Education and Knowledge

The After-Tax Advantage of Discount Bonds

In the 2022 Federal budget, the Canadian government proposed the introduction of the tax-free First Home Savings Account (“FHSA”). This new registered plan enables prospective first-time home buyers to contribute up to $40,000 toward saving for their first home on a tax-free basis. Similar to a Registered Retirement Savings Plan (“RRSP”), contributions to an FHSA are tax-deductible, and withdrawals to purchase a first home – including from investment income – are non-taxable, like a Tax-Free Savings Account (“TFSA”).

Protecting yourself from scams

When a child starts to receive or earn their own money through an allowance, family gifts or a part-time job, their natural instinct is to spend it all. However, it’s never too early to start teaching children the importance of savings, and to respect the fact that money can also serve other goals, like sharing it to help others.

All parents want their children to be financially savvy and make smart financial decisions. Prudent money management skills are particularly important for children from wealthy families, who are likely to inherit significant wealth. However, while wealth can bring opportunity, it can also add complexity and potential burdens if children haven’t been taught to respect and understand its purpose.

Unforeseen events, such as illness, disability or death, can have a devastating impact on a family and their financial future. Insurance is an important part of a comprehensive wealth management plan, and helps provide financial protection against the unexpected. This article discusses several types of insurance coverage available to help individuals safeguard themselves, their family and their wealth.

Over the years, Guaranteed Investment Certificates (“GICs”) of major issuers in Canada have been considered for their conservative nature and attractive yields. In fact, since the 2008/09 financial crisis GICs have often offered an interesting yield premium compared to investment grade corporate bonds of five years and shorter. This article highlights the benefits of including GICs in a diversified portfolio, but reminds the reader that they are not without risk.

Is a Professional Corporation Right for You?

Individual Pension Plans A Retirement Savings Option For Business Owners The 2018 Federal Budget provided clarity to a much anticipated tax measure impacting private corporations holding passive investments. In light of the revised legislation, business owners and incorporated professionals may want to revisit the viability of investing passively through their corporation and consider alternative tax planning strategies, such as Individual Pension Plans (“IPPs”) to help them save for retirement.

Talking to Your Kids About Money, provides tips and teaching tools that can be incorporated into family conversations, whether a child (or grandchild) is elementary school aged or will soon be heading away to college or university.

Locked-in Retirement Plans

Investing in a Registered Retirement Savings Plan (“RRSP”) is one of the soundest ways to ensure you enjoy a financially secure retirement. In order to maximize the benefits of an RRSP, it’s important to have a basic understanding of the rules that govern them.

Selecting the right retirement income option for your Registered Retirement Savings Plan (RRSP) is one of the most important financial and estate planning decisions you’ll make.

Understanding Personal Holding Companies

The Tax-Free Savings Account (TFSA) is a savings plan that allows Canadians to invest and earn tax-free returns. Any income (interest, dividends, and capital gains) earned is tax-free.

Publication on how the new Canada Pension Plan Rules may affect you

How your assets are protected at BMO Nesbitt Burns

New Regulatory Changes

This book provides an overview of saving for post-secondary education with emphasis on RESPs and the Canada Education Savings Grant. The book answers questions about plan set-up, types of plans, contribution limits and payments from the plan

A RRIF is very much like an RRSP in reverse. An RRSP is an account designed to help you save for retirement – a RRIF is an account designed to provide annual income in the form of withdrawals from a registered plan during your retirement.