Canada’s new tax rules on capital gains mean that you’re now likely to pay more taxes if you own a cottage, pass away with an unregistered online brokerage account, or investing inside of your corporation. Of course, right when I’m in the middle of writing a series on corporate taxes for CCPCs and am writing…The post Canada’s 2024 Budget – New Taxes on Capital Gains appeared first on Million Dollar Journey ..read more

In preparation for our dividends vs salary comparison for Canadian small business owners, we took a broad look at Canadian corporate taxes last week. I admit – it wasn’t exactly light fare.  But the low-tax juice will be worth the squeeze! Today, we’re going to focus on Canadian Controlled Private Corporations (CCPCs) with annual income…The post Salary vs Dividends in Canadian Corporations: Paying Yourself as a Small Business Owner appeared first on Million Dollar Journey ..read more

I’ve been getting a lot of questions recently in regards to Canadian corporations and taxes for small business owners that have a CCPC (Canadian-Controlled Private Corporation). Most of these inquiries want seemingly simple questions answered – something along the lines of, “Ok, so if I made this much profit in my company this year and…The post CCPC Taxation: Canadian Corporations for Small Business Owners appeared first on Million Dollar Journey ..read more

Many retiring Canadians have a huge chunk of their net worth tied up in their housing equity. Deciding whether to tap into that housing equity through a reverse mortgage or a home equity line of credit (HELOC) as they transition through different phases of retirement can be a tricky decision.  The alternative option of selling a…The post Home Equity in Retirement – Reverse Mortgages vs HELOCs vs Downsizing appeared first on Million Dollar Journey ..read more

When I was asked if I wanted to write a Canadian Legal Wills review in exchange for a free trial of Canada’s best online will kit, I have to admit that I was embarrassed. You see… until yesterday I didn’t have a will. I know… statistics show that roughly half of Canadian adults don’t have a will, and only a third or so have one that is up to date.The post Legal Wills Review: Canada’s Best Online Will Kit appeared first on Million Dollar Journey ..read more

Income splitting is a tax-saving strategy that divides a stream of income between family members (usually two spouses). The goal is to apportion as much of the higher-earning family member’s income to other family members, in an effort to get that higher-earning spouse into a lower tax bracket. Some economists and policy wonks have made…The post What is Income Splitting? appeared first on Million Dollar Journey ..read more

National Bank of Canada has demonstrated its resilience in the face of market challenges, standing out as a great investment opportunity in the coming years. Its historical performance reflects a commitment to stability and growth, with recent advancements reflecting its proactive approach to evolving market dynamics. However, it’s essential to consider the broader context of…The post Is National Bank Stock a Good Buy Right Now? appeared first on Million Dollar Journey ..read more

If you’re considering investing in BCE stock in 2024, evaluating the company’s performance, dividend growth, and the latest developments in the telecommunications industry can help you make your decision. Being informed about BCE’s recent advancements is crucial in determining whether it is a wise investment choice, and comparing it with its fellow Canadian telecommunication competitors…The post Is BCE Stock a Good Buy Right Now? appeared first on Million Dollar Journey ..read more

If you’re considering investing in Canadian National Railway (CNR) stock in 2024, it is important to evaluate the company’s performance, dividend growth, and recent developments in the railway industry. Staying informed about CNR’s recent advancements and industry trends is crucial in determining whether it is a wise investment choice. Additionally, comparing CNR with other Canadian…The post Is CNR Stock A Good Buy Right Now? appeared first on Million Dollar Journey ..read more

Since writing Canada’s first online course that looked at how to create a DIY financial plan for your retirement, I’ve gotten a few inquiries about a topic that is quite delicate, and generally isn’t much fun to talk about. (By the way, you can see what the course is all about by clicking here.) I’m…The post Managing Money In Retirement – Investing with Cognitive Decline appeared first on Million Dollar Journey ..read more