Truity Financial, Author at Truity Financial

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

April 2, 2021 in 2021, Blog, tax /by Truity Financial

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

Estate Planning for Blended Families

March 2, 2021 in Blog, Estate Planning, Family /by Truity Financial

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

Extended COVID-19 Federal Emergency Benefits

February 22, 2021 in Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Retiring /by Truity Financial

On Friday, February 19, 2021, Prime Minister Justin Trudeau announced an extension to:

– Canada Recovery Benefit
– Canada Recovery Caregiving Benefit
– Canada Recovery Sickness Benefit
– Employment Insurance

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

February 12, 2021 in Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners /by Truity Financial

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

Retirement Planning for Business Owners – Checklist

February 1, 2021 in Blog, Business Owners, corporate, health benefits, life insurance, long term care, pension plan, rrsp, Tax Free Savings Account /by Truity Financial

As a business owner, one of your challenges is learning how to balance between reinvesting into the business and setting money aside for personal savings. Since there are no longer employer-sponsored pension plans and the knowledge that retirement will come eventually, it’s important to have a retirement plan in place.

We’ve put together an infographic checklist that can help you get started on this.

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

January 21, 2021 in 2021, Blog, rrsp, Tax Free Savings Account /by Truity Financial

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, 2021 in 2021, Blog, personal finances, rdsp, Registered Education Savings Plan, retirement, rrsp, tax, Tax Free Savings Account /by Truity Financial

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!

The Need for Corporate Life Insurance

January 1, 2021 in Blog, Business Owners, buy sell, corporate, Estate Planning, life insurance /by Truity Financial

Life insurance is used for two general purposes in a private corporation – managing risk and creating opportunities. The risk management function is satisfied as life insurance provides the corporation with a tax-free payment in the event of the death of an owner or someone vital to the success of the business. As life insurance also allows for the tax-sheltered build up of cash value additional planning opportunities are additionally created.

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

December 29, 2020 in 2020, Accountants, Blog, Business Owners, tax /by Truity Financial

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, 2020 in 2020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Practice Owners, corporate, Estate Planning, financial advice, Financial Planning, incorporated professionals, Investment, Professional Corporations /by Truity Financial

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

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