According to a recent Stats Canada report, almost 1.4 million Canadian households reported having property rental income. That’s a significant portion of the population.. Given that rents increased on average across Canada by 11% in 2022 (and by considerably more in big cities, such as Toronto and Vancouver), it’s understandable why investing in property is so popular.
It’s tax season, a time when many people’s thoughts turn towards their tax refund and what they’ll do with it. Should you put it towards your mortgage, add it to your RRSP or make a TFSA contribution? While many financial institutions often recommend one of those options, we might suggest a different one: don’t get a tax refund at all.
“The stock market has predicted nine of the past five recessions.” ~ Paul Samuelson I was in Brandon, Manitoba last week for meetings. As I was driving back to Winnipeg, I remarked at how easy a drive it was. Highway 1, the Trans-Canada Highway, is a fantastically smooth road. The drive back was straightforward (straight being the optimal word). It...
Do you know the benefits, and differences of using an RRSP vs a TFSA for your investments?
*This first blog post is a personal story from my own family. Names and some small details have been changed for privacy’s sake. My brother-in-law, Lee, was 39 years old. A self-employed graphic designer who had worked hard for many years to build a successful business which was now thriving. My sister, Emma, was also self-employed, having given up a previous unfulfilling nine-to-five job to pursue her real passion as a yoga instructor. Together they had built a beautiful life on the lake on Saltspring Island with their 12-year-old daughter, Alana. It was a story book life and love.
64% of business owners want to transition their business in the next 10 years. However, 51% feel the next generation is not ready and 39% worry the next generation is uninterested. Whether you plan to keep your business in the family or sell to a third party, how can you ensure your business is ready for the sale?
Did you know that many Canadians are not adequately prepared to pass on or inherit family wealth? This is often due to a lack of communication and planning. The good news is that it’s never too early or too late to start. Planning helps you identify tax saving opportunities, mitigate potential financial gaps and maximize your current lifestyle.