On Monday, April 19, 2021, Deputy Prime Minister and Minister of Finance Chrystia Freeland presented the 2021 Federal Budget which contains several measures of interest to IG Wealth Management and its clients. This summary contains highlights of these proposals, which are not yet law.
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 can help you decide when to start payments and optimize the benefit throughout your retirement.
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 may also apply to corporations with an off-calendar year-end.
To take full advantage of the tax-deferred growth available when investing in a tax-free savings account (TFSA), many Canadians strive to maximize their TFSA contributions as early in the year as possible. However, while the goal with a TFSA should be to contribute as much as you can within the limits of your available contribution room, you also need to be mindful not to over-contribute. Putting more money in a calendar year than you’re allowed by law could result in penalties. The severity of which will depend on the circumstances of the over-contribution.
With the end of the year fast approaching, Canadian taxpayers will want to consider all the tax planning opportunities available to them. Which year-end planning strategies apply to you will depend upon your specific circumstances and objectives. The IG Wealth Management Year-end Tax Planning Checklist can help you understand what opportunities are most suited to you.
As we move toward the end of the year, we approach the season of giving. Many Canadians also increase their charitable giving during this period. However, not everyone is maximizing their giving in the most tax-efficient way. Whether it’s a continuation of donations made throughout the year, or an initial donation, there are several strategies to consider when donating prior to the end of the year.
With the physical distancing measures in place due to the spread of the COVID-19 virus, many Canadians are now working from home. If working from home is new for you, you may be wondering whether there are any tax deductions you can claim. What expenses would be eligible and what documentation would be required?
Separating from a spouse or common-law partner can be an emotionally difficult and complicated experience. Relationship breakdown is also one of the most significant, and often unexpected, financial planning risks a person can face. That’s why it’s critical that you understand how a separation or divorce may affect your financial well-being and succession plan.
Canadians who are not U.S. citizens, green card holders or residents, may be surprised to learn that they too may be subject to U.S. estate tax even if they are considered non-resident aliens in the U.S.
With the odds so overwhelmingly in favour of gains, why do so many investors fight those odds trying to time the market? Market pullbacks are frequent and avoiding just a few of them could potentially add significantly to investment results. This white paper discusses 6 key considerations for long-term investing.
In June, the Canada Revenue Agency (CRA) announced that they will review six years of US real estate transactions to determine if any Canadian taxpayers missed reporting their ownership of real estate property or real estate transactions. Could this apply to you?
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.