You are being advised by a local financial planner to hold steady with those investments as the volatile US election plays out.
Millie Gormely points out it not only may take some time for the markets to calm down, but there’s also tax implications depending on who finally wins.
“We’re going to see probably some changes to policy and taxation, and how things are done in the States, how those translate into Canada, we’ll just have to wait and see,” says the financial planner.
She adds with very close election results, it will be difficult for whoever wins to make sweeping changes financially, especially with so many financial variables at stake. “It depends less upon who wins the Presidency, than it does upon the proportion of power that they each hold in the Congress and Senate.”
The financial planner adds investments are based on owning shares in companies, and there are many companies who have survived well during the pandemic.
