Financial Wisdom

June 2023

Tax Saving Strategies for Sole Proprietors

Sole proprietorships are the most basic form of business organization. They are actually an extension of the person and are taxed as such. Due to its simplicity, many business start-ups begin as this form of organization. As your business grows, there are numerous taxation benefits to setting it up as a corporation. Speaking to a qualified financial professional can help you decide on the most advantageous business organization for your situation.

Tax planning strategies for home-based businesses

Due to economic shifts that occurred during the past few years, many individuals established home-based (gig) businesses. Some are following a...

Read More

Divorce and Your Finances

Canadian government statistics continually show that roughly half of all marriages end in divorce. If a couple is contemplating moving forward with a divorce, it is important to carefully consider how this event will affect their overall financial situation.

Understanding how a divorce changes financial and estate plans can help reduce legal costs and reduce the complexity of an already-stressful experience. Let us look at some of the key financial issues that should be considered in the event of a divorce.

Provisions for Wills and Testaments

If you and your divorcing spouse share a will, each person will need to create their own individual will that reflects their new situation. Child custody, support requirements and other factors will need to be considered. We strongly suggest obtaining proper legal advice when preparing new wills. In the...

Read More
Print PDF

Are You a Retirement Savings Late Starter?

Harry and Sally both earned high incomes and liked to live the good life. They leased higher end European cars, took two-week exotic vacations almost every year, and lived in a house much larger than they truly needed. To accomplish this lifestyle, they put off retirement savings. Now in their forties, Harry and Sally are realizing they have some catching up to do. Six things to consider are:

Delay no more - Procrastination or bad breaks may have derailed a savings plan. Now is the time to make savings a priority.

Pay off the house - Avoiding mortgage payments in retirement can dramatically reduce Harry and Sally’s living expenses. They could even consider downsizing the house now and free up more cash for savings. If they still have a mortgage payment as they approach their chosen retirement age, it would be good to have payments end at the same...

Read More
Print PDF
 
 
Online Resources

The successful man will profit from his mistakes and try again in a different way.

Dale Carnegie

Commissions, trailing commissions, management fees and expenses all may be associated with segregated fund investments. Please read the Information Folder of the segregated funds in which you invest. The information in this email newsletter is general information only and is not intended to constitute specific legal, accounting, financial or tax advice for any individual.

iFinancial Inc.
150 King Street West Suite 200, Toronto, ON M5H 1J9
Ph: (416) 626-6280