Estate Planning
What Account Should You Spend First In Retirement?
When you convert assets to income for your retirement, which should you spend first? If you have an account that is tax preferred (your non-registered account), one fully taxable (your RSP account), and one tax free (the TFSA), and are all compounding at the same rate for your retirement, I recommend for simplicity purposes to spend the taxable money first.
Are You Interested In Exploring A Tax Haven In Canada?
Let’s address the TFSA for a moment. I have never seen an account as misused as this one. It’s sad that many Canadians still don’t understand this product. Not enough people are taking full advantage of the TFSA account. Tens of thousands of people are ‘saving’ money in these accounts for short-term purposes and wasting their investment potential. The government
Find Out If You Are Simply An Incorporated Employee
The Canada Revenue Agency (CRA) classifies an incorporated employee as a personal service business (PSB). According to CRA you are an incorporated employee if you would be reasonably considered an employee of the company you are consulting for. If this is the case, you lose out on the small business deduction and get taxed at the higher general corporate rate,
The Four D’s of DodgeBall, Er…Tax Planning; Are You Currently Doing Any Of These?
Deductions Which ones can I use? I do not attempt to list all the tax strategies available to you here as with more than 1,500 pages in the income tax act I’m sure it will bore you to tears. Besides, you should have an accountant who is up to date on what you can and can’t do. Just remember tax
Gimme My Money. What Types Of Income Can I Get?
Most commonly, extra income in the corporation can be sent to shareholders through a salary/bonus or a dividend. This income is then taxed at the individual’s personal tax rate. With the principle of ‘integration’ that is applied in Canada, the taxpayer should be indifferent about earning income through a corporation or personally because they would pay the same amount of
Just Hold It There, Buster. Do You Really Need A Holding Company?
A holding company is an entity that has no active business or operations – it simply owns the assets. A holding company can help you to further reduce your risk, and your tax; it can also be an excellent estate-planning tool. Seven reasons to have a holding company: The holding company can keep your assets out of reach of potential
What Options Do You Have For Your Business?
You have three main ways you can structure your business. Just because you are in one structure now, does not mean it won’t be appropriate for you to change to another as your business changes. It is important to choose the right structure to reflect what you need. The first is a sole proprietorship and it is the easiest to
Corporate Structure And Tax
A level is an instrument designed to indicate whether a horizontal surface is truly level or if a vertical surface is truly plumb. You want to start with the proper level, or corporate structure, before you build your business, and as your project grows keep checking the level to see if you are in the right structure or need to
LEAVING A LEGACY
Secure your legacy and make sure you keep your planning right until the very end. Jessie stresses the importance of planning ahead and thinking about the legacy you want to leave. It is important to plan these things so it will be easier for you and the people you live behind. In this video, Jessie discusses one his free downloadable
Gillian Bennett Died By Choice With Dignity. How Can You Benefit From Her Story?
In this video, Jessie discusses the story of Gillian Bennett who died last month, by choice and with dignity. For the last few years, she was suffering through dementia and was turning into a vegetable. Gillian wanted to leave on her own terms and did not want to be committed in an institution when her husband was no longer able
JESSIE CHRISTO, BA, CFP, CPCA
Author | Speaker | Financial Consultant
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