Our custom tailored articles are provided to educate you on all aspects of finance

Income Splitting: A Tax-Saving Strategy For Canadian Businesses

If you are a higher income taxpayer and own a business in Canada, you can split your income with a spouse to reduce your net income and taxable income. From reducing the taxpayer’s marginal tax rate to eliminating OAS clawbacks, income splitting can provide numerous benefits. You can transfer some of your income to your … Continue reading “Income Splitting: A Tax-Saving Strategy For Canadian Businesses”

How You Should Pay Yourself From A Corporation

If you are running a small business as a corporation in Canada, you may have a few different choices as to how to pay yourself. You can either receive payment in dividends or pay yourself as a business salary. You can also have a mix of both in order to reduce your taxes. There are … Continue reading “How You Should Pay Yourself From A Corporation”

A Step by Step Guide to Minimize Retirement Taxes

If you’re planning your retirement soon, or have already retired, then you will be aware of the significance of preparing an efficient retirement plan. Minimizing taxes on your retirement income is a crucial part of this plan and that can only be done successfully if you have an actionable plan or follow a guide on … Continue reading “A Step by Step Guide to Minimize Retirement Taxes”

Estate Planning And Taxes At Death

There is no true estate or inheritance tax in Canada. Instead, Canada Revenue Agency (CRA) deals with the estate as a sale, unless the estate is legally inherited by the common-law partner or spouse, which means the estate is supposed to pay the taxes rather than the beneficiaries. When people don’t give estate planning due … Continue reading “Estate Planning And Taxes At Death”

How To Define Your Estate Planning Objectives

Preparing an estate plan doesn’t require a significant amount of time or money. From preparing an inventory of your liabilities and assets to determining actions necessary to achieve your objectives, it only takes a few simple steps to prepare an estate plan that addresses all of the important aspects. This blog post will help you … Continue reading “How To Define Your Estate Planning Objectives”

Common Misconceptions Associated With Estate Planning

For many Canadians, the most difficult part of determining how wealth will be distributed after death is to understand the complexities of estate planning. There are a number of misconceptions that misguide people and make them take wrong decisions. Statistics reveal that less than 50% of Canadians have a valid estate plan. There are so … Continue reading “Common Misconceptions Associated With Estate Planning”

Benefits of Incorporating Your Business In Canada

Why should I incorporate my business? Many Canadian small business owners want to know how to incorporate and what are the benefits. If you are not aware of the financial benefits of incorporating in Canada, then this blog post is for you. Incorporation can help your business operations in a number of ways. For example, … Continue reading “Benefits of Incorporating Your Business In Canada”

Frequently Asked Questions About Last Will And Testament

A Will is a legal document which states how the wealth of an individual will be distributed after his death. Most of your financial assets can be disposed of in a Will. A property jointly owned or a life insurance policy naming someone as a beneficiary can’t be disposed of in a Will. Preparing a … Continue reading “Frequently Asked Questions About Last Will And Testament”

The Biggest RRSP Myths That Mislead Canadians

A Registered Retirement Savings Plan (RRSP) is an account, registered with the federal government, which Canadians can use to save for retirement. For most Canadians, RRSP is an important source of future retirement income. Understanding how you can make the most of your RRSP is imperative to achieving your retirement goals. Surprisingly, there are a … Continue reading “The Biggest RRSP Myths That Mislead Canadians”

Simple Estate Planning Guide For Canadians

Most Canadians are very unfamiliar with how estate tax works. When someone passes away, there is a deemed disposition tax which applies. Therefore, it is important to minimize your estate’s exposure to this tax and develop a well-structured estate plan to ensure your beneficiaries get the wealth you left behind. How to deal with taxation … Continue reading “Simple Estate Planning Guide For Canadians”

Tax Planning: Tips For Canadian Taxpayers

It’s a fact that many Canadians don’t pay due attention to strategies which can optimize their tax returns. By the time tax returns are filed, many tax-saving opportunities for the year are lost. Filing tax returns is an accounting exercise people have to undergo every year in order to settle their taxes. If you consult … Continue reading “Tax Planning: Tips For Canadian Taxpayers”

The Importance of Navigating Your Financial Roadmap

In today’s busy world, people neither have the time nor knowledge necessary to solve the financial complexities of modern life. They often need professional assistance to understand their financial situation and future needs. A considerate, thoughtful approach is necessary to streamline and secure your financial future. A significant number of Canadians acknowledge that they feel … Continue reading “The Importance of Navigating Your Financial Roadmap”