New Tax Planning Opportunities
Canadians have various existing tax reduction opportunities to consider for their own personal situations and one NEW strategy arrives this spring: First Home Savings Account (FHSA). The FHSA has a few unique features versus the already existing Home Buyers Plan. To start, any Canadian over the age of 18 (who qualifies as a first-time home […]
Tax Planning for Severance Packages
Over the past year, economic stresses worldwide have resulted in many employees receiving severance packages and being advised that their services are no longer required. The longer you’ve been employed with an organization, the higher your severance package will be. With the national job market still experiencing varying levels of stress, it is more important […]
Feel Good Tax Relief
Carl and Cathy are well aware of the substantial tax advantages of making charitable contributions as well as the good feeling they get by helping their favorite charity. In addition to their annual contributions, they would like to bequeath more substantial amounts to their chosen charity in their wills. Some of their more affluent friends […]
Maximize Your RRSP Return Through Asset Location
Do you know the real rate of return on your investments? Generally, Canadians measure the success of their investments based only on the rate of return. While it provides a good snapshot of whether an investment is doing well or not, it is not the only criterion for a true picture of success. A good […]
Advice for Small Business Owners
Similar to the situation of individual Canadians, small business owners must deal with a variety of financial challenges in order to grow their businesses. Besides managing issues like cash flow and assets, small businesses must also think about taxes on income. Without a doubt, tax return filing can be an intimidating experience for many business […]
A Little Knowledge Can Make Life Less Taxing
It doesn’t take long after receiving your first paycheck to realize that all of your money is not your own. The Canadian government is an active partner in your earnings, and the more money you make, the larger it takes. A better understanding of taxes and how they apply to you can result in hundreds […]
Proposed Tax Overhaul for Private Corporations
Standard financial and tax planning advice for the past several decades for business owners has included the use of incorporation to both insulate Canadians from business risk and liability and for asset building and income cash flow planning. The validity of this tax policy is now under attack, as you have likely heard, now that […]
Build Your Wealth Together
The wedding and honeymoon are over and you’re settling in to your new life. You’ve accomplished many goals together over the past year with compromises being made over wedding plans, honeymoon destination, and a million and one other details. As you settle in for a long and fruitful life together, it’s an ideal time to […]
Year End Tax Tips
With a few weeks to go before the year-end, you may wish to think about some moves you can take now to save you some taxes for 2016. Along with the usual advice to do any tax loss selling before December 23rd on any equity investments to offset any capital gains earned in other investments […]
Federal Budget Impacts Investment Taxation
The recent Federal Budget included measures to close a favorable tax rule for investors in investment accounts or through corporations, trusts and holding companies, who have proposed rules to curb the tax advantages of “corporate class” mutual fund shares. Corporate class funds are organized as “switch funds” that offer different types of asset exposure such […]