There are so many options designed to help you to use a portion of your estate to benefit a good cause when you pass away. The estate planning process helps you to ensure that your estate is distributed as per your wishes and in the most tax efficient way as possible, but legacy planning goes further than this and aims to involve your family and loved ones in your plans to make a difference according to your personal values. The input of your family in this process should not be underestimated – they play a critical part in supporting the process to make your wishes become reality, so be sure to share your thoughts and intentions with them in good time.
One of the age-old financial quandaries asked of financial advisors is “shall I invest in property or funds?”. Predictably, the answer is not at all straightforward and depends on many factors, including your own financial style, personality and circumstances. Let’s take a look at the pros and cons of each choice to help you to be better informed about which could be the most lucrative option for you
If you are seeking ways to save in the most tax-efficient manner available, TFSAs and RRSPs can both be effective options for you to achieve your savings goals more quickly. However, each plan does have distinct differences and advantages / disadvantages. Let’s take a look at their key features
The deadline for contributing to your Registered Retirement Savings Plan (RRSP) for the 2017 tax filing year is March 1, 2018. You generally have 60 days within the new calendar year to make RRSP contributions that can be applied to lowering your taxes for the previous year.
Calculating and figuring out how much tax you have to pay is nobody’s favorite time of the year, but if you plan carefully there are many tactics available at your disposal to make sure that your tax bill is not more than it has to be in 2017. Which tactics make the most sense can be figured out by analyzing your current finances, estimating your tax situations and identifying financial transaction that might take place either this year or next year. You should get started now, and consider these tax tips for families to consider before Dec. 31, 2017.
BC Finance Minister Carole James delivered the province’s 2017 budget update on Sept. 11, 2017. The budget anticipates a surplus of $46 million for the current year, $228 million in 2018-2019 and $257 million in 2019-2020. As a result of the provincial election on April 11, 2017, the measures previously announced were not fully enacted.