Bowie Can Help walk you through the labyrinth of securing your lifestyle and legacy

As 2023 draws to a close, it’s crucial to stay ahead with your tax planning. At Bowie Financial, we’re here to guide you through some vital steps and new developments that could significantly impact your financial health. Let’s dive into the key strategies and updates: Maximize Tax-Loss Selling This year, remember that tax-loss selling is … Essential Year-End Tax Tips for 2023 from Bowie Financial Read More » ...

In the financial landscape, Guaranteed Investment Certificates (GICs) stand as a beacon of security amidst the tumultuous seas of market volatility. Whether offered by banks or insurance companies, GICs provide a guaranteed return over a fixed term. However, there are subtle yet significant differences between the two that can impact your financial journey. Let’s delve … Banking on Security: Comparing GIC Offers from Insurance Companies and Banks Read More » ...

At Bowie Financial Inc., we believe in empowering our clients with knowledge to make informed financial decisions. Today, we unravel the allure of Guaranteed Investment Certificates (GICs) – a secure investment avenue that has been a cornerstone of solid financial portfolios. What Are GICs? Guaranteed Investment Certificates (GICs) are a type of Canadian investment that … Benefits of GICs Read More » ...

In today’s financial landscape, traditional savings methods are not offering the returns they once did. With Savings Accounts currently hovering around 1% and the average yield for Government of Canada marketable bonds between 1 to 3 years standing at 4.64%, many are left wondering where to find low-risk, high-yield investments reminiscent of the past. Many … The Modern Value of Your Investments Read More » ...

Carl, at 47, had always been a hard worker. He co-owned a business with his brother, Jack, and together they had built it from the ground up. Their days were long, but the rewards – financial security, a comfortable home, and plans for a bright future – were worth the effort. One fateful day, Carl … The True Value of Your Ability to Earn Read More » ...

Understanding Death Benefits with Bowie Financial Death is an inevitable part of life, and while it’s a topic many shy away from, it’s essential to ensure our loved ones are protected financially when we’re no longer around. At Bowie Financial, we’re dedicated to helping you navigate the complexities of death benefits, estate planning, and the … Understanding Death Benefits: A Comprehensive Guide Read More » ...

Understanding the Home Accessibility Tax Credit (HATC) The Canadian government has introduced various tax credits to support its citizens, and one such initiative is the Home Accessibility Tax Credit (HATC). This credit aims to help seniors and disabled individuals make their homes more accessible and safe. Let’s delve deeper into the specifics of this tax … Home Accessibility Tax Credit (HATC) – A Federal Opportunity for Accessibility Read More » ...

We have important updates for you about the Disability Tax Credit (DTC), a non-refundable tax credit designed to reduce the income tax that individuals with physical or mental impairments, or their supporting family members, may have to pay. What’s New with the DTC? The Canada Revenue Agency (CRA) has expanded the list of eligible impairments … Unlocking the Benefits of the Disability Tax Credit – DTC Eligibility Expansion Read More » ...

Estate planning is a crucial aspect of financial management yet it is often overlooked by many individuals, particularly women. Women face specific challenges when it comes to estate planning due to their longer life expectancy, the potential for being left financially challenged if their spouse passes away, and their responsibility for passing on assets to … Addressing Women’s Unique Estate Planning Needs: Ensuring Financial Security and Legacy Read More » ...

Choosing an Estate Trustee: Making the Right Decision Deciding who will serve as your Estate Trustee is a critical task that should not be taken lightly. Let’s consider a scenario where a father passes away, leaving all his assets to his wife, who becomes the Estate Trustee. This is a common occurrence. However, when the … Families are like fudge – Mostly sweet with a few nuts! – Choosing an Estate Trustee Read More » ...

As a retiree living in Ontario, it’s important to have an efficient income plan that maximizes your retirement savings while minimizing taxes. And the key to achieving this is through strategic tax and investment planning. Firstly, let’s take a look at taxes. As a retiree, you may be subject to various taxes such as income … How Can Being Tax-Efficient Help You in Your Retirement Years? Read More » ...

As retirees or soon-to-be retirees in Ontario, you may be wondering how to make the most of your retirement and protect your estate for your loved ones. One way to do this is by having a well-crafted retirement plan that addresses your unique needs. A retirement plan can provide significant benefits, especially for those who … The Value of Having a Retirement Plan Read More » ...

Tax Client Success story! Recently we had a couple of clients, Rick and Lana who because of illness hadn’t done their taxes in 10 years. The government assessed that they OWED the government $15,000 and they wanted their money immediately. Rick and Lana were getting letters from the government pressing them to file their past … Tax Client Success Story! The Government Wanted $15k, Instead Our Clients Got Back $89k Read More » ...

Can we help you the way we assisted Jeff and Mary get back over $13,700.00 and Valerie’s estate more than $18,600.00? Here are their stories Jeff and Mary Jeff and Mary decided to sell their condo and move to a retirement residence. They called Fred Bowie to discuss their income needs and wanted to make … Income Tax Stories from our Clients – Jeff and Mary get a $13,674.00 Income Tax Refund with over $10,000.00 more to come! Read More » ...

As your trusted financial brokerage, at Bowie Financial Inc., we want to help you protect your hard-earned assets and ensure they are passed down to your loved ones as efficiently as possible. In Ontario, estate taxes and probate fees can significantly reduce the value of your estate and the amount that your beneficiaries receive. Estate … Estate Taxes in Ontario: Understanding How Segregated Funds Can Help You Protect and Save Your Money for Your Loved Ones! Read More » ...

The Home Buyers’ Plan (HBP) and the Tax-Free First Home Savings Account (FHSA) are both government-funded programs designed to help Canadians save for their first home. The HBP allows Canadians to withdraw funds from their Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home for themselves or a related person with a … How to Take Advantage of the HBP or the Newly Launched FHSA! Read More » ...

What is a TFSA? A TFSA (Tax Free Savings Account) allows you to set money aside in eligible investments and watch those savings grow tax-free throughout your lifetime. Interest, dividends, and capital gains earned in a TFSA are tax-free for life.even when you withdraw them.  The “catch” is that there is a maximum amount you … What is a TFSA? Read More » ...

Our office will start accepting tax returns on Wednesday, March 1st, 2023. Feel free to visit us Monday thru Thursday from 10am-3pm to drop off your taxes, no appointment necessary   300 Terry Fox Drive, Suite 1000, Kanata or email us at: taxes@bowiecanhelp.com  Tax time is a good time to take a closer look at … It’s Time to Prepare for the 2022 Tax Year Read More » ...

There really is no place better than home. The extension of Ontario’s Seniors Home Safety Tax Credit in 2022 is to help you safely stay in your home longer. The Seniors’ Home Safety Tax Credit is a refundable personal income tax credit worth 25 percent of up to $10,000 per household in eligible expenses, a … Ontario’s Seniors Home Safety Tax Credit 2022 Read More » ...

Time to RRIF soon? The RRIF, an RRSP Maturity option!   There are 4 RRSP Maturity Options, one of those options is the RRIF.  The RRIF is a very popular Retirement Income Option that the government legislation provides. Although you can make the same types of investments in your RRIF that you can in your … Let’s talk about the RRIF – an RRSP Maturity Option Read More » ...

With a new year comes a new opportunity to contribute to your TFSA. As of 2020, the maximum possible contribution room was $69,500. 
Each year this contribution room grows; allowing you to tax shelter more of your hard-earned money.   ...

An RRSP (Registered Retirement Savings Plan) is a retirement savings plan that you establish that the CRA registers. RRSP contributions can be used to reduce your tax.  For example, if you are getting close to a new tax bracket you can use your RRSP contribution to reduce your income and save on taxes because you … Let’s Talk About RRSPs Read More » ...

You should check your Beneficiaries.  Why? Because sometimes, although illegal, advisors put themselves down as beneficiaries, and sometimes your beneficiaries just really need to be updated in general.  Your beneficiaries are designated on your life insurance policies, some investments, and some financial accounts. The beneficiaries will directly receive the death benefit from your life insurance … Check Your Beneficiaries! Read More » ...

Dementia is an ailment that creeps up… Then before you know it – “Bam” – suddenly you are no longer in control of your health or finances.  The good news is, is that today you are in control and you can get your financial affairs in order by talking to an advisor – so that … Alzheimers & Dementia – Preparing your Estate, Before it’s too Late! Read More » ...

The Province of Ontario has introduced a new tax credit – The Seniors’ Home Safety Tax Credit will help you make your home safer and more accessible, helping you stay in your home longer. This tax credit will provide an estimated $30 million in support to about 27,000 people. Who’s Eligible? Seniors who are 65 … Ontario Seniors’ Home Safety Tax Credit Read More » ...

Preparing taxes at year-end is challenging when you own a business as a sole proprietor. You already know how stressful it is to keep track of receipts and income while staying up-to-date on tax policies – let alone filing your return on time. Here are Bowie Financial Inc.’s tax tips to help you stay on … Self-Employment Tax Return Read More » ...

First, we will look at what each of these is, and then we will take a little dive into how they differ.  CIDC (Canada Deposit Insurance Corporation) Is the federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions … The Difference Between CIDC (Bank) & Assuris (Insurance) coverages   Read More » ...

GIC’s & Segregated Funds both have “Maturity Dates/Guarantees”.  When it comes to your investment these Maturity Guarantees mean totally different things which is confusing.  Let’s clear this up. A GIC Maturity refers to the term length of the agreement between the financial institution and the investor’s deposit. For Instance, If an investor purchases a Non-Redeemable … What’s the Difference between GIC Maturity and Segregated Fund Maturity? Read More » ...

Did you take the CERB or CRB? This could result in taxes owing. Launched in March, the Canada Emergency Response Benefit (CERB) provides $500 per week to workers who lost their jobs or most of their hours. Most employers deduct taxes from the paycheques before mailing them out, but that’s not the case with the … Canada Emergency Response Benefit (CERB) & Canada Recovery Benefit (CRB) could result in taxes owing Read More » ...

Why don’t people like Probate tax in Ontario? Let’s be honest, probate is less about the money and more about it just being a pain for your poor, unsuspecting Executor. The process can be time consuming and frustrating. What is Probate/EAT Tax? Once someone dies, their property and assets become an “Estate”. You don’t have … Probate, what is it? It’s the Estate Administration Tax now! Read More » ...

Not all GICs are created equally. If you are looking for security in investments and are looking at GIC’s you should know that insurance GICs have important, additional benefits. From saving on your taxes when you are a pensioner, to being able to name a beneficiary who will be able to avoid costly probate (now known as the Estate Administration Tax – EAT tax for short, since it eats away at your investments), and more! ...

On paper, you can transfer a portion of your pension to your spouse if they have a lower income to reduce your taxes owing/taxes payable. Every year you can decide based on income if this is something you should do to lower your taxes owing.  ...

Have you ever thought about how you want to live out your retirement years? Picture your retirement. Visualize where you will be living. Will you stay in your current home or will you downsize? ...

Often clients will say, “Hey, I don’t have any disabilities, I am going to move into a Retirement home and enjoy my retirement life there.  I will be able to claim all the expenses in that facility as medical expenses on my tax return anyway.” ...

Whether your retirement is years away or just around the corner, it’s important to ensure your investments reflect your goals and risk tolerance. ...

When we hear the term Tax-Free Savings Account (TFSA), the first thing that comes to mind is a low- or no-interest account at a bank.  People are surprised to learn that almost every investment option available to their RRSP is also available to them in a TFSA plan.  ...

What Are The Most Common Social Benefit Questions People Ask As They Go Into Retirement?
Q and A with Tracy Sun, our Senior Tax Advisor, and Sarah Bowie, President of Bowie Financial Inc.  ...

No one wants to go through the death of a child but for the benefit of the child, everyone should consider child insurance. There are two ways to do it; a child rider or a stand-alone policy, both with their own benefits to consider. ...

Are you a homeowner with a mortgage? If you are you probably have some sort of Mortgage Life Insurance, or maybe you have Term Insurance, or perhaps you have both? Do you actually know what you are paying for? You might not.  Most people don’t know and that’s okay! ...

Life Insurance pays cash to your family or other beneficiary after your death. This will provide them with needed income and final costs. With policies like Whole Life and Universal Life; you can build up cash values (which you can borrow from or use as an investment, guaranteed). ...

What happens if you live too long? How do you pay for the care you didn't prepare for? ...

So many options when it comes to Life Insurance and Insurances How do you know what to choose? Life insurance comes in many shapes and sizes and finding the right fit for your life can be daunting to say the least. It can be tempting to simply find the least expensive solution and go with that. But like all products, sometimes the least expensive option can end up costing you more in the long run. ...

Focus on your recovery knowing that you have money to help with your expenses if you’re diagnosed with a serious illness. ...

Disability insurance works when you can’t. It can give you tax-free monthly income to help pay expenses if an illness or accident stops you from working. ...

“Who" do you want to get Your Secret Life Insurance Policy Money? The Life Insurance Company or the Province? Do you know what happens to unclaimed Life Insurance? ...

An estate binder is where you keep all your important information that a loved one will need when you get seriously injured, can’t speak for yourself, or die.  ...

In today’s economic environment it is important to understand your investment options and alternatives. When looking at investments you need to determine your goals and objectives as an investor.  ...

DOES THIS SOUND FAMILIAR? A colleague is talking to you about the alpha of one of their investments. You nod your head, but your eyes gloss over. The discussion ends and you wonder what you just had a conversation about.    ...

Tom and Sara had three children, two boys and a girl. One of their sons died at the age of five. Nobody wants to imagine a child dying, but unfortunately it sometimes happens. They had to borrow money to pay for the funeral and other last expenses that arose. Now, whenever they make a loan payment, they are reminded of their loss.  ...

Roger and Linda, like many Canadians, have saved for years for their retirement. They took advantage of RRSPs and now have a substantial amount of savings. As Roger will turn age 71 this year, they need to decide on the best strategy for using their RRSPs for their retirement income needs.  ...

With a new year comes new tax numbers. You really want to take advantage of everything you can in regards to your hard-earned money. The more you can write off against your earnings and the more strategic you can be - means the more you get back, which also means the more likely you will end up potentially in a lower tax bracket paying fewer taxes the following year. ...

Jennifer is age 70, lives in Ontario and is on disability, she owns a house, but the bathroom is the old school type and needs an upgrade since it’s not very accessible for someone with a disability. Jennifer decided to put in a walk-in bathtub to make her life easier, with installation and everything that ended up costing her $8000. With the Home Accessibility Tax Credit (HATC) she gets to claim the non-refundable tax credits on this tub and installation. ...

How to Achieve Financial Success It is possible for just about everybody to achieve financial success. Getting there is usually not a matter of financial wizardry. By following some basic principles, you can make your financial dreams come true.  Set Objectives Goals setting is the foundation of achieving financial success. If you don’t have a … How to Achieve Financial Success Read More » ...

Ray had thought of his life insurance as purely a protection plan. Taking a holistic approach to his finances prompted him to explore his current life insurance policy for tax deferral options. ...

Maybe you’ve asked, “Can I write my own will?” We are not lawyers, but here’s what we know... It’s okay to write out a will by hand in many provinces, including Ontario, but all of it must be in your own handwriting. You must also sign it. ...

Do you own property in the U.S.? Do you own property on which you’ve been claiming depreciation? Do you own anything that would produce a capital gain if you sold it? Do you own a business? Do you have an RRSP, RRIF or other registered accounts? If you answered “yes” to any of these questions … We Really Do Have Death Taxes! Read More » ...

While waiting for surgery, Uncle George realized that Aunt Grace might not know about everything that needs to be done if he dies, so he made her this list of things she should do if “anything should happen to me”. Before you tell anyone – Clean out our safety deposit box and joint bank accounts. … If Anything Should Happen to Me Read More » ...