If you die without leaving a will, it could become a major headache for your family members and loved ones. With no will, the government will decide on who gets your money and assets, and every province and territory have their own distinct intestate rules regarding who will benefit from your estate.
Selling a business is a significant decision, often marking the culmination of years, if not decades, of hard work, perseverance, and dedication. The process can be complex and emotionally charged, and being well-prepared is key to ensuring a smooth transition and achieving the best possible outcome. This article will provide a detailed checklist to help guide medium-sized business owners through the necessary steps in preparing for the sale of their business.
What is longevity risk? And is your retirement portfolio built to handle it? Longevity risk is the possibility of living so long after retirement that you go through your savings too soon. A couple of generations ago, longevity risk wasn’t much of an issue for Canadian retirees. Back in 1970, Canadians had an average lifespan of around 72, so their retirement savings only had to last for around seven years, on average.
On Tuesday March 28, 2023, Deputy Prime Minister and Minister of Finance Chrystia Freeland presented the 2023 federal budget, which contains several measures of interest to IG Wealth Management and its clients.
According to a recent Stats Canada report, almost 1.4 million Canadian households reported having property rental income. That’s a significant portion of the population.. Given that rents increased on average across Canada by 11% in 2022 (and by considerably more in big cities, such as Toronto and Vancouver), it’s understandable why investing in property is so popular.
Tax preparation season is a good time to take a look at your unincorporated business and consider whether you should consider changing its status. If you don’t need all of your business’s income for your personal needs, it could make sense to incorporate it. In this article, we examine the different kinds of business ownership, the types of tax advantages and savings that can come with incorporation, and whether it might be a valid option for your business.
When it’s time to retire, many Canadians have several sources of income. We look at which sources you should draw from first to help minimize taxes.
Many of us understand the value of the Registered Retirement Savings Plan (RRSP): almost six million Canadians make RRSP contributions every year.1 Most of us also know about the tax benefits of RRSP contributions and that it’s an extremely versatile and effective retirement planning tool.
Higher inflation, a hawkish pivot by central banks and increasing fears of a recession weighed on both equities and fixed income during the second quarter. Unfortunately, there was no reprieve from the volatility of the first quarter.
The recently announced Federal budget contains several measures that could affect your financial plans. We’ve provided key takeaways and a summary of the budget proposals.
A Tax-Free Savings Account (TFSA) is a great tool to build wealth for most Canadians while paying less tax. Although there are many benefits to investing in a TFSA, there can also be costly mistakes. This article outlines the eight most common pitfalls people encounter and how to avoid them.
Many Canadians designate a direct beneficiary on their RRSP, RRIF, TFSA or insurance policies without giving it a second thought (although in Quebec, beneficiary designations are only effective on insurance policies). However, designating a direct beneficiary is not recommended for many plan/policy owners, where they have non-traditional or unique family situations, as it can lead to unfavourable tax implications for beneficiaries.