What’s In This Email

• Loblaw launches ultra-discount No Name grocery stores in Ontario

• 6 Common myths about TFSA’s

• Muskoka Bay Resort

• 4 Stages to get to $10 million+ in revenue

• Notable Spotlight: Moretti

• Notable Plug 🔌

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Loblaw Launches Ultra-Discount No Name Grocery Stores in Ontario

Loblaw, one of Canada's leading grocery chains, is testing a new ultra-discount grocery store format in Ontario, branded as No Name. The initiative aims to offer even lower prices by minimizing store features and operations. The first three No Name stores will open in September in Windsor, St. Catharines, and Brockville, leveraging the brand's existing reputation for low-cost, no-frills products.

Key Takeaways

• Streamlined Shopping Experience: The No Name stores will offer a simplified shopping experience with fewer frills than traditional grocery stores. According to Loblaw CEO Per Bank, these stores will focus on reducing building and operating costs to pass on significant savings to customers.

• Limited Product Range: Unlike Loblaw's No Frills stores, which carry up to 7,000 items, No Name stores will stock about 1,300 products. These will include a small selection of frozen foods, packaged bakery items, produce, and pantry staples, but no refrigerated items like dairy or fresh meat.

• Cost-Cutting Measures: To keep prices low, the stores will use reused fixtures such as shelves and cash lanes, and will not feature self-checkout options initially. The operational hours will also be limited, running from 10 a.m. to 7 p.m.

• Significant Savings for Customers: Prices at No Name stores are expected to be up to 20% cheaper than comparable products at nearby discount stores. More than 75% of the products will be over 10% cheaper, with two-thirds priced below $5. A majority of the offerings will be No Name or President’s Choice brands.

• Market Strategy: Loblaw's move towards more discount-oriented formats comes as consumers increasingly seek budget-friendly options amid rising grocery costs. The company has been expanding its discount store network in response to both consumer demand and political pressure to stabilize food prices.

• Testing and Learning Approach: While similar attempts in Denmark did not succeed, Bank believes the Canadian market, with its broader customer base and existing recognition of the No Name brand, will be more receptive. He plans to assess the success of the No Name stores within six months and is prepared to adapt based on consumer response.

Why this matters: As Loblaw continues to innovate and adapt to market demands, shoppers in Ontario can look forward to more budget-friendly options with the launch of No Name stores. Keep an eye out for these new locations opening soon and take advantage of the significant savings they promise!


Read the full article here.

6 Common Myths About TFSAs: Understanding the Real Benefits

Tax-Free Savings Accounts (TFSAs) have become a popular investment tool in Canada, with an estimated 62% of Canadian adults holding one, averaging $41,510 in balance in 2023. However, misconceptions about TFSAs can lead to missed opportunities and even financial penalties. Here’s a look at six common myths about TFSAs that you need to know.

1. Investment Gains are Never Taxed

The name “tax-free” can be misleading. While gains on investments within a TFSA are generally not taxed in Canada, U.S. dividends are subject to a 15% withholding tax by the IRS, which cannot be reclaimed through foreign tax credits within a TFSA. This applies to U.S. stocks, foreign mutual funds, and even Canadian funds holding foreign equities.

2. TFSAs Are Just Savings Accounts

Despite the name, TFSAs are not traditional savings accounts. To truly benefit from a TFSA, contributions should be invested, not just saved. Conventional savings accounts often yield negative returns after fees. Tax-free investment gains are the real advantage of TFSAs, making them suitable for assets like GICs, stocks, mutual funds, and ETFs, which would be taxed in non-registered accounts.

3. Contributions Are Tax Deductible

Unlike Registered Retirement Savings Plans (RRSPs), TFSA contributions cannot be deducted from taxable income. While investment returns within a TFSA are tax-free, the initial contributions are made with after-tax dollars and offer no immediate tax break.

4. You Can Recontribute Anytime

While TFSA withdrawals can be made tax-free at any time, the contribution space from withdrawals is not immediately available. The contribution room is only restored in the following calendar year. Exceeding the TFSA limit can result in penalties, so it’s crucial to track contributions accurately.

5. The Bank Will Notify You When You’re Maxed Out

Managing TFSA contribution limits is the account holder's responsibility. Many Canadians use multiple institutions for their TFSAs, which can make tracking contributions complex. Over-contributing can lead to financial penalties. While the CRA provides contribution limits, these figures are often based on the previous year, so it's essential to monitor current year contributions as well.

6. TFSAs Are Only for Short-Term Goals

Although commonly viewed as a tool for short-term savings goals like vacations or new purchases, TFSAs can also play a significant role in long-term financial planning, including retirement. With the accumulated contribution room now at $95,000, TFSAs offer a tax-efficient way to save alongside RRSPs. This strategy can help manage taxable withdrawals in retirement, potentially reducing tax liabilities and avoiding OAS clawbacks.

Why this matters: Understanding these myths and the realities of TFSAs can help you make informed decisions about how best to use this versatile investment vehicle. Whether you're saving for short-term goals or planning for retirement, TFSAs offer valuable benefits, provided you use them wisely.

Read the full article here.

@melaniekosev

Muskoka Bay Resort is the perfect weekend roadtrip only 1.5 hours from the city! From stunning views to food and amenities this is the R&R... See more

@realcodiesanchez

💸 Remember this if you want to get to $10M… If you’re thinking about your next biz (or about acquiring your first!), you’ll want to be at ... See more

Moretti

@torontofoodguide

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Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.