TAXES


Selling The Farm? Keep an Eye on Your Tax Bracket

Selling The Farm? Keep an Eye on Your Tax Bracket

In Canada, we have a progressive tax system, which means lower-income earners will pay less tax on a percentage basis compared to higher-income earners. Tax Brackets Explained Here are the combined Manitoba and Federal tax brackets for 2020: Provincial and Federal Tax Rates (Combined) Taxable Income Tax Rate $0 to $33,389 25.80% $33,389-$48,535 27.75% $48,535-$72,164…

Understanding the Proposed CSSB Pension Changes

If you have a CSSB pension, there could be significant changes coming that will affect how the commuted value of your pension is calculated. In this quick, 30-minute webinar, I cover: – What changes are being proposed to the Civil Service Superannuation Act? – Why are these changes being recommended? – How will these changes…

My uncensored opinion about RRSPs if you have a pension

In this new era of “fake news” it’s becoming more and more difficult to distinguish between what is true and what is false. Politicians use this to their advantage and often repeat false statements so often that we begin to believe they are true. You may have noticed this particular strategy used by a certain…

Capital gains exemption

How to sell your business tax-free

You started a business from scratch that’s now worth $1.7 million. If you sold today, you’d be able to avoid paying capital gain taxes as both you and your spouse have your $850,000 capital gains exemption room. However, you’re not ready to sell and you’re wondering, “How can I shelter the future gains my business…

Early Retirement Package

Important considerations to make before accepting an early retirement package

Companies will often offer employees early retirement packages to encourage them to retire. This is usually done when the company is looking to cut costs and reduce staff. Before making a decision, there are many questions to be addressed. All of which are specific to individual preferences and circumstances. Here are eight such considerations to…

Private Health Service Plan

How to convert your health expenses into corporate expenses

  I’m Colin Sabourin, Certified Financial Planner and investment advisor with Harbourfront Wealth Management. Today, I’ll be showing you how to tax-efficiently convert your family’s healthcare costs, into a corporate expense with the use of Private Health Service Plans. The scenario Here’s our scenario. You go to the dentist for your annual checkup, and lo…

What happens to pension

What happens when you withdraw your pension?

Today we’ll be going over what happens when choosing the lump sum payout option from your defined benefit pension plan. As you’re likely aware, a defined benefit pension plan will pay you a monthly income for life, so why choose the lump sum payout option instead? A few common reasons include: Pension sustainability: Will your…

How to supercharge your RRSP

How to supercharge your RRSP

Don Jacobs is three years away from retirement and is looking for a way to supercharge his RRSP. With the 2018 RRSP deadline just around the corner, we help Don maximize his contributions so he can achieve his retirement goal in the next three years. Now that Don’s contribution has been made, how should his…

Start your succession planning with the basics

Don’t wait until you have all the answers before you start working on a succession plan. As farm advisors, we often get questions like “How much does insurance cost for someone like me? What would the tax consequences be if I transferred land to my children? If I sell my land and invest the proceeds,…

Why your RRSP should grow as little as possible

Is your portfolio properly structured to minimize tax? Can I keep more money in my pocket without increasing the risk in my portfolio? Find out why your RRSP should grow as little as possible in this week’s video. Enjoy videos? Check out the Video Category for more great strategies.   Marc Sabourin is a Winnipeg based…