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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