Understanding the New Reporting Requirements for Trusts
January 16, 2024 Download this article as a PDF. 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 […]
Deadline Reminder: 2023 Prescribed Rate Loan Interest Payment
January 9, 2024 Download this PDF here. Clients who have implemented a prescribed rate loan should be reminded to pay the appropriate interest relating to the 2023 year on or before January 30, 2024. What is a prescribed rate loan? A prescribed rate loan is one of the few income-splitting opportunities provided to Canadians that does […]
Year-End Personal Tax Tips for 2023
Download this article as a PDF. Tax planning is a year-round activity, however as 2023 comes to an end, there are several key opportunities to take advantage of available credits, deductions, and savings. Here area few eleventh-hour strategies to consider for 2023: Tax-Loss Selling Securities which are in a loss position in non-registered accounts can […]
Tax-Free First Home Savings Account
December 8, 2023 Download this article as a PDF. The First Home Savings Account (“FHSA”) was introduced in the 2022 Federal Budget to address the increasing difficulty Canadians are experiencing in buying a first home due to rising real estate values. The FHSA is intended to help Canadians save and fulfill their dreams of home […]
Estate Planning: Getting the Details Right
December 7, 2023 Download this article as a PDF. When it comes to estate planning, co-ordination of documents and details such as beneficiary designations matter. A lack of planning and out of date or incomplete documentation can result in additional costs, delays and taxes for your estate, or a loss of control over certain aspects, […]
2023 Fall Economic Statement
Download this article as a PDF. On November 21, 2023, Canada’s Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, delivered the 2023 Fall Economic Statement (FES 2023), a mid-fiscal year update that was narrower in focus than previous economic statements. FES 2023 highlighted key metrics of the Canadian economy and addressed two […]
Financial Literacy and Children: Keep it Relatable at Every Age
November 2, 2023 Download as PDF How can we raise financially confident children and grandchildren in an increasingly complex world filled with distractions? Many of our clients, for example, are concerned that the next generation won’t possess the financial literacy needed to inherit family wealth. The good news is that while introducing healthy money habits […]
Solving The Retirement Funding Puzzle
September 20, 2023 Download as PDF While generally a cause for celebration, retirement often comes with its fair share of financial anxiety. Research indicates that many people fear outliving their savings, resulting in an inability to enjoy life to the fullest throughout retirement. Advisors can assist clients with sorting out what has been called the […]
RESP Withdrawal Decision Tree
August 9, 2023 Download this article as a pdf When withdrawing from an RESP, there are a variety of considerations to keep in mind, such as is this the first time the beneficiary is attending post-secondary education, are they attending full or part-time, and what makes the most sense – withdrawing EAP and/or PSE. This […]
Maximizing Your RESP: Withdraw Wisely
August 8, 2023 Download this article as a PDF. A Registered Education Savings Plan (RESP) is a Canadian registered investment account that promotes saving to support a beneficiary’s post-secondary education. Anyone — parents, family and friends — can open a RESP as a “subscriber” for the benefit of a child. Invested contributions grow tax free. […]