Retirement Planning

TRANSFERRING YOUR WEALTH TO THE NEXT GENERATION GRADUALLY

  Many people who have minor children or beneficiaries with no money management expertise struggle with how best to transfer their wealth to the next generation without the risk of  their heirs spending it frivolously and depleting the wealth that was accumulated by hard work over ...

Comments Off on TRANSFERRING YOUR WEALTH TO THE NEXT GENERATION GRADUALLY   |   Posted in Estate Planning,Latest News,Life Insurance,Retirement Planning,Tax Planning April 23, 2015

UNINTENDED CONSEQUENCES OF BENEFICIARY DESIGNATIONS

  Naming your spouse as a beneficiary of your RRSPs, RRIFs, LIFs and LIRAs is usually a good idea as these assets can rollover on a tax deferred basis only to your spouse or common law partner. However, in cases where you may not be married, ...

Comments Off on UNINTENDED CONSEQUENCES OF BENEFICIARY DESIGNATIONS   |   Posted in Estate Planning,Latest News,Retirement Planning,RRIF,RRSP,Tax Free Savings Accounts April 16, 2015

GUARANTEED INCOME IN A LOW INTEREST RATE ENVIRONMENT

  Interest rates in Canada rose fairly steadily from 1957 to 1981* with the prime lending rate reaching an all-time high of 22.75% in August of 1981. From that point on, Canadians experienced a declining interest rate environment from 1982 to 2012. While this has been ...

Comments Off on GUARANTEED INCOME IN A LOW INTEREST RATE ENVIRONMENT   |   Posted in Latest News,Life Insurance,Retirement Planning,Tax Planning April 09, 2015

PLAN YOUR CHARITABLE DONATIONS BEFORE YEAR END

  To be able to claim a tax credit for charitable donations on your 2015 tax return you need to make your donations by December 31, 2015. Donations made to charities in Canada are eligible for a charitable donation tax credit. The first $200 of your ...

Comments Off on PLAN YOUR CHARITABLE DONATIONS BEFORE YEAR END   |   Posted in Charitable Giving,Estate Planning,Latest News,Retirement Planning,Tax Planning March 30, 2015

TRIGGER PENSION INCOME IF YOU ARE OVER AGE 65

If you are 65 or older, you should ensure that you generate at least $2,000 of eligible pension income each year, even if you do not need the extra income. This will allow you ...

Comments Off on TRIGGER PENSION INCOME IF YOU ARE OVER AGE 65   |   Posted in Latest News,Retirement Planning,Tax Planning March 24, 2015

TFSA CONTRIBUTION LIMIT IN 2015

In 2015, you can contribute a maximum of $5,500 to your TFSA account. You can also carry forward amounts that you have contributed since 2009 and you can deposit amounts that you had withdrawn ...

Comments Off on TFSA CONTRIBUTION LIMIT IN 2015   |   Posted in Latest News,Retirement Planning,Tax Free Savings Accounts,Tax Planning March 18, 2015

U.S. FOREIGN ACCOUNT TAX COMPLIANCE – FATCA

Canada and the United States signed an intergovernmental agreement regarding U.S. Foreign Account Tax Compliance (FATCA) on February 5, 2014. Effective July 1, 2014, there are disclosure requirements that Canadian financial institutions need to ...

Comments Off on U.S. FOREIGN ACCOUNT TAX COMPLIANCE – FATCA   |   Posted in Latest News,Retirement Planning,Tax Planning March 10, 2015

Estate planning for your digital assets

Estate planning for your digital assets Alan Wainer, CPA, CA, CPA (Illinois), Partner – Audit & Advisory, Family Business Services (SuRE) Groups Visiting the doctor for my annual medical checkup has become second nature to me. And as an accountant, meeting with my medical professional clients and ...

Comments Off on Estate planning for your digital assets   |   Posted in Cash Flow Management,Estate Planning,Financial Planning for Business Owners,Investments,Latest News,Retirement Planning,Tax Planning March 06, 2014

Strategies for Profiting from Rising Interest Rates

This article was published in the October 2013 issue of the Canadian Business Journal and has been posted with their permission Interest rates in the U.S. and Canada seem to have reached a bottom and the end of the 33-year-old bond bull market seems to be looming. When ...

Tax Tip: Prescribed Rate Loans

The following tax tip was published by Cadesky and Associates LLP on www.cadesky.com and has been posted with permission. Tax Tip: Prescribed Rate Loans Prescribed rates are calculated every calendar quarter with the next update effective October 1, 2013.  The prescribed rate is calculated ...

Comments Off on Tax Tip: Prescribed Rate Loans   |   Posted in Credit and Debt Management,Estate Planning,Investments,Latest News,Retirement Planning,Savings and Investments,Tax Planning August 22, 2013