Blog

Do you REALLY need life insurance?

June 2, 2021Blog, Business Owners, Family, individuals, Life Insurancebusiness, debt, estate, funeral expenses, life insurance, Mortgage, retirement, tax

You most likely do, but the more important question is, What kind? Whether you’re a young professional starting out, a devoted parent or a successful CEO, securing a life insurance policy is probably one of the most important decisions you will have to make in your adult life. Most people would agree that having financial safety nets in place is a good way to make sure that your loved ones will be taken care of when you pass away. Insurance can also help support your financial obligations and even take care of your estate liabilities.

Estate Planning for Blended Families

May 5, 2021Blog, Estate Planning, Family

Blended families – where two people get married but have children from previous relationships – are becoming more common. On top of the day-to-day challenges of blending a family, new spouses also have to figure out how to plan their estates, so everyone is properly taken care of.

We cover all of the following a blended family must consider while estate planning:
• Sharing the Family Home
• Make the Most of a Registered Retirement Savings Plan
• How to Share Non-Registered Investments and Other Assets
• Why It’s Important to Select a Good Trustee
• The Advantages of Life Insurance for Blended Family Planning

Federal Budget 2021 Highlights

April 22, 20212021, Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Students, corporate, Debt, Family, financial advice, Financial Planning, incorporated professionals, individuals, personal finances, Professional Corporations, tax

On April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections:

• Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits.

• Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining.

• Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.

What’s new for the 2021 tax-filing season?

April 2, 20212021, Blog, tax

Tax season is upon us once again. But since 2020 was a year like no other, the 2021 tax-filing season will also be different. Due to all the changes in both where and how Canadians worked, the Canadian government has introduced some new tax credits and deductions to keep pace with these changes. Our article covers all of the following:
• How to claim home office expenses
• The new Canada Training Credit
• Pandemic emergency funds
• New digital news subscription tax credit

Investing as a Business Owner

March 3, 2021Blog, Business Owners, corporate, Investment, RRSP, Tax Free Savings Account

Many business owners have built up earnings in their corporation and are looking for tax efficient ways to pull the earnings out to achieve their personal and business financial goals. We outline the factors to consider when investing as a corporation.

Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients

February 12, 2021Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners

Great news for some ineligible self-employed Canadians who received the Canada Emergency Response Benefit (CERB)

TFSA vs RRSP – What you need to know to make the most of them in 2021

January 21, 20212021, Blog, RRSP, Tax Free Savings Account

Both TFSAs and RRSPs can be significant savings vehicles for your clients. We’ve put together an article to help your clients easily understand the differences between them – with one section focussing on differences in deposits and one focussing on differences in withdrawals.

The deposit section focuses on:
• How much contribution room is available each year
• How carry forward works for TFSAs and RRSPs
• Tax deductibility of contributions
• Tax treatment of growth

The withdrawal section focusses on:
• Conversion requirements
• Tax treatment of withdrawals
• Impact of withdrawals on government benefits
• Impact of withdrawals on contribution room

2021 Financial Calendar

January 4, 20212021, Blog, personal finances, RDSP, Registered Education Savings Plan, Retirement, RRSP, tax, Tax Free Savings Account

We’ve put together a financial calendar for 2021. It contains all the dates you need to know to make the most of your government benefits and investment options. Whether you want to bookmark this or print it out and post it somewhere prominent, you’ll have everything you need to know in one place!

Government of Canada to allow up to $400 for home office expenses

December 29, 20202020, Accountants, Blog, Business Owners, tax

For the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.

Business Owners: 2020 Tax Planning Tips for the End of the Year

December 11, 20202020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Practice Owners, corporate, Estate Planning, financial advice, Financial Planning, incorporated professionals, Investment, Professional Corporations

It’s a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections:

– Year-end tax checklist
– Remuneration
– Business tax
– Estate

Category: Blog

Do you REALLY need life insurance?

Estate Planning for Blended Families

Federal Budget 2021 Highlights

What’s new for the 2021 tax-filing season?

Investing as a Business Owner

Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients

TFSA vs RRSP – What you need to know to make the most of them in 2021

2021 Financial Calendar

Government of Canada to allow up to $400 for home office expenses

Business Owners: 2020 Tax Planning Tips for the End of the Year

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