Alberta 2023 Budget Highlights
Blog, Business Owners, corporate, Family, financial advice, Financial Planning, Retirement, taxOn February 28, 2023, the Alberta Minister of Finance announced the 2023 budget. We have highlighted the most important financial measures you need to know, with an emphasis on the following:
• Tax credits.
• Decreased education property tax.
• Investing in education, tourism and infrastructure.
British Columbia 2023 Budget Highlights
Blog, Business Owners, corporate, Family, financial advice, Financial Planning, incorporated professionals, individuals, personal finances, Retirement, taxOn February 28, 2023, the B.C. Minister of Finance announced the 2023 budget. We have highlighted the most important financial measures you need to know:
• Tax credit changes.
• Increases to the B.C Family Benefit.
• Carbon tax changes.
• Other important tax changes.
• Healthcare and housing spending.
TFSA versus RRSP – What you need to know to make the most of them in 2023
2023, Blog, RRSP, Tax Free Savings AccountWhen looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $6,500 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $30,780. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.
Is the Life Insurance Industry in Canada Stable?
Blog, Insurance, Life InsuranceGiven the problems encountered by some large financial institutions in the United States, how concerned should we be about the state of the life insurance industry in Canada?
Don’t Wait Too Long to Convert Your Term Insurance
Blog, Insurance, Life InsuranceIf you require permanent life insurance coverage for family, estate planning, business, or tax planning purposes or you just wish to accumulate money in your life insurance program it may be time to look at a permanent, level-cost solution.
2023 Financial Calendar
2023, Blog, Financial Planning, Retirement, RRSP, Tax Free Savings AccountWelcome to our 2023 financial calendar! This calendar is designed to help you keep track of important financial dates and deadlines, such as tax filing and government benefit distribution. You can bookmark this page for easy reference or add these dates to your personal calendar to ensure you don't miss any important financial obligations.
2022 Year End Tax Tips and Strategies for Business Owners
2022, 2022 Only, Blog, Business Owners, Financial Planning, taxThe end of 2022 is quickly approaching – which means for business owners, it's time to review tax tips and strategies to maximize your benefits.
2022 Personal Year-End Tax Tips
2022 Only, Blog, individualsThe end of 2022 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:
• 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.
Has Purchasing Life Insurance Changed Since 2020?
Blog, Life InsuranceDuring this stressful and challenging time, many are wondering what effect COVID-19 could have on their life insurance. Some may be worried that the insurance companies would make changes to their existing policy due to coronavirus concerns, resulting in an increase in their premiums or a restriction to their coverage. It should be reassuring to all that insurance companies are generally not able to change the contractual provisions of the insurance policies that are in force.
Why Insurance Is So Important If You’re A Single Parent
Blog, Family, Insurance, Life InsuranceBeing a single parent is a lot of responsibility. Learn how the right types of insurance can provide you and your family with the financial protection they need.