Income Tax, Inflation and Another War in the Middle East

Two months ago, my Newsletter began with talk about regime change in Venezuela. While Nicolás Maduro was removed from office, the United Socialist Party of Venezuela ended up staying in power. Acting President Delcy Rodríguez has been in power since Maduro and his wife were captured by the U.S. Military in January¹.

Now I'm writing this March Newsletter and having to report about more U.S. Military action. This time, the USA has attacked Iran. That's right, we are looking...

How to Benefit from Being Charitable

Charities play a vital role in our society. The Canadian government recognizes this role and tax breaks exist to encourage taxpayers to give to their favorite charities.

Roger makes occasional donations to various charities. His donations are rather small and amount to only a few hundred dollars per year. He learned that he might get a bigger tax break if he was a little more generous with his donations.

Donations used to be a direct deduction from taxable income, but are now treated as tax credits. Basically, a taxpayer’s federal income tax payable is calculated first, and then certain credits are deducted from the total owing. Provincial and...

How Important is it to Have a Will?

Most Canadians want to pass their life savings on to their heirs. The assets remaining once retirement needs are met will be distributed more effectively if there is a properly prepared will detailing the deceased’s wishes. Many people mistakenly believe that this issue is far in the future. Preparation of a valid will and its related estate planning considerations should be the cornerstone of a proper estate plan. Whenever there is a change in circumstances, the will should be reviewed and updated as needed.

In spite of good intentions, far too many people die without having a valid will. The will is a legal document that details the process for distributing the deceased’s assets in an orderly and...