A Tax-Free Savings Account (TFSA) is a great tool to build wealth for most Canadians while paying less tax. Although there are many benefits to investing in a TFSA, there can also be costly mistakes. This article outlines the eight most common pitfalls people encounter and how to avoid them.
64% of business owners want to transition their business in the next 10 years. However, 51% feel the next generation is not ready and 39% worry the next generation is uninterested. Whether you plan to keep your business in the family or sell to a third party, how can you ensure your business is ready for the sale?
A year ago, many countries were managing through their second wave of COVID-19 infections. Many equity markets nevertheless had staged a full and complete recovery to their pre-COVID highs. Despite the equity recovery, investors were still nervous. A year ago, we had just started to hear news of pending approvals of COVID vaccines.
Many Canadians designate a direct beneficiary on their RRSP, RRIF, TFSA or insurance policies without giving it a second thought (although in Quebec, beneficiary designations are only effective on insurance policies). However, designating a direct beneficiary is not recommended for many plan/policy owners, where they have non-traditional or unique family situations, as it can lead to unfavourable tax implications for beneficiaries.
Did you know that many Canadians are not adequately prepared to pass on or inherit family wealth? This is often due to a lack of communication and planning. The good news is that it’s never too early or too late to start. Planning helps you identify tax saving opportunities, mitigate potential financial gaps and maximize your current lifestyle.
In response to the COVID-19 pandemic, employers have embraced an environment where employees work from home. With the opportunity to work from home, some Canadians are taking the opportunity to work from anywhere. For some that means working from the cottage or working from a foreign location. Before you switch from working from home to a location of your choice, there are a few things that you should consider.