Preserve Wealth and Reduce Taxes with a Family Trust
Preserve Wealth and Reduce Taxes with a Family Trust High-net-worth families want to protect their wealth, and one proven way to achieve that goal is through a family trust. And while high-net-worth families may reap the greatest benefits from trusts, other families – especially those who own a business – can make good use of […]
Save on Taxes When Working from Home
Whether it’s full time or on a hybrid basis, working from home provides flexibility as you juggle work and personal responsibilities. For many people, the pandemic has meant some type of work-from-home arrangement for about two years and counting. Fewer days commuting to the workplace saves both time and hassle, but it’s also a financial […]
Why Share Your Notice of Assessment?
It may have taken some time and effort, but you managed to complete your income tax return for another year. While most of your work is done, you’re not quite finished yet. After the Canada Revenue Agency (CRA) reviews your tax return, they will send you a Notice of Assessment (NOA). Go through it carefully […]
When Can Pension Income Splitting Make Sense?
Meet early retirees Clara and Charlie, both 63 years old. Charlie has a $3,200 monthly defined benefit pension through his employer and still does occasional consultation work. In total, he earns about $60,000 annually. Meanwhile, Clara’s work pension amounts to about $2,300 monthly, or $27,600 annually, putting her in a lower tax bracket than Charlie. […]