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.
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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.
Learn All About The Home Accessibility Tax Credit Read More »
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
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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.
A Smart Way to Pay Less Tax Using Life Insurance Read More »
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.
We Hand-Wrote Our Own Wills Read More »
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 »
