Calculating 2023 RRIF Minimum Withdrawals
For clients who have rolled their Registered Retirement Savings Plan (“RRSP”) over to a Registered Retirement Income Fund (“RRIF”) or who have an existing RRIF account in 2022, the following information outlines how their 2023 minimum withdrawal will be calculated.
November 2022 Market Insights by Dr. James Thorne: Trump, Gridlock And What It Means For Investors In 2023
After the 1994 midterm elections, gridlock was confirmed and inflation fears subsided. The next year, the Fed cut rates, and risk assets appreciated. The recent Consumer Price Index (CPI) data points to 2023 reversing the inflation shock, interest rate shock, and growing fears of 2022.
Highlights from the 2022 Federal Fall Economic Statement
On November 3, 2022, Canada’s Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland delivered the 2022 Fall Economic Statement (FES 2022). FES 2022 highlighted key metrics of the Canadian economy and the government’s proposed new spending measures.
Donating Shares: A Tax-Efficient Form of Philanthropy
Download this article as a PDF. When it comes to philanthropy, Canadians today are more intentional, want to see the impact of their gift, and are giving more. With intentional philanthropy, clients should address the following questions: When do they wish to give? Today, next year, or in their Will? How do they wish to […]
Canadian Snowbirds and U.S. Taxes: Avoiding Turbulence
Canadian residents who routinely fly south to escape the cold winters at home may not be aware that they could face U.S. tax consequences. This article looks at how spending extended periods in the U.S. can subject Canadians who are not otherwise U.S. taxpayers.
Earlier or Later? Deciding When to Start Canada Pension Plan Retirement Benefits
Download this article as a PDF Many individuals approaching retirement wonder if there is an optimal age to begin taking their Canada Pension Plan retirement pension benefits (CPP). The question often arises because CPP is calculated based upon the age at which an individual starts to receive monthly payments. Though the standard age to start […]
October Market Insights: Is The Fed Repeating The Mistake Of 1937?
Never Let a Good Crisis go to Waste Download this PDF here. “…you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.” — President Andrew Jackson, 1836 In a recent article, Economist Bradford DeLong, shares a conversation he had with U.S. Secretary of the Treasury […]
Communicate Your Wishes: Advanced Healthcare Directives
Download this PDF here. What is an Advanced Healthcare Directive? An Advanced Healthcare Directive (“AHD”) is a legal document providing instructions for your personal care and/or healthcare decisions when you are not capable of making those decisions yourself. An important part of a comprehensive wealth plan, an AHD is variably referred to, depending on the […]
Death and Taxes: Awareness and Understanding of Multiple Terminal Tax Returns
Download this PDF here. There are many reasons why preparing income tax returns for a deceased individual in the year of death can be complicated. However, we would be remiss to not recognize the planning opportunities available in appropriate client situations. While normally individual taxpayers may only file a single return for a given tax […]
Aircraft, Vessels and Vehicles: The New Luxury Tax
Download this article as a PDF. First announced in the 2021 Federal Budget, the new luxury tax will apply to sales, leases, and imports in Canada of certain luxury recreational aircraft, vessels, and vehicles delivered on or after September 1, 2022. What is subject to the tax? The sale, lease or import of new vehicles, […]