It’s essential to manage your tax planning properly – both while you are living and for after your death. You want as much of your money as possible to go to your beneficiaries, not the government. Our article contains three tips to help you do that:
1. Learn how to make the most of the lifetime capital gains exemption.
2. Figure out ways to decrease your end-of-life tax bill.
3. Look into Immediate Financing Arrangements.
Before buying insurance from your bank to cover your mortgage, please consider your options. What does the insurance cover?
An investment advisor can help you figure out what the right investment choices are for you.
The five steps to investment planning are:
• Meeting your investment advisor
• Determining your goals and expectations
• Developing your investment plan
• Implementing your investment plan
• Monitoring the plan
The sooner you start planning for retirement, the sooner you can get there! An investment advisor can help you get there quicker.
On April 7, 2022, the Federal Government released their 2022 budget. Our article contains highlights of the various financial measures in this budget, divided into these sections:
• Housing
• Alternative minimum tax
• Dental care
• Small businesses
• Tradespeople
• Canada Growth Fund
• Climate
• Bank and insurer taxes
It’ll be time to file your 2021 taxes soon, and you must take advantage of every tax credit and deduction that you can. Our article includes information on a variety of subjects you need to know about, including what to do if you’ve had to repay COVID-19 benefits, how to plan ahead if you’re self-employed or retiring soon, and what you need to know if you have a home office or employer-provided benefits.
Working at an organization that offers a pension plan is one of the greatest financial advantages a Canadian can enjoy. Pension plans are designed to provide retirement income and help employees reach their retirement goals and for business owners- help retain key employees.
No business owner likes to think about handing over their business they’ve built from the ground up. But the fact of the matter is, you will have to do it eventually. Even more concerning, what if you were to become ill or incapacitated? Making a decision of this magnitude during trying times would not be ideal.
For the business owner, an estate freeze can be an integral part of your estate planning strategy. The purpose of an estate freeze is to lock-in (freeze) the value of the business, freeing the successor from the tax liability that may arise should the business’ value increase.
On February 22, 2022, the B.C. Minister of Finance announced the 2022 budget. We have highlighted the most important financial measures you need to know, with an emphasis on:
• Supporting sustainable economic development
• Offering stronger healthcare
• Expanding child care options and lowering fees
• Supporting capital infrastructure
• Providing funding for affordable housing
• Promoting clean transportation
Budget 2022 includes no changes to personal or corporate tax rates.
TFSAs and RRSPs can be significant savings vehicles. To help you understand their differences, we have put together this article to compare:
– TFSA versus RRSP – Differences in deposits
– TFSA versus RRSP – Differences in withdrawals
Understanding the differences between these two types of tax-advantaged accounts can help you better plan for future purchases and your eventual retirement.
Looking for an “at a glance” document covering all the important dates you need to know to stay on track with your financial planning in 2022?
Our 2022 financial calendar (which you can easily bookmark or print out) makes sure you’re always in the loop! It lists important dates, including:
• Payments dates for the Canada Child Benefit, CPP, OAS, and the GST/HST credit.
• When TFSA contribution room starts again.
• Tax filing deadlines.
• Charitable contribution deadlines and the last day to contribute to registered investment accounts.
• When the Bank of Canada interest rate announcements are.
