2019 Federal Budget Analysis

The Liberal government tables its pre-election budget on March 19, 2019. The budget announced spending initiatives with a special focus on housing, skills for a changing job market, targeted measures for senior, new support for zero-emission vehicles, steps toward implementing national pharmacare, and a commitment to bring high-speed internet to every Canadian home and business. The budget also aims to reduce inequity in our tax system, for example, by announcing the government's intention to mit the stock option deduction available to employees of large, established corporations. There were no changes to personal or corporate income tax rates. The spending measures and updated economic forecast results in an updated annual budgetary deficit for the 2018-19 fiscal year of $14.9 billion, compared to the $18.1 billion annual budgetary deficit forecast by the government in its Fall Economic Statement( November 21, 2018).

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Early 2019 Tax Tips

The article covers some common tax planning strategies that you may want to consider early in the new year. 


Tax-Free Savings Account (TFSA)

The TFSA is a flexible savings vehicle. Contact us to discuss how the TFSA can help you reach you financial goals.


2018 Tax Preparation reminders 

With the 2018 personal income tax return filing deadline fast approaching, this is a great time to see if you're taking advantage of all the tax benefits you may be entitled to. You may want to consider the information outlined in the article when preparing your 2018 personal income tax return. Please note that any reference to a spouse in this article also includes a common-law partner. 

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Charitable Donations through your Corporations

To encourage charitable giving, the government provides a corporation with a tax deduction when the corporation makes a donation to a registered charity. The deduction reduces the corporation's taxable income which will reduce the corporation's taxes. This article provides an overview of how your private corporation can qualify for the donation tax deduction and the tax benefits of donating publically traded securities in-kind.

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Tax Planning Strategies for High Income Earners

Depending on your province of residence, you may be subject to tax at a rate of 50% or higher when your income exceeds $200,000. This article highlights a non-exhaustive list of tax minimization strategies to consider with your professional advisor.


Tax Strategies: Investment Holding Companies

On July 18, 2017 the federal government released a consultation paper proposing a number of strategies which target private corporations with regards to income splitting, multiplication of the lifetime capital gains exemption, holding a passive investment portfolio inside a private corporation and converting a private corporation's regular income to capital gains. 

The strategies discussed in this article may be affected by the proposed measures in the consultation paper and the accompanying proposed legislation. If you are an owner of a private corporation you should consider the potential impact of the proposed measures and discuss the implications with your Advisor.


2019 Handy Financial Planning Facts

The article summarizes some common financial planning-related information for topics such as:

  • Retirement 
  • IPP
  • Tax
  • Education-RESP
  • Disability-RDSP
  • U.S. Limits
  • Government Links


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