We take good care of our children and, if something were to befall us, we have our wills, powers of attorney, and a benevolent society upon which to rely; however, while no child is overlooked, are they actually seen? With minor children, complications can arise on second death (in your wills) or on second mental…
Death is something no one likes to think about; however, like taxes, death is inevitable. Therefore, like any aspect of your financial life, you should plan for it to ensure your loved ones are well taken care of. Income Splitting After Your Death If you are married or have a common law partner and you…
Death is something no one likes to think about; however, like taxes, death is inevitable. Therefore, like any aspect of your financial life, you should plan for it to ensure your loved ones are well taken care of. The following is summary of the documents you should have in preparation of your death: a Power…
T-Slips While it’s tempting to file your income tax return early, please be aware that the deadlines for mailing T-slips to recipients vary. To ensure you include all T-slips with your return, please be aware of the following deadlines. Slip/Form What It Is Filing Deadline T3 Slip Investment income information slip from trusts (most mutual…
This note is just a friendly reminder to those clients who own a professional corporation and are drawing primarily dividends for 2011. Please remember to take a $3,500 salary for 2011 so you can take full advantage of the employment tax credit amount. Please note that there is no withholding tax requirement for this $3,500…
With the end of the 2011 calendar year a mere few weeks away, we thought it would be an opportune time to remind our clients of some deadlines which are fast approaching. Here are some of the more important ones: RRSP to RRIF Conversions If you turn 71 in 2011, you must convert your RRSP…
Do you need life insurance to cover your mortgage? Your bank would be happy to sign you up for their mortgage protection plan, but that’s not always the best thing to do. Flexibility Eligibility for coverage with group insurance, like the product your bank or financial institution will offer you, is usually a ‘yes’ or…
Many clients ask what influences their ability to obtain lower interest rates and preferential financing offers; many also wonder how applying for financing affects their creditworthiness. In this month’s newsletter, we examine the three most important things lenders want to know about you before extending credit: your credit history, report and score. Credit History Every…
When you invest your hard-earned money, you should make sure you do your due diligence on what you are actually investing in. Most Canadians invest in things such as real estate, stocks, bonds, mutual funds, GICs, T-bills, etc. A select few invest in things like private companies and tax shelters. When you invest your money,…
When you invest your money in any asset for investment purposes, the main goal is to make money from that investment; however, things don’t always turn out as planned. Sometimes, there comes a time when you have to bite the bullet, take the loss and move on. While losses can be painful experiences, there is…