Financial Library

TFSA Notices And Penalty Risks

Jul 12 2021

The latest Federal Budget included an administrative rule change¹ that allows CRA to automatically send you notices electronically without your prior permission or registration. The risk, as noted in the recent case of a B.C. taxpayer, is this may lead to penalties for TFSA over contributions. It is your responsibility now to regularly check your CRA My Account site.

tfsa

cra

Getting Back to Basics

Jul 12 2021

retirement planning

Be Careful with RRSP Beneficiary Designations

Jul 12 2021

When Margaret and James married in 2005, it was a second marriage for both of them. They had no children, so when they did their financial planning, their wills were clear that 100% of their estates would go to the other. Believing this was sufficient protection, they built a life and continued to grow their wealth.

rrsp

When Investment Returns Matter

Jun 07 2021

The goal of financial planning is to build enough assets, by the time you retire, that the income earned from investments (including pensions etc.) will provide you with your desired lifestyle, without the need to get out of bed and go to work.

investments

Mortgage Insurance: Not Necessarily as Advertised

Jun 07 2021

It's all part of the process when you are arranging a mortgage for your new home. The bank employee inevitably asks if you would like to purchase mortgage insurance. No one likes to think about their own mortality; however, we all know deep down that stuff happens. People contract terminal illnesses or suffer debilitating or fatal accidents.

insurance planning

Tax Planning for Severance Packages

Jun 07 2021

Over the past year, economic stresses worldwide have resulted in many employees receiving severance packages and being advised that their services are no longer required. The longer you've been employed with an organization, the higher your severance package will be. With the national job market still experiencing varying levels of stress, it is more important than ever to hang on to as much money from an employment severance settlement as possible.

tax planning