Insights

2024 year-end tax planning for individuals

As year-end approaches, taking some time to review your financial affairs may yield significant tax savings. To help ensure you leave no stone unturned, here’s a summary of some common year-end tax planning strategies.

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A guide to family meetings

When it comes to communication across generations, there can be a tendency to overlook the importance of family dialogue as part of a wealth transfer plan. Some may not be comfortable sharing details of their wealth transfer plans with their intended beneficiaries while others may not be open to disclosing any information related to their plans or intentions. In situations where there’s limited or no proactive communication, the risk for misunderstanding and a lack of clarity increases, which can lead to a range of potential issues for family members during a wealth transfer.

Click this link to read five strategies to help make family meetings an effective tool in wealth transfer planning

Establishing an RESP

With the high cost of post-secondary education, many parents and other family members recognize the need to save for education well before the expenses become a reality. That’s why the registered education savings plan (RESP) is such a popular savings vehicle. Not only is the tax on the income accumulating in the plan deferred until funds are paid out, the federal government and some provinces may also contribute to the plan. This article discusses setting up an RESP, government incentives and saving strategies involving RESPs.

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What is your risk profile?

Understanding your investment goals is a key part of the process. But just as important is understanding your risk profile. That’s why we ask you questions like: What is your financial situation? How long do you have to invest? How do you feel about the value of your investments going down, even temporarily?

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2023 tax preparation reminders

With the 2023 personal income tax return filing deadline fast approaching, this is a great time to see if you’re taking advantage of all of the tax benefits you may be entitled to. The following information outlines items you may want to consider when preparing your 2023 personal income tax return.

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Tax-efficient asset location

When creating your investment plan, you’ve likely given consideration to your asset allocation. Asset allocation involves finding the right balance of different types of investments such as fixed-income, equities and cash or cash equivalents that would be appropriate for you, given your goals and risk tolerance. But when reviewing your overall investment portfolio, have you considered asset location?

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2024 handy financial planning facts 

Download a free copy of our 2024 financial planning data that may be relevant to you. The report will give key information on TFSAs/RRSPs/RRIFs, CPP & OAS pension amounts for 2024, tax information and deadlines. 

Free Report for download

2024 TFSA quick tips

With a Tax-Free Savings Account (TFSA), you can contribute up to your contribution limit each year, earn tax-free interest, dividends and capital gains, and even make withdrawals – at any time, for any reason – without paying tax.

Click for more details to make the best use of your TFSA.

2024 RRSP quick tips 

Click for more details on five tips to make the most of your RRSP. Have questions? Please reach out. 

When should you review your Will or estate plan?

Most legal professionals recommend reviewing your estate plan every three to five years or any time you experience a major life event. A life event refers to any significant change in your life such as marriage, divorce, birth of a child, death of a spouse or changes to your financial position, to name a few. This article provides some examples of circumstances which may warrant a change or update to your Will and estate plan. 

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