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Essential tips and tricks for paying less tax and keeping more of your retirement income

It’s important to make the most of your retirement income. To do so, you need to be aware of what income is and isn’t taxable, and also how to make the most of the tax breaks you’re entitled to. This article outlines the four main steps you need to take to ensure you keep as much of your retirement income as possible:
1. Make a financial plan.
2. Split your pension income.
3. Buy an annuity.
4. Be aware of retirement-related tax breaks.

2022 Ontario Budget Highlights

On April 28, 2022, the Ontario Minister of Finance delivered the province’s 2022 budget. It’s focused on five different pillars:
• Rebuilding the economy.
• Better jobs and bigger paycheques.
• Building highways and critical infrastructure.
• Keeping costs down.
• Investing in health care.
Budget 2022 includes no changes to personal or corporate tax rates.

2022 Federal Budget Highlights

On April 7, 2022, the Federal Government released their 2022 budget. Our article contains highlights of the various financial measures in this budget, divided into these sections:
• Housing
• Alternative minimum tax
• Dental care
• Small businesses
• Tradespeople
• Canada Growth Fund
• Climate
• Bank and insurer taxes

2021 Income Tax Year Tips

It’ll be time to file your 2021 taxes soon, and you must take advantage of every tax credit and deduction that you can. Our article includes information on a variety of subjects you need to know about, including what to do if you’ve had to repay COVID-19 benefits, how to plan ahead if you’re self-employed or retiring soon, and what you need to know if you have a home office or employer-provided benefits.

Retirement Planning for Business Owners – Checklist

As a business owner, one of your challenges is learning how to balance between reinvesting into the business and setting money aside for personal savings. Since there are no longer employer-sponsored pension plans and the knowledge that retirement will come eventually, it’s important to have a retirement plan in place.

We’ve put together an infographic checklist that can help you get started on this.

Permanent versus Term Life Insurance – What are the Differences?

You know you need life insurance – but you’re not sure which kind is best for you. There are two main kinds of life insurance:
• Permanent, which lasts for your entire life. Premiums can be more expensive, but you can also use the policy to build up cash value.
• Term, which is only good for a set amount of time. Premiums are less expensive, and you cannot build up cash value – but coverage is easy to get and understand.
We can help you determine which type of insurance is best for you and how much it will cost you.

TFSA versus RRSP – What you need to know to make the most of them in 2022

TFSAs and RRSPs can be significant savings vehicles. To help you understand their differences, we have put together this article to compare:

– TFSA versus RRSP – Differences in deposits
– TFSA versus RRSP – Differences in withdrawals

Understanding the differences between these two types of tax-advantaged accounts can help you better plan for future purchases and your eventual retirement.

2022 Financial Calendar

Looking for an “at a glance” document covering all the important dates you need to know to stay on track with your financial planning in 2022?

Our 2022 financial calendar (which you can easily bookmark or print out) makes sure you’re always in the loop! It lists important dates, including:

• Payments dates for the Canada Child Benefit, CPP, OAS, and the GST/HST credit.
• When TFSA contribution room starts again.
• Tax filing deadlines.
• Charitable contribution deadlines and the last day to contribute to registered investment accounts.
• When the Bank of Canada interest rate announcements are.

2021 Personal Year-End Tax Tips

The end of 2021 is quickly approaching – which means it’s time to get everything in order, so you’re ready when it comes time to file your taxes.

We’ve broken this article into the following sections to make it easy to find the tax tips you’re looking for:

• Individuals, including details on COVID-19 benefits and important tax credits.
• Investment considerations, including how to best contribute to TFSAs, RRSPs, and RDSPs.
• Families, including how to claim childcare expenses and make the most of RESPs.
• Retirees, including essential details about applying for CPP and OAS.

2021 Year-End Tax Tips for Business Owners

We’re approaching the end of the year, so it’s time to review your business finances. We’ve put together an article highlighting the most critical tax-planning tips you need to know as a business owner.

We’ve focused on:
• How to determine the right salary and dividend mix.
• The best ways to handle compensation.
• How to make sure you can take advantage of the small business deduction.
• What you need to know about depreciable assets and charitable donations.
• How to make the most of Covid-19 relief programs.

Blog

Essential tips and tricks for paying less tax and keeping more of your retirement income

2022 Ontario Budget Highlights

2022 Federal Budget Highlights

2021 Income Tax Year Tips

Retirement Planning for Business Owners – Checklist

Permanent versus Term Life Insurance – What are the Differences?

TFSA versus RRSP – What you need to know to make the most of them in 2022

2022 Financial Calendar

2021 Personal Year-End Tax Tips

2021 Year-End Tax Tips for Business Owners

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