[ad_1] I like many things that are automatic : automatic transmissions, automatic doors, automatic bill payments, automatic software updates. In each case, the automatic feature makes my life easier by handling routine functions or frictions that I’d otherwise have to spend time on or endure. Automation is often a clear improvement when things work as […]
5 ways to unlock RRSP tax savings
[ad_1] With registered retirement savings plan (RRSP) season now in full swing, here are five ideas that can help you take full advantage of this tax-saving vehicle. Contributions in-kind If you don’t have the cash available to make an RRSP contribution by the March 2 deadline to claim the deduction on your 2025 tax return, […]
Is $15,000 for cross-border tax help too much?
[ad_1] Rita*, 61, and Darcy, 60, built half their careers in the United States and the other half here in Canada. They now live and work in Quebec. The bulk of their retirement savings are in U.S. employer-sponsored retirement plans and they are both eligible for Social Security and Quebec Pension Plan (QPP) benefits. Ideally, […]
Best Free Online Tax Software & Services of 2025
[ad_1] You don’t have to do your own taxes, but you don’t have to pay an arm and a leg to file your income tax return either. If you have a relatively simple tax situation — for example, if you work for a single employer and don’t qualify for many itemized tax deductions — you […]
Selling Treasury Bonds Is Easy, But Consider The Tax Implica…
[ad_1] As savers, we are being rewarded with higher risk-free yields. Treasury bills (T-bills), Treasury bonds, and money market funds are still paying over 4% without taking equity or credit risk. Because Treasury interest is exempt from state income tax, these instruments are especially attractive for higher earners in high-tax states like California and New […]
Tax experts share disappointment at finding tax policy chang…
[ad_1] Last week’s federal budget contained some changes to the flow-through share regime: some positive, and some negative. Before reviewing the changes, here’s a primer on how flow-through shares work. Flow-through shares allow corporations to renounce, or essentially “flow through,” Canadian exploration expenses (CEE), including Canadian renewable and conservation expenses (CRCE), and Canadian development expenses […]
How A Irrevocable Life Insurance Trust Can Reduce Estate Tax…
[ad_1] Lately, I’ve been thinking more about estate planning. Part of it is just getting older. Part of it is having young children I want to protect no matter what. And part of it is watching the unsettling rise in political violence, which is a stark reminder that life can be cut short unexpectedly. As […]
The Most Common Tax Planning Mistakes For High Earners
[ad_1] If my posts on the mistake of chasing value stocks or the need to invest big money to make life-changing money don’t resonate, consider hiring a financial professional to manage your portfolio. You may not be obsessed enough to consistently invest the amount needed to retire comfortably. Offloading the burden of investing frees up […]
Canada's personal tax rates need to come down. Here…
[ad_1] Many provinces in Canada have combined a federal–provincial personal income tax rate that exceeds 50 per cent at the highest rate. For example, Ontario, British Columbia Quebec and many of the Maritime provinces are in the 54 per cent range. Jamie Golombek , managing director, Tax & Estate Planning, at CIBC, recently pointed out […]
The Step-Up In Cost Basis And The Estate Tax Threshold
[ad_1] Imagine spending your life building wealth, investing in real estate, stocks, or your business, with the hope of leaving a legacy for your children. Then one day, you find yourself wondering: Will the government take a massive chunk of it anyway? If your estate is well above the federal estate tax exemption threshold — $30 […]