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Entries by Dowco Financial

The Six Steps to Financial Planning

June 1, 2023/in Blog, Financial Planning/by Dowco Financial

A certified financial planner is trained to focus on all aspects of your finances – everything from your taxes to retirement savings.

The six steps to financial planning are:
• Meeting your financial planner
• Determining your goals and expectation
• Reviewing your current financial state
• Developing a financial plan
• Implementing a financial plan
• Monitoring the plan

A certified financial planner will develop a plan that works for you both today and in the future.

Retirement Planning for Business Owners – Checklist

May 1, 2023/in Blog, business owners, corporate, health benefits, life insurance, long term care, pension plan, rrsp, Tax Free Savings Account/by Dowco Financial

As a business owner, one of your challenges is learning how to balance between reinvesting into the business and setting money aside for personal savings. Since there are no longer employer-sponsored pension plans and the knowledge that retirement will come eventually, it’s important to have a retirement plan in place.

We’ve put together an infographic checklist that can help you get started on this.

Tax Tips You Need To Know Before Filing Your 2022 Taxes

April 3, 2023/in 2023, Blog, disability, tax/by Dowco Financial

It’ll be time to file your 2022 taxes soon, and you must take advantage of every tax credit and deduction you can! Our article covers the following:

• Canada Workers Benefit.
• Claiming home office expenses.
• The tax deduction for zero-emissions vehicles.
• Return Of Fuel Charge Proceeds To Farmers Tax Credit.
• Eligible Educator School Supply Tax Credit.

How To Use Insurance To Provide Your Family With Financial Protection

April 1, 2023/in Blog, life insurance/by Dowco Financial

The best way to provide your family with financial protection is with solid insurance planning. These three types of insurance will ensure your family has the financial resources they need if you die, are injured, or become ill:

– Life insurance.
– Critical illness insurance.
– Disability insurance.

Federal Budget 2023 Highlights

March 29, 2023/in 2023, Blog, business owners, dental benefits, Family, Financial Planning, individuals/by Dowco Financial

On March 28, 2023, the Federal Government released their 2032 budget. This article highlights the following financial measures:

• New transfer options associated with Bill C-208 for intergenerational transfer.
• New rules for employee ownership trusts.
• Changes to how the Alternative Minimum Tax is calculated.
• Improvements to Registered Education Savings Plans.
• Expanding access to Registered Disability Savings Plans.
• Grocery rebate.
• Deduction for tradespeople tool expenses.
• Automatic tax filing.
• New Canadian Dental Care Plan.

British Columbia 2023 Budget Highlights

March 1, 2023/in Blog, business owners, corporate, Family, financial advice, Financial Planning, incorporated professionals, individuals, personal finances, retirement, tax/by Dowco Financial

On February 28, 2023, the B.C. Minister of Finance announced the 2023 budget. We have highlighted the most important financial measures you need to know:

• Tax credit changes.
• Increases to the B.C Family Benefit.
• Carbon tax changes.
• Other important tax changes.
• Healthcare and housing spending.

TFSA versus RRSP – What you need to know to make the most of them in 2023

February 2, 2023/in 2023, Blog, rrsp, Tax Free Savings Account/by Dowco Financial

When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $6,500 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $30,780. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.

2023 Financial Calendar

January 1, 2023/in 2023, Blog, Financial Planning, retirement, rrsp, Tax Free Savings Account/by Dowco Financial

Welcome to our 2023 financial calendar! This calendar is designed to help you keep track of important financial dates and deadlines, such as tax filing and government benefit distribution. You can bookmark this page for easy reference or add these dates to your personal calendar to ensure you don’t miss any important financial obligations.

2022 Year End Tax Tips and Strategies for Business Owners

December 6, 2022/in 2022, 2022 Only, Blog, Business Owners, Financial Planning, tax/by Dowco Financial

The end of 2022 is quickly approaching – which means for business owners, it’s time to review tax tips and strategies to maximize your benefits.

2022 Personal Year-End Tax Tips

December 5, 2022/in 2022 Only, Blog, individuals/by Dowco Financial

The end of 2022 is quickly approaching – which means it’s time to get everything in order, so you’re ready when it comes time to file your taxes.

We’ve broken this article into the following sections to make it easy to find the tax tips you’re looking for:

• Investment considerations, including how to best contribute to TFSAs, RRSPs, and RDSPs.
• Families, including how to claim childcare expenses and make the most of RESPs.
• Retirees, including essential details about applying for CPP and OAS.