Insurance is often thought of as an optional extra in the area of personal and business finance – a “nice to have” which can offer protection if things go wrong but certainly not as an important asset in its own right. However, it’s true to say that intelligent insurance planning is a strategy which can protect the vital asset of your ability to earn an income – perhaps the most important asset that you have. Of course, with so many different types of insurance policies out there, the key challenge lies in working out exactly what type of insurance can add the most value to your portfolio ..read more

We understand that when looking for employee benefits, you’re looking to do so cost-effectively. But it’s essential to make sure you work with an employee benefits specialist, no matter what the price tag is on your benefits package.  We’ll explain how an employee benefits specialist differs from a generalist and why working with an employee benefits specialist is so important. How does an employee benefits specialist differ from a generalist? You may have approached financial advisors who can handle various tasks, such as selling you insurance products, investments, and employee bene ..read more

Has it been awhile since you last looked at your insurance portfolio? Are you a little vague in your recollection of all the coverage you have and why you have it? Are you uncertain as to whether or not your portfolio reflects your current situation? Just like going to the dentist for regular checkups is a necessary evil, reviewing your financial plan and products on a regular basis is also recommended. Circumstances can change over time and making sure your protection is keeping pace is a worthwhile exercise. A comprehensive audit should review the following: Is the total death benefit of y ..read more

Tax Tips You Need To Know Before Filing Your 2022 Taxes This year’s tax deadline is May 1, 2023, as April 30 falls on a Sunday this year. It’s important to make sure you’re claiming all the credits and deductions you’re eligible for. In this article, we’ll provide you with tips to help you maximize your tax refund and ensure you’re taking advantage of all the available tax benefits. Canada Workers Benefit The Canada Workers Benefit (CWB) is a refundable tax credit designed to help low-income working families and individuals. The credit is made up of two parts: The basic amount A disabil ..read more

Before buying insurance from your bank to cover your mortgage, understand the difference between self owned mortgage life insurance and bank owned life insurance. The key differences are ownership, premium, coverage, beneficiaries and portability. Ownership: Self: You own and control the policy. Bank: The bank owns and controls the policy. Premium: Self: Your premiums are guaranteed at policy issue and discounts are available based on your health. Bank: Premiums are not guaranteed and there are no discounts available based on your health. Coverage: Self: The coverage that you ..read more

On March 28, 2023, the Federal Government released their 2032 budget. This article highlights the following financial measures: New transfer options associated with Bill C-208 for intergenerational transfer. New rules for employee ownership trusts. Changes to how the Alternative Minimum Tax is calculated. Improvements to Registered Education Savings Plans. Expanding access to Registered Disability Savings Plans. Grocery rebate. Deduction for tradespeople tool expenses. Automatic tax filing. New Canadian Dental Care Plan. Amendments To Bill C-208 Intergenerational Transfer ..read more

Ontario 2023 Budget Highlights On March 23, 2023, Ontario’s Minister of Finance delivered the province’s 2023 budget. Here are some of the highlights. No Changes To Corporate or Personal Tax Rates Budget 2023 did not change Ontario’s corporate or personal tax rates. Corporate Tax Credits Budget 2023 introduces a 10% refundable Manufacturing Investment Tax Credit for Canadian-controlled private corporations (CCPCs). This tax credit applies to qualifying capital investments related to manufacturing or processing, with the goal of helping Ontario manufacturers lower their costs and become more c ..read more

Owners of very successful private corporations are well aware of the importance of cash flow.  Many are protective of how they allocate corporate capital so that business ventures are adequately funded and investment opportunities are not missed.   The Immediate Financing Arrangement offers an opportunity to provide life insurance coverage and accumulate wealth on a tax-advantaged basis without impairing corporate cash flow. What is an Immediate Financing Arrangement (IFA)? An IFA is a financial and estate planning strategy that: Combines permanent, cash value life insurance ..read more

When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. To assist you in understanding the distinctions, we will compare the following: The differences in deposits between TFSAs and RRSPs The differences in withdrawals between TFSAs and RRSPs TFSA versus RRSP – Difference in deposits When comparing deposit differences between TFSAs and RRSPs, there are several key considerations: The amount of contribution room available The ability to carry forward unused contributi ..read more

Most of us understand the benefits of sensible retirement planning. Still, it doesn’t feel relatively straightforward when it comes to creating your retirement strategy and putting it into effect. The reality is that, while there are lots of variables to consider, it isn’t as challenging to create an effective plan for retirement as you may think. Firstly, let’s consider the merits of a retirement plan. Firstly, the plan will aid you in setting clear goals for your retirement, such as the age that you want to finish work and what you want your retirement to look like in terms of lifestyle ..read more