Category: Tax Planning
Top 7 Family Tax and Benefit Programs for 2022
Jan 18, 2023
According to the Fraser Institute, The average Canadian family now spends more of its income on taxes (43%) than it does on necessities such as food, shelter, and clothing combined (37.4%). However, the Canada Revenue Agency offers families a variety of tax relief benefits and programs to help them keep more of their hard-earned dollars. […]
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IMPORTANT TAX DATES TO REMEMBER
Dec 30, 2022
No advisor can guarantee a future rate of return, but a good advisor can always guarantee a level of tax savings. There are 5 categories of tax planning:1. Income Deferral2. Income Splitting3. Tax Sheltering4. Income Spreading5. Tax Credit Maximization Ongoing tax planning is the key to reducing your tax burden, while increasing your income.
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WHERE WILL YOUR RETIREMENT INCOME COME FROM?
Oct 13, 2022
7% of Canadians plan to fund their retirement through lottery and gaming winnings??? There are many recipes for retirement success, but the key ingredient in almost all successful retirements is good planning. Don’t roll the dice, contact us today for your personalized retirement plan.
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Bank of Canada hikes key interest rate to 3.25%
Sep 12, 2022
The Bank of Canada raised its benchmark interest rate three-quarters of a percentage point on Wednesday and signaled that the key rate “will need to rise further” to tackle high levels of inflation. The central bank’s policy rate now stands at 3.25 per cent. This marks the fifth rate hike so far in 2022 — Canada’s key interest rate […]
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HOW MUCH MORE INCOME DO YOU NEED TO AFFORD A HOME IN CANADA?
Aug 2, 2022
Despite decreasing home prices, Canadians now need to earn more income to afford a home. This is due to rising interest rates and its impact on the stress test. Homebuyers now must earn between $8,660 – $35,760 more in additional annual income to buy a home in June 2022 compared to March 2022 (www.ratehub.ca).
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