BMO Nesbitt Burns
27 Cedar Street
While receiving a severance package can help soften the blow of losing employment, you may be unsure of what your options are or what questions to ask to make the most of the severance. The following is a list of key questions that you may want to consider when making decisions around this life event.
Each year the amount that you can withdraw from your Life Income Fund (LIF) will vary depending on your age, the value of your plan at the beginning of the calendar year, and the provincial or federal pension legislation governing your plan.
When someone becomes a caregiver, they can often be confused and overwhelmed by trying to find services to assist them in caring for their loved one. Many people do not know what services are available or where to begin to find these services. The good news is there are several options to assist you.
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.
Philanthropy is an important financial planning consideration for many Canadians, and an integral part of their wealth management plan. A Charitable Gift Fund (“donor advised fund”), established through the BMO Charitable Giving Program, allows you to create a flexible and customized philanthropic solution that will have a lasting impact on causes that matter to you and your family.
Retiring from your own business can be difficult after having invested the better part of your working years to achieve success. And, business owners who want to pass on that successful business may be faced with a bigger dilemma of if and how to transfer the wealth they have accumulated through their business. A number of critical factors need to be considered including how they will exit from their business, the valuation of the business, family considerations and expectations and their own retirement plans.
The BMO Business Advisory and Transition Planning team has outlined five best practices to help business owners focus and manage their business effectively.
Statistics show that family enterprise is the most common form of business ownership in the world. In Europe and Asia, some businesses have been family owned for 10+ generations, or several hundred years. In Canada, it is estimated that some 60% of the GDP is driven by family enterprises that employ more than 6 million people. Ironically research on family business has only gained significant traction over the past 50 years.
As a business owner, the decision of when to sell your business must be carefully planned, and included as part of a long-term succession planning strategy. Planning for the sale well in advance allows you to prepare your business to ensure you’re in a position of strength to negotiate and maximize the proceeds of the sale.
This article addresses common questions asked by our agricultural clients regarding succession planning of the family farm.
This article provides an overview of the information and tools available through Gateway. A key feature of Gateway is the ability to access your BMO Nesbitt Burns account statements and trade confirmations electronically by signing up for eDocuments.
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.
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.
Since Canada represents only a small portion of the world’s capitalization, it may make sense to include some foreign investments in your portfolio. However, it is important to understand Canadian and other foreign tax implications of owning investments outside of Canada.
With upfront knowledge of the cost of investing, you’re able to focus on developing a long-term plan that respects your tolerance for risk and will help you reach your wealth management objectives.
April 30, 2020: In times of uncertainty and market volatility, creating or updating your wealth plan will help to keep you focused on the long-term and can provide reassurance that your goals remain achievable.
Today, the modern family comes in many different shapes and sizes; this diversity is having an impact on family relationships and the way families interact when addressing estate planning.
April 30, 2020: A crisis can be a catalyst for action if you don’t have an estate plan – or even a Will. Here is a checklist to help ensure your estate plan is up to date, reflects your current wishes, and continues to align to your goals.
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.
Strategic commentary and an overview of financial markets.
Focus is a weekly financial digest.
2021 Market Outlook – The Continuation of the Roaring Twenties Recovery, Rotation and Reflation
BMO’s outlook on the equity markets featuring Brian Belski, Chief Investment Strategist, to help you prepare for the coming year.
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.