story

#2: Our Client Relationship Model

#3: What Canada Means to The Wooding Group

#4: Improving on the Proven

#5: Overnight Wealth