In 2012, big changes were made to the Canada Pension Plan rules, with some additional evolutionary updates happening this year.  It’s time to review the rules to make sure your CPP plans and decisions are still optimal for you.�
The maximum benefit available in 2013 to a 65 year-old is $1,012 per month.  To receive the [...]

Many of the Canadians who file their tax returns by next Tuesday will be receiving refunds.  Many have received them already.
As a financial advisor, this always disturbs me slightly. Those people have provided an interest-free loan to the government since the money was either withheld from their regular paycheques, through other withholdings, or sent to [...]

It’s time, folks.  Yup.  Hate to remind you, but tax time is almost upon us.  Your slips have started to arrive, and getting your head into reducing your taxes may save you some money come filing time.
As you know, the deadline for filing is midnight on April 30.  If you have self-employment income, you can [...]

In my view, there are two great things about RRSPs.  The first is the reduction in taxable income that results from a contribution. This reduces tax for most people, and allows them to leverage the tax reduction into higher savings capacity.
The other great feature – maybe the most important – is that the annual cut-off [...]

Over the next three months, we will have several articles aimed at helping you reduce your taxes for 2012 and 2013, as you prepare your material for your 2012 tax filings.�
One of these articles will help you decide if an RRSP contribution is the right strategy for you, or if the TFSA should be your [...]

Beneficiary elections take special care with locked-in accounts
Last week, we talked about some of the advantages and the cautions when using joint title designations on properties or investments, as an estate planning tool.
Today, we will drill down into beneficiary elections, focusing on locked-in retirement accounts, life income funds and insurance company segregated investment funds.
Thanks to [...]

Deadlines coming soon
December 31 is the deadline for a number of tax planning issues, tax-deductible items and other tax related applications.
If you plan to make a withdrawal from your TFSA (Tax Free Savings Account) in the next six months or so, I suggest you consider doing it before December 31. This would mean you could [...]

There’s something magical about having a million dollars.
Whether we are singing along with the Bare Naked Ladies or watching the Oscar-winning movie Slumdog Millionaire and hearing Anil Kapoor ask repeatedly, “Who wants to be … a millionaire?”, that figure has always symbolized financial independence and security.
Perhaps this “brand” was really established in the late 1950s, [...]

Last chance to reduce your taxes
I apologize for talking about taxes on such a bright sunny spring day, but the time has come.  Your return is due at CRA on Monday, April 30, and I know several of you out there have not yet filed.
Your consolation is that we will talk about ways to reduce [...]

OK, you have likely received most – or even all – of the tax slips needed to file your 2011 income tax return.  Time to put them aside and ignore them till April 28, right?
Wrong.
Filing early can have many rewards.  If you’re expecting a refund, then the reward is obvious.  If you file electronically now, [...]