Moving expenses A full-time student may be able to claim the expenses required to move to the education institution, if they move at least 40 kilometres closer to the school. Moving expenses can include flights, rental of vehicles, and shipment of clothing and other goods to the institution. However, moving expenses can only be claimed against the taxable portion of...
Ensuring that your loved ones are cared for after your passing is a common goal for families. This is especially relevant where your loved one is a person living with disabilities. The challenge is – even the most well-intentioned gifts can have unforeseen financial implications. To ensure that your chosen beneficiary’s financial resources, such as social assistance benefits, are not...
It’s over a decade since TFSAs were introduced, but some people still don’t fully understand them. Here are six benefits of TFSAs that you should know about. When the tax-free savings account (TFSA) was launched in 2009, it was thought of by many people as a secondary saving account where people would mostly store short-term cash. Few people realized the...
HELOCs are becoming increasingly popular with Canadians, as they are flexible and easy to use. But what is a home equity line of credit, exactly, and how can you make the most of it? Canadians love to use home equity lines of credit (HELOCs). In 2021, the amount of money Canadians owed to HELOCs had risen to just over $260...
When you leave a job, options include taking a lump-sum pension payout or leaving your pension intact. These tips will help you choose the best option for you.
Prescribed rate loans: Maximize a tax planning opportunity before July 1st Prescribed rate loans can be an excellent financial planning tool for many Canadians. They are one of the few remaining income-splitting strategies that could help you lower your family’s overall tax bill. While commonly used to split income between spouses, prescribed rate loans can also be used to efficiently...
64% of business owners want to transition their business in the next 10 years. However, 51% feel the next generation is not ready and 39% worry the next generation is uninterested1. Whether you plan to keep your business in the family for sell to a third party, how can you ensure your business is ready for the sale? Ensuring your...
A Tax-Free Savings Account (TFSA) is a great tool to build wealth for most Canadians while paying less tax. Although there are many benefits to investing in a TFSA, there can also be costly mistakes. This article outlines the eight most common pitfalls people encounter and how to avoid them. 1) Avoid making a withdrawal and replacing the withdrawal in...
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...
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...
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...