Want to donate to charity and reduce your taxable income?

1 January, 2015

Both the federal and provincial governments offer donation tax credits that, in combination, can result in tax savings of up to 50% of the value of your gift in a given tax year. You may also be able to claim the federal First-Time Donor’s Super Credit... Read More

RRIF INCOME: How to generate tax-free gains with your taxable RRIF payments

1 July, 2014

As soon as you are 71, that RRSP that has grown tax free for so many years must now be converted to a RRIF and have income withdrawn beginning the following year. The rate of minimum withdrawal goes up every year, though to everyone requires this extra... Read More

Are you maximizing your Guaranteed Income Supplement?

1 July, 2014

Guaranteed Income Supplement, or GIS, eligibility in Canada begins at age 65 and is based on your taxable income for the previous year. Individuals with taxable income lower than $16,727.99 and couples with taxable income lower than $30,911.99 may be... Read More

How to avoid being penalized for over-contributing to your TFSA

1 July, 2014

Filed Under: Tax Planning

We recently sent out an e-mail to all clients that hold TFSA accounts with us to warn them of possible TFSA overcontribution. Canada Revenue is tracking TFSA contributions and will be charging a penalty of 1%/monthly on any amount over-contributed.  ... Read More

Insurance - Getting Started

1 October, 2013

Insurance reviews are part of the financial planning process, particularly as insurance needs will change. You may also have insurance coverage that you purchased from other providers that may or may not be the right coverage for you. Over this next year... Read More