Managing Your Wealth

Wealth Themes provides timely articles on a variety of wealth planning topics. This month we feature articles that focus on planning strategies for your wealth management plan and what might be included in the 2023 Federal budget.

Financial Resolutions for 2023

BMO Wealth Insights: Perspectives on Canadian Real Estate

BMO Capital Markets’ Chief Investment Strategist Brian Belski outlines why he expects positive equity market returns in Canada next year. And despite this year’s performance, Brian explains why we’re still in a 20- to 25-year secular bull market.

2022 Year-End Tax Planning Tips

Maximizing the value of your registered plans by making annual contributions to your Registered Retirement Savings Plan (“RRSP”), Tax-Free Savings Account (“TFSA”), and Registered Education Savings Plan (“RESP”) is an important wealth planning strategy. By making your annual contribution(s) early in the year, you’ll benefit from the tax-sheltered growth all year long.

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BMO's 2022 annual top toys list: Gifts that make us wish we were a kid again

Financial Planning Year-End Checklist

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

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.

Although Canadian snowbirds reside in the U.S. for only a part of the year, there is the potential of being considered a U.S. resident and, in turn, having to pay U.S. income tax on the same basis as a permanent U.S. resident. This article outlines how the U.S. government determines whether you are a resident for income tax purposes; namely, it covers the criteria for meeting the Substantial Presence Test, Closer Connection Exception and the Canada U.S. Income Tax Treaty Tie-Breaker Rules.

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.

In an effort to help simplify your tax preparation efforts, we are providing you with a brief overview of the various tax slips and supporting documents you may receive from BMO, and their expected mailing dates.

While most Canadians are aware of the April 30 personal income tax filing deadline, there are other important tax deadlines that must be observed over the course of the year – especially if you want to take advantage of certain tax deductions and credits. This calendar summarizes several important dates on the tax calendar and offers some tips to help you with your overall wealth planning. Where a deadline falls on a weekend or a holiday recognized by the Canada Revenue Agency (“CRA”), the deadline is generally extended to the next business day.

A useful reference guild to common financial terms.

Understanding the Three Major Asset Classes:Cash, Bonds and Stocks