tax planning

Standard financial and tax planning advice for the past several decades for business owners has included the use of incorporation to both insulate Canadians from business risk and liability and for asset building and income cash flow planning.

The wedding and honeymoon are over and you're settling in to your new life. You've accomplished many goals together over the past year with compromises being made over wedding plans, honeymoon destination, and a million and one other details. As you settle in for a long and fruitful life together, it's an ideal time to discuss your financial goals and map out an effective tax strategy that supports it.

Create an Investment Strategy for Your Tax Savings

With a few weeks to go before the year-end, you may wish to think about some moves you can take now to save you some taxes for 2016.

Along with the usual advice to do any tax loss selling before December 23rd on any equity investments to offset any capital gains earned in other investments during 2016, there are a few new tax planning strategies that you can take advantage of.

The recent Federal Budget included measures to close a favorable tax rule for investors in investment accounts or through corporations, trusts and holding companies, who have proposed rules to curb the tax advantages of “corporate class” mutual fund shares.

One out of every three workers is covered by a registered pension plan (RPP). That’s over 6 million people. Like all hard-working Canadians, they are looking forward to a satisfying retirement. Nothing helps create a pleasant experience in your golden years like a steady stream of income every month.

Charities play a vital role in our society. The Canadian government recognizes this role and tax breaks exist to encourage taxpayers to give to their favorite charities.

Roger makes occasional donations to various charities. His donations are rather small and amount to only a few hundred dollars per year. He learned that he might get a bigger tax break if he was a little more generous with his donations.

Front lawns across Canada are sprouting For Sale signs. That this annual phenomena occurs at about the same time as the tax refund season may be purely coincidental. Understanding the financial incentives for home ownership available in the Income Tax Act may save you thousands when buying a home.