2024 Federal Budget

Canada’s recently unveiled 2024 federal budget proposes to increase the capital gains inclusion rate to 66.67% from 50%. Knowing tax efficiency plays a key role in building wealth, you’re likely wondering how this change may affect you.

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Joint - Gift of Beneficial Right of Survivorship

The JGBRS account allows individuals to designate a beneficiary who will inherit the assets or proceeds upon their death. The key feature is the "right of survivorship," which means that if one account holder passes away, the remaining account holder(s) automatically inherit the assets, bypassing the probate process.

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First Home Savings Account

The FHSA is a new registered plan that can help you save for your first home tax-free. If you’re at least 18 (and no less than the age of majority in your province), have a Social Insurance Number (SIN) and have not owned a home where you lived this year or at any time in the preceding four calendar years, you may be eligible to open an FHSA.

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Corporate Wealth Transfer

There are options when you have surplus investment assets in your corporation and you want your beneficiaries to receive them. You can continue to pay tax on the income earned (both annually and at death) or you can reallocate some of those assets into a planning strategy known as the Corporate Wealth Transfer.

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“Tax Protector”

Life insurance is most commonly used to provide financial security to your family and other beneficiaries in the event of your death. However, life insurance can also be used to protect the full value of your estate from taxes. At death, your assets often trigger significant tax obligations, which are frequently met by liquidating the assets of your estate. A life insurance benefit can cover your tax obligations and leave your estate intact.

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Transferring a bonus to your RRSP without withholding tax

If you receive a bonus or other lump sum payment as part of your compensation, and you have RRSP contribution room, consider asking your employer to pay the amount directly into your RRSP without withholding income tax. This article explains how you can transfer your bonus or other lump sum payment to your RRSP and eliminate the requirement for withholding tax.

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Transitioning your business

Selling your business isn’t just a matter of handing over the keys, cashing the cheque and walking away. Depending on who’ll be holding the reins after you, there are a number of steps to take to make sure the transition goes as smoothly as possible.

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2023 year-end tax planning

As year-end approaches, taking some time to review your financial affairs may yield significant tax savings. To ensure that you leave no stone unturned, follow the below link for some common year-end tax planning strategies.

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2023 handy financial planning facts

Stay informed about the latest limits and deadlines to make the most of these savings tools for your financial future.

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Early 2024 Tax Tips

Tax planning strategies that have deadlines in early 2024!

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Estate Planning Guide

By planning for tomorrow today, you can retain more of your assets, protect your estate and leave a lasting legacy for your family.

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