Tax tips to know before filing your 2023 income tax

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Unlock the secrets to maximizing your 2023 tax returns with our essential guide. From the new Advanced Canada Workers Benefit to crucial deductions for families, ensure you're not leaving money on the table this tax season.

TFSA vs RRSP – 2024

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When 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 $7,000 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 $31,560. 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.

Basic Planning for Young Families

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As a young family, you will be facing a lot of new challenges that you may or may not be prepared for along the way. Whether it’s children, a mortgage, or unexpected expenses that come up, now is the perfect time to start thinking about all the potential pitfalls that may arise. In this article we want to share some of the ways that insurance can help you stay ahead of these issues, as well as how to prepare yourself for some of life’s obstacles that you and your family may face.

When and Why You Should Conduct an Insurance Audit

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As our lives grow and change with variable circumstances, new additions, and job transitions, our needs for insurance will also evolve. Additionally, economic fluctuations and external circumstances that influence your insurance policy will need frequent re-evaluation to ensure that you are making the most appropriate and financially favorable decisions. Talk to us we can help.

Federal Budget 2023 Highlights

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On March 28, 2023, the Federal Government released their 2032 budget. This article highlights the following financial measures: • New transfer options associated with Bill C-208 for intergenerational transfer. • New rules for employee ownership trusts. • Changes to how the Alternative Minimum Tax is calculated. • Improvements to Registered Education Savings Plans. • Expanding access to Registered Disability Savings Plans. • Grocery rebate. • Deduction for tradespeople tool expenses. • Automatic tax filing. • New Canadian Dental Care Plan.

Alberta 2023 Budget Highlights

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On 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

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On 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.

Why Insurance Is So Important If You’re A Single Parent

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Being 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.

Estate Planning for Blended Families

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In today’s family, it is not unusual for spouses to enter a marriage with children from previous relationships. Parents work hard at getting these children to functionally blend together to create a happy family environment. Often overlooked is what happens on the death of one of the parents. In most cases, special consideration for estate planning is needed to avoid relationship loss and possibly legal action. Typically spouses leave everything to each other and when the surviving spouse dies, the remainder is divided amongst the children. The problem? Even with the best of intentions, there is no guarantee that the surviving spouse will not remarry and inadvertently disinherit the deceased’s children.

Estate Planning for Business Owners

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What happens when the children grow up and they are no longer dependent on their parents? What happens to your other "baby"- the business? Estate planning for business owners deals with the personal and business assets.