Year End Tax Planning Ideas
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With the year’s end fast approaching, here are some ideas to minimize your 2023 tax bill.
The first idea is to look at harvesting any tax losses in an investment portfolio to help offset any capital gains you may have triggered. Even if there are no capital gains, non-registered tax losses can be applied to previous year tax returns to generate a tax refund. Or capital losses can be carried forward indefinitely and used against future capital gains. Just remember to keep track of those figures as CRA may not do so.
Reminder: It is important to...
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Five Pillars of Financial Literacy
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November is financial literacy month - a great time to reflect on your relationship with money and the decisions you make that guide you toward a secure future. Financial literacy is a set of five key skills that help Canadians navigate the complex world of personal finance with clarity, empowering them to achieve their important financial goals. These key pillars of financial literacy typically include the following:
Earning
Building and maintaining a steady income stream is necessary to meet daily financial needs, enjoy life and save for the future. Increasing earning potential through skill development, education and professional diversification opens doors to...
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What If I Can’t Look After My Affairs?
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Clarke owned a small business that employed three other people besides him. He had sole signing authority on his business bank account, and personally had a joint mortgage on his home with his wife, Lois. His car was registered in his name only. Clarke was generous with gifts on special occasions and holidays for his children and his wife, and supported several charities on a regular basis.
Tragically, Clarke was involved as a passenger in a serious car wreck and suffered a brain injury. He was not able to look after his own financial affairs for almost a year. His business had to be taken care of, his mortgage term had to be renewed, his vehicle registration and insurance needed renewing, birthdays and holidays came and went, and charities relied on his...
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You’ve got to get up every morning with determination if you’re going to go to bed with satisfaction.
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Commissions, trailing commissions, management fees and expenses all may be associated with segregated fund investments. Segregated funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus 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.
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The Heritage Group - Steve Maciesza
, London, ON
Ph:(519) 690-1113
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