Federal Budget 2019 Summary

Here are highlights from the 2019 Federal Budget, which seeks to close tax loop holes to make a fairer tax system, and offers incentives for first time home buyers, training credits for eligible workers, and improvements to the Registered Disability Savings Plan:
Modernizing the Home Buyers’ Plan
Currently, the Home Buyers’ Plan (HBP) allows first-time home owners to withdraw up to $25,000 from their Registered Retirement Savings Plan (RRSP) to purchase or build a home, without paying withdrawal tax. The amount […]

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It can be Taxing to be a Snowbird

With the days growing longer and nights warmer, it may be easy to forget the polar vortex that froze many parts of Canada this winter. For some, the cold prompted an escape to warmer climates down south. If you are a “snowbird” — spending considerable amounts of time in the U.S. — you need to be aware of U.S. income tax implications.
Even if you have no U.S. tax to pay, you may be subject to various U.S. tax filing […]

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Dealing with the Loss of a Spouse

The death of a spouse can be one of life’s most devastating events. Complicating matters, during a time when a surviving spouse may feel as though they are unable to deal with life’s routines, many new tasks will need to be taken care of. Seeking the support of others may be important, whether it be family members, trusted friends or even professionals.  
Here are some financial steps that may need to be undertaken while navigating this difficult time. Many of […]

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Want your Money? Come and Get it! 

Do you have a pesky Locked-In Retirement Account (LIRA) or Life Income Fund (LIF) that you want access to without a huge tax burden?  
If you’re currently withdrawing the minimum annual payment from your LIF, or if you have a LIRA and want to explore if you can unlock some or all this money — we can help.  
There are different rules for different pension legislations, provincial and/or federal, but there is one rule that is uniform across almost all jurisdictions – If you’re only taking the […]

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