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Manitoba 2023 Budget Highlights

March 8, 2023 in , , , , , /by

On March 7, 2023, Manitoba’s Minister of Finance delivered the province’s 2023 budget, focusing on these areas:

• Investing in stronger communities.
• Expanding healthcare coverage.
• Providing infrastructure support.

Budget 2023 includes no personal or corporate tax rate changes, but some temporary corporate tax credits have been made permanent. In addition, Manitoba’s basic personal amount has increased to $15,000, and two tax bracket thresholds will also be increasing.

The Six Steps to Financial Planning

March 2, 2023 in , /by

A certified financial planner is trained to focus on all aspects of your finances – everything from your taxes to retirement savings.

The six steps to financial planning are:
• Meeting your financial planner
• Determining your goals and expectation
• Reviewing your current financial state
• Developing a financial plan
• Implementing a financial plan
• Monitoring the plan

A certified financial planner will develop a plan that works for you both today and in the future.

2022 Personal Year-End Tax Tips

December 5, 2022 in , , /by

The 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.

Salary vs Dividend

November 1, 2022 in , /by

As a business owner, you have the ability to pay yourself a salary or dividend or a combination of both. In this article and infographic, we will examine the difference between salary and dividends and review the advantages and disadvantages of each.

Don’t lose all your hard-earned money to taxes

September 1, 2022 in , /by

It’s essential to manage your tax planning properly – both while you are living and for after your death. You want as much of your money as possible to go to your beneficiaries, not the government. Our article contains three tips to help you do that:
1. Learn how to make the most of the lifetime capital gains exemption.
2. Figure out ways to decrease your end-of-life tax bill.
3. Look into Immediate Financing Arrangements.