Managing Your Wealth

Having a TFSA works. Get one working for you. Whether you’re saving for a new car, a home purchase, your child’s education or retirement, a TFSA can help you reach your financial goals sooner.

This is a helpful resource summarizing important tax, retirement and estate planning information.

As a client of BMO Nesbitt Burns Inc., your dedicated BMO Nesbitt Burns Investment Advisor takes pride in helping you manage your wealth and reaching your financial goals. You trust us with your most confidential information, as well as safeguarding the wealth that you’ve worked hard to build. We take this responsibility seriously and have protections in place to safeguard your assets. Beyond our internal controls, BMO Nesbitt Burns is a member of the governing bodies of our industry and, as such, operates its business in strict adherence to the regulations, policies and bylaws dictated by these governing organizations.

This article discusses common digital asset considerations and important information for making sure they are properly addressed in your estate plan.

If you own a vacation property, this provides information on the tax consequences of selling a second home and highlights important estate planning considerations, if your plan is to keep your vacation property in the family for the next generation.

Knowing how tax rules affect your investments is essential to maximizing your after-tax return. In addition, keeping up to date on changes to the tax rules ensures that you take advantage of all the tax savings available to Canadian-resident individuals. This article provides an overview of select strategies to assist you in reducing your tax bill.

Towards the end of the year, many investors review their investment portfolios to determine the anticipated tax impact of any capital gains and losses realized during the year. For investors who have realized significant capital gains, this article examines various strategies to help reduce the impact of a potential tax liability of these gains, regardless of whether they were the result of a voluntary or involuntary sale.

As the end of the year approaches, you may want to review your investment portfolio to consider possible rebalancing opportunities. It may also make sense to consider engaging in a tax-loss selling strategy before the end of the year, to reduce your overall tax liability or to receive a refund of taxes paid in a previous year.

The 2023 Tax Documents Overview and Schedule provides a summary of mailing dates and online availability (Gateway) of clients’ tax slips.

The benefits of making a charitable donation are countless – from helping those in need to the personal satisfaction of giving back to the causes that are important to us. Charitable giving also makes good sense from a tax perspective. With proper planning, you can reduce your total income tax liability and maximize the value of your donation.

Since many tax strategies require foresight to be effective, tax planning should be a year-round activity. However, as year-end approaches there are still opportunities to consider to reduce your 2023 tax bill. The following information relates to year-end tax-savings strategies that may be available, depending on your personal situation.

At BMO, we take your security seriously. We are committed to respecting and protecting the privacy and confidentiality of the personal information you entrust to us. It is also important to know how to keep your information secure. This article provides a few simple ways you can protect yourself online, as well as some key reminders for detecting fraud. Please be reminded that these are suggestions and we recommend that you speak to a technology professional about your digital security.