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Retirement Myths
The leading edge of the Boomers turned 65 six years ago. On average, 1,250 Canadians turn 65 years old every single day. Most Boomers were born between 1961 -1965. That’s why you feel everyone has been turning 50. And people are living longer, much longer. With all of this happening, retirement planning is a common…
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2021 Federal Budget Commentary
On April 19, 2021, the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland, presented Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience, to the House of Commons. No changes were made to personal or corporate tax rates (other than a temporary measure for zero-emission technology manufacturers), nor to the inclusion rate…
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Your FIN (Financial Independence Number)
Every investor wants to know the answer to the question, “How much money will I need to retire?” Many factors contribute to this determination and it is unique for everyone. For example, someone who earns $70,000 per year will likely be able to live comfortably on $60,000 per year in retirement, but another person who…
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Spousal RRSPs To Reduce Taxes
Spousal Registered Retirement Savings Plans are not universally understood by investors, and are certainly not utilized to their maximum benefit. These financial vehicles were designed to encourage retirement savings with tax breaks at time of contribution and at time of withdrawal, just like regular RRSPs. Spousal RRSPs contain additional advantages for couples who have a…
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Saving for Retirement and the Home Buyers Plan
A couple who have begun to save for their retirement can access up to $70,000 from their RRSPs to buy or build their first home. The Home Buyers Plan (HBP) encourages savings and home ownership by allowing first-time buyers to withdraw up to $35,000 from their RRSP without incurring additional income tax. People who have…
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What to Know Before Taking Advantage of the Current Interest Rates
Current economic conditions have interest rates the lowest they have been in years. Central banks lower rates in time of economic downturn to stimulate the economy and make borrowing money seem very appealing. It is important to keep in mind when borrowing that interest rates will not stay low forever. Canadians need to prepare for…
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Personal Tax Credits: Medical Expenses
Out-of-pocket medical expenses can be claimed as a non-refundable tax credit on your personal tax return, which is used to reduce the total tax payable. Non-refundable tax credits save tax at the lowest personal tax rates (15% federal and 5% in Ontario). An individual is eligible to claim medical expenses for themselves, their spouse/common-law partner,…
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Personal Taxes: Work from Home Expenses
With the transition to working from home as a result of the COVID-19 pandemic, many questions have come up regarding eligibility for home office deductions that employees may be able to claim on their 2020 tax return and whether your employer will be issuing T2200/T2200S forms. The Canada Revenue Agency (CRA) recently announced a temporary…
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The Connection Between Health & Wealth
As many of us know, financial stress can impact many areas of our lives. According to the 2020 Financial Stress Index, FP Canada™ found that the worse financial shape we are in the more likely we are to have severe stress-related issues in our lives. The study found that taking on more debt caused higher…
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Year End 2020 Agriculture Matters
Investments to Support Supply-Managed Dairy, Poultry and Egg Farms In August 2019, the government announced that $1.75 billion would be provided to compensate Canadian dairy farmers over 8 years. This was the result of the government’s commitment to full and fair compensation for the market access concessions made under the Canada-European Union Comprehensive Economic and…
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Year End 2020 Newsletter
Accounting Human Resources Solutions Wealth Management Company News Please Note Our Christmas Shutdown The offices of Ward & Uptigrove will be closed from 3:00 pm on Thursday, December 24th and reopening in the New Year on Monday, January 4th. COVID-19 Support Program Updates We are carefully monitoring updates and are keeping clients informed of relevant…
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Tips To Maintain Your Financial Health
It is important to be financially healthy! Canadians have ranked money as their greatest cause of stress in life and it doesn’t have to be this way. FP Canada’s latest research found that one-in-10 report the pandemic has significantly impacted their stress levels. Canadians between 18 and 34 years old, in particular, have reported being…
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