CLAIMING HOME OFFICE EXPENSES

Thankfully, the Canada Revenue Agency (CRA) has made it easy for employees to claim home office expenses if you spent more than half of your working hours at home for at least four consecutive weeks in 2020 due to COVID-19. Here are the options available to claim a deduction. FLAT-RATE METHOD With the temporary flat-rate method, you can claim a … Read More

THINKING OF PURCHASING A VACATION PROPERTY?

It’s a curious fact that we Canadians, depending on where we live, call a vacation home by different names – a cottage, chalet, country house, camp or cabin. But what they all have in common is that so many owners call their vacation property a source of cherished family time and lifelong memories. If you ever consider such a purchase, … Read More

WHEN SHOULD YOU START CPP/QPP AND OAS BENEFITS?

Start government benefits sooner and you collect a smaller monthly benefit, but right away and for a longer time. Delay the start and you receive a larger monthly benefit, but must bridge the waiting period with other resources. Knowing when to start isn’t always easy, and even many financial experts offer vastly different opinions. Some retirement planners say to begin … Read More

WAYS TO USE A TFSA IN RETIREMENT

During income-earning years, a Tax-Free Savings Account (TFSA) can be used to fund numerous expenses: a child’s education, family trips, a wedding – just about anything. Once you retire, you’ll discover that a TFSA is just as versatile, helping you to meet a variety of needs unique to retirement. CONTINUE TO CONTRIBUTE Many people in traditional retirement years still earn … Read More

THE PANDEMIC AND THE PIGGY BANK

Just over 12 months ago, provinces and territories responded to the COVID-19 pandemic by declaring states of emergency. Restrictions and lockdowns have affected Canadians in different ways, and one of the starkest differences involves savings. Some people needed to tap into their savings, while others saw their savings accumulate. WHEN INCOME DECREASES Business owners, professionals and employees working in sectors … Read More

TAPPING AN RRSP FOR A HOME OR AN EDUCATION

At some point, a family member, or even you, may consider the Lifelong Learning Plan or Home Buyers’ Plan. Both allow Registered Retirement Savings Plan (RRSP) withdrawals on a tax-free basis, provided funds are repaid according to plan rules. An individual can withdraw up to $20,000 under the Lifelong Learning Plan to help cover their own or their spouse’s education … Read More

SAVE TAX BY SPLITTING INCOME WITH CHILDREN

When you think of income splitting, what first comes to mind is likely moving taxable income to a lower-income spouse. But several income splitting opportunities with children are available and worth exploring. The more income you can transfer to others in a lower tax bracket, the more tax you save as a family. TAX SAVINGS WITH MINOR CHILDREN Under attribution … Read More

RETIREMENT PLANS CHANGING? EVALUATE AND PIVOT

Retirement Plans Changing

It’s always helpful to have a retirement date in mind and imagine how you want to spend your retirement years. But there can be turns in the road. Situations may arise that cause you to change your plans in order to achieve your retirement goals. Here’s a variety of fictional scenarios reflecting real-life situations that lead to changes in retirement … Read More

STRATEGIES AND TIPS TO BOOST YOUR RRSP

Boost your RRSP

With the Registered Retirement Savings Plan (RRSP) contribution deadline around the corner, it’s only natural to have contributions on the mind. But there’s more to RRSPs than making regular contributions. Here are some ways to help you or a family member get more from an RRSP, now or in the future. INVESTING YOUR RRSP TAX REFUND To appreciate how you … Read More

HOW DID YOU REACT TO MARKET VOLATILITY?

Market Volatility

When your investment program was established, you answered questions that helped determine how much risk you were able to tolerate. You had to imagine how you would react to a significant loss in portfolio value. But imagination isn’t needed when reality hits – just take yourself back to the COVID-19 fallout of March 2020. Major stock markets tumbled by 30 … Read More