How Business Owners can increase their Retirement Savings by Investing within their Corporation.
A great strategy many owners of Canadian-controlled private corporations (CCPC) use to build up retirement savings is to invest within their corporation using the benefit of the tax deferral between their personal income tax rate and the small business income tax rate. Why invest with your CCPC? Investing within your CCPC offers the potential to defer […]
Are Tax Free Savings Accounts Misnamed?
Excerpt from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® “Ok, smarty pants, what about TFSAs? How do they fit in?” I added. Sandra glared at me and continued. “TFSA stands for Tax Free Savings Account. You don’t get any tax deduction for the money you invested into a TFSA; however, […]
What Should We Do with the Change in Capital Gains Tax?
For your FREE Copy of Preserving Wealth, CLICK HERE The latest budget has proposed an increase in the capital gains inclusion rate for individuals, corporations, and trusts starting June 25, 2024. However, this part of the legislation is being introduced separately from the main bill. Should you do anything before then? Let’s break down the […]
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 […]