The 2024 federal budget tabled by Finance Minister Chrystia Freeland on April 16 contained several proposals that will impact the financial, tax and estate plans of Canadians. The following is a summary of the most relevant budget proposals that may impact Canadians.
In the relentless pursuit of success, Canadian high-net-worth individuals, including CEOs, senior executives, entrepreneurs and managers face a business landscape defined by constant change.
Those Canadians (45%) who say that they have a retirement plan feel less stressed about their future because retirement feels more attainable. However, many of those are unaware of what a real retirement plan looks like. Regularly saving in a company pension plan, an RRSP or a TFSA is not a retirement plan.
Most people think of life insurance as a necessary expense. It’s something that you almost begrudgingly pay for, in the hope that you’ll never need it, but with the expectation that it will protect your family’s finances, should the worst happen.
When it comes to selling a business, one of the most crucial steps is determining the value of your enterprise.
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.
Tax preparation season is a good time to take a look at your unincorporated business and consider whether you should consider changing its status. If you don’t need all of your business’s income for your personal needs, it could make sense to incorporate it. In this article, we examine the different kinds of business ownership, the types of tax advantages and savings that can come with incorporation, and whether it might be a valid option for your business.
A vacation property—whether it’s a cottage in Muskoka or a chalet at Tremblant—is a valuable asset, not just in terms of the real estate, but also as a place that holds years of family memories. For many Canadians, passing the property to the next generation is a priority, but there are significant tax and non-tax-related considerations associated with keeping that cabin or condo in the family.
A Tax-Free Savings Account (TFSA) is a great tool to build wealth for most Canadians while paying less tax. Although there are many benefits to investing in a TFSA, there can also be costly mistakes. This article outlines the eight most common pitfalls people encounter and how to avoid them.
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?
Many Canadians designate a direct beneficiary on their RRSP, RRIF, TFSA or insurance policies without giving it a second thought (although in Quebec, beneficiary designations are only effective on insurance policies). However, designating a direct beneficiary is not recommended for many plan/policy owners, where they have non-traditional or unique family situations, as it can lead to unfavourable tax implications for beneficiaries.