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July Preferred Client Update

Blog by Kim Twohey | July 3rd, 2018


Alberta Economy has Recovered Two-Thirds of Recession Losses

Alberta’s Finance Minister says the province’s economic picture is brightening with a lower-than-expected deficit last year thanks in part to higher resource revenues.

The government’s 2017-18 annual report shows Alberta ended the fiscal year with an $8 billion deficit. That’s $2.5 billion lower than what was expected in last year’s budget.

The government says it’s on track to return to balanced books by 2023-24.

The report indicates the provincial economy has recovered about two-thirds of what was lost in a recession that began in 2014. It grew by 4.9 per cent last year and is expected to add 2.7 per cent this year. 

A rebound in the energy sector, driven by improved oil prices, spearheaded the recovery.

Non-renewable resource revenue was $5 billion–up $1.9 billion from the previous year and $1.2 billion higher than the budget estimate. Conventional oil and gas drilling was up by 65 per cent. The manufacturing and forestry sectors also saw stronger performance.

-Source, CTV News

Roof Protection

Your roof plays an important role in protecting your home and its contents.

Hail, wind and other types of severe weather can damage your roof. If you have one layer of asphalt shingles on your roof, it may be more susceptible to hail damage than two layers. Each spring and fall, be sure to get out your binoculars and inspect your roof from the ground. Common signs of age-related wear and tear or potential issues may include:

- Cracked, curling or missing shingles

- Rain gutters that are filled with leaves, nests or other types of debris

- Asphalt debris or granules in a gutter or on the ground

- Wear around chimneys or other fixtures

- Unsecured drainage and downspouts that angle toward a foundation.

You may also check your attic for signs of wear on your roof. Look for:

- Outside light coming through your roof

- Visible signs of water damage

- Sagging boards

Typical insurance coverage for hail or wind damage: Damage to homes caused by hail or wind is usually covered under your home insurance policy. This includes damage caused by flying debris or falling branches or trees, or damage to your home and its contents from water entering through sudden openings caused by wind or hail.