If things were ideal, you would start saving for retirement in your 30s or 40s, or possibly even sooner. But the reality of it is that, in today’s environment, for many it simply isn’t a possibility. If one day you realize that retirement is far too close for comfort, you may wonder if it’s too […]
Defined Benefit Pension changes are coming! Defined Benefit Pension changes are coming later this year. Will this impact your pension? Would it make sense to retire before the changes come into effect? Canadian plan sponsors (i.e., the companies) are finding it increasingly difficult to fund Defined Benefit (DB) pension plans, which used to rely exclusively […]
By: Jacqueline Power, assistant vice-president with Mackenzie Investments, March 3, 2020 The Registered Disability Savings Plan requires proper planning The Registered Disability Savings Plan (RDSP) launched more than a decade ago, but there’s still confusion about some of the more intricate details. One of the RDSP’s largest benefits is the “free” money that beneficiaries can […]
When you sell property, the transaction must be correctly defined and reported for tax purposes. Failure to do so may result in unwanted audits, potential back taxes, and related interest and penalties. Such negative outcomes occur regularly. Last spring, the Canada Revenue Agency (CRA) announced updated results of its audits in the real estate sector, […]
The agency’s HNW audit program is comprehensive and costly for clients, tax practitioners say. As governments around the world continue to target aggressive tax avoidance and tax evasion, pressure on the wealthy to provide transparency about their finances increases. Canada is no exception: tax practitioners here say that the Canada Revenue Agency’s (CRA) audit program […]
Advisors’ influence on family unity is growing Advisors play a critical role in the financial affairs of families. In recent years, the advisor’s place at the family’s kitchen table has gone beyond managing investments and into tasks such as estate planning and wealth transfer, which are at the core of family unity. A Wealth survey […]
Two thirds of Canadians say they want to know more about the logistics of their retirement The majority of Canadians want more help understanding the aspects of a successful retirement, according to a recent study from Toronto-based Mackenzie Investments. The Retirement Study, conducted for Mackenzie by Pollara Strategic Insights, found that 72% of respondents (and […]
With the Liberal government re-elected, albeit with a minority, it’s time to consider how your taxes could be impacted by election promises. Keep in mind that, because the Liberals are now managing a minority government, the implementation of potential tax changes is less certain. Regarding corporations, consider the Liberals’ broad-based proposed changes. These include a […]