Ever since the Tax-Free Savings Account (TFSA) was launched in 2009, many Canadians have used it as a general savings account. However, to make the most of a TFSA, it should be targeted to reach a specific financial goal. Only when you identify a goal can you align your TFSA investments with your financial objective, […]
One of the tax breaks the government gives to couples takes place when the first spouse passes away. That person’s Registered Retirement Income Fund (RRIF) can be taken over by the surviving spouse without taxes being payable at the time. So those funds continue to grow on a tax-deferred basis. But what happens if the […]
https://www.youtube.com/watch?v=0M8PJh23qwc&t=186s When you think of income splitting, what first comes to mind is likely moving taxable income to a lower-income spouse. But several income splitting opportunities with children are available and worth exploring. The more income you can transfer to others in a lower tax bracket, the more tax you save as a family. Tax […]
If you plan on passing down your cottage, cabin or chalet to your children, make sure they actually want to own the property. Finding out where everyone stands will prevent family conflicts down the road and help you with tax and estate planning. Gauge your children’s interest When you ask your child or children about […]
As we’ve covered before, cryptocurrency can be an attractive investment. We’ve spoken about it in the past, discussing what cryptocurrency is, why everyone is so excited by it, and how one can invest in cryptocurrency. However, one element that is not often discussed is how cryptocurrency gains or losses are taxed. To help you, this […]
With the upcoming Federal Election on September 20, 2021, Canadians will be heading back to the polls, to cast their votes for candidates who bring promises of change and prosperity for Canadians. Each major political party has brought some big proposals to the table, with several changes that can have an impact on the economy, […]
If you are thinking about changing jobs, buying a home, taking on more debt, or starting a family, NOW could be the right time for Life Insurance. However, to really answer this question, let’s first look at what Life Insurance is and what it protects… What is Life Insurance? A Life Insurance Policy that covers […]
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 […]
