Insurance Newsletter – Term Insurance
When clients are looking for instant coverage, want financial protection for their loved ones and are budget conscious… Term insurance is usually the go to! Term insurance is initially less expensive compared to permanent life insurance; this is because it’s not designed to last through old age which is when life insurance premiums for term are the most expensive.
Alternative Minimum Tax – When Does It Apply, How, And For Whom?
Download this article as a PDF. BACKGROUND The Alternative Minimum Tax (AMT)1 is a second, alternate tax liability calculation that Canadian individuals and trusts must consider annually in parallel with their normal tax liability. First introduced in 1986, AMT was implemented to promote and maintain fairness within Canada’s income tax regime. Simply, if a taxpayer’s AMT […]
Economic and Tax Highlights from the 2023 Federal Budget
On March 28, 2023, Canada’s Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland delivered the 2023 Federal Budget.
Budget 2023 outlined plans to build a stronger, more sustainable and secure Canadian economy against a backdrop of slower global growth, elevated global interest rates, and high inflation.
Estate Planning: What’s Your Cognitive Life Expectancy?
What is your “cognitive life expectancy?” One study suggests that, on average, brain health declines around 12 years after the age of 65.1 This means that once we reach an average life expectancy, we are likely to experience cognitive decline. Those over age 85 have a one-in-four likelihood of suffering from some form of dementia.2 […]
Be Aware of Evolving Scams
Financial scams continue to be on the rise and the level of sophistication is growing.1 Phishing attacks, where deceptive messages fool victims into providing sensitive information, are increasingly using multiple channels concurrently to target victims, such as phone calls, voicemail, text or email. Scammers leave a voicemail or send a text about an email or […]
Personal Income Tax Season is Here
It is personal income tax season, a time when many of us are focused on keeping as much of our hard-earned dollars as possible. As we deal with receipts and returns, it may be a good reminder that we should be doing all we can to minimize taxes. Here are some actions to consider: Take […]
Employee Spotlight: Emily Lafreniere
Emily has been an Investment Associate with the Cresco Wealth Management Team since 2021. Emily possesses a rock solid work ethic and adds a fun personality to our environment here. We asked Emily a few questions to help you get to know her better Emily, can you tell us a little about your role here? […]
Understanding the RRSP Deduction Limit Statement
Every year clients look at the RRSP Deduction Limit Statement on their Notice of Assessment and ask similar questions: Is there a difference between a RRSP contribution and a RRSP deduction? I have RRSP deduction room and unused contributions — what does this mean? My unused contribution room for the year is negative $3,500 — am I in an RRSP overcontribution situation?
Cresco’s Chris Durno Featured in My Business Magazine
“Delivering high-end service every single time” If Cresco Wealth Management were a hockey team, it would have a large enough roster to dress for a game. With 18 team members, including seven Advisors, it’s likely no surprise that one of Cresco’s major strengths is its team-based approach. And with every member a first line player, […]
Understanding the New Reporting Requirements for Trusts
Is your name on legal title for any assets that you don’t have a beneficial interest in (i.e., a Bare Trust)? Perhaps your name is legally on your parents’ home, or maybe your child’s banking or investment accounts? If this is the case, you may have a new reporting obligation with the Canada Revenue Agency (“CRA”).