Some Canadians are fortunate enough to get great workplace benefits. These often include health and dental coverage, a company pension and company share ownership options. Another common benefit is company life insurance (known in the industry as group life insurance).
Over the next two years, almost half of all Canadian mortgages will come up for renewal. This is something that typically happens to most mortgage holders every five years or so.
The 2024 federal budget tabled by Finance Minister Chrystia Freeland on April 16 contained several proposals that will impact the financial, tax and estate plans of Canadians. The following is a summary of the most relevant budget proposals that may impact Canadians.
When we are young, life insurance is used to protect our family by providing money to replace our income. However, as we approach retirement our need for income replacement lessens and the focus switches to wealth protection. Wealth protection is a permanent concern, so it requires permanent solutions.
Are you, like many Canadians, planning to renovate your home or cottage? If so, you should keep your receipts in case you ever need to support the cost base of your property. Generally, Canadians have not been required to report the cost base of a principal residence that is sold on their tax return. But that changed a few years ago.
For business owners, insurance is a must-have. It can be the difference between business success and disaster.
If your child is planning to start post-secondary studies this year, congratulations! It’s an exciting life transition and also a critical time to educate yourself about strategies for Registered Education Savings Plan (RESP) withdrawals. Smart planning means your student may be able to pay for their education from the RESP with minimal tax owing.
A family vacation home is more than an asset. It’s years of shared memories. That’s why passing it on to your children can be both emotionally and financially taxing.
As a business owner, having a well thought out tax and estate plan is key for financial success.