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How To Develop A Tax-Smart Retirement Income Strategy

Canadians are living longer. A significant rise in average life expectancy has been observed over the past 25 years. This could have a serious impact on how Canadians think about their future and retirement. It becomes challenging to plan for retirement and create sustainable sources of lifetime income. Rising life expectancy is not the only … Continue reading “How To Develop A Tax-Smart Retirement Income Strategy”

Power of Attorney: Here Is What You Need To Know

There are many issues that must be considered when planning your estate. Addressing a potential situation where a person may become mentally or physically incapacitated is one of the final parts of estate planning. Power of Attorney is a legal document that empowers a person to act on your behalf. When you become unable to … Continue reading “Power of Attorney: Here Is What You Need To Know”

How A Financial Planner Can Help You Meet Your Future Goals

If you think the role of a financial planner is only to help rich people track their income, investments, and multiple bank accounts, you need to redefine your definition of a financial planner. A person, regardless of their income or wealth, can benefit from financial planning. A certified financial planner can help you streamline your … Continue reading “How A Financial Planner Can Help You Meet Your Future Goals”

Benefits of RRSP: Lifelong Learning Plan (LLP) And Home Buyer’s Plan (HBP)

“Savings, remember, is the prerequisite of investment.”-Campbell McConnell, Economics A Registered Retirement Savings Plan (RRSP) is a type of Canadian savings account for holding investment assets and savings. Most Canadians who contribute to RRSP are familiar with the various benefits of RRSP. Home Buyer’s Plan (HBP) and the Lifelong Learning Plan (LLP) are two of … Continue reading “Benefits of RRSP: Lifelong Learning Plan (LLP) And Home Buyer’s Plan (HBP)”

Strategies To Reduce Capital Gains Tax

So, you bought your estate for $500,000 and now you’re in a position to sell it for $600,000. You have made money and it’s time to celebrate the gain. However, you have to pay capital gains tax on your earnings. Before we go ahead and discuss strategies to reduce capital gains tax, it’s important to … Continue reading “Strategies To Reduce Capital Gains Tax”

How To Minimize Estate Costs

When a person dies, his debts must be paid first before his estate or property is passed on to his family. Debts can range from any administrative expenses in settling estate matters and taxes to legal fees and funeral costs. Taxes on investments and probate fees are also some important considerations when calculating estate costs. … Continue reading “How To Minimize Estate Costs”

All You Need To Know About Tax Filing Deadline In Canada

While it’s comforting to think that the tax season is many days away, the filing deadline is just around the corner. The time of the year when you have to report to the government your eligible expenses and income can be stressful. Waiting until the last minute is not a good strategy. Therefore, collect all … Continue reading “All You Need To Know About Tax Filing Deadline In Canada”

The Concept Of Setting Up A Trust In Canada

Canadian families have been using gift and will as a tool to distribute their wealth between generations. While it’s still effective to adopt simple and straightforward ways of transferring assets, ignoring the complexities of today’s society can create many problems down the road. How trust can streamline tax and estate planning matters The effective use … Continue reading “The Concept Of Setting Up A Trust In Canada”

Designating A Beneficiary For Your RRSP/RRIF

Many of our decisions and situations come with some serious financial implications. Whenever an opportunity arises that can impact your financial situation, don’t forget to plan so that you can make the right decisions down the road. There are some advantages and disadvantages when you name beneficiaries of your registered retirement income fund (RRIF) or … Continue reading “Designating A Beneficiary For Your RRSP/RRIF”

Looking To Open An RRSP Account? Here Is What You Need To Know

Registered retirement savings Plan (RRSP) is a great opportunity for young people who want to save for the future. It’s a simple process to start your first RRSP. The sooner you start making contributions to an RRSP account, the better. RRSP is an investment vehicle for self-employed and employees in Canada. You can place your … Continue reading “Looking To Open An RRSP Account? Here Is What You Need To Know”

What Canadians Need To Know About Tax Changes In 2019

Reports suggest that Canadians on average pay 42.5% of their income in taxes. While it can be stressful to manage rent, mortgage payments, car payments, and food expenses, income tax is the biggest expense for most Canadians. The government keeps changing the tax policies, sometimes as an effort to win favor with voters, sometimes to … Continue reading “What Canadians Need To Know About Tax Changes In 2019”

Tax Planning Strategies For High-Income Canadians

When personal income exceeds $200,000 in Canada, the earner has to pay taxes at a rate of 50% or higher depending on the province of residence. If you’re a high-income Canadian, there are tax minimization strategies that will help you reduce your tax burden. A professional financial planner can help you develop a tax strategy … Continue reading “Tax Planning Strategies For High-Income Canadians”