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

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”

Planning For Retirement – How To Do It Right

Statistics reveal that the average life expectancy of Canadians is rising and has reached 81.1 years, which means 15 to 20 years of retirement or even more if someone decides to retire early. How much do you need to invest and save in order to have a financially stable retirement? Only thorough retirement planning will … Continue reading “Planning For Retirement – How To Do It Right”

How RRSP Is An Important Tax Planning Tool For Canadians

Most Canadians understand the significance of an registered retirement savings plan (RRSP) as a valuable platform to prepare for retirement. While there are many benefits in making contributions to a savings account, you can use RRSPs as a tool to plan your tax-related financial matters. You should look at RRSP from a tax planning perspective … Continue reading “How RRSP Is An Important Tax Planning Tool For Canadians”

How To Make Your Money Grow In Canada

Canada is one of the greatest nations which offers plenty of investment opportunities and freedom. If you’re a Canadian and haven’t yet started planning for retirement, it’s time to save and grow your money through capitalizing on available investments. This blog post will help you explore some of the best investment opportunities in Canada. It’s … Continue reading “How To Make Your Money Grow In Canada”

All You Need To Know About Early RRSP Withdrawals

It is possible to withdraw money from your registered retirement savings plan (RRSP) before retirement in order to cover a financial crisis. However, you will be paying tax on the money you take out. It is a common practice to make early withdrawals from RRSPs, but is it smart to do so? In most cases, … Continue reading “All You Need To Know About Early RRSP Withdrawals”

How Smart Investing Can Ensure Financial Stability In Retirement

There are so many investment opportunities available for Canadians to help grow their wealth. From buying a house to preparing for a financially stable retirement, investing wisely will help you achieve important financial goals. With a plethora of financial obligations and a large portion of income going towards monthly expenses, an increasing number of Canadians … Continue reading “How Smart Investing Can Ensure Financial Stability In Retirement”