Prescribed rate loans: An effective planning tool to reduce your overall family tax bill Prescribed rate loans can be an excellent financial planning tool and are one of the few income splitting strategies that remain for many Canadian families. The concept of income splitting encompasses any strategy that shifts taxable income from an individual with a higher marginal tax rate...
IG WEALTH MANAGEMENT |
Year-end tax planning tips for business owners When most of us think of year-end tax planning, we typically consider our personal situation. Yet, there are many tax-opportunities for business owners to explore as we near the end of another calendar year. The following tips assume your business is unincorporated or your corporation has a December 31st year-end, although some tips...
IG WEALTH MANAGEMENT |
Transitioning wealth: How ready is your family? Did you know that many Canadians are not adequately prepared to pass on or inherit family wealth? This is often due to a lack of communication and planning. The good news is that it’s never too early or too late to start. Planning helps you identify tax-saving opportunities, mitigate potential financial gaps and...
As students begin to pay their tuition for the upcoming fall semester, it is important to know what fees and expenses can be deducted on this year’s tax return. This article will highlight some of the key deductions and credits that can help reduce your family tax bill for the 2021 filing year. Moving expenses A full-time student may be...
When is the right time to begin taking Canada Pension Plan (CPP) benefits? A core component of your retirement plan is the CPP retirement benefit (or Québec Pension Plan for Québec residents, which mirrors many aspects of the CPP). CPP offers flexibility as to when payments can begin, which affects how much you could receive. Familiarizing yourself with CPP provisions...
Working from anywhere: Tax implications and other watch-outs In response to the COVID-19 pandemic, employers have embraced an environment where employees work from home. With the opportunity to work from home, some Canadians are taking the opportunity to work from anywhere. For some, that means working from the cottage or working from a foreign location. Before you switch from working...
Intro When it comes to managing your personal finances, paying someone else to decide where to put your money may feel counter-intuitive. After all, who knows and understands your financial needs and goals better than you? Well, the truth is that a financial professional is far better suited to the task. Hiring a financial professional could be one of the...
For some a car is simply a means of getting from point A to point B; for others it’s a status symbol. Cars are a hobby, a passion, for some and necessity for others, but whatever your level of affinity toward automobiles is, there comes a time where just about everyone needs to start shopping for a new (or used) one; but, don’t run down to the local dealership just yet.
You’re 25 and feeling alive. You’re settling into life after university, paying off your debts and slowly figuring how to “adult”. But with the responsibility of bills, rent, and even keeping up social appearances, prioritizing financial planning is something far too often pushed to the side. Of course the nagging idea that maybe starting an RRSP might not be the...
Andrew Bay |
Credit scores are Canadian’s financial identity - it is the three digit number that informs future lenders, creditors, or employers how financially responsible an individual is. This score will dictate a person’s ability to rent an apartment, buy their own home or vehicle, and qualify for loans at reasonable interest rates. Despite being such a pivotal part of determining Canadian’s...