2021 Personal Year-End Tax Tips
The end of 2021 is quickly approaching – which means it’s time to get everything in order, so you’re ready when it comes time to file your taxes.
We’ve broken this article into the following sections to make it easy to find the tax tips you’re looking for:
• Individuals, including details on COVID-19 benefits and important tax credits.
• Investment considerations, including how to best contribute to TFSAs, RRSPs, and RDSPs.
• Families, including how to claim childcare expenses and make the most of RESPs.
• Retirees, including essential details about applying for CPP and OAS.
2021 Year-End Tax Tips for Business Owners
We’re approaching the end of the year, so it’s time to review your business finances. We’ve put together an article highlighting the most critical tax-planning tips you need to know as a business owner.
We’ve focused on:
• How to determine the right salary and dividend mix.
• The best ways to handle compensation.
• How to make sure you can take advantage of the small business deduction.
• What you need to know about depreciable assets and charitable donations.
• How to make the most of Covid-19 relief programs.
The Five Steps to Investment Planning
An investment advisor can help you figure out what the right investment choices are for you.
The five steps to investment planning are:
• Meeting your investment advisor
• Determining your goals and expectations
• Developing your investment plan
• Implementing your investment plan
• Monitoring the plan
The sooner you start planning for retirement, the sooner you can get there! An investment advisor can help you get there quicker.
Why Should I Review My Life Insurance?
It’s important to review your life insurance regularly to ensure your policy is up-to-date and see if you require any coverage changes. Here are some reasons you may need to update your life insurance:
• You’ve gotten married or divorced or had a baby.
• You’ve changed jobs.
• You’ve taken on some debt.
• You’re supporting additional family members.
• You’ve bought a new home.
• A loved one has a change in their health.
“Final Pivot” – COVID-19 Emergency Benefits expire October 23rd, replaced by targeted supports
On Thursday, October 22nd, Deputy Prime Minister and Finance Minister Chrystia Freeland announced the "final pivot in delivering the support needed to deliver a robust recovery." This "Final Pivot" means several existing pandemic support programs for individuals and businesses will expire on October 23rd, 2021:
- Canada Recovery Benefit (CRB)
- Canada Emergency Rent Subsidy (CERS)
- Canada Emergency Wage Subsidy (CEWS)
When should I buy life insurance?
Life insurance is something you can use at any age. Whether you’re in your 20s or approaching retirement, you can benefit from having life insurance. Our article, “When should I buy life insurance”? can help you understand:
• What the two main types of life insurance are – term and permanent
• When term insurance is better for you and when permanent insurance is
• How life insurance can benefit you at different ages
• What costs life insurance can help your loved ones’ cover
Do you REALLY need life insurance?
You most likely do, but the more important question is, What kind? Whether you’re a young professional starting out, a devoted parent or a successful CEO, securing a life insurance policy is probably one of the most important decisions you will have to make in your adult life. Most people would agree that having financial safety nets in place is a good way to make sure that your loved ones will be taken care of when you pass away. Insurance can also help support your financial obligations and even take care of your estate liabilities.
Accessing Corporate Earnings
One of the financial planning issues that business owners face is how to access their corporate earnings in a tax efficient way. Please contact us to learn how we can get more money in your pocket than in the government's.
10 Essential Decisions for Business Owners
Business owners are busy… they’re busy running a successful business, wearing lots of hats and making a ton of decisions. We've put together a list of 10 essential decisions for every business owner to consider.
Estate Freeze
An estate freeze can be an integral part of your estate planning strategy. The purpose of an estate freeze is to transfer any future increase in your business's value (generally shares) that you own to someone else.