To help our clients, we’ve put together a comprehensive article filled with great tips on how to get ready for 2020 tax season. Here’s a summary of our personal tax tips article:
• Details about the different COVID-19 benefits programs and the tax ramifications of them
• Information about family tax issues including the Canada Child Benefits and tips on how to split income.
• Managing investments. Details about contributing to various savings plans such as a TFSA, RESP, or RDSP. Also tips on how and when to donate to charity and how to time the purchase or sale of investments.
• Retirement planning. How to make the most of your RRSP, things to know if you’ve turned 71, and tips on RRIF conversion.
https://yfgroup.ca/wp-content/uploads/2020/12/Personalemail@example.comYF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-12-02 14:07:542020-12-02 14:57:24Personal Tax Planning Tips - End of 2020 Tax Year
Business owners are busy… they’re busy running a successful business, wearing lots of hats and making a ton of decisions. We've put together a list of 10 essential decisions for every business owner to consider.
https://yfgroup.ca/wp-content/uploads/2020/10/10_Essential_Decisions_for_Business_Owners@2x.png6401000YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-09-30 17:12:002020-10-01 16:12:0110 Essential Decisions for Business Owners
For business owners, making sure your business is financially protected can be overwhelming. Business owners face a unique set of challenges when it comes to managing risk. Insurance can play an important role.
https://yfgroup.ca/wp-content/uploads/2020/07/insurancePlanningforBusinessOwnersFI.jpg8101440YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-07-05 07:42:142020-07-06 06:42:15Insurance Planning for Business Owners
For young families, making sure your family is financially protected can be overwhelming, especially since there’s so much information floating online. This infographic addresses the importance of insurance- personal insurance.
https://yfgroup.ca/wp-content/uploads/2020/06/insurancePlanningYoungFamiliesFI.jpeg8101440YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-06-02 14:17:312020-06-02 14:54:10Insurance Planning for Young Families
Over the last few weeks, the financial market has taken a downturn amidst fears over Coronavirus.
Understandably, you are concerned with your portfolio, it’s important to stay level-headed to avoid making financial missteps. However, staying level-headed doesn’t necessarily mean you sit there and do nothing. In fact, one consideration you can look is taking an active tax management approach.
Tax loss selling is a strategy to crystallize or realize any capital losses in your non-registered accounts so it can be used to offset any capital gains.
https://yfgroup.ca/wp-content/uploads/2020/04/TaxLossSelling-Featured-Image.png320500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-04-02 00:09:232020-04-02 00:00:11Tax Loss Selling
On March 18th, the Prime Minister, Justin Trudeau, announced a further $82 billion in support including $27 billion in direct support for Canadian workers and businesses. This is in addition to the $20 billion announced days earlier which includes $10 billion available through the Business Development Bank of Canada (BDC) to help small and medium-sized businesses.
https://yfgroup.ca/wp-content/uploads/2020/03/Trudeau82billion.png317600YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-03-17 22:39:002020-03-18 21:39:01Coronavirus & Market Uncertainty - $82 billion in aid for Families and Businesses
On March 13th, the Prime Minister, Justin Trudeau, outlined Canada's response to COVID-19 including new investments to help protect Canadians and businesses. The total value of an aid package could be up to $20 billion across the country which includes $10 billion available through the Business Development Bank of Canada (BDC) to help small and medium-sized businesses. Here are some details of the programs they are funding:
https://yfgroup.ca/wp-content/uploads/2020/03/TrudeauThumber3.jpg6751200YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-03-15 19:27:052020-03-16 20:02:38Coronavirus & Market Uncertainty - Federal Government $20 billion economic aid package
https://yfgroup.ca/wp-content/uploads/2020/01/rrspTaxFI.png5121024YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-01-16 15:00:362020-01-16 15:15:14RRSP Tax Savings Calculator for the 2019 Tax Year
Now that we are nearing year end, it’s a good time to review your finances. With the federal election over and no major tax personal tax changes for this year, 2019 is a good year to make sure you are effectively tax planning.
https://yfgroup.ca/wp-content/uploads/2019/11/2019FeaturedImage.png5121024YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-11-22 01:15:002019-11-22 09:21:142019 Tax Tips for Employees
Business owners deal with a unique set of challenges. One of these challenges includes succession planning. A succession plan is the process of the transfer of ownership, management and interest of a business. When should a business owner have a succession plan? A succession plan is required through the survival, growth and maturity stage of a business. All business owners, partners and shareholders should have a plan in place during these business stages.
https://yfgroup.ca/wp-content/uploads/2019/10/Slide3.jpeg8101440YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-09-29 23:12:042019-10-01 06:12:05Succession Planning for Business Owners
Many business owners have built up earnings in their corporation and are looking for tax efficient ways to pull the earnings out to achieve their personal and business financial goals. We outline the factors to consider when investing as a corporation.
https://yfgroup.ca/wp-content/uploads/2019/06/Slide1.jpeg405720YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-06-06 10:24:022019-06-07 17:24:15Investing as a Business Owner
One of the age-old financial quandaries asked of financial advisors is “shall I invest in property or funds?”. Predictably, the answer is not at all straightforward and depends on many factors, including your own financial style, personality and circumstances. Let’s take a look at the pros and cons of each choice to help you to be better informed about which could be the most lucrative option for you
https://yfgroup.ca/wp-content/uploads/2019/04/title-here-coverImage.png500500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-04-01 09:00:002019-04-01 08:57:30Real Estate or Investments?
If you are seeking ways to save in the most tax-efficient manner available, TFSAs and RRSPs can both be effective options for you to achieve your savings goals more quickly. However, each plan does have distinct differences and advantages / disadvantages. Let’s take a look at their key features
https://yfgroup.ca/wp-content/uploads/2019/02/500x500-COMPARING-TFSA-AND-RRSP-coverImage.png500500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-02-01 15:00:002019-02-01 07:06:05Comparing TFSA's and RRSP's - 2019
Now that we are nearing year end, it’s a good time to review your finances. 2018 saw a number of major changes to tax legislation come in force and more will apply in 2019, therefore you should consider available opportunities and planning strategies prior to year-end.
https://yfgroup.ca/wp-content/uploads/2018/11/2018_Tax_Planning_Tips_Family-page-1.png792612YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2018-11-30 23:19:152018-11-30 15:30:06Tax Planning Tips for End of 2018
The importance of a financial plan. Working with us to create your financial plan helps you identify your long and short term life goals.Talk to us to see how we can help you.
https://yfgroup.ca/wp-content/uploads/2018/11/financialPlan-Russ-Young.png792612YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2018-11-01 15:01:002018-11-01 07:12:19The Importance of a Financial Plan
Morneau’s federal budget announced earlier this year informed us how the government will treat passive income in a Canadian Controlled Private Corporation. (CCPC) The government’s main concern was that under the current rules a “tax deferral advantage” exists since tax on active business income is usually lower than the top personal marginal tax rate. Therefore if the corporate funds were invested for a long period of time, shareholders might end up with more after-tax amount than if it was invested personally.
https://yfgroup.ca/wp-content/uploads/2018/10/StrategiesForTaxationOfCorps-Russ-Young-1.png792612YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2018-10-01 15:00:002018-10-01 07:11:35Passive Investment Income Limit
Working with a professional to help you to make sense of your finances can be a wise move, but for this relationship to work effectively it is important that you understand what to expect from your financial advisor.
https://yfgroup.ca/wp-content/uploads/2018/09/Getting_the_best_from_a-Financial_advisor.png600600YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2018-09-01 15:00:002018-09-01 07:14:44Getting the best from a financial advisor
The 2018 budget for Alberta focuses on the diversification of its post-recession economy, with the aim of creating more stability and less vulnerability to future fluctuations in oil prices. Read for some of the highlights