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Year End Tax Planning Ideas

Posted on: November 13, 2023

With the year's end fast approaching, here are some ideas to minimize your 2023 tax bill.

The first idea is to look at harvesting any tax losses in an investment portfolio to help offset any capital gains you may have triggered. Even if there are no capital gains, non-registered tax losses can be applied to previous year tax returns to generate a tax refund. Or capital losses can be carried forward indefinitely and used against future capital gains. Just remember to keep track of those figures as CRA may not do so.

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tax planning

Five Pillars of Financial Literacy

Posted on: November 13, 2023

November is financial literacy month - a great time to reflect on your relationship with money and the decisions you make that guide you toward a secure future. Financial literacy is a set of five key skills that help Canadians navigate the complex world of personal finance with clarity, empowering them to achieve their important financial goals. These key pillars of financial literacy typically include the following:

Tags: 
financial strategy
financial strategies

What if I Can't Look After My Affairs?

Posted on: November 13, 2023

Clarke owned a small business that employed three other people besides him. He had sole signing authority on his business bank account, and personally had a joint mortgage on his home with his wife, Lois. His car was registered in his name only. Clarke was generous with gifts on special occasions and holidays for his children and his wife, and supported several charities on a regular basis.

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eldercare
estate planning

All-Weather Investing

Posted on: October 9, 2023

There is almost always chatter in the media about the next possible correction or recession. The most recent buzz is about a possible US recession where Canada would likely follow suit. The chatter also includes opinions about a "soft" versus a "hard" landing, etc. The primary challenge for individuals trying to build wealth is that this background noise (chatter) has nothing to do with…you!

Tags: 
investment planning

Tips for Dealing with Higher Inflation

Posted on: October 9, 2023

Inflation is a reality of modern life, and in recent years, it has become increasingly challenging to manage personal finances in a higher inflation environment. Higher inflation can lead to higher prices for goods and services, which can in turn make it harder to save money and plan for the future. However, there are steps you can take to successfully manage your personal finances in a higher inflation environment.

Tags: 
financial planning

CPP at 60? Pros and Cons

Posted on: October 9, 2023

As individuals approach retirement, they must decide when to start receiving their Canada Pension Plan (CPP) payments. While the standard age to begin receiving CPP payments is 65, it is possible to start as early as age 60 or delay until age 70. This decision should never be taken lightly, as it can significantly impact an individual's financial situation during their retirement years. In this article, we will explore the advantages and disadvantages of taking Canada Pension Plan payments early.

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retirement planning

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