You may have been hearing more and more about inflation in the news or on social media recently, but what does it mean? You have probably heard your parents or grandparents say that “back in my day a cup of coffee cost $0.25”. Nowadays most of us are spending at least $2.00 for a cup […]
If you’ve been following the news over the past year, you’ve surely heard about investors getting more heavily into the cryptocurrency space. After all, with such incredible gains over a short period of time, it has gotten people excited about potentially growing their wealth in ways they couldn’t imagine. But of course, with such investments, […]
Did you know that RESP accounts can be used for funding more than just Canadian University and Colleges? In fact, there is a wide array of post-secondary programs both inside and outside of Canada that qualify for RESP funding. Many parents worry that the RESP funds they have spent years saving will not be entirely […]
The Canada Revenue Agency (CRA) has expanded eligibility and simplified the compliance requirements related to home office expenses for employees working from home due to COVID-19. Home office expenses include work-space-in-the-home as well as certain office supplies and phone expenses. Both salaried employees and employees earning employment income in the form of commissions1 working from […]
When it’s time to withdraw funds from a Registered Education Savings Plan (RESP), tax planning may be involved. It’s all because an RESP is composed of two pools of money, one taxable and one non-taxable – and you choose the pool for each withdrawal. One pool is your original contributions. Post-secondary education contribution withdrawals, as […]
The current COVID-19 pandemic has resulted in many pausing to reflect on their estate and incapacity planning. The barrage of news headlines about the health crisis and forced time at home have understandably led individuals to more thoughtfully consider the plans they have in place or plans they would like to implement. Legal professionals throughout […]
Have you recently considered updating your Will or creating one for the first time? If yes, it is important to consider the tax implications of all your decisions before finalizing anything in your Will. The three part series below highlights some of the largest costs incurred and how to minimize them when leaving assets to […]
The Liberal Government has approved reducing the minimum withdrawal rate for registered retirement income funds (RRIFs) and life income funds (LIFs) by 25% for 2020. This is a one-time opportunity and won’t likely be available after 2020. What does it mean to you? Immediate Tax Savings for 2020… due to reduced RRIF/LIF income. Enhanced Tax […]
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