2022 Financial Calendar

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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.

Pay Attention to your Beneficiary

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Naming a beneficiary is a valuable feature of life insurance and segregated funds policies so it is important to carefully choose your beneficiaries.

2021 Personal Year-End Tax Tips

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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

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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.

How To Protect Your Estate

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You have spent your life working hard and accumulating wealth for you and your family to enjoy. While you are living you pay taxes annually on both your earned and investment income. But did you know that your assets may also result in a tax liability upon your death or the death of your spouse? In Canada, a taxpayer is deemed to dispose of all of his or her assets at death. If the value of these assets exceeds their cost, then, without proper planning, taxes could be payable. But the good news is, it might be possible to reduce or at least delay the payment of this tax by organizing or re-allocating certain assets that would result in a tax liability at your death. There is also a way to cost-effectively accumulate tax-free funds to pay all or part of any taxes that may become due upon your death. Of course, every situation is different, so you should consult with a financial advisor before making any big decisions. Below is a simple guide that will help you structure your estate in the most tax-advantageous method.

Why Life Insurance Should Be Part Of Your Estate Planning

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By working hard and carefully managing your money, you've set yourself up to be able to relax and enjoy yourself during your retirement years. You also need to think beyond your retirement years about what you want to do with your assets during estate planning. In addition, you need to consider your estate planning's tax implications and how life insurance can help reduce the tax burden your heirs will face. We'll tell you about: • What kind of assets you can include in your estate. • How life insurance can be used to cover tax liabilities. • Other reasons you may want to have life insurance as part of your estate planning.

What Is The Right Age To Purchase Life Insurance?

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Deciding when you should purchase life insurance varies by person and the individual’s circumstance. But there are both benefits and drawbacks to purchasing life insurance at certain ages. Although the general consensus is that you should purchase when you are younger, there is no “wrong” age to consider purchasing life insurance. That’s a good thing. Chances are your family may change or grow at different stages of your life, prompting you to consider purchasing a certain life insurance policy at different ages. Below we take a look at why it is a good idea to have life insurance at any age.

“Final Pivot” – COVID-19 Emergency Benefits expire October 23rd, replaced by targeted supports

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On Thursday, October 22nd, Deputy Prime Minister and Finance Minister Chrystia Freeland announced the "final pivot in delivering the support needed to deliver a robust recovery." This "Final Pivot" means several existing pandemic support programs for individuals and businesses will expire on October 23rd, 2021: -  Canada Recovery Benefit (CRB)  -  Canada Emergency Rent Subsidy (CERS)  -  Canada Emergency Wage Subsidy (CEWS) 

Estate Freeze

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No business owner likes to think about handing over their business they've built from the ground up. But the fact of the matter is, you will have to do it eventually. Even more concerning, what if you were to become ill or incapacitated? Making a decision of this magnitude during trying times would not be ideal. For the business owner, an estate freeze can be an integral part of your estate planning strategy. The purpose of an estate freeze is to lock-in (freeze) the value of the business, freeing the successor from the tax liability that may arise should the business' value increase.

What Are The Benefits Of Opening A TFSA?

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Have you been considering opening a Tax-Free Savings Account (TFSA) to strengthen your retirement plan? Perhaps you are considering opening a TFSA but are not quite sure how it could be used to complement your existing RRSP. Every individual has a different wealth management strategy and retirement goals, so you should speak to a financial advisor to determine if a TFSA is right for you. Below is a helpful guide to determine if a TFSA would make sense for your wealth management strategy.