Receiving a salary creates RRSP room for the business owner, and most business owners will have more after-tax income in retirement if they contribute to their RRSP compared to forgoing RRSP contributions and only...
What’s required for a legal secondary suite? In Canada, the provinces and territories set their own building codes and regulations. The specific rules can vary from one province or territory to another, but most...
Gifting of assets and power of attorney Your question is one of the more common ones that comes up in my practice, Chris. First off, I am sorry to hear about your mother. Dementia...
Withdrawing from investments when you don’t live in Canada You ask about RRSP withdrawals in the future. As a Swedish resident, withdrawals would be subject to 25% Canadian withholding tax. In retirement, registered retirement...
What was your first memory about money? Tong: I think my first memories of money were asking my mom to buy candy bars at the grocery store, and her saying no because we couldn’t...
Is crypto a safe investment for retirement savings? This is a tricky question, Alex, because only a qualified financial advisor who has a holistic view of your financial situation can tell you whether crypto...
The best date to retire for tax purposes For most Canadians planning their retirement, tax isn’t the primary factor, Laf. However, there are instances when tax can come into play for choosing a retirement...
When a taxpayer loans money to their spouse at the CRA prescribed rate, the borrower must pay interest each year to the lender. The interest is tax deductible to the borrower and reduces the...
Blockchain allows users to send money anywhere in the world without paying an intermediary, like a bank or wire service, to convert the currency or handle the transaction process. “Once a transaction is recorded...
Number 2: To help pay off a mortgage or other debts If you share the home you own with your partner, children or other loved ones, life insurance can help pay off the balance...
