For those of you lucky enough to have a defined benefit pension plan, you may have to decide whether to take your pension as a monthly income or as a lump sum payout upon retiring. There isn’t a universally accepted answer when deciding between these two options, as it mostly depends on your personal circumstances.…
As you know, our government has been hard at work these past few years trying to extract additional tax revenue from our small Canadian businesses. These changes will have a profound impact on how you do your tax planning moving forward. So, what strategies are the savvy and sophisticated business owners now using to shelter…
That depends. Contrary to popular belief, you have a lot of options when it comes to investing inside of a Tax-Free Savings Account (TFSA). Many people believe a TFSA is simply a savings account that you get at the bank where your interest grows tax-free. Although technically correct, a TFSA can be a much more…
Last month I wrote and article arguing why it makes sense to take CPP later. This month we will review the argument for taking it early. As I mentioned last time, everyone seems to have an opinion on the matter but few people realize that this isn’t a “one size fits all” problem. If you…
In this 2-part series, we will explore both sides of the age-old question “should I take CPP (Canada Pension Plan) earlier or later?” We’ve all met purported CPP experts at some point in our lives. It may have been a member of your family, your plumber, or your dentist. The fact is that everybody has…
Most people we speak with get excited when they receive a tax refund, but it may be because they’ve paid too much income tax throughout the year. Paying too much tax just to get some back is equivalent to providing the government with an interest free loan. Wouldn’t you rather have this money month-to-month and…