The 2024 federal budget tabled by Finance Minister Chrystia Freeland on April 16 contained several proposals that will impact the financial, tax and estate plans of Canadians. The following is a summary of the most relevant budget proposals that may impact Canadians.
In response to the COVID-19 pandemic, employers have embraced an environment where employees work from home. With the opportunity to work from home, some Canadians are taking the opportunity to work from anywhere. For some that means working from the cottage or working from a foreign location. Before you switch from working from home to a location of your choice, there are a few things that you should consider.
When we are young, life insurance is used to protect our family by providing money to replace our income. However, as we approach retirement our need for income replacement lessens and the focus switches to wealth protection. Wealth protection is a permanent concern, so it requires permanent solutions.
Are you, like many Canadians, planning to renovate your home or cottage? If so, you should keep your receipts in case you ever need to support the cost base of your property. Generally, Canadians have not been required to report the cost base of a principal residence that is sold on their tax return. But that changed a few years ago.
As students begin to pay their tuition for the upcoming fall semester, it is important to know what fees and expenses can be deducted on this year’s tax return. This article will highlight some of the key deductions and credits that can help reduce your family tax bill for the 2020 filing year.
For business owners, insurance is a must-have. It can be the difference between business success and disaster.
If your child is planning to start post-secondary studies this year, congratulations! It’s an exciting life transition and also a critical time to educate yourself about strategies for Registered Education Savings Plan (RESP) withdrawals. Smart planning means your student may be able to pay for their education from the RESP with minimal tax owing.
A family vacation home is more than an asset. It’s years of shared memories. That’s why passing it on to your children can be both emotionally and financially taxing.
As a business owner, having a well thought out tax and estate plan is key for financial success.