Every year, inevitably, April 30 rolls around. In the weeks leading up to the personal income tax return filing deadline, many across Canada brace themselves for the ordeal of getting their financial paperwork in order. Few enjoy the process of preparing to file their taxes. But what may seem like a chore is also an […]
https://www.youtube.com/watch?v=9Ugr2vgNBQs&t=3s Many of our clients work for corporations that offer a variety of employer savings programs designed to enhance their financial security. These programs can encompass Group RRSP programs, Employee Profit Share Plans, Defined Contribution Plans, and the increasingly popular Restricted Stock Unit (RSU) share plans. While our clients often grasp the advantages of these […]
Just a friendly reminder that the deadline for filing your taxes is coming up soon. To help ensure you’re prepared and organized, here’s a quick tax filing checklist to go through. Deadline for filing your 2022 tax return: May 1, 2023. Download your PDF Disclaimer By providing your email address, you provide us with your express […]
It is a fact that tax implications are an inevitable part of financial decision-making. However, many individuals struggle to grasp the nuances of tax regulations and often find themselves at a loss when it comes to minimizing their tax exposure. In this article, we would like to share a case of our clients. We believe […]
We often see clients looking to make contributions to their RRSPs in order to save on taxes and plan for their future retirement. This was the case for two clients of ours, Megan and Mark, who were interested in making a contribution using funds from their non-registered account. One of the key factors that influenced […]
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 […]
