Blog
Choosing between RRIF and Annuity?
Retirement planning shouldn’t be a guessing game, right? By turning your RRSP into RRIF and using annuities you can create a stable and tax-efficient income. This could save you thousands in taxes through income splitting. If you are 65 or older, you can split...
Should you pay off your mortgage or invest in a TFSA or RRSP? Your choice can shape your financial future. While emotions play a role, let's dive into the numbers to see the impact! To make an apples-to-apples comparison, you invest $15,385 in...
Basics of a Universal Life Insurance Policy
Basics of a Universal Life Insurance PolicyUnderstanding Universal Life Insurance Universal Life (UL) insurance, introduced in the 80s, was crafted as a tax-free investment tool for affluent individuals. Over two decades, it gained popularity for growing wealth and...
Do you have an Investment plan or a Holistic Financial Plan?
In life, it's crucial to consider the bigger picture rather than a narrow view to make well-informed decisions. This principle extends to planning your financial future, emphasizing the importance of aligning all your financial aspects for comprehensive protection....
Are you planning to start a business?
Starting your own business is an exciting and often life-altering venture. It's a journey filled with crucial decisions, and one of the earliest choices you'll need to make is how to structure your business. The decision between a sole proprietorship and incorporating...
Can your assets be protected from creditors?
Estate planning is not just about passing on your assets. It's also about safeguarding them from potential creditors. Unforeseen liabilities can pose a threat to your financial stability and the well-being of your loved ones. To address these concerns, we'll explore...
How can you optimize estate distribution with residual and hotchpot clauses?
Estate distribution is a complex matter, as each individual's financial situation is unique. The extent to which your wealth passes outside of your estate can be influenced by proactive probate fee planning. The primary instrument for specifying how your assets are...
Post Mortem Planning for Doctor Jimmy to avoid Triple Taxation!
Doctor Jimmy is a single parent, who owns a professional corporation worth FMV of $ 3 million and an ACB of $0. He also has $900,000 in investments worth $3 million. After his death, there could be three layers of taxes. 1. A $3 million capital gain subject to...
Everything that you need to know about RRSP
Are you ready to take control of your financial future and build a robust retirement plan? Look no further than the Registered Retirement Savings Plan (RRSP), a valuable financial tool designed to empower Canadian taxpayers to save for retirement while enjoying...
How the interest income or a GIC is taxed inside a private corporation?
When it comes to managing your finances within a corporation, it's essential to consider the tax implications, especially when dealing with interest...