Blog

Discover a game-changing solution to manage medical expenses efficiently - the Health Spending Account. As a business owner, reduce tax burdens and provide tax-free benefits to yourself and employees. No monthly premiums, cost-effective, and hassle-free reimbursement process. Unlock the full potential of your healthcare budget now.

As a financial advisor, my primary goal is to help you achieve financial clarity by accessing a network of dedicated professionals. Together, we provide personalized advice and services to help you make informed decisions and secure your future. Think of me as your financial coordinator, ensuring every aspect of your financial life works smoothly.

On April 16, 2024, Canada's Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented the federal budget. While there are no changes to federal personal or corporate tax rates, the budget introduces: • An increase in the portion of capital gains subject to tax, rising from 50% to 66.67%, starting June 25, 2024. However, individual gains up to $250,000 annually will retain the 50% rate. • The lifetime exemption limit for capital gains has been raised to $1.25 million. Additionally, a new one-third inclusion rate is set for up to $2 million in capital gains for entrepreneurs. • The budget confirms the alternative minimum tax changes planned for January 1, 2024 but lessens their impact on charitable contributions. • This year's budget emphasizes making housing more affordable. It provides incentives for building rental properties specifically designed for long-term tenants. • Introduces new support measures to aid people buying their first homes. • Costs for specific patents and tech equipment and software can now be written off immediately. • Canada carbon rebate for small business

Unlock the potential of group benefits! Enhance employee well-being, reduce turnover, and boost your business with customized plans. Learn more.

Stay ahead in 2024 with our comprehensive financial calendar! From tax filing to benefit distributions, we guide you through key dates like the $7,000 TFSA contribution and $8,000 First Home Savings Account. Bookmark now for a financially savvy year!

Many business owners have built up earnings in their corporation and are looking for tax efficient ways to pull the earnings out to achieve their personal and business financial goals. We outline the factors to consider when investing as a corporation.

A Tax-Free Savings Account is a powerful tool to help you achieve your financial goals. Whether you're saving for a new home, planning for retirement, or investing in your children's education, a TFSA can be a valuable part of your financial strategy. The flexibility and tax advantages it offers make it a great choice for many Canadians. Remember, the sooner you start, the more time your investments have to grow tax-free. Every dollar counts when you're planning for the future, and a TFSA can help you make the most of your savings. Don't wait until tomorrow to start planning for your future. Contact us today to begin your journey to financial security today.

You know you need life insurance – but you’re not sure which kind is best for you. There are two main kinds of life insurance: • Permanent, which lasts for your entire life. Premiums can be more expensive, but you can also use the policy to build up cash value. • Term, which is only good for a set amount of time. Premiums are less expensive, and you cannot build up cash value – but coverage is easy to get and understand. We can help you determine which type of insurance is best for you and how much it will cost you.

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.

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 $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.

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.

One of the financial planning issues that business owners face is how to access their corporate earnings in a tax efficient way. Please contact us to learn how we can get more money in your pocket than in the government's.

Being a self-employed contractor can bring you a large cash flow and the satisfaction of being your own boss – but it can also make financial planning more complicated than being an employee. When creating a financial plan, Self-employed contractors need to keep a number of items in mind. Read to find out!

Manitoba just released its 2022 budget. Read our article to see how Manitoba's budget will impact you.

Why do individuals give to charity: Leave a legacy, Essential to organizations, Meaningful tax relief for contributors

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.

For business owners, making sure your business is financially protected can be overwhelming. Business owners face a unique set of challenges when it comes to managing risk. Insurance can play an important role.

Post-secondary education can be expensive, however having the opportunity to plan for it helps with making sure that you’re capable to meet the costs of education.

What happens when the children grow up and they are no longer dependent on their parents? Estate planning for mature families and retirees can bring up a number of issues including family dynamics and harmony.

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

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

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!

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