Planning your Will and Powers of Attorney
A common question we received is what we should consider when planning our wills and powers of attorney. The following excerpt from the Book – Preserving Wealth describes this. APPENDIX C: PLANNING YOUR WILL AND POWERS OF ATTORNEY Introduction This document contains background information regarding the planning of your Will and Powers of Attorney. Its […]
Retirement Income Withdrawal Strategies
Retirement Income Withdrawal Strategies In our conversations with people making the transition from their working years to retirement, many have done a great job of saving over time. They end up with many potential retirement-income sources but are unsure of how to put it all together. As a result, retirement income planning has been compared […]
What is the Tax-Free First Home Savings Account?
In the 2022 Federal Budget, the federal government proposed a new savings vehicle for first-time home buyers. The Tax-Free First Home Savings Account (FHSA) is a registered account designed to help individuals with savings for their first home. Eligbility You must be a Canadian resident and: Be 18 years of age or older, Have not […]
Ontario Staycation Tax Credit
If you are travelling in Ontario this year, be sure to keep track of your accommodation expenses as they can help you reduce your taxes. For 2022 Ontario has introduced a tax credit up to 20% of your accommodation expenses for stays in a hotel, campground, and/or cottage. WHAT CAN YOU CLAIM: You can claim up […]
Why Invest in the Stock Market?
With the current stock market gyrations, people may wonder why they should invest in the stock market at all since stocks are not guaranteed and their values can go up and down. To help frame it better, it may be useful to replace the words “stock market” with the word “companies.” If you own a […]
How to Navigate a Market Downturn for Retirees
With the market decline this year, people want to know what they can do. The following are suggestions and actions you can take to help navigate a market downturn. Key Suggestions Complete a Portfolio Performance Review The first step is to find out if other portfolios with a similar investment mix have declined about the same […]
Paying Your Income Taxes in Retirement
When making the transition from your working years to retirement, a common concern or question that comes up is, “How do I pay my taxes in retirement?” I had this conversation with two clients recently as many retirees are unsure of how taxes work in retirement. Key Takeaways: As a retiree, you pay your income […]
Can we give money to our children to help with a home purchase?
In meeting with clients a common question we hear is, “Can we give money to our children to help with a home purchase?” With real estate prices today, the only way many young adults can afford to purchase a home is with help from the bank of Mom and Dad. People often ask if there […]
The Three Stages of Retirement Spending
When retirement planning, you may want to view your spending in three different phases. Michael Stein, who wrote “The Prosperous Retirement”, divided retirement into three decades: the GO-GO years, SLOW-GO years, and the NO-GO years. When discussing retirement income planning, Frank Jasek CPA, CA and I rephrased those terms based on our experience and have […]
Key Tax Credits to Review
Key Tax Credits to Review As everyone begins to assemble their tax documents to complete their 2021 income tax returns, there are some tax credits you will not want to overlook. Be sure to bring any expenses to your accountant. Here is a helpful list. Carry Charges If you have a fee-based investment account, the […]
